## Lambeth Palace Library Trust Fund 

Annual Report and Financial Statements for the year ended 31 December 2022 

Charity number: 1083137 



## Lambeth Palace Library Trust Fund 

Annual Report and Financial Statements for the year ended 31 December 2022 

## Contents 

|Report of the Trustees||
|---|---|
|Introduction and history|2|
|Objectives and activities|3|
|Achievements and performance|3|
|Financial review|4|
|Structure, governance and management|5|
|Reference and administrative details|6|
|Statement of Trustees’ Responsibilities|7|
|Independent Examiner’s Report|8|
|Financial Statements||
|Statement of Financial Activities|9|
|Balance sheet|10|
|Cash flow statement|11|
|Notes to financial statements|12|



1 



Lambeth Palace Library Trust Fund Report of the Trustees for the year ended 31 December 2022 

## **Introduction** 

The Lambeth Palace Library Trust Fund (the “Charity”) is an unincorporated charity which was registered as a charity on 31 October 2000, following a Charity Commissioners’ scheme dated 2 October 2000. In addition, the Trustees of the Charity are trustees of other charitable funds known as the Charitable Funds Associated with Lambeth Palace Library (the “Funds”), which are governed by a separate Charity Commissioners’ Scheme also dated 2 October 2000. The Funds are aggregated within these accounts as restricted funds of the Charity. 

The Church Commissioners for England own the Lambeth Palace Library (“the Library”) and are responsible for maintaining it and managing its day to day operations.  The Charity exists to provide additional funds for projects and development, recognising that the Library needs not only to be maintained but also enhanced as a repository and research centre of international importance, working towards the highest standards of collection care and service delivery. 

The Trustees confirm that the annual report and financial statements of the Charity comply with current statutory requirements, the requirements of the Charity’s governing document and the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (“Charity SORP”). 

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity. 

## **History** 

Lambeth Palace Library was founded in 1610 when Archbishop Richard Bancroft bequeathed his extensive collection of books and manuscripts to George Abbot, his successor as Archbishop of Canterbury, and to successive future Archbishops of Canterbury.  In receiving the bequest, George Abbot urged succeeding Archbishops of Canterbury to preserve the Library, ensuring its descent “from age to age and from succession to succession, to the service of God and his Church, of the Kings and Commonwealth of this realm and particularly of the Archbishops of Canterbury”. 

Ever since its foundation the Library has been closely associated with each succeeding Archbishop of Canterbury. Ownership of the building and contents became vested in the Ecclesiastical Commissioners in 1946 and passed subsequently to the Church Commissioners in 1948.  Archbishops have continued to take a considerable and active interest in the work and development of the library and have held office as trustees since the Charity was established in 1955. 

Despite the generosity of its founder, the Library had no funds specifically for its use until 1955 when one of the Funds was established, in part to raise funds for support of the Library.  Since that time funds have been available to provide additional resources to the Library beyond those provided by the Church Commissioners to support its work and for development projects. However, these funds are not permanent endowment funds and can be spent in support of the Library as well as the income arising from them. 

## **Objectives and Activities** 

The object of the Charity is to advance the education of the public by the promotion, support, assistance and improvement of the Library.  The Trustees recognise that the Library needs not only to be maintained but also to be developed and enhanced as a repository and research centre of international importance, working towards the highest standards of collection care and service delivery. 

The collections of Lambeth Palace Library were designated by the Museums, Libraries and Archives Council in 2005 as outstanding in their national and international importance.  The Library exists to preserve this unique heritage of the Church and the nation and to make it freely available for all to study and enjoy. 

2 



Lambeth Palace Library Trust Fund Report of the Trustees for the year ended 31 December 2022 

## **Objectives and Activities (continued)** 

One particular activity the Charity supports is the conservation and cataloguing of the Sion College collection which was transferred given to the Church Commissioners in 1995. 

