I know how the mechanism works, whether I can describe it clearly is a different matter but here goes....
The latch consists of two long bars joined at either end with "L" shaped pieces, which have hinge attachements at the corner onto the lid. When closed, the L will be upside down with the upper bar catching on a pair of hooks attached to the frame. In this position, if you pull on the lid it just pulls the upper bar tighter against the hooks so the lid won't open. If however you have the "key" which is simply a hook to pull on the lower bar, the L then pivots so the upper bar is clear of the hools and the lid opens. Likewise, to open from below you just push on the lower bar then lift the lid. That's basically it though I think there are some finer points to it like which way round the pivot works, I'll have to go and have a look at the Youds lid at some point, or the Old Ash shaft which has the same closure.
It's a simple yet effective means of closing a shaft lid which has big advantages over nuts and bolts in that you can "lock" it once you're in so preventing passing grockles opening the lid and falling in, or locking you in....
Follow the horses, Johnny my laddie, follow the horses canny lad-oh!