The Lambert Charitable Trust (Registered Charity No. 257803) Dated 12 December 1968 {Box R) Accounts for the year ended 5 April 2022 I I-LISiees
The Lambert Charitable Trust Index to Accounts Page TnElees' annual report 1104 [ependent Examinerfs Report Statement of financial actwilies Balance sheet Notes to the accounts 81013 Investrents 14to27
The Lambert Charitable Trust Dated 12 December 1968 Trustees. Annual Report for the year ended 5 April 2022 The trustees presenl their annual report and financial statements ol the charity for Ihe year ended 5 April 2022.The financial staternents have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply wth the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Prauice applicable to charities preparing their accounts in accordance with the FTnan¢ial Reporting Standard applicable in the UK and Republic of I18d published in October 2019. Objectivès and Grant Making Policies: The terms of the trust require the trustees to make grants Iwhich may be from capital or income) for'charitable objects or purposes" at tre trustees, absolute discretion. The trustees havè resolved tr) support charitablè organisalions ¢oncerned with medicine, social care, education. disabled persons and homes for the elderly and charibes which benef1t peopla of the Jewish faith. In July each year ihe Iwstees review previous donations and ¢on5ider new applications. They have a rolling programme of ViSEts to the charities they support. Donations are made on an annual basis, bkjt the trustees do not make any Commitment to provide support in future years. Achievements and performanc8.' During the year ended S Aprll 2022 the trustees mei the trust's objectives by making grants trjtalling £54,150 a5 shown on page 13. Financial review.. Total income wa5 £72.57412021-. £68,012) witr expenditure amounting lo £90,171 12021.. £85.0411. Net assets at the end of the year were £4,375,213 12021-. £4,325,374). The value of the investments decreased by £2,083. Investment Powers and Policy.. The trustees have the powers ol investment ol benefici81 owners and the governing document does not irnpose any restrictions. During the ygarthe investm¢nt poli¢y was to 9enerate the optimum income for distribution whilst at the same lime investing for capital growth. In March 2009 the trustees 8dopltsd a policy to grow the real value (above UK CPI) of ttieir investments while generating a reasonable level of income. They therefore continue lo pursue a total return policy. In September 2013 the trustees appointed Coutts & Co Investment Management to manage their investments on 8 discretionary basis replacing their previous advisory contract. The managers oollect the income and report to Ihe trustees quarterly. The trustees consider these reports and comment where necessary. During the year to 5 April 2022 the trustees had two meetings with the managers to review the performance of the investments and to discuss strategy in the light of stockmarket conditions. Publ1¢ Benefit: The trustees have consided the Charity Commission's guidance on public benefit issued in January 2008 and subsequently. In a¢¢Jrd8nce with that guidancè, they review the actIve3 of the organisations to which they make donations to Satisfy themselves that those activities meet the principles of public benefit laid down by the Comrnission. Page I
The Lambert Charitable Trust Dated 12 December 1968 Trustees, Annual Report for the year ended 5 April 2022 (¢ontinuedJ Rès8rves: The trustees, policy is lo aim to distribut¢ the income as it arises but depending on cir¢umstan¢es they are prepared io distribute capitsS if considered prudent. The trustees have considered whèther or not the Trust needs to hold reserves. Since.. lal the assets of the trust arè relatively gtable (subject lo fluctuations in market valtjel, are readily re8lisablÈ and always in¢lude an element ol cash.. Ibl the trustees deterrnine. and may vary. ths level of each ye8¢s donations in the light of the Current and anii¢ipated income, ¢apitsl returns and eXpendire., and Icl the trust has no p18nned Commitments, either to benefiryaTie5 or for capiial expenditure- they have concluded thal it is not necessary lo hold specific reserves. This policy will be reviewed al their half-yearly meetings. Rlsks: The trustees have 8ssessed the major risks to which the Charity is exposed and are satisfied it is not exposed to any significant risks, other Ih8n the fluctuation in the value ol its investment portfolio. The trustees have appointed professional investment managers and review the investmert perft)rmance on a regular basis. Plans for the future: The trustees. plan for the future is to continue their grant making polw thus assisting the charities in fulfilling their objectives. The trustees aim is to utili5e the income and endowment funds to achieve this objective. Structure Governance and Mana ement Settlor.. Jacob Lottenberg (died 4 September 19791 Name of Charity- The Lambert Charitsble Trust The trust is a private charitable trust controlled by its trustees. The ptrwer of appointing new trustees is vested in the current trustees following the death of the settlor. If new or additional trustee5 are appointed they 11 be enuraged to receive appropriate training depending on their qualifiG8tions anul experience. Chartty registration number: 257803 Reference and administrative infomiatlon Trustees: DJR Wells FCA (Chairman) M Lambert JL Lambert OE Lambért Page 2
