2023-12-31-accounts - Friends Of Lambeth Palace Library

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FRIENDS OF LAMBETH PALACE LIBRARY

STATEMENT OF FINANCIAL ACTIVITIES

for the the year ended 31st December 2023

Note 10 Income from Subscriptions, donations and legacies 2 Investments 3 Total income Expenditure on Charitable expenditure Raising funds 5 Support costs 6 Total expenditure Surplus/(deficit) before investment gains/(losses) Net gains/(losses) on investments realized 7 unrealized 7 Net income/(deficit) Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Fund balances carried forward	Unrestricted Endowment Total Total Operating Fund Fund Funds Funds 2023 2023 2023 2022 £ £ £ £ 76,020 - 76,020 51,954 38,391 - 38,391 37,649
	114,411 - 114,411 89,603
	30,534 - 30,534 122,529 6,005 - 6,005 6,121 8,860 - 8,860 8,687
	45,399 - 45,399 137,337
	69,013 - 69,012 (47,734) - 6,381 6,381 817 - 35,488 35,488 (66,306)
	69,013 41,869 110,882 (113,223) - - - -
	69,013 41,869 110,882 (113,223) 502,362 776,095 1,278,457 1,391,681
	571,375 817,964 1,389,339 1,278,458

Prepared: 03/02/2024

FRIENDS OF LAMBETH PALACE LIBRARY

BALANCE SHEET

as at 31st December 2023

£ £ 1,236,558 3,566 157,958 161,524 (3,461) (5,280) (8,741) 152,782 1,389,339 817,964 571,375 1,389,340 31st December 2023	£ £ 1,236,558 3,566 157,958 161,524 (3,461) (5,280) (8,741) 152,782 1,389,339 817,964 571,375 1,389,340 31st December 2023	£ £ 1,174,637 7,044 107,484 114,528 (4,287) (6,420) (10,707) 103,820 1,278,458 776,095 502,362 1,278,458 31st December 2022	£ £ 1,174,637 7,044 107,484 114,528 (4,287) (6,420) (10,707) 103,820 1,278,458 776,095 502,362 1,278,458 31st December 2022
161,524 (3,461) (5,280)		114,528 (4,287) (6,420)
(8,741)		(10,707)

	1,389,339		1,278,458
	817,964 571,375		776,095 502,362
	1,389,340		1,278,458

Approved by the Trustees on ● and signed on their behalf by

Chairman Honorary Treasurer

Prepared: 03/02/2024

Note 11 to the accounts Endowment Fund Operating Fund Total	Inv NCA Total 817,964 - 817,964 418,594 152,782 571,376
	1,236,558 152,782 1,389,340

Prepared: 15/02/2022

FRIENDS OF LAMBETH PALACE LIBRARY

(Second draft dated 5 April 2024) NOTES TO THE ACCOUNTS

for the year ended 31st December 2023

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.

(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.

2. Income from donations and legacies Annual subscriptions under Gift Aid not under Gift Aid Life membership Total subscription income Donations and legacies Friends’ events Sales of books, postcards etc 3. Income from investments Income from listed investments Interest on deposits Total investment income	2023 £ 10,553 2,864 1,740 15,157 56,629 1,215 3,019 76,020 2023 £ 37,084 1,320 38,404	2022 £ 13,259 3,645 1,980 18,884 31,421 1,649 - 51,954 2022 £ 37,351 298 37,649

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 Grants for cataloguing Special grants for new exhibition rooms and cases Other grants Total grants given in year 5. Expenditure on raising funds Investment manager’s charges 6. Support costs Membership accountant’s fees and expenses Independent Examination fee AGM Costs Other costs	2023 £ 20,799 9,910 - - 30,709 2023 £ 6,003 2023 £ 6,399 1,617 755 89 8,860	2022 £ 26,833 11,480 84,131 85 122,529 2022 £ 6,121 2022 £ 6,320 1,445 840 82 8,687

7. Investment portfolio

As at 31st December 2023, 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:

