## **FRIENDS OF LAMBETH PALACE LIBRARY** 

London SE1 7JT 

(founded 1964) Charity registration number 313023 

## **President** 

His Grace the Archbishop of Canterbury 

## **Vice-Presidents** 

Viscount Bridgeman, CA The Marquess of Salisbury, KG, KCVO, PC, DL Charles Sebag-Montefiore, MA, FCA, FSA 

## **Trustees** 

The Rt. Revd. and Rt. Hon. Lord Chartres, GCVO, FSA 

(Chairman) Giles Mandelbrote, MA, FSA (Secretary) Robert Preece, FCA (Treasurer) Mark Byford, MA, DPhil Richard Linenthal, BA, FSA 

## **Honorary Members** 

The Rt. Hon. Lord Carey of Clifton, PC, FRSA, FKC The Rt. Revd. and Rt. Hon. Baron Williams of Oystermouth, PC, FBA, FRSL, FLSW 

## **Independent Examiner** 

Greg Stevenson, FCA Knox Cropper LLP 65 Leadenhall Street, London EC3A 2AD 

## **Investment Advisers** 

Cazenove Capital Management Limited 1 London Wall Place, London EC2Y 5AU 

## **Membership Accountant and Secretary** 

Paul Celerier, FCA 

**Email:** LibraryFriends@churchofengland.org **Website:** www.lambethpalacelibrary.info/about-lambeth-palacelibrary/friends-of-lambeth-palace-library/ 

2 



## **REPORT OF THE TRUSTEES OF THE FRIENDS OF LAMBETH PALACE LIBRARY FOR 2022** 

The Trustees, who comprise the Executive Committee, present the annual report and the financial statements of the Friends of Lambeth Palace Library (the ‘Charity’ or the ‘Friends’) for the year ended 31 December 2022. Reference and administrative details of the Charity, its Trustees and advisers are set out on the previous page. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Constitution** 

The Charity was constituted by a set of rules adopted at the first Annual General Meeting held on 1 June 1964 and amended in 1985 and 1987. A revised constitution was adopted at the Annual General Meeting held on 12 June 2013. The Charity is registered with the Charity Commission as number 313023. 

## **Trustees** 

The Trustees of the Charity are the Chairman, Honorary Treasurer and Honorary Secretary, together with up to seven other trustees. 

The Chairman, Honorary Treasurer and Trustees are elected at the annual general meeting for a term of three years. The Librarian of Lambeth Palace Library is _ex officio_ Secretary of the Charity and a Trustee. Candidates for Trusteeship are proposed by the Executive Committee or members of the Charity from their personal or professional contacts who are knowledgeable in the fields falling within the Charity’s scope, or who have knowledge or experience which can help the Charity to achieve its objectives. 

No formal procedures have been put in place for the induction or training of Trustees as they have not been considered necessary, having regard to the criteria exercised in the selection of candidates for election and the professional standing of the _ex officio_ members. Ad hoc measures will be taken whenever necessary. 

The names of the Trustees at the date of this report are set out on page 2. 

3 



## **Trustees’ responsibilities** 

The Trustees are responsible for managing the affairs of the Charity and administering its funds and assets within the framework of any general policies agreed at an annual general meeting. 

The Trustees are required to prepare annual financial Kingdom accounting standards. In preparing those statements, the Trustees: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates which are reasonable and prudent; 

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

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

The Trustees are responsible for keeping proper accounting records which disclose the financial transactions and the assets and liabilities of the Charity with reasonable accuracy. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Risk management** 

The Trustees have identified the principal risks that might have an effect on the Charity and believe that appropriate action has been taken to manage them. The Trustees will continue to keep under review the adequacy of the procedures in place. 

4 



## **OBJECTIVES AND ACTIVITIES** 

The primary object of the Charity is to promote the interests of Lambeth Palace Library by helping in the acquisition of printed books and manuscripts and in any other suitable way. 

The Charity aims to achieve these objects through making grants, thus enabling Lambeth Palace Library to obtain items for their collections which would otherwise be unaffordable, to catalogue and conserve the collection and by helping in other suitable ways. 

The Charity is a public benefit entity. Lambeth Palace Library is open to the public, such that scholars, researchers and historians can use the printed books and manuscripts acquired with the help of grants from the Charity. The public benefit is also achieved through making grants towards the conservation and cataloguing of the collections, which helps to make them more accessible. The Trustees have had regard to Charity Commission guidance on public benefit. 