The Charity’s aim is to support the Library in areas which are beyond the scope of the Church Commissioners in their day-to-day operations of the Library.  In particular, the Charity aims to make funds available for: 

- conservation of existing collections 

- appropriate acquisitions to enhance the collections 

- development projects to ensure worldwide public access to collections through cataloguing and the promotion of online resources 

- special exhibitions of the Library’s collections 

- special publications 

- Library equipment. 

The contribution of the Charity to its work during 2022 is recorded in the following pages. 

## **Review of our achievements and performance** 

After the delays and disruption of 2021, projects funded by the Lambeth Palace Library Trust made very good progress in 2022. The object of the Charity is to advance the education of the public by the promotion, support, assistance and improvement of the Library. This was achieved through projects to continue the cataloguing and conservation of the early printed books from Sion College Library, the cataloguing of religious archives in the Library’s collections and by support for the Library’s new exhibition room. 

Thanks to a generous grant from the Foyle Foundation, paid through the Trust, two cataloguers were employed in 2022 to catalogue rare books from Sion College Library, concentrating on books from the seventeenth century. Nearly 2,100 items were catalogued in 2022, providing detailed online records of each copy’s provenance and reporting full information to the English Short Title Catalogue (ESTC) database, to enable these holdings to be as widely known as possible in the international scholarly community. Several of the items catalogued were previously entirely unknown. 

The Lambeth Palace Library Trust’s long-standing support for the Sion College Library collection also helped to enable significant conservation work to be undertaken in the course of the year. One particularly interesting and complex item was a copy of William Camden’s Britannia (1600), which had been extra-illustrated with inserted topographical engravings. 

The Trust also contributed to the employment of two part-time cataloguers working on the Library’s archival collections, specifically the papers of Archbishops’ Commissions, 1908-1994, and the Council for Women’s Ministry in the Church, 1870-1974. Work on both these collections was substantially completed in 2022. 

The Trust’s support has been instrumental in securing completion of the Library’s exhibition room, attracting matching funding from a number of sources. Seven exhibition cases were commissioned in 2022, to a very high specification, and installed in January 2023. The first major public exhibition using this room, on music in the Library’s collections, took place in summer 2023. 

3 



Lambeth Palace Library Trust Fund Report of the Trustees for the year ended 31 December 2022 

## **Financial Review** 

## _**Summary**_ 

At the end of 2022, the Charity’s funds were £1,160,909 (2021: £1,230,334), and comprised £1,039,148 (2021: £1,143,343) of investments and £121,761 (2021: £86,991) of other net assets. 

During the year, funds decreased by £69,425 as a result of: 

- £103,377 of income: 

   - £135 from sales of books and postcards 

   - £102,001 grants and donations 

   - £1,241 investment income 

- £68,607 of expenditure: 

   - £3,832 support costs 

   - £64,775 grant expenditure 

- £104,195 losses on investments 

## _**Income**_ 

The 2022 income of £103,377 was lower than 2021 (£148,158). This was due to a lower level of donations received. 

## _**Expenditure**_ 

Charity expenditure during the year for the benefit of the Library consisted of both unrestricted and restricted expenditure. Unrestricted expenditure totalled £3,832, for accounting and independent examination fees. Restricted expenditure totalled £64,775 of grant expenditure which funded works to the Exhibition Room in the Library. 

## **Funds** 

Unrestricted general fund: 

Unrestricted funds are funds that have been raised by general appeal, or donated, and whose use is not strictly prescribed. 

## Restricted funds 

Restricted funds are funds whose use is strictly prescribed by the terms under which they were raised by, or granted to, the Charity. 

_Mandell Creighton_ : This Fund derives from a bequest to the Church Commissioners from Mrs. Amy Bush (d. 1971) to provide a purchasing fund for Library acquisitions and is used exclusively for that purpose. 

_New Building Fund_ : The Fund derives from the bequest of the late Melanie Barber in 2013 and is to be spent on the new Library building project. 

_Archives and Manuscripts Fund_ : The Fund derives from sums raised by the former Librarian and Archivist for the benefit of the Library’s archives and manuscripts.  The Fund was established in 1996 to amalgamate the Incorporated Church Building Society, Court of Arches, Manuscript Conservation, and Special Archives and Manuscripts Funds.  The purposes of the amalgamated fund are to continue the aims of the individual funds, which were for the preservation, conservation, storage and general benefit of the archives and manuscripts in Lambeth Palace Library. 

