**Charity number: 1160859**
## **The HM Tower of London Chapels Royal Foundation**
Report And Financial Statements for the year ended
_31 August 2020_
Blick Rothenberg Limited Chartered Accountants
**The HM Tower of London Chapels Royal Foundation**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 5|
|**Independent Examiner's Report**|6|
|**Statement of Financial Activities**|7|
|**Balance Sheet**|8|
|**Notes to the Financial Statements**|9 - 19|
**The HM Tower of London Chapels Royal Foundation**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the Year Ended 31 August 2020**
## **Trustees**
General Lord Houghton of Richmond GCB CBE, Chairman Brigadier Andrew Jackson CBE The Reverend Canon Roger J Hall MBE, Chaplain Lieutenant General Sir Simon Mayall KBE CB Mr Nicholas C Goulding FCA Mr Christopher G Stainforth FCA Ms Gillian Fletcher The Reverend Canon Paul S Wright
## **Charity registered number**
1160859
## **Registered office**
1 Tower Green, HM Tower of London, London, EC3N 4AB
## **Accountants**
Blick Rothenberg Limited, 16 Great Queen Street, London, WC2B 5AH
## **Bankers**
CAF Bank Limited, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ
## **Investment Managers**
Sarasin & Partners LLP, Juxon House, 100 St Paul's Churchyard, London, EC4M 8BU
Page 1
**The HM Tower of London Chapels Royal Foundation**
## **TRUSTEES' REPORT For the Year Ended 31 August 2020**
The members of The HM Tower of London Chapels Royal Foundation (“The Foundation”), who are also the trustees of the Foundation for the purposes of the Charities Acts, have pleasure in presenting their report and financial statements for the year ended 31 August 2020. The Financial Statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Foundation's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
## **Structure and Governance**
## **a. Constitution**
The Foundation was constituted by deed on 10 March 2015 made jointly by The Lord Chamberlain, The Constable of Her Majesty’s Tower of London and The Dean of Her Majesty’s Chapels Royal and became effective on 12 March 2015, the date of Registration by The Charity Commission of the Foundation as a charitable incorporated organisation, registered number 1160859.
The Foundation was established to take over the assets of and undertakings then carried on by four charities (“the amalgamating charities”) operating within HM Tower of London – The HM Tower of London Choral Foundation (Reg. No. 249306), The Association of Friends of the Chapel Royal within Her Majesty’s Tower of London (Reg. No. 259429), The Constable’s Fund (Reg. No. 275453) and The Council of the Chapels Royal within HM Tower of London (Reg. No. 1142785). The Trustees of each of the amalgamating charities resolved on 9 June 2015 to transfer to the Foundation the assets and undertaking of the relevant charity with effect 31 August 2015 having obtained necessary agreement from the Charity Commission and subsequently to apply to the Commission to remove that charity from the Central Register of Charities.
The Chapels Royal within HM Tower of London (“the Chapels”) comprise The Chapel Royal of St Peter ad Vincula and the Chapel Royal of St John the Evangelist.
## **Objects, activities and public benefit**
## **a. Objects**
The objects of the Foundation are:
- a) to advance the religion of the Church of England by promoting the use of the Chapels as places of public religious worship and by supporting the Chaplain in the exercise of his ministry.
- b) to provide a Master of Music, an Assistant Master of Music and Organist, and a Choir with a view to ensuring that the musical content of Services is of the highest quality; to advise and assist the Chaplain in the promotion of the mission of the Church of England; and generally to provide facilities for the edification of those attending public religious services in the Chapels.
- c) to relieve persons in need who work or have worked within HM Tower of London and their dependants in need.
- d) to co-operate with Historic Royal Palaces and other organisations in the presentation of the Chapels to the public as places of national heritage and historic interest.
- e) to make grants to other charities and to apply funds for other charitable purposes.