## **Grant-making policies** 

All grants are given to Lambeth Palace Library as defined in ‘Objectives and Activities’ above. 

The Charity’s two main criteria when awarding grants for acquisitions are the historical, literary and other qualities of the proposed acquisition and its significance to the collection. Price, condition and provenance are also taken into account. The criteria for grants for cataloguing and conservation are given on the merits of the particular part of the Library’s collection. 

The Trustees have given careful consideration to the Charity Commission’s guidance on public benefit and are satisfied that its established grant-making policies meet those requirements. 

## **Main objectives for 2022** 

The Charity’s main objective for 2022 was to make further grants from the Operating Fund totalling no more than £60,000 unless significant legacies or exceptional donations are received. 

5 



The Charity also aimed to continue to increase its membership, and thus its income, through the distribution of its membership leaflet to all visitors to the Library and through the Library’s website, as well as by pursuing other initiatives and events for potential members and benefactors. 

## **ACHIEVEMENTS AND PERFORMANCE** 

## **Grants** 

Details of the grants made or committed to by the Charity in 2022 are given on pages 11 to 13. Grants of £122,529 (2021: £30,533) were made to the Library. 

## **Main objectives for 2023** 

The Charity’s main objective for 2023 is to make further grants from the Operating Fund totalling no more than £40,000 unless significant legacies or exceptional donations are received. 

The Charity also aims to continue to increase its membership, and thus its income, through the distribution of its membership leaflet to all visitors to the Library and through the Library’s website, as well as by pursuing other initiatives and events for potential members and benefactors. 

6 



## **GRANTS TO LAMBETH PALACE LIBRARY IN 2022** 

|**GRANTS TO LAMBETH PALACE LIBRARY IN 2022**||
|---|---|
|**For the purchase of manuscripts**|£|
|Cardinal Reginald Pole | Letter signed, to Antoine Perrenot de|3,673.60|
|Granvelle, requesting his help, 1544||
|Queen Elizabeth I--Privy Council | Letter refusing to allow a Papal|4,032.00|
|Nuncio to visit England, 1561||
|William Cecil, Lord Burghley, Letter to Matthew Hutton, Dean of|1,597.30|
|York later Archbishop of York, 12 August 1577||
|_A Form of Prayer and Thanksgiving to Almighty God, to be used in_|31.50|
|_all Churches and Chapels in England and Wales, … on Thursday_||
|_the Fifteenth Day of November, 1849_(Warrington: Haddock & Son,||
|Printers, [1849])||
|**For the purchase of printed books**||
|John Colet,_Monition concerning the ordre of a good christian mans_|10,800.00|
|_lyfe_(London, 1563). The Bute copy_._||
|Humphrey Prideaux,_Directions to Church-Wardens for the faithful_|185.00|
|_Discharge of their Office_(4th edition; London: R. Knaplock and J.||
|Tonson, 1716)||
|John Jewel,_Apologia Ecclesiae Anglicanae (_Londini: apud Francisci|500.00|
|Bouuier, 1584)||
|Laurence Humphrey,_De religionis conservatione & reformatione_|760.00|
|_vera_(Basel: Johannes Oporinus, 1559)||
||225.00|
|John Brinsley the Elder,_The True Watch, and Rule of Life. Or, a_||
|_direction for the examination of our spirituall estate, and for the_||
|_guiding of our whole course of life_(10th edition, parts 1 & 2;||
|London: Printed by Iohn Beale, 1626)||
|[William Stanley?],_The Faith and Practice of a Church of England-_|325.00|
|_Man_(London, 1688)||
|_The Crucified Saviour: or, a Preparation to a Worthy Receiving the_|50.00|
|_Holy Sacrament of the Lord's-Supper_(London: printed for C.||
|Bates… and sold by W. Middleton, 1707)||
|_The grounds and principles of religion. Contained in a shorter_|100.00|
|_catechism, (according to the advice of the Assembly of Divines sitting_||
|_at Westminster (_London: printed in the year, 1711)||
|Robert Warren,_The Second and last part of the Devout Christian's_|100.00|
|_Companion_(London, 1711)||