_Morton’s Tower Fund_ : The Fund derives from sums raised by the former Librarian and Archivist for the preservation and conservation of printed material in Lambeth Palace Library. 

4 



Lambeth Palace Library Trust Fund Report of the Trustees for the year ended 31 December 2022 

## **Financial review (continued)** 

_Funds given for other restricted purposes_ : This fund holds amounts that have been received for specific purposes, but which have not yet been spent.  They are usually funds held for a short period only. 

## **Reserves Policy** 

The Charity does not currently have a permanent endowment that is to be retained solely for income-generation purposes.  The funds that have been raised from charitable donations are intended to cover the costs of acquisitions, conservation and the expenses of specific projects.  In other words, they are intended to be expended in support of the various Library initiatives for which they were raised.  Reserves are accumulated through fundraising appeals in respect of budgeted projects and from the reinvestment of investment income. 

At 31 December 2022 the total funds held by the Charity amounted to £1,160,909. All of the Charity’s funds are held for acquisitions, conservation work and projects in support of the Library that go beyond the responsibilities of the Church Commissioners. These will be disbursed subject to the restrictions that apply to the various fund categories (see description of funds above). 

## **Structure, governance and management** 

The Charity is governed by a Scheme of the Charity Commissioners dated 2 October 2000 as amended by a resolution passed at a Special Meeting of the Trustees held on 20 June 2017 which brought the governing Scheme into conformity with the revised Lambeth Palace Constitution 2016. 

The arrangements governing Lambeth Palace Library are set out in the Lambeth Palace Library Constitution (the “Constitution”). This was approved by the Charity and the Church Commissioners in 2016.  The amendments made to the governing Scheme at a Special Meeting of the Trustees held on 20 June 2017 updated the governing Scheme so that it was consistent with the new Constitution. 

In accordance with the constitution of the Charity, the Trustees comprise up to ten Trustees appointed by the Archbishop of Canterbury after consultation with the Church Commissioners. 

Trustees are appointed for periods of four years and are eligible for re-appointment.  The Constitution provides that Trustees will have a spread of financial, legal, scholarly, and fundraising expertise. 

The Librarian is the Secretary to the Charity and is effectively responsible for the day to day administrative management of it.  The Constitution provides that the Charity is responsible for assisting the Commissioners in the appointment of the Librarian and Archivist. 

Financial and accounting services are provided to the Trustees under a Service Level Agreement with Church of England Central Services (“ChECS”), a shared service charitable company which is a joint venture of the Church Commissioners, the Archbishop’s Council and the Pensions Board. These include the preparation of the Trustees’ annual accounts and administration of the Trustees’ funds held with the Fund Managers. 

The Trustees attend seminars and receive information in order to keep themselves informed of the duties incumbent upon them as trustees. 

5 



Lambeth Palace Library Trust Fund Report of the Trustees for the year ended 31 December 2022 

## **Reference and administrative details** 

## **Trustees** 

His Grace the Lord Archbishop of Canterbury Karen Brookfield MA, FRSA Richard Linenthal, BA, FSA Rev. Professor Diarmaid MacCulloch, Kt, DD, FBA Professor David McKitterick, LittD, FBA, FSA His Honour Peter M. Wright, MA 

## **Secretary to the Trustees** 

Giles Mandelbrote, MA, FSA (resigned 14 July 2023) 

## **Principal Office** 

Lambeth Palace Library 15 Lambeth Palace Road, London, SE1 7JT, 

## **Fund Managers** 

CCLA Investment Management Limited Senator House 85 Queen Victoria Street London, EC4V 4ET 

**Independent Examiner** Jane Askew FCA Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG 

6 



## Lambeth Palace Library Trust Fund 

Report of the Trustees for the year ended 31 December 2022 

## **Statement of Trustees’ Responsibilities** 

The Trustees are responsible for preparing the Charity’s annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (“United Kingdom Generally Accepted Accounting Practice”). 