## **b. Activities for achieving objectives**
During the period under review the Foundation provided over 125 services in the Chapels. These services included regular Sunday services and some evening services held on feast days, as well as weddings and memorial services. In addition, there were joint services with neighbouring churches and also special services for members of other organisations, such as charities and livery companies. The Chapel Royal of St Peter ad Vincula is one of the regimental chapels of the Royal Regiment of Fusiliers, and as such provides annual commemorative or other services for members of a number of ex-service and other organisations. During this
Page 2
**The HM Tower of London Chapels Royal Foundation**
## **TRUSTEES' REPORT (continued) For the Year Ended 31 August 2020**
period, the Princess of Wales’s Royal Regiment were also granted permission to use St Peter ad Vincula as one of their regimental chapels.
The Foundation provided advice to the Chaplain and supported him in his pastoral work and in the ministry which he exercises in and from the Chapels.
While Historic Royal Palaces (Charity No. 106682) maintains the physical structures and permanent fixtures of the Chapels, it is necessary for the Foundation to raise, from worshippers and supporters of the Chapels and others, the funds required to maintain the activities of the Chapels and to expand the reach of the Chapel’s communities and the Chaplain’s ministry. The Foundation also encourages the Chaplain in his outreach work in the London Borough of Tower Hamlets, which include some of the most deprived parts of the country. During the period under review, the Foundation extended this work by continuing a scheme for members of the congregation to support a Food Bank in Tower Hamlets.
During the period, the Foundation made provision for grants of £3,000 to certain other charities and also provided assistance to some charities to enable them to hold services in the Chapels.
From the end of March until 7th July 2020, the Tower of London was closed as restrictions were put in place to control the spread of COVID-19. The Chapel was able to continue with a restricted service, in line with direction from the Church of England, within this period. Social distancing rules meant that it was not possible to allow public access to St Peter ad Vincula from 7th July for the remainder of the period, although Sunday service resumed.
2020 marked the 500th Anniversary of the chapel of St Peter ad Vincula. To celebrate this, a programme of 15 events was organised, including lectures, musical events, flower festival and special services throughout 2020. The programme was devised and managed by a committee made up of Chapel members and HRP. Sadly, the pandemic resulted in the cancellation of all Chapel 500 events in this reporting period other than certain lectures held before the closure of the Tower.
## **c. Public Benefit**
When planning activities for the year, the Chaplain and the Trustees have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. The services exemplify faith through prayer and scripture, music and sacrament. The main services which are held in the Chapels are conducted not only for the benefit of those who work and live within the Tower of London, and for the regular extra-mural congregations, but also for the public generally, to facilitate wide public participation, arrangements are in place for members of the public to be admitted to the Tower of London free of charge if they wish only to attend services in the Chapels.
Nearly 3 million people would normally visit the Tower of London each year and a substantial number of them visit one or both of the Chapels. In so doing they experience the Chapels, not only as places of beauty and great significance in the history of the nation, but also as living places of worship.
## **d. Financial Review**
The Foundation was established in March 2015 but did not commence operating activities until immediately after the transfer of assets and undertakings of the amalgamating charities on 31 August 2015. The principal assets acquired by the Foundation comprised the Chapel Plate, Chapel furnishings and bank balances transferred by the Council of the Chapels Royal within the HM Tower of London and the listed investments and bank balances transferred by the three other amalgamating charities. The investments have been managed as a single portfolio but regarded as comprising three sub-funds, a Choral Fund, a Benevolent Fund and a General Fund into which specified proportions of the assets of the amalgamating charities.
In aggregate the net assets transferred, principally comprising investments, amounted to some £2.304m which was received by way of donation from the amalgamating charities.
Page 3
**The HM Tower of London Chapels Royal Foundation**
## **TRUSTEES' REPORT (continued) For the Year Ended 31 August 2020**
During the year from 1 September 2019 to 31 August 2020, the incoming resources amounted to £247,632 (2019: £250,486) and outgoing resources to £165,519 (2019: £189,227). In addition, unrealised investment portfolio gains arose during the year of £112,506 (2019: £108,911).