11 



|_The Divine Banquet: or, Sacramental Devotions. Consisting of_|65.00|
|---|---|
|_Morning and Evening Prayers, Contemplations and Hymns, for every_||
|_Day in the Week, in order to a more solemn Preparation for the_||
|_worthy Receiving of the Holy Communion. ... To which is added, The_||
|_Devout Christian Daily Sacrifice_(London: printed for Thomas||
|Crouch, 1724)||
|John Shower,_Serious Reflections on Time and Eternity and some_|150.00|
|_other Subjects, Moral and Divine… With an appendix concerning the_||
|_first day of the year (_11th edition; London: printed for Thomas||
|Field, Bookseller to the Society for Promoting Religious Knowledge||
|among the Poor, 1761)||
||40.00|
|Thomas Wilson,_A short and plain instruction for the better_||
|_understanding of the Lord's Supper_(14th edition; London: printed||
|for and sold by B. Dod, at the Bible and Key, in Ave-Mary-Lane,||
|1763)||
||250.00|
|_The Book of Common Prayer, and Administration of the Sacraments_||
|(Oxford: Printed by T. Wright, and W. Gill, 1768)||
||30.00|
|Philip Doddridge,_A plain and serious address to the master of a_||
|_family, on the important subject of family-religion_(7th edition;||
|London: printed for J. Buckland, W. Strahan, J. and F. Rivington,||
|R. Baldwin, Hawes, Clarke and Collins, W. Johnston, S. Crowder,||
|T. Longman, B. Law, T. Field, G. Pearch, and Robinson and||
|Roberts, 1770)||
||30.00|
|John Tillotson,_A persuasive to frequent communion in the holy_||
|_sacrament of the Lord's Supper_(25th edition; London: printed for J.||
|<br>F. and C. Rivington, L. Davis, T. Longman, J. Cornish, T. Cadell,<br>and R. Baldwin, 1786)|450.00|
|Job Orton,_Letters to a young clergyman, from the late Reverend Mr._<br>_Job Orton_(Shrewsbury: J. and W. Eddowes, 1791)|31.07|
|Benjamin Jenks,_Prayers and offices of devotion for families, and for_||
|_particular persons, upon most occasions_(22nd edition; London:||
|printed for J. Buckland, J. F. and C. Rivington, T. Longman, B.||
|Law, C. Dilly, W. Goldsmith, J. Johnson, Scatcherd and Whitaker,||
|W. Matthews, W. Lepard, and G. and T. Wilkie, 1789)|750.00|
|_The ABC with the Catechism_(London: Printed in the Year 1806, And||
|sold by all the Booksellers in the United Kingdom [Plummer Printer,||
|Seething Lane; 1806])|1,250.00|
|_Hopes and expectations, grounded on the present situation of the_||
|_emigrant members of the Roman Catholic Church, now resident in_||
|_England_(London: Printed for R. Faulder, New Bond Street, 1793)||
|_A Catechism for Young Children, with scripture proofs_(London: B.|250.00|
|Wertheim, [c. 1840])||



12 



|Robert Farquharson (editor),_Beveridge, on the Lord’s Supper,_|175.00|
|---|---|
|_extracted from his larger Work_(Blandford, Dorset: William||
|Shipp, 1842)||
|John Henry Parker and James Parker (publishers),_Historical_|362.50|
|_Tales, illustrating the chief events in Ecclesiastical History,_||
|_British and Foreign_(London: John Henry and James Parker,||
|377, Strand, [1859-1864])||
|Four publications for children by the Society for Promoting|250.00|
|Christian Knowledge, c. 1902||
|Mary Eleanor Benson,_Streets and Lanes of the City_(‘Privately|350.00|
|printed for her Friends’, [1891]). This copy inscribed by A.C.||
|Benson to the novelist Hugh Walpole, 1907.||
|George Nathaniel Curzon, later Marquess Curzon of Kedleston,<br>_War Poems and other translations_(1915) inscribed to|20.00|
|Archbishop Cosmo Lang.||
|**For other**||
|Religious Tract Society,_Memorable Spots in English History and_<br>_Heroes and Martyrs of the British Reformation_[London, 1870?]|85.00|
|**For cataloguing and other services**||
|Cataloguing four post Restoration Act Books spanning the years||
|1671-1677||
|First instalment (£3,250) paid in January 2022; Second<br>instalment (£3,250) paid in March 2022|3,250.00<br>3,250.00|
|Cataloguing the Act Books of the Court of Arches 1677-1682.<br>First instalment paid July 2022, second instalment November<br>2022.|2,490.00<br>2,490.00|
|New Exhibition Cases|60,000.00|
|New Exhibition cases<br>First instalment paid July 2022, second instalment November<br>2022.|17,921.25<br>6,210.00|
||—————|
|**Total grants for the year**|**122,529.22**|
||_—————_|