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these 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 2015 and in FRS 102; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing Scheme. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

This report was approved by the trustees on 30 October 2023 and signed on its behalf by: 


7 



## Lambeth Palace Library Trust Fund 

## Independent Examiner’s Report for the year ended 31 December 2022 

I report on the accounts of Lambeth Palace Library Trust Fund for the year ended 31 December 2022 which are set out on pages 9 to 17. 

## **Respective responsibilities of trustees and examiner** 

The charity’s trustees are responsible for the preparation of the accounts.  The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. 

- It is my responsibility to: 

- examine the accounts under section 145 of the 2011 Act, 

- follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Act and 

- state whether particular matters have come to my attention. 

## **Basis of independent examiner’s report** 

My examination was carried out in accordance with the general Directions given by the Charity Commission. That examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. 

## **Independent examiner’s statement** 

In connection with my examination, no material matters have come to my attention which give me cause to believe that, in any material respect: 

- accounting records were not kept in accordance with section 130 of the 2011 Act; or 

- the accounts do not accord with the accounting records; or 

- the accounts did 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 come across no other matters in connection with examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. 


Jane Askew FCA Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Date:                           2023 3o October 

8 



## Lambeth Palace Library Trust Fund 

## Statement of Financial Activities for the year ended 31 December 2022 

|||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|---|
|||**funds**|**funds**|**2022**|**funds**|**funds**|**2021**|
||**Notes**|||||||
|||**£**|**£**|**£**|**£**|**£**|**£**|
|**Income from**||||||||
|Grants and donations|2|-|102,001|**102,001**|100|148,000|**148,100**|
|Other trading activities|2|135|-|**135**|20|-|**20**|
|Investments|3|321|920|**1,241**|10|28|**38**|
|Total income||456|102,921|**103,377**|130|148,028|**148,158**|
|**Expenditure on**||||||||
|Charitable activities|4|(3,832)|(64,775)|**(68,607)**|(8,994)|(357,808)|**(366,802)**|
|Total expenditure||(3,832)|(64,775)|**(68,607)**|(8,994)|(357,808)|**(366,802)**|
|Total income less expenditure||||||||
|before gains on investments||(3,376)|38,146|**34,770**|(8,864)|(209,780)|**(218,644)**|
|Gains/(Losses) on investments|5|(17,405)|(86,790)|**(104,195)**|28,501|142,118|**170,619**|
|Net movement in funds||(20,781)|(48,644)|**(69,425)**|19,637|(67,662)|**(48,025)**|
|**Reconciliation of funds**||||||||
|Total funds brought forward||194,368|1,035,966|**1,230,334**|174,731|1,103,628|**1,278,359**|
|Total funds at carried forward||173,587|987,322|**1,160,909**|194,368|1,035,966|**1,230,334**|



The income and expenditure all relate to continuing activities, none of which were acquired during the year. 

9 



Lambeth Palace Library Trust Fund Balance sheet as at 31 December 2022 

|||**Unrestricted**|**Restricted**|<br>**Total**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|---|
|||**funds**|**funds**|<br>**2022**|**funds**|**funds**|**2021**|
||**Notes**|**£**|**£**|<br>**£**|**£**|**£**|**£**|
|**Fixed assets**||||||||
|Investments|5|173,587|865,561|<br>1,039,148|190,992|952,351|1,143,343|
|Total fixed assets||173,587|865,561|<br>**1,039,148**|190,992|952,351|1,143,343|
|**Current assets**||||||||
|Debtors|6|161|51,587|<br>51,748|100|74,000|74,100|
|Cash and cash||||||||
|equivalents||24,471|70,174|<br>94,645|24,471|70,174|94,645|
|Total current assets||24,632|121,761|<br>**146,393**|24,571|144,174|168,745|
|**Liabilities**||||||||
|Creditors: amounts||||||||
|falling due within one||||||||
|year|7|(24,632)|-|<br>(24,632)|(21,195)|(60,559)|(81,754)|
|Net current assets||-|121,761|<br>**121,761**|3,376|83,615|86,991|
|Net assets||173,587|987,322|<br>**1,160,909**|194,368|1,035,966|1,230,334|
|The funds of the Charity:||||||||
|Unrestricted funds||173,587|-|<br>173,587|194,368|-|194,368|
|Restricted funds||-|987,322|<br>987,322|-|1,035,966|1,035,966|
|Total Charity funds||173,587|987,322|<br>**1,160,909**|194,368|1,035,966|**1,230,334**|