The Lambert Charitable Trust Dated 12 December 1968 Trustees. Annual Report for the year ended 5 April 2022 (continued) Reference and administrative infomiation {continuedJ Solicitors- Hunters 9 New Squ8re Lincc>ln's Inn London WC2A 3QN Aeeountants: Mer¢er & Hole Trustees Ltd 21 Lombard Street London EC3V QAH Independerrt Examiner: Steve Robinson FCA MerGer & Hole 72 London Road St Alb8ns, Hertfordshire AL1 1NS BankÈrs: Coutts & Co 440 Strand London, WC2R OQS Inve$tment & Fund Managers: Coutts & Co Investment Management 440 Strand London WC2R OQS Statement of the trustees, res onsibilities The trustees are responsible lor preparing the Trustees. Rert and the financial statement5 in accordance wilh applieable law and United Kingdorn Accounting Stan(Jards (United ffjngdom Generally Accepted Accounting Practi1. The law applicable to charities in England & Wales reouires the trustees to prepare financfal statements for each financial year which give a twe and fair view of the state ol affairs of the ¢harity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Iru51ees are required to: • select suttable accounting policies and then apply them consistently-, • observe the methods and principles the Charities SORP 2019.. • make judgements and estimates that are reasonable and prudent-, state wheth¢r appli¢able accounting standards have been followed, subject to any materlal departures disclosed and explainèd in the financial statements- prepare the finanei815tetements on the going concern b8SIs unless it is inappropriate lo presume that tho charity will continue in operation. Page 3
The Lambert Charitable Trust Dated 12 December 1968 Trustees, Annual Report for the year ended 5 April 2022 (Continued) Statement of the trustees, res onsibilities f¢ontinued) The trustee8 are responsible for keeping accounting records thal disclose wth reasonable accuracy at any time the financial Position of the charity and enable them to ensure that the financial statements comply wtth the Statement of Recommended Accounting Practice.. Accounting and Reporting by Charities ISORP 20191, UK A¢counbng Standards and the Charities Act 2011 and trust deed. They are also responsible for safeguarding the assets of the charity end hence for taking reasonable steps lor the prev¢ntion and detection tsf fraud and other irregularities Signed.. Date: On beh81f of thelruslees Page 4
Independent Examiner’s Report to the Trustees of The Lambert Charitable Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2022 which are set out on pages 1 to 13.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Steve Robinson FCA Gloucester House 72 London Road St Albans Herts AL1 1NS
Page 5
The Lambert Charitable Trust Dated 12 December 1968 (Box R)
Statement of Financial Activities
for the year ended 5 April 2022
| Notes Income and endowments from Investment income 3 Total income and endowments Expenditure on Costs of raising funds Investment management costs 5 Charitable activities 4 Total expenditure Net gains/(losses) on investments 6 Prior year adj. on cost of investments 7 Net gain/(loss) on currency exchanges Net Income/(expenditure) Net Movement in Funds Reconciliation of funds Total funds brought forward Total funds carried forward 8 |
Expendable Unrestricted 2022 2021 Endowment Income Total Total Funds Funds £ £ £ £ - 72,574.33 72,574.33 68,012 - 72,574.33 72,574.33 68,012 26,660.66 - 26,660.66 20,441 - 63,510.00 63,510.00 64,600 26,660.66 63,510.00 90,170.66 85,041 67,040.42 - 67,040.42 594,037 352.38 352.38 - 42.52 - 42.52 (183) 67,435.32 - 67,435.32 593,854 40,774.66 9,064.33 49,838.99 576,825 40,774.66 9,064.33 49,838.99 576,825 3,916,605.61 408,768.52 4,325,374.13 3,748,549 3,957,380.27 417,832.85 4,375,213.12 4,325,374 |
|---|---|
Page 6
The Lambert Charitable Trust Dated 12 December 1968 (Box R)
Balance sheet
5 April 2022
| Notes Fixed assets Listed investments at market value (page 27) 6 Total fixed assets Current assets Cash at bank and in hand Dividends receivable Current liabilities Investment Management Fees Net current assets Total net assets The funds of the charity 8 Expendable endowment funds Unrestricted income funds Total Funds |
2022 £ £ 4,290,342.00 4,290,342.00 88,331.36 1,209.64 89,541.00 4,669.88 4,669.88 84,871.12 4,375,213.12 3,957,380.27 417,832.85 4,375,213.12 |
£ £ 4,292,425 4,292,425 32,949 - 32,949 - - 32,949 4,325,374 3,916,606 408,768 4,325,374 2021 |
£ £ 4,292,425 4,292,425 32,949 - 32,949 - - 32,949 4,325,374 3,916,606 408,768 4,325,374 2021 |
|---|---|---|---|
| 4,292,425 32,949 |
|||
| 4,325,374 | |||
| 3,916,606 408,768 |
|||
| 4,325,374 |
Page 7
The Lambert Charitable Trust Dated 12 December 1968 (Box R)
Notes to the accounts
for the year ended 5 April 2022
1. Accounting policies
a) Basis of preparation
The Charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with 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 (FRS102) issued in October 2019, the Charities Act 2011, and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have therefore necessarily departed from the extant Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Statement of Recommended Practice: Accounting and Reporting by Charities effective from 1 April 2005, which has since been withdrawn.