13 



## **FINANCIAL REVIEW** 

Total income received in the year ended 31 December 2022 was £89,603, a slight increase from the £87,052 received in 2021. Subscription income from members increased by £1,405 from £17,479 to £18,884 reflecting an increase in membership. Donations and legacies in 2022 were £31,421 (2021: £34,760). The Trustees gratefully acknowledge the generosity of all our benefactors, whose names are listed below, as well as to the many members who kindly pay subscriptions above the minimum level and those who have signed Gift Aid Declarations. Income from visits and events raised £1,649 (2021: £853) thanks to the hard work of John Critchley, whose passing I am very sad to note. Investment income was £37,649 (2021: £33,960). 

Total operating expenses increased to £14,808 (2021: £13,881) due in the main to the resumption of the in-person Annual General meeting.  The investment manager’s fees  were £6,121 (2021: £6,019) increasing in line with the value of the portfolio. 

All grants are given to Lambeth Palace Library to promote its interests by helping the acquisition of printed books and manuscripts, cataloguing, conservation and in any other suitable way. In 2022 the charity made 37 grants to the Library amounting to £122,529 (2021: 41 grants amounting to £30,553). 

Thirty grants (equivalent to £26,918) were made to facilitate acquisitions. The largest grant was £10,800 to buy John Colet’s _Monition concerning the ordre of a good christian mans lyfe_ (1563). Grants totalling £11,480 were given towards cataloguing the postRestoration Act Books of the Court of Arches, 1671-1682.  Special grants totalling £84,131 were given for the new exhibition room and cases.  A summary list of the grants made in the year is set out on pages 11 to 13. 

After meeting the cost of all grants and operating expenditure, the Operating Fund recorded a deficit of £47,734 (2021: surplus of £42,638). No donations were received into the Endowment Fund (2021: nil). 

After accounting for realised gains of £817 (2021: £2,760) and unrealised losses of £66,306 (2021: gains of £110,309) on the investment portfolio, the net assets shown in the balance sheet as at 31 December 2022 decreased by £113,223 to £1,278,459 (2021: 

14 



£1,391,682). Net assets comprised the investment portfolio (at the year end market value) of £1,174,637 (2021: £1,245,828) and net current assets, mostly cash, of £107,484 (2021: £158,881). The decrease in cash reflected the donation to purchase exhibition cases. Further details of the investment portfolio are given in note 7 to the accounts. 

The Trustees record with gratitude the generosity of those who gave donations during 2022 to the Friends of Lambeth Palace Library. The names of those who gave £100 or more are given below: 

R. Aspin N. Bass R. Benson D. Burstein Lord Chartres Sir Jeremiah Colman Gift Trust M. Corby E. de Bellaigue The Hon. S. Eccles C. George The Peter Harrington Foundation B. Kelsall D. Lawson London Appreciation Society A. Marks M. Nixon A. Norman The Notaries Society J. Prichard Viscountess Radcliff Fund G. Sewell J. Simpson F. Witts V. Woollard P. Youatt 

And legacies from: 