Income was enhanced by an appeal made for individual donations of £500 or more to enable a chair to be named in the Chapels. The amount received in the period for the chair donations amounted to £500 (2019: £1,750). The appeal remains open and continues to enjoy a slow but steady take up. A substantial in memoriam donation of £50,000 was received.
A Stewardship campaign continued during the period to encourage a direct debit method of regular individual giving via CAF. It is hoped that this will grow steadily and both provide regular income with reduced administration.
## **�. Reserves Policy**
The Foundation is largely reliant on donations from those attending services in the Chapels and others including grant making bodies and visitors to HM Tower of London to supplement the investment income arising on its listed investment portfolio held to finance the provision of services within the Chapels including the cost of the Chaplain, Master of Music and Choir. The long-term policy is to aim to build up the investment portfolio through funding secured from additional donations and legacies so as to enable the Foundation to cover ongoing operating costs without recourse to cash reserves. At 31 August 2020 the total funds amounted to £3,204,555 (2019: £3,009,936). All funds are unrestricted but have been allocated between designated funds represented by tangible and heritage fixed assets of £263,519 (2019: £249,005), an investment reserve of £2,750,541 (2019: £2,578,556) and general reserves of £190,495 (2019: £182,375).
## **�. Heritage Assets**
Heritage assets are assets of historical importance held to advance the objectives of the Foundation. These assets comprise items of ceremonial plate integral to the activities of the Chapels Royal, and are included at the valuation estimated to be an appropriate market value. These assets are not depreciated as they are deemed to have indeterminate lives and a comparatively high residual value; regular impairment reviews are undertaken. Historic Royal Palaces displays and provides day to day care for the Heritage Assets.
## **�. Risk Management**
The Trustees have a risk management strategy which comprises:
- An annual review of the principal risks and uncertainties relevant to the Foundation
- The establishment of policies, systems and procedures to mitigate the risks identified in the annual review
- The implementation of procedures designed to minimise or manage any potential impact on the Foundation should those risks materialise.
Financial sustainability is the major financial risk for the Foundation. A key element of the management of financial risk is close attention to cash flows and projected outflows while seeking to secure grants, and voluntary income including legacy pledges
## **�. Trustees' responsibilities statement**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK 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:
Page 4
**The HM Tower of London Chapels Royal Foundation**
## **TRUSTEES' REPORT (continued) For the Year Ended 31 August 2020**
- select suitable accounting policies and then apply them;
- observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
- 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 are sufficient to show and explain the charity's transactions and 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 Constitution. 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.
## **Reference and administrative details**
Reference and administrative details of the charity, its trustees and advisers are shown on page 1.
This report was approved by the Trustees, on 12 October 2021 and signed on their behalf by:
General Lord Houghton of Richmond GCB CBE, Chairman
Page 5
**The HM Tower of London Chapels Royal Foundation**
## **INDEPENDENT EXAMINER'S REPORT For the Year Ended 31 August 2020**
## **Independent Examiner's Report to the Trustees of The HM Tower of London Chapels Royal Foundation (the 'charity')**
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 August 2020.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. 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 work or for this report.
## **Responsibilities and Basis of Report**
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do 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 no concerns and 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.
Alexander Macpherson FCA Blick Rothenberg Limited Chartered Accountants 16 Great Queen Street London WC2B 5AH
13 October 2021
Page 6
**The HM Tower of London Chapels Royal Foundation**
## **STATEMENT OF FINANCIAL ACTIVITIE� For the Year Ended 31 August 2020**
|**Unrestricted**
**funds**
**Note**
**2020**
**£**
**Income from:**
Donations and legacies
2
**114,934**
Charitable activities
3
**48,761**
Investments
4
**83,937**
**Total income**
**247,632**
**Expenditure on:**
Raising funds
**468**
Charitable activities:
Other charitable activities
**162,591**
Governance
9
**2,460**
**Total expenditure**
5
**165,519**
**Net income before investment gains**
**82,113**
Net gains on investments
14
**112,506**
**Net income before other recognised gains and losses**
**194,619**
**Net movement in funds**
**194,619**
**Reconciliation of funds:**
Total funds brought forward
**3,009,936**
**Total funds carried forward**
**3,204,555**|**Total**
**funds**
**2020**
**£**
**114,934**
**48,761**
**83,937**
**247,632**
**468**
**162,591**
**2,460**
**165,519**
**82,113**
**112,506**
**194,619**
**194,619**
**3,009,936**
**3,204,555**|_Total_
_funds_
_2019_
_£_
_131,600_
_45,680_
_73,206_|
|---|---|---|
|||_250,486_|
|||_785_
_185,982_
_2,460_|
|||_189,227_|
|||_61,259_
_108,911_|
|||_170,170_
_170,170_
_2,839,766_|
|||_3,009,936_|
The notes on pages 9 to 19 form part of these financial statements.