The financial statements were approved by the Trustees on 30 October 2023 and signed on its behalf by: 


10 



Lambeth Palace Library Trust Fund Cash flow statement for the year ended 31 December 2022 

## **Statement of cash flows** 

|**Statement of cash flows**||||
|---|---|---|---|
|||**2022**|<br>**2021**|
|||**£**|<br>**£**|
|**Net cash flow provided by/(used in) operating activities**|A|(1,241)|<br>(38)|
|**Cash flows from investing activities**||||
|Investment income||1,241|<br>38|
|Sale of investments||-|<br>-|
|Net cash flow provided by/(used in) investment activities||1,241|<br>38|
|Change in cash and cash equivalents in the year||-|<br>-|
|Cash and cash equivalents at the start of the year||94,645|<br>94,645|
|Cash and cash equivalents at the end of the year|B|94,645|<br>94,645|
|**A. Reconciliation of net income to net cash flow from operating activities**||||
||**Notes**|**2022**|<br>**2021**|
|||**£**|<br>**£**|
|Net income/ (expenditure) for the year (as per the statement of||||
|financial activities)||34,770|<br>(218,644)|
|Adjustments for:||||
|Investment income||(1,241)|<br>(38)|
|Movement in debtors||22,352|<br>149,136|
|Movement in creditors||(57,122)|<br>69,508|
|Net cash flow provided by/(used in) operating activities||(1,241)|<br>(38)|
|**B. Analysis of cash and cash equivalents**||||
|||**2022**|<br>**2021**|
|||**£**|<br>**£**|
|Short term deposits||94,645|<br>94,645|
|Cash at bank and in hand||-|<br>-|
|Total cash and cash equivalents||94,645|<br>94,645|



11 



Notes to the financial statements for the year ended 31 December 2022 

## Lambeth Palace Library Trust Fund 

## **1 ACCOUNTING POLICIES** 

## **a) Legal status** 

The Lambeth Palace Library Trust Fund (the “Charity”) is an unincorporated charity which was registered as a charity on 31 October 2000, following a Charity Commission scheme dated 2 October 2000. In addition, the Trustees are Trustees of other charitable funds known as the Charitable Funds Associated with Lambeth Palace Library governed by a separate Charity Commissioners’ Scheme also dated 2 October 2000. These funds are aggregated within these accounts as restricted funds of the Charity. 

## **b) Basis of preparation** 

The Charity’s financial information has been prepared in accordance with: 

- Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 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 (FRS 102) (the “SORP”); and 

- the Charities Act 2011. 

The Charity meets the definition of a Public Benefit Entity (“PBE”) as set out in FRS 102, and therefore applies the PBE prefixed paragraphs in FRS 102. 

The financial information has been prepared on the historical cost basis (except for the revaluation of investments) and on the accruals basis. The financial statements are prepared in sterling, which is the financial currency, and are rounded to the nearest pound. 

These financial statements comprise all the designated, restricted and endowment funds of the Charity drawn up to 31 December each year. 

A summary of the accounting policies is set out below. 

## **c) Going concern** 

The trustees have reasonable expectation that the Charity has adequate resources and cash flows to meet spending commitments for the foreseeable future, and that there are no material uncertainties in relation to going concern.  Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual report and financial statements. 

## **d) Fund accounting** 

General funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Library. 

Restricted funds are funds subject to specific restrictive conditions imposed by donors or by the purpose of the appeal.  The purpose and use of the restricted funds is set out on pages 4 and 5. 