K. Brandwood P.H. Mather 

15 



## **STATEMENT OF FINANCIAL ACTIVITIES** 

|For the year ended 31 December 2022<br>_Unrestricted_<br> _operating_<br>_Total         Total_<br>_fund           fund           funds        funds_<br>_Note    2022          2022          2022        2021_|For the year ended 31 December 2022<br>_Unrestricted_<br> _operating_<br>_Total         Total_<br>_fund           fund           funds        funds_<br>_Note    2022          2022          2022        2021_|
|---|---|
|**Income from**|£<br>£<br>£<br>£|
|2|51,954<br>_-_<br>51,954<br>_53,092_|
|3|37,649<br>-<br>37,649<br>_33,960_|
||89,603<br>-<br>89,603<br>_87,052_|
|||
|||
|Charitable expenditure|122,529<br>-<br>122,529<br>_30,533_|
|Raising funds<br>5|6,121<br>-<br>6,121<br>_6,019_|
|Support costs<br>6|8,687<br>-<br>8,687<br>_7,862_|
|**Total expenditure**|137,337<br>-<br>137,337<br>_44,414_|
|||
|**Surplus before**<br>**investment gains**|(47,734)<br>-<br>(47,734)<br>_42,638_|
|||
|**Net gains/(losses) on**<br>**investments**||
|realized<br>7|-<br>817<br>817<br>_2,760_|
|unrealized<br>7|-<br>(66,306)<br>(66,306)<br>_110,309_|
|**Net (deficit)/income**|(47,734)<br>(65,489)<br>(113,223)<br>_115,707_|
|Transfer between funds|-<br>-<br>-<br>_-_|
|**Net movement in funds**|(47,734)<br>(65,489)<br>(113,223)<br>_155,707_|
|**Reconciliation of funds**||
|Total funds brought<br>forward|550,097<br>841,585<br>1,391,682<br>_1,235,975_|
|**Fund balances carried**<br>**forward**|502,363<br>776,096<br>1,278,459<br>_1,391,682_|
|||



16 



## **BALANCE SHEET** 

as at 31 December 2022 

|**Fixed assets**<br>Investments<br>7<br>1,174,637<br>_1,245,828_<br>**Current assets**<br>Debtors and prepayments<br>7,044<br>_4,764_<br>Bank balances & deposits<br>107,484<br>_158,881_<br>114,528<br>_163,645_<br>**Liabilities**<br>Creditors  falling due<br>within one year<br>(4,286)<br>_(10,591)_<br>Life subscriptions<br>carried forward<br>(6,420)<br>_(7,200)_<br>**Net current assets**<br>103,822<br>_145,854_<br>**Net assets**<br>1,278,459<br>_1,391,682_<br>Representing<br>**Endowment fund**<br>11<br>776,096<br>_841,585_<br>**Operating fund**<br>12<br>502,363<br>_550,097_<br>1,278,459<br>_1,391,682_<br>8<br>(10,706)<br>_(17,791)_<br>_31 December 2022      31 December 2021_<br>_£            £               £              £_<br> Note|**Fixed assets**<br>Investments<br>7<br>1,174,637<br>_1,245,828_<br>**Current assets**<br>Debtors and prepayments<br>7,044<br>_4,764_<br>Bank balances & deposits<br>107,484<br>_158,881_<br>114,528<br>_163,645_<br>**Liabilities**<br>Creditors  falling due<br>within one year<br>(4,286)<br>_(10,591)_<br>Life subscriptions<br>carried forward<br>(6,420)<br>_(7,200)_<br>**Net current assets**<br>103,822<br>_145,854_<br>**Net assets**<br>1,278,459<br>_1,391,682_<br>Representing<br>**Endowment fund**<br>11<br>776,096<br>_841,585_<br>**Operating fund**<br>12<br>502,363<br>_550,097_<br>1,278,459<br>_1,391,682_<br>8<br>(10,706)<br>_(17,791)_<br>_31 December 2022      31 December 2021_<br>_£            £               £              £_<br> Note|**Fixed assets**<br>Investments<br>7<br>1,174,637<br>_1,245,828_<br>**Current assets**<br>Debtors and prepayments<br>7,044<br>_4,764_<br>Bank balances & deposits<br>107,484<br>_158,881_<br>114,528<br>_163,645_<br>**Liabilities**<br>Creditors  falling due<br>within one year<br>(4,286)<br>_(10,591)_<br>Life subscriptions<br>carried forward<br>(6,420)<br>_(7,200)_<br>**Net current assets**<br>103,822<br>_145,854_<br>**Net assets**<br>1,278,459<br>_1,391,682_<br>Representing<br>**Endowment fund**<br>11<br>776,096<br>_841,585_<br>**Operating fund**<br>12<br>502,363<br>_550,097_<br>1,278,459<br>_1,391,682_<br>8<br>(10,706)<br>_(17,791)_<br>_31 December 2022      31 December 2021_<br>_£            £               £              £_<br> Note|**Fixed assets**<br>Investments<br>7<br>1,174,637<br>_1,245,828_<br>**Current assets**<br>Debtors and prepayments<br>7,044<br>_4,764_<br>Bank balances & deposits<br>107,484<br>_158,881_<br>114,528<br>_163,645_<br>**Liabilities**<br>Creditors  falling due<br>within one year<br>(4,286)<br>_(10,591)_<br>Life subscriptions<br>carried forward<br>(6,420)<br>_(7,200)_<br>**Net current assets**<br>103,822<br>_145,854_<br>**Net assets**<br>1,278,459<br>_1,391,682_<br>Representing<br>**Endowment fund**<br>11<br>776,096<br>_841,585_<br>**Operating fund**<br>12<br>502,363<br>_550,097_<br>1,278,459<br>_1,391,682_<br>8<br>(10,706)<br>_(17,791)_<br>_31 December 2022      31 December 2021_<br>_£            £               £              £_<br> Note|**Fixed assets**<br>Investments<br>7<br>1,174,637<br>_1,245,828_<br>**Current assets**<br>Debtors and prepayments<br>7,044<br>_4,764_<br>Bank balances & deposits<br>107,484<br>_158,881_<br>114,528<br>_163,645_<br>**Liabilities**<br>Creditors  falling due<br>within one year<br>(4,286)<br>_(10,591)_<br>Life subscriptions<br>carried forward<br>(6,420)<br>_(7,200)_<br>**Net current assets**<br>103,822<br>_145,854_<br>**Net assets**<br>1,278,459<br>_1,391,682_<br>Representing<br>**Endowment fund**<br>11<br>776,096<br>_841,585_<br>**Operating fund**<br>12<br>502,363<br>_550,097_<br>1,278,459<br>_1,391,682_<br>8<br>(10,706)<br>_(17,791)_<br>_31 December 2022      31 December 2021_<br>_£            £               £              £_<br> Note|
|---|---|---|---|---|
||||||
||||1,174,637|_1,245,828_|
||7,044||_4,764_||
||107,484||_158,881_||
||114,528||_163,645_||
||||||
|||(4,286)|_(10,591)_||
|||(6,420)|_(7,200)_||
||(10,706)||_(17,791)_||
||||103,822|_145,854_|
||||1,278,459|_1,391,682_|
||||||
||||776,096|_841,585_|
||||502,363|_550,097_|
||||1,278,459|_1,391,682_|