Page 7
**The HM Tower of London Chapels Royal Foundation**
## **BALANCE SHEET As at 31 August 2020**
|**Note**
**Fixed assets**
Tangible assets
12
Heritage assets
13
Investments
14
**Current assets**
Debtors
15
Cash at bank and in hand
**Creditors:**amounts falling due within one
year
16
**Net current assets**
**Net assets**
**Charity Funds**
Unrestricted funds
17
**Total funds**|**£**
**28,658**
**178,909**
**207,567**
**(17,072)**|**2020**
**£**
**232,019**
**31,500**
**2,750,541**
**3,014,060**
**190,495**
**3,204,555**
**3,204,555**
**3,204,555**|_£_
_40,411_
_167,047_
_207,458_
_(25,083)_|_2019_
_£_
_217,505_
_31,500_
_2,578,556_|
|---|---|---|---|---|
|||||_2,827,561_
_182,375_|
|||||_3,009,936_|
|||||_3,009,936_|
|||||_3,009,936_|
The Trustees consider that the charity is entitled to exemption from the requirement to have an audit under the provisions of section 145 of the Charities Act 2011 ("the Act").
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The charity’s financial statements have been prepared in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements were approved and authorised for issue by the Trustees on 12 October 2021 and signed on their behalf, by:
General Lord Houghton of Richmond GCB CBE, Chairman
The notes on pages 9 to 19 form part of these financial statements.
Page 8
**The HM Tower of London Chapels Royal Foundation**
## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2020**
## **1. Accounting Policies**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The HM Tower of London Chapels Royal Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The trustees have considered the impact of the pandemic on the financial position of the Foundation by taking account of both the reductions in income and the reduction made in levels of continuing costs. They have concluded that the Foundation remains a going concern for the foreseeable future and that the financial statements should accordingly be prepared on a going concern basis.
## **1.2 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Further details of each fund are given in note 17.
## **1.3 Income recognition**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the Foundation has received or been notified of both the amount and the date of receipt. Legacy gifts are recognised on a case by case basis following the grant of probate when the Foundation has been notified of the amount and the settlement date.
Interest and dividends are recognised when receivable; for interest this is normally on notification by the bank and for dividends on notification by the investment manager.
Income from Choir fees, Concerts and Chapel charges is recognised following the event for which the fees or charges have been made.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of donation.
Other income is recognised in the period in which it is receivable and to the extent that goods have been provided or on completion of the service.
Page 9
**The HM Tower of London Chapels Royal Foundation**
**NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2020**
## **1. Accounting Policies (continued)**
## **1.4 Expenditure recognition**
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
## **1.5 Tangible fixed assets and depreciation**
Heritage assets are included at market value. Heritage assets are deemed to have a high residual value and accordingly no depreciation is charged.
The Music Library, Bible, High Altar Set and Lectern are included at cost or valuation if lower. The residual value of these assets is deemed to be similar to the lower of cost or valuation and accordingly no depreciation is charged.