	Cost	Market value	Annual income (prospective)	Yield on market value
31-Dec-23	£	£	£	%
UK Equity Funds	215,181	265,631	12,240	4.61%
International Equity Funds	476,827	630,020	13,807	2.19%
Bonds	139,265	137,828	6,121	4.44%
Multi-Asset Funds	9,024	11,076	55	0.50%
Alternative Funds	198,671	192,004	8,701	4.53%
Totalportfolio	1,038,968	1,236,559	40,924	3.31%
Movements in year Market value at beginning of year Subsequent proceeds of sale Cost of purchases Realised gains Unrealised gains/(losses) Movement in year Market value at end of year Cost at end of year 8. Creditors Amounts payable within one year Other creditors and accrued charges Other creditors Life membership fees carried forward		2023 2022 £ £ 1,174,638 1,245,829 (283,386) (128,484) 303,451 122,781 6,368 817 35,487 (66,306) 61,920 (71,192) 1,236,558 1,174,637 1,038,968 1,005,771 2023 2022 £ £ 3,636 4,286 5,280 6,420 8,916 10,706

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.

10. Comparative Statement of Financial Activities for 2022

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

		Unrestricted	Unrestricted	Endowment	Total
	Note	Operating Fund		Fund	Funds
	10	2022		2022	2022
		£		£	£
Income from
Subscriptions, donations and legacies	2	51,954		-	51,954
Investments	3	37,649		-	37,649
Total income		89,603		-	89,603

Expenditure on
Charitable expenditure		122,529		-	122,529
Raising funds	5	6,121		-	6,121
Support costs	6	8,687		-	8,687
Total expenditure		137,337		-	137,337

(Deficit)/surplus before investment gains/(losses)		(47,734)		-	(47,734)

Net (losses)/gains on investments
realized	7	-		817	817
unrealized	7	-		(66,306)	(66,306)

Net (deficit)/ income		(47,734)		(65,489)	(113,223)

Transfers between funds		-		-	-

Net movement in funds		(47,734)		(65,489)	(113,223)

Reconciliation of funds
Total funds brought forward		550,097		841,585	1,391,682

Fund balances carried forward		502,363		776,096	1,278,459
11. Endowment Fund At beginning of the year Realised investment gains/(losses) Unrealised investment gains/(losses) At end of the year			2023 £ 776,096 6,368 35,487 817,951		2022 £ 841,585 817 (66,306) 776,096

12. Analysis of net assets between funds

Endowment Fund Operating Fund Total	Investments Net £ 817,951 418,607 1,236,558	current assets £ - 152,608 152,608	Total £ 817,951 571,215 1,389,166

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 2023, the Endowment Fund reserves stood at £817,951. The expendable Operating Fund stood at £571,215, giving aggregate reserves of £1,389,166 at that date.

14. Transactions with trustees

The trustees received no remuneration or reimbursement of expenses.

15. Merger with the Lambeth Palace 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.

INDEPENDENT EXAMINER'S REPORT TO THE FIUEIYDS OF LAMBETH PALACE LIBRARY FOR THE YEAR ENDED 31ST DECEMBER2023 I report on the accounts of the Charity for the year ended 31 st December 2023, which comprise the Statement of Financial Activities, the Balance Sheet and r¢lated notes. This report is made to the Trustees, as a body, in accordance with the ternis of my engagement. My work has been undertaken so that l rnight carry out an Independent Examination of the financial statements in accordance with the GeneTal Directions given by the Charity Commissioners. To the fullest extent pern)itted 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 fomied. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The Charity's Trustees are r¢sponsible for the preparation of th¢ financial statements.. The Charity's Trustees consid¢r that an audit is not required for this year (und¢r 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 (undcr section 145(1)(a) of the Acl). 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 Gen¢rdl 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 a]so includes considerdtion 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 ¢onne¢tion with my examination, no material matters have come to my attention which gives me cause to believe that in any material res¢t. 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 &$ 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. Greg Stevenson, F.C.A., Knox Cmpper, Chartered Accountants 65 Leadenhall Street, London EC3A 2AD 8th May 2024