## **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
|_Note_
**Fixed assets**
Investments
7
**Current assets**
Debtors and prepayments
Bank balances and deposits
**Liabilities**
Creditors falling due within one year
Life subscriptions carried forward
8
**Net current assets**
**Net assets**
Representing
**Endowment fund**
11
**Operating fund**
12|_£_
_£_
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_|_Market value_|_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