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts. They have also considered the effects of COVID 19 and are happy that the investments have recovered since March 2020. If the income becomes depleted in the coming year, the trustees will consider reducing their grants accordingly.
In future years, the key risks to the Trust are fluctuation in the value of its investments and a fall in investment income but the trustees have arrangements in place to mitigate those risks by delegating the management of the portfolio to professional managers and regularly reviewing their performance.
b) Funds Structure
The endowment funds represent the original capital gift to the charity, plus subsequent additions to the endowment, less amounts which have been transferred to the unrestricted funds for distribution. The trustees are entitled to use the endowment in furtherance of the general objectives of the charity at their discretion, and they transfer funds from the endowment to the unrestricted funds as required.
Unrestricted funds represent the income arising from the endowment, and the trustees aim to expend the income for charitable purposes within a reasonable period of receipt.
c) Income recognition
All income is recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of the income can be measured with sufficient reliability.
Dividend income and interest from investment managers is received gross and shown gross.
Page 8
The Lambert Charitable Trust Dated 12 December 1968 (Box R)
Notes to the accounts
for the year ended 5 April 2022
1. Accounting policies (continued)
d) Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.
The trustees do not employ fundraisers and therefore the only cost of generating funds are the fees payable to the fund managers for the management and holding of the investments which produce the bulk of the charity's income.
During the year grants were paid in October 2021 to third parties in the furtherance of the charitable objectives of the Trust and are included on a payment basis.
No remuneration has been paid to the trustees and they have not incurred any expenses during the year.
No staff are employed by the charity.
e) Charitable activities Costs of charitable activities include grants made, governance costs and administration costs in the pursuit of the charitable objects of the Trust.
- f) Debtors
Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts offered.
- g) Cash at bank
Cash at bank is held to meet the day to day running costs of the charity as they fall due.
h) Creditors
Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.
i) Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The main forms of financial risk faced by the charity are volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Page 9
The Lambert Charitable Trust Dated 12 December 1968 (Box R)
Notes to the accounts
for the year ended 5 April 2022
1. Accounting policies (continued)
i) Realised gains and losses
Realised gains and losses represent the profit or loss calculated by comparing the net proceeds of the sale of an investment with the market value of that investment as at 5 April 2021 or its subsequent cost. Unrealised gains and losses represent the differences between the market value at 5 April 2022 and the market value at 5 April 2021 or subsequent cost.
2. Related party transactions and trustees’ expenses and remuneration
The charity’s trustees give their time freely and receive no remuneration for the work that they undertake as trustees. However, they can claim expenses to reimburse them for costs that they incur in fulfilling their duties. During the year the trustees' remuneration and re-imbursed costs were £nil (2021: £nil).
There were no related party transactions in the year.
3. Investment income
| 3. Investment income Dividends Deposit interest 4. Charitable activities Charitable activities The breakdown of charitable activities is as follows: Grants - see page 13 |
2022 £ 72,413.37 160.96 72,574.33 2022 £ 63,510.00 2022 £ 54,150.00 |
2021 £ 67,911 101 |
| 68,012 | ||
| 2021 £ 64,600 |
||
| 2021 £ 58,000 |
The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable activities.