Approved by the Trustees on 16 May 2023 and signed on their behalf by 

_Chairman_ 

Richard Chartres 

_Honorary Treasurer_ 

Robert Preece 

17 



## **FRIENDS OF LAMBETH PALACE LIBRARY NOTES TO THE ACCOUNTS** 

for the year ended 31 December 2022 

## **1. Accounting policies** 

## **(a) Basis of accounting and assessment of going concern** 

The accounts have been prepared in accordance with the Charities SORP (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” and with regulations made under the Charities Act 2011. A summary of the more important accounting policies is set out below. 

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’.  This departure involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern nor any significant risk that uncertainty over estimates made for the purpose of these financial statements may cause a material adjustment to the carrying value of assets and liabilities. 

The Charity is a public benefit entity. 

## **(b) Income** 

Membership subscriptions are recognised upon receipt. Life subscriptions are treated as income evenly over ten years, starting with the year of their receipt. Dividends are recognised in the period in which the dividend becomes payable. Legacies are recognised in the period in which they are received or when there is probability of receipt. Other income is recognised in the period to which it relates. Donations for which no requirements are specified are recorded through the unrestricted Operating Fund. 

## **(c) Expenditure** 

Expenditure is allocated between charitable activities, raising funds and support costs. 

Expenditure on charitable activities comprises grants to Lambeth Palace Library for the purchase of printed books, manuscripts and other appropriate items, for cataloguing and for conservation. Such costs are charged to the unrestricted Operating Fund when they have been committed. 

Expenditure on raising funds comprises the investment manager’s charges. 

Support costs are those costs which are not attributable to a single activity but provide the necessary organisational support for all the Charity’s activities. They include the costs of the accountant and membership secretary, the annual general meeting and the independent examiner’s fee. 