12 



Notes to the financial statements for the year ended 31 December 2022 

## Lambeth Palace Library Trust Fund 

## **e) Income** 

Grants and donations are recognised when the conditions for entitlement, certainty and measurability have been met. 

Investment income comprises deposit interest receivable during the year. 

## **g) Expenditure** 

All expenditure is recognised on an accruals basis and includes any irrecoverable VAT. 

Governance costs comprise the costs of meeting statutory and regulatory requirements of the charity. 

## **h) Cash and cash equivalents** 

Cash at bank and cash equivalents includes cash and short term highly liquid investments with short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **i) Investments** 

All gains and losses on investments are included in the Statement of Financial Activities. Investments funds 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 bid price. Net gains and losses arising on revaluation and disposals throughout the year are recognised in the SOFA. 

All investments held with CCLA are invested on an accumulation basis. 

## **j) Financial instruments** 

The Charity has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. 

## _**Basic financial instruments**_ 

Financial assets, including cash at bank and trade and other receivables are recognised and held at transaction price.  They are derecognised when the rights to the cash flows from the financial assets expire or are settled. 

Financial liabilities, including trade and other payables are initially recognised at transaction price. Financial liabilities are de-recognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 

## **k) Judgements and key sources of estimation uncertainty** 

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.  The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

13 



Lambeth Palace Library Trust Fund Notes to the financial statements for the year ended 31 December 2022 

## **2. INCOME FROM GRANTS, DONATIONS AND OTHER INCOME** 

|**2.**<br>**INCOME FROM GRANTS, DONATIONS AND OTHER INCOME**|||
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|Grants|92,921|148,000|
|Other trading activities|9,215|20|
|Donations and other income|-|100|
|Total income from grants and donations and other income|102,136|148,120|



In 2022 £135 of this income was attributable to unrestricted funds (2021: £120) and £102,001 was attributable to restricted funds (2021: £148,000). 

## **3. INCOME FROM INVESTMENTS** 

|**3.**<br>**INCOME FROM INVESTMENTS**|||
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|Interest on deposit funds|1,241|38|
|Total income from investments|1,241|38|



In 2022 £321 of income from investments was attributable to unrestricted funds (2021: £10) and £920 was attributable to restricted funds (2021: £28). 

## **4. CHARITABLE ACTIVITIES** 

|**4.**<br>**CHARITABLE ACTIVITIES**|||||
|---|---|---|---|---|
||Grants|Support|||
|||Costs|**Total**|**Total**|
||||**2022**|**2021**|
||£|£|**£**|£|
|**Unrestricted funds**|||||
|General fund|-|3,832|3,832|**8,994**|
|Total unrestricted funds|-|3,832|**3,832**|**8,994**|
|**Restricted funds**|||||
|Archives and Manuscripts Fund|-|-|-|**-**|
|Morton’s Tower Fund|-|-|-|**-**|
|Mandell Creighton Fund|-|-|-|**-**|
|New building Fund|64,775|-|**64,775**|**364,491**|
|Funds given for other restricted purposes|-|-|**-**|**(6,683)**|
|Total restricted funds|64,775|-|**64,775**|**357,808**|
|Total charitable expenditure|64,775|3,832|**68,607**|**366,802**|



14 



Lambeth Palace Library Trust Fund Notes to the financial statements for the year ended 31 December 2022 

## **4. CHARITABLE ACTIVITIES (continued)** 

All charitable expenditure relates to the sole charitable objective - to advance the education of the public by the promotion, support, assistance and improvement of the Library. 

Governance costs of £3,832 (2021: £3,510) includes £966 related to the 2022 independent examination fee. 

The Charity does not directly employ the staff of the Lambeth Palace Library. They are jointly and severally employed by the National Church Institutions which include the Church Commissioners. The Charity makes grants to the Church Commissioners which contribute to the running costs of the Library. 

## **Trustee emoluments and expenses** 

No Trustees were reimbursed any expenses during the year (2021: none). 