The Heritage assets, the Music Library, the Bible, High Altar Set and Lectern are reviewed annually for evidence of any reduction in net realisable value. The written down value of other tangible fixed assets is reviewed when events or circumstances indicate the written down value may not be recoverable.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
- Rehearsal organ 10 years - Computer equipment 3 years - Vestments and chapel cloths 15 years
Page 10
**The HM Tower of London Chapels Royal Foundation**
## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2020**
## **1. Accounting Policies (continued)**
## **1.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of Financial Activities.
## **2. Income from donations and legacies**
|**Unrestricted**
**funds**
**2020**
**£**
Donations
**64,934**
Legacies
**50,000**
Total donations and legacies
**114,934**
_Total 2019_
_131,600_
**Income from charitable activities**
**Unrestricted**
**funds**
**2020**
**£**
Chapel and Choir fees
**48,761**
_Total 2019_
_45,680_|**Total**
**funds**
**2020**
**£**
**64,934**
**50,000**
**114,934**
_131,600_
**Total**
**funds**
**2020**
**£**
**48,761**
_45,680_|_Total_
_funds_
_2019_
_£_
_81,600_
_50,000_|
|---|---|---|
||||
||||
|||_131,600_|
|||_Total_
_funds_
_2019_
_£_
_45,680_|
||||
## **3. Income from charitable activities**
Page 11
**The HM Tower of London Chapels Royal Foundation**
## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2020**
## **4. Investment income**
|**Unrestricted**
**funds**
**2020**
**£**
Investment income
**83,609**
Interest receivable
**328**
**83,937**
_Total 2019_
_73,206_
**5.**
**Analysis of Expenditure by expenditure type**
**Staff costs**
**Depreciation**
**Other costs**
**2020**
**£**
**2020**
**£**
**2020**
**£**
Expenditure on investment
management
**-**
**-**
**468**
**Costs of raising funds**
**-**
**-**
**468**
Chapel and choir
expenditure
**12,785**
**2,442**
**142,729**
Grants
**-**
**-**
**4,635**
**Charitable activities**
**12,785**
**2,442**
**147,364**
**Expenditure on**
**governance**
**-**
**-**
**2,460**
**12,785**
**2,442**
**150,292**
_Total 2019_
_14,837_
_2,442_
_171,948_
**6.**
**Grants paid**
Grants to individuals
Grants to charities
|**Unrestricted**
**funds**
**2020**
**£**
Investment income
**83,609**
Interest receivable
**328**
**83,937**
_Total 2019_
_73,206_
**5.**
**Analysis of Expenditure by expenditure type**
**Staff costs**
**Depreciation**
**Other costs**
**2020**
**£**
**2020**
**£**
**2020**
**£**
Expenditure on investment
management
**-**
**-**
**468**
**Costs of raising funds**
**-**
**-**
**468**
Chapel and choir
expenditure
**12,785**
**2,442**
**142,729**
Grants
**-**
**-**
**4,635**
**Charitable activities**
**12,785**
**2,442**
**147,364**
**Expenditure on**
**governance**
**-**
**-**
**2,460**
**12,785**
**2,442**
**150,292**
_Total 2019_
_14,837_
_2,442_
_171,948_
**6.**
**Grants paid**
Grants to individuals
Grants to charities
|**Unrestricted**
**funds**
**2020**
**£**
Investment income
**83,609**
Interest receivable
**328**
**83,937**
_Total 2019_
_73,206_
**5.**
**Analysis of Expenditure by expenditure type**
**Staff costs**
**Depreciation**
**Other costs**
**2020**
**£**
**2020**
**£**
**2020**
**£**
Expenditure on investment
