2023-04-05-accounts - The Lambert Charitable Trust

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The Lambert Charitable Trust (Registered Charity No. 257803)

Dated 12 December 1968 (Box R)

Accounts

for the year ended 5 April 2022

The Lambert Charitable Trust

Index to Accounts

	Page
Trustees’ annual report	1 to 4
Independent Examiner’s Report	5
Statement of financial activities	6
Balance sheet	7
Notes to the accounts	8 to 13
Investments	14 to 19

The Lambert Charitable Trust Dated 12 December 1968

Trustees’ Annual Report for the year ended 5 April 2023

     

Objectives and Grant

Objectives and Grant
Making Policies:	
	
	
	
	
	
	
	
	
Achievements and	
performance:	
	
	
Financial review:	
	722850
	
	
Investment Powers and
Policy:	
	
	
	
	
	
	
	
	
	
	
	
	
Public Benefit:	
	
	
	
	



The Lambert Charitable Trust Dated 12 December 1968

Trustees’ Annual Report for the year ended 5 April 2023 (continued)

Reserves:             Risks:      Plans for the future:   

Structure, Governance and Management

Settlor:  Name of Charity:       Charity registration number: 

Reference and administrative information

Trustees:     



The Lambert Charitable Trust Dated 12 December 1968

Trustees’ Annual Report for the year ended 5 April 2023 (continued)

Reference and administrative information	Reference and administrative information	(continued)
Solicitors:	
	
	
	
Accountants:	
	
	
	
Independent Examiner:	
	
	
	
	
Bankers:	
	
	
Investment & Fund
Managers:	
	
	

Statement of the trustees' responsibilities

  

    




  
 



The Lambert Charitable Trust Dated 12 December 1968

Trustees’ Annual Report for the year ended 5 April 2023 (continued)

Statement of the trustees' responsibilities (continued)

      





  



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 2023 which are set out on pages 1 to 1 3 .

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: Date:

Steve Robinson FCA Mercer & Hole LLP 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 2023

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 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 Endowment Funds £ - - 21,241.72 - 21,241.72 ( 276,014.31) - 34.92 (275,979.39) (297,221.11) (297,221.11) 3,957,380.27 3,660,159.16	Unrestricted Income Funds £ 90,881.22 90,881.22 - 76,022.32 76,022.32 - - - - 14,858.90 14,858.90 417,832.85 432,691.75	2023 2022 Total Total £ £ 90,881.22 72,575 90,881.22 72,575 21,241.72 26,661 76,022.32 63,510 97,264.04 90,171 ( 276,014.31) 67,040 - 352 34.92 43 (275,979.39) 67,435 (282,362.21) 49,839 (282,362.21) 49,839 4,375,213.12 4,325,374 4,092,850.91 4,375,213

Page 6

The Lambert Charitable Trust Dated 12 December 1968 (Box R)

Balance sheet

5 April 2023

Notes Fixed assets Listed investments at market value (page 19) 6 Total fixed assets Current assets Cash at bank and in hand Dividends receivable Current liabilities Accountancy fees Independent Examination fees Donations Investment Management Fees Net current assets Total net assets The funds of the charity 8 Expendable endowment funds Unrestricted income funds	2023 £ £ 4,078,891.00 4,078,891.00 85,036.62 2,208.22 87,244.84 7,080.00 1,800.00 59,300.00 5,104.93 73,284.93 13,959.91 4,092,850.91 3,660,159.16 432,691.75 4,092,850.91	£ £ 4,290,342 4,290,342 88,331 1,210 89,541 - - - 4,670 4,670 84,871 4,375,213 3,957,380 417,833 4,375,213 2022	£ £ 4,290,342 4,290,342 88,331 1,210 89,541 - - - 4,670 4,670 84,871 4,375,213 3,957,380 417,833 4,375,213 2022
			4,290,342 84,871
			4,375,213
			3,957,380 417,833
			4,375,213

Page 7

The Lambert Charitable Trust Dated 12 December 1968 (Box R)

Notes to the accounts

for the year ended 5 April 2023

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. 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 endownment 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 2023

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.

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 2023

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 2022 or its subsequent cost. Unrealised gains and losses represent the differences between the market value at 5 April 2023 and the market value at 5 April 2022 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 (2022: £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	2023 £ 88,246.73 2,634.49 90,881.22 2023 £ 76,022.32 2023 £ 59,300.00	2022 £ 72,413 162
		72,575
		2022 £ 63,510
		2022 £ 54,150

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	2023 2022 £ £ 13,080.00 7,560 3,600.00 1,800 42.32 - 16,722.32 9,360 76,022.32 63,510

Page 10

The Lambert Charitable Trust Dated 12 December 1968 (Box R)

Notes to the accounts

for the year ended 5 April 2023

5. Cost of raising funds

f raising funds Investment management charges	2023 2022 £ £ 21,241.72 26,661

The investment management costs are attributable to the endowment funds.

6. Fixed asset investments Market value at 5 April 2022 Additions Disposals Net realised investment gains/(losses) Net unrealised investment gains/(losses) Market value at 5 April 2023 Historical cost at 5 April 2023	2023 2022 £ £ 4,290,342.00 4,292,425 3,428,277.30 2,004,576 ( 3,363,713.99) ( 2,073,699) ( 151,340.25) 166,735 (124,674.06) (99,695) 4,078,891.00 4,290,342 4,154,424 4,245,560

7. Control

The trust is controlled by the trustees.

8. 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 £ 3,660,159.16 418,731.84 4,078,891.00 Fixed Assets £ 3,957,380 332,962 4,290,342	Net Current Assets £ - 13,959.91 13,959.91 Net Current Assets £ - 84,871 84,871	Total £ 3,660,159.16 432,691.75
			4,092,850.91
			Total £ 3,957,380 417,833 4,375,213

Page 11

The Lambert Charitable Trust Dated 12 December 1968 (Box R)

Notes to the accounts

for the year ended 5 April 2023

9. Comparative fund split (Analysis of 2022 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 Prior year adj on cost of investments 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 £ - - 26,661 - 26,661 67,040 352 43 67,435 40,775 40,775 3,916,606 3,957,380	Unrestricted Income Funds £ 72,575 72,575 - 63,510 63,510 - - - 9,065 9,065 408,768 417,833	2022 Total £ 72,575
			72,575
			26,661 63,510
			90,171
			67,040 352 43
			67,435
			49,839
			49,839
			4,325,374
			4,375,213

Page 12

The Lambert Charitable Trust Dated 12 December 1968 (Box R)

Notes to the accounts

for the year ended 5 April 2023

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

£
£
2023
2022
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
3,000.00
3,500
4,000.00
4,000
3,800.00
3,150
2,500.00
2,500
1,000.00
1,000
1,000.00
1,000
2,500.00
2,500
2,500.00
-
1,000.00
1,000
2,000.00
-
2,000.00
2,000
2,000.00
2,000
2,500.00
2,500
-
2,000
5,000.00
4,500
2,000.00
2,000
3,500.00
3,500
3,500.00
3,500
4,000.00
2,000
3,000.00
3,000
59,300.00
54,150

Note

The donations for 2023 were agreed at the trusstees' meeting in July 2022. Due to the change in banking arrangements, the trustees encountered delays and these donations were made after the blance sheet date.

Page 13