## **5. INVESTMENT ASSETS** 

||**2022**|<br>**2021**|
|---|---|---|
||**£**|<br>**£**|
|At 1 January|1,143,343|<br>972,724|
|Disposals|-|<br>-|
|Unrealised (losses)/gains in the year|(104,195)|<br>170,619|
|At 31 December|1,039,148|<br>1,143,343|



All investments are managed by CCLA Investment Management Limited. 

The following investments are considered material in the context of the portfolio, representing 100% of the investment assets in 2022 and 2021: 

|||**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
|CCLA|CBF Investment Fund|1,039,148|1,143,343|
|**6.**|**DEBTORS**|||
|||**2022**|**2021**|
|||**£**|**£**|
|Accrued income||620|74,100|
|Amounts due from the Church Commissioners||51,128|-|
|Total|debtors|51,748|74,100|



15 



Lambeth Palace Library Trust Fund Notes to the financial statements for the year ended 31 December 2022 

## **7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|**7.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|Accruals|7,716|4,784|
|Amounts due to the Church Commissioners|16,916|76,970|
|Total creditors|24,632|81,754|



## **8. STATEMENT OF FUNDS** 

||1 January||||**31 December**|
|---|---|---|---|---|---|
||2022|Income|Expenditure|Net Gains|**2022**|
|Unrestricted Funds||||||
|General Fund|194,368|456|(3,832)|(17,405)|**173,587**|
|Total unrestricted funds|194,368|456|(3,832)|(17,405)|**173,587**|
|Restricted funds||||||
|Archives and Manuscripts Fund|391,856|583|-|(31,617)|**360,822**|
|Morton’s Tower|227,241|337|-|(18,335)|**209,243**|
|Mandell Creighton Fund|294,129|-|-|(26,801)|**267,328**|
|New building Fund|11,130|87,001|(64,775)|(9,587)|**23,769**|
|Funds given for other restricted||||||
|purposes|111,610|15,000|-|(450)|**126,160**|
|Total Restricted Funds|1,035,966|102,921|(64,775)|(86,790)|**987,322**|
|Total funds|**1,230,334**|**103,377**|**(68,607)**|(104,195)|**1,160,909**|
||1 January|Income|Expenditure|Net Gains|**31 December**|
||2021||||**2021**|
|**Unrestricted Funds**||||||
|General Fund|174,731|130|(8,994)|28,501|194,368|
|**Total unrestricted funds**|174,731|130|(8,994)|28,501|194,368|
|**Restricted funds**||||||
|Archives and Manuscripts Fund|340,063|18|-|51,775|391,856|
|Morton’s Tower|197,207|10|-|30,024|227,241|
|Mandell Creighton Fund|250,243|-|-|43,886|294,129|
|New building Fund|296,922|63,000|(364,491)|15,699|11,130|
|Funds given for other restricted||||||
|purposes|19,193|85,000|6,683|734|111,610|
|**Total Restricted Funds**|1,103,628|148,028|(357,808)|142,118|1,035,966|
|**Total funds**|1,278,359|148,158|(366,802)|170,619|1,230,334|



16 



Notes to the financial statements for the year ended 31 December 2022 

## Lambeth Palace Library Trust Fund 

In 2020, the Trustees decided to set aside £270,000 to fund 3 new posts for the library, to be funded from the Archives and Manuscripts fund, the Morton’s Tower fund and the general fund. 

The various purposes of the designated and restricted funds are outlined in the Financial Review on page 5. 

## **9. RELATED PARTIES** 

The Charity is controlled by the Archbishop of Canterbury who has the right to appoint the Charity’s trustees. 

The Trustees comprise up to ten Trustees appointed by the Archbishop of Canterbury after consultation with the Church Commissioners. 

As at 31 December the following amounts were owed from/(to) related parties: 

||||**2022**|<br>**2021**|
|---|---|---|---|---|
||||**£**|<br>**£**|
|Church Commissioners|||34,212|<br>(76,970)|
|**Total amounts**|**owed from/(to) related**|**parties**|34,212|<br>(76,970)|



17