Analysis of charitable expenditure :
| Governance costs Unrestricted income funds Accountant's charges Independent examination fees Bank charges Total Charitable activities |
2022 2021 £ £ 7,560.00 4,800 1,800.00 1,800 - - 9,360.00 6,600 63,510.00 64,600 |
|---|---|
Page 10
The Lambert Charitable Trust Dated 12 December 1968 (Box R)
Notes to the accounts
for the year ended 5 April 2022
5. Cost of raising funds
| f raising funds Investment management charges |
2022 2021 £ £ 26,660.66 20,441 |
|---|---|
The investment management costs are attributable to the endowment funds.
| asset investments Market value at 5 April 2021 Additions Disposals Net realised investment gains/(losses) Net unrealised investment gains/(losses) Market value at 5 April 2022 Historical cost at 5 April 2022 |
2022 2021 £ £ 4,292,425.00 3,446,484 2,004,576.06 3,243,659 ( 2,073,699.48) ( 2,991,755) 166,735.44 332,138 (99,695.02) 261,899 4,290,342.00 4,292,425 4,245,560 4,146,739 |
|---|---|
6. Fixed asset investments
7. Control
The trust is controlled by the trustees.
- Analysis of net assets between funds
| Analysis of net assets between funds | ||||
|---|---|---|---|---|
| Expendable Endowment Funds Unrestricted Funds Prior year comparative Expendable Endowment Funds Unrestricted Funds |
Fixed Assets £ 3,957,380.27 332,961.73 4,290,342.00 Fixed Assets £ 3,916,605.61 375,819.39 4,292,425.00 |
Net Current Assets £ - 84,871.12 84,871.12 Net Current Assets £ - 32,949.13 32,949.13 |
Total £ 3,957,380.27 417,832.85 |
|
| 4,375,213.12 | ||||
| Total £ 3,916,605.61 408,768.52 4,325,374.13 |
Page 11
The Lambert Charitable Trust Dated 12 December 1968 (Box R)
Notes to the accounts
for the year ended 5 April 2022
9. Comparative fund split (Analysis of 2021 figures)
| Notes Income and endowments from Investment income 3 Total income and endowments Expenditure on Costs of raising funds Investment management costs 5 Charitable activities 4 Total expenditure Net gains/(losses) on investments 6 Net gains/(losses) on currency exchanges Net Income/(expenditure) Net Movement in Funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Expendable Capital Funds £ - - 20,441 - 20,441 594,037 (183) 593,854 573,413 573,413 3,343,193 3,916,606 |
Unrestricted Income Funds £ 68,012 68,012 - 64,600 64,600 - - - 3,412 3,412 405,356 408,769 |
2021 Total £ 68,012 |
|---|---|---|---|
| 68,012 | |||
| 20,441 64,600 |
|||
| 85,041 | |||
| 594,037 (183) |
|||
| 593,854 | |||
| 576,825 | |||
| 576,825 | |||
| 3,748,549 | |||
| 4,325,374 |
Page 12
The Lambert Charitable Trust Dated 12 December 1968 (Box R)
Notes to the accounts
for the year ended 5 April 2022
10. Charitable donations
| Education Anne Frank Trust Farms for City Children Irene Taylor Trust Ocean Youth Trust South Worshipful Company of Barbers Elderly Jewish Care Beaumont Day Centre Jewish Care Vi and Ruben Synagogue London Symphony Orchestra, Serene Aid Nightingale House Medical British Friends of Rambah Medical Centre Operation Wheelchairs Committee Integrated Neurological Services Meningitis Research Foundation Disability Jewish Blind and Disabled Medical Engineering Resource Unit PALS Revitalise Social Care 999 Group Action on Addiction Jewish Care Jewish Association for the Mentally Ill New Horizon Youth Centre Quaker Social Action Step 2 Recovery The Brandon Centre |
£ £ 2022 2021 1,000.00 1,000 2,000.00 2,000 2,500.00 2,500 1,000.00 1,000 2,000.00 2,000 3,500.00 - 4,000.00 - 3,150.00 2,500 2,500.00 2,500 1,000.00 1,000 1,000.00 1,000 2,500.00 2,500 - 2,500 1,000.00 1,000 - 2,000 2,000.00 2,000 2,000.00 2,000 2,500.00 2,500 2,000.00 2,000 4,500.00 12,000 2,000.00 2,000 3,500.00 3,500 3,500.00 3,500 2,000.00 2,000 3,000.00 3,000 54,150.00 58,000 |
|---|---|
Note
The cheques issued in 2021 to the Medical Engineering Resource Unit for £2,000.00 and the Meningitis Research Foundation for £2,500.00 had not been presented by 5 April 2022.
Page 13