management
**-**
**-**
**468**
**Costs of raising funds**
**-**
**-**
**468**
Chapel and choir
expenditure
**12,785**
**2,442**
**142,729**
Grants
**-**
**-**
**4,635**
**Charitable activities**
**12,785**
**2,442**
**147,364**
**Expenditure on**
**governance**
**-**
**-**
**2,460**
**12,785**
**2,442**
**150,292**
_Total 2019_
_14,837_
_2,442_
_171,948_
**6.**
**Grants paid**
Grants to individuals
Grants to charities
|**Total**
**funds**
**2020**
**£**
**83,609**
**328**
**83,937**
_73,206_
**Total**
**2020**
**£**
**468**
**468**
**157,956**
**4,635**
**162,591**
**2,460**
**165,519**
_189,227_
**2020**
**£**
**1,635**
**3,000**
**4,635**||_Total_
_funds_
_2019_
_£_
_72,691_
_515_
_73,206_|
|---|---|---|---|---|---|
||||||_Total_
_2019_
_£_
_785_
_785_|
||||||_181,032_
_4,950_
_185,982_|
||||||_2,460_
_189,227_|
||||||_2019_
_£_
_1,950_
_3,000_|
|||||||
|||||||
|||||||
||||||_4,950_|
Page 12
**The HM Tower of London Chapels Royal Foundation**
## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2020**
## **7. Direct costs**
|**Chapel and**
**choir**
**£**
Choir fees and expenses
**83,837**
Master of Music fees
**39,988**
Music expenses
**1,577**
Wages and stipends
**12,676**
Pension cost
**109**
**138,187**
_Total 2019_
_157,077_
**Support costs**
**Governance**
**Chapel and**
**choir**
**£**
**£**
General and administrative
costs
**2,460**
**17,327**
Depreciation
**-**
**2,442**
**2,460**
**19,769**
_Total 2019_
_2,460_
_23,955_
**Governance costs**
**Unrestricted**
**funds**
**2020**
**£**
Examiners remuneration
**2,460**|**Total**
**2020**
**£**
**83,837**
**39,988**
**1,577**
**12,676**
**109**
**138,187**
_157,077_
**Total**
**2020**
**£**
**19,787**
**2,442**
**22,229**
_26,415_
**Total**
**funds**
**2020**
**£**
**2,460**|_Total_
_2019_
_£_
_95,184_
_41,535_
_5,521_
_14,766_
_71_
_157,077_|
|---|---|---|
|||_Total_
_2019_
_£_
_23,973_
_2,442_
_26,415_|
|||_Total_
_funds_
_2019_
_£_
_2,460_|
## **8. Support costs**
## **9. Governance costs**
Page 13
**The HM Tower of London Chapels Royal Foundation**
## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2020**
## **10. Net income/(expenditure)**
This is stated after charging:
||**2020**|_2019_|
|---|---|---|
||**£**|_£_|
|Depreciation of tangible fixed assets:|||
|- owned by the charity|**2,442**|_2,442_|
|Trustees' emoluments (note 11)|**9,814**|_9,006_|
## **11. Staff costs**
Staff costs were as follows:
|**2020**
**£**
Wages and stipends
**12,676**
Other pension costs
**109**
**12,785**
The average number of persons employed by the charity during the year was as follows:
**2020**
**No.**
Chapel staff and stipend recipients
**5**|_2019_
_£_
_14,766_
_71_|
|---|---|
||_14,837_|
||_2019_
_No._
_6_|
No employee received remuneration amounting to more than £60,000 in either year.
During the year, the Reverend Canon Roger J Hall MBE received in respect of his role of Chaplain of the HM Tower of London Chapel Royal, stipend payments totalling £9,814 (2019: £9,006). In addition, pension contributions were made to a defined contribution scheme of £109 (2019: £71). No other Trustee received any remuneration or benefits in kind. Travel expenses of £89 were paid to one trustee (2019: £1,786 to two trustees).