18 



## **d) Investments** 

Listed investments are stated in the balance sheet at their market value on the balance sheet date. The resultant unrealized surplus or deficit is recognized in the Endowment Fund. 

|Endowment Fund.|||
|---|---|---|
|**2. Income from donations and legacies**|_2022_|_2021_|
|Annual subscriptions|_£_|_£_|
|under Gift Aid|13,259|12,504|
|not under Gift Aid|3,645|2,995|
|Life membership|1,980|1,980|
|Total subscription income|18,884|17,479|
|Donations and legacies|31,421|34,760|
|Friends’ events|1,649|853|
||51,954|53,092|
|**3. Income from investments**|_2022_|_2021_|
||_£_|_£_|
|Income from listed investments|37,351|33,947|
|Interest on deposits|298|13|
|Total investment income|37,649|33,960|



## **4. Costs of charitable activities and grant making policies** 

All grants are given to Lambeth Palace Library to promote its interests by helping in the acquisition of printed books and manuscripts, conservation, cataloguing and in any other appropriate way. Grants in the year are analysed as shown below: 

|Grants for acquisitions<br>Grants for cataloguing<br>Special grants for new exhibition rooms and cases<br>Other grants<br>Total grants given in year<br> <br> <br>  <br>**5. Expenditure on raising funds**<br>Investment manager’s charges<br> <br> <br>**6. Support costs**<br>Membership accountant’s fees and expenses<br>Independent Examination fee<br>AGM costs<br>Other costs<br> <br>|_2022_<br>_£_<br>26,833<br>11,480<br>84,131<br>85<br>122,529<br>_2021_<br>_£_<br>18,184<br>5,976<br>-<br>6,373<br> 30,533<br>_2022_<br>_£_<br>6,121<br>_2021_<br>£<br>6,019<br>_2022_<br>_£_<br>6,320<br>1,445<br>840<br>82<br>8,687<br>_2021_<br>_£_<br>6,405<br>1,380<br>-<br>77<br>7,862|
|---|---|



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## **7. Investment portfolio** 

As at 31 December 2022, the Charity’s investment portfolio comprised holdings in a diverse group of collective investment vehicles, respectively focussed on income and capital growth. The portfolio is summarised in the following table: 

|UK Equity Funds<br>International Equity Funds<br>Bond Funds<br>Multi-Asset Funds<br>Alternative Asset Funds<br>Total portfolio<br>**Movements in year**<br>Market value at beginning of year<br>Subsequent proceeds of sale<br>Cost of purchases<br>Realized gains/(losses)<br>Unrealized gains/(losses)<br>Movement in year<br>Market value at end of year<br>Cost at end of year<br>**8. Creditors**<br>_Amounts payable within one year_<br>Other creditors and accrued charges<br>_Other creditors_<br>Life membership fees carried forward|_Cost_<br>_£_<br>269,613<br>388,176<br>123,808<br>23,684<br>200,490<br>1,005,771|_Market_<br>_Value_<br>£<br>322,357<br>503,818<br>113,754<br>28,370<br>206,338<br>1,174,637<br>_Prospective_<br>_Annual_<br>_Income_<br>_£_<br>12,164<br>11,328<br>3,498<br>-<br>7,064<br>34,054<br>_2022_<br>_£_<br>1,245,829<br>(128,484)<br>122,781<br>817<br>(66,306)<br> (71,192)<br>1,174,637<br>1,005,771<br> <br> <br>  <br>_2022_<br>_£_<br>4,286<br>6,420<br>10,706<br> <br>|<br> <br> <br> <br> <br>_Yield on_<br>_Market_<br>_Value_<br>_%_<br>3.77%<br>2.25%<br>3.08%<br>0.00%<br>3.42%<br>2.90%<br>_2021_<br>_£_<br>1,193,368<br>(151,429)<br>90,821<br>2,760<br>110,309<br>52,461<br>1,245,829<br>1,012,999<br>_2021_<br>_£_<br>10,591<br>7,200<br>17,791|
|---|---|---|---|
|||<br> <br> <br> <br>  <br> <br> <br> <br>||



## **9. The funds of the charity** 

The Operating Fund is an unrestricted fund which records all the income of the Charity that is not subject to a restriction imposed by a donor. The income of the Operating Fund may be expended without restriction in furtherance of the Charity’s objectives. 

The Endowment Fund was established in 1985 as a permanent fund to provide income to further the objects of the charity. These funds may not be expended, but the income arising from investing the funds is credited to the Operating Fund. 

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## **10. Comparative Statement of Financial Activities for 2021** 

The table below is given in compliance with the new SORP requirements in order to provide the split between the operating and endowment funds for the previous year. 

||_Unrestricted_<br>_Operating Fund_<br>_20_21<br>£|_Endowment_<br>_Fund_<br>_2021_<br>_£_<br>|<br>_Total_<br>_Funds_<br>_2021_<br>£<br>53,092<br>33,960<br>87,052<br>30,533<br>6,019<br>7,862<br>44,414<br>42,638<br> <br>2,760<br> <br>110,309<br> <br>155,707<br>-<br> <br>155,707<br> <br>1,235,975<br> <br>1,391,682|
|---|---|---|---|
|**Income from**||||
||53,092|<br>-||
||33,960|<br>-||
||87,052|<br>-||
|||||
|||||
|Charitable expenditure|30,533|<br>-||
|Raising funds|6,019|<br>-||
|Support costs|7,862|<br>-||
|**Total expenditure**|44,414|<br>-||
|||||
|**Surplus before investment**<br>**gains**|42,638|<br>-||
|||||
|**Net (losses) on investments**||||
|realized|-|2,760||
|unrealized|-|110,309||
|**Net income**|42,638|<br>113,069||
|Transfer between funds|-|-||
|**Net movement in funds**|42,638|<br>113,069||
|**Reconciliation of funds**||||
|Total funds brought forward|507,459|<br>728,516||
|**Fund balances carried forward**|550,097|<br>841,585||



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|**11. Endowment Fund**<br>At beginning of the year<br>Realised investment gains<br>Unrealised investment (losses)/gains<br>At end of the year<br> <br> <br>|2022<br>£<br>841,585<br>817<br>(66,306)<br>776,096<br> <br> <br> <br>|2021<br>£<br>728,516<br>2,760<br>110,309|
|---|---|---|
|||<br>841,585|



## **12. Analysis of net assets between funds** 

|Endowment Fund<br>Operating Fund<br>Total<br>_Investments_<br>£<br>776,096<br>398,541<br>1,174,637<br>_Net current_<br>_assets_<br>£<br>-<br>103,822<br>103,822 <br>|_Total_<br>£<br>776,096<br>502,363|
|---|---|
||<br>1,278,459|



## **13. Policy on reserves** 

The Trustees have a balanced investment policy. Capital is retained as free reserves, represented by investments, in order to give rise to a reasonably predictable and regular level of income which the Trustees regard as necessary to maintain and support the Charity’s operations. 

At 31st December 2022, the Endowment Fund reserves stood at £776,096. The expendable Operating Fund stood at £502,363, giving aggregate reserves of £1,278,459 at that date. 

## **14. Transactions with trustees** 

The trustees received no remuneration or reimbursement of expenses. 

## **15. Merger with the Lambeth Palace Library Trust** 

A merger with the Lambeth Palace Library Trust is currently being considered by the trustees.  The merger is still at the planning stage and will require permission from the Charity Commission and members. No set date for the merger has yet been agreed. 

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## **INDEPENDENT EXAMINER’S REPORT TO THE FRIENDS OF LAMBETH PALACE LIBRARY FOR THE YEAR ENDED 31ST DECEMBER 2022** 

I report on the accounts of the Charity for the year ended 31st December 2022, which comprise the Statement of Financial Activities, the Balance Sheet and related notes. 

This report is made to the Trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees, as a body, for my examination for this report or for the opinions I have formed. 

## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER** 

The Charity’s Trustees are responsible for the preparation of the financial statements: The Charity’s Trustees consider that an audit is not required for this year (under section 145 of the Charities Act 2011 (the Act) and that an independent examination is needed. It is my responsibility to examine the financial statements (under section 145(1)(a) of the Act); to follow procedures laid down in the General Directions given by the Charity Commissioners under section 145(5) (b) of the Act, and to 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. An 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. 

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## I **NDEPENDENT EXAMINER’S STATEMENT** 

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

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

- the accounts did 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 the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

31 May 2023 

Greg Stevenson, F.C.A., Knox Cropper LLP, Chartered Accountants, 65 Leadenhall Street, London EC3A 2AD 

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