Page 14
**The HM Tower of London Chapels Royal Foundation**
## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2020**
## **12. Tangible fixed assets**
|**Cost**
At 1 September 2019
Additions
At 31 August 2020
**Depreciation**
At 1 September 2019
Charge for the year
At 31 August 2020
**Net book value**
At 31 August 2020
_At 31 August 2019_
**Cost**
At 1 September 2019
Additions
At 31 August 2020
**Depreciation**
At 1 September 2019
Charge for the year
At 31 August 2020
**Net book value**
At 31 August 2020
_At 31 August 2019_|**Rehearsal**
**organ**
**£**
**5,000**
**-**
**5,000**
**4,125**
**500**
**4,625**
**375**
_875_|**High altar**
**set**
**£**
**159,600**
**-**
**159,600**
**-**
**-**
**-**
**159,600**
_159,600_|**Bible**
**£**
**2,430**
**-**
**2,430**
**-**
**-**
**-**
**2,430**
_2,430_|**Music**
**library**
**£**
**35,000**
**-**
**35,000**
**-**
**-**
**-**
**35,000**
_35,000_|**Computer**
**equipment**
**£**
**1,268**
**-**
**1,268**
**1,268**
**-**
**1,268**
**-**
_-_
**Lectern**
**£**
**-**
**16,956**
**16,956**
**-**
**-**
**-**
**16,956**
_-_|**Vestments**
**and church**
**cloths**
**£**
**29,130**
**-**|
|---|---|---|---|---|---|---|
|||||||**29,130**|
|||||||**9,530**
**1,942**|
|||||||**11,472**|
|||||||**17,658**|
|||||||_19,600_|
|||||||**Total**
**£**
**232,428**
**16,956**|
|||||||**249,384**|
|||||||**14,923**
**2,442**|
|||||||**17,365**|
|||||||**232,019**|
|||||||_217,505_|
Page 15
**The HM Tower of London Chapels Royal Foundation**
## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2020**
## **13. Charity heritage assets**
|**Market value**
At 1 September 2019 and 31 August 2020
_At 31 August 2019_|**Gold plate**
**£**
**31,500**
_31,500_|**Total**
**£**
**31,500**|
|---|---|---|
|||_31,500_|
The Heritage Assets comprise items of gold plate dating back to the 16th and 17th centuries and are held at market value. These items are of significant historical importance and are held by the charity to advance its objectives.
## **14. Fixed asset investments**
|**Fixed asset investments**||
|---|---|
|**Market value**
At 1 September 2019
Additions
Revaluations
Other movements
At 31 August 2020|**Listed**
**securities**
**£**
**2,578,556**
**50,000**
**112,506**
**9,479**|
||**2,750,541**|
## **Investments at fair value comprise**
|
Equities
Property
Fixed income
Alternative Investments
Liquid Assets
**Debtors**
Other debtors
Prepayments and accrued income|**31 August**
**2020**
**£**
**1,793,689**
**72,040**
**385,335**
**263,328**
**236,149**
**2,750,541**
**2020**
**£**
**6,733**
**21,925**
**28,658**|_31 August_
_2019_
_£_
_1,811,325_
_239,559_
_355,086_
_102,842_
_69,744_|
|---|---|---|
|||_2,578,556_|
|||_2019_
_£_
_8,133_
_32,278_|
|||_40,411_|
## **15. Debtors**
Page 16
**The HM Tower of London Chapels Royal Foundation**
## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2020**
## **16. Creditors: Amounts falling due within one year**
|**Creditors: Amounts falling due within one year**|||
|---|---|---|
|Trade creditors
Other taxation and social security
Accruals and deferred income|**2020**
**£**
**1,792**
**476**
**14,804**
**17,072**|_2019_
_£_
_2,280_
_1,216_
_21,587_|
|||_25,083_|
## **17. Statement of funds**
## **Statement of funds - year ended 31 August 2020**
## **Balance at**
||**Balance at**|||||
|---|---|---|---|---|---|
|**Designated funds**
Tangible and heritage
assets
Investment assets
**General funds**
General Funds
Total Unrestricted funds
Total of funds|**1**
**September**
**2019**
**£**
**249,005**
**2,578,556**
**2,827,561**
**182,375**
**3,009,936**
**3,009,936**|**Income Expenditure**
**£**
**£**
**-**
**(2,442)**
**83,937**
**-**
**83,937**
**(2,442)**
**163,695**
**(163,077)**
**247,632**
**(165,519)**
**247,632**
**(165,519)**|**Transfers**
**£**
**16,956**
**(24,458)**
**(7,502)**
**7,502**
**-**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**112,506**
**112,506**
**-**
**112,506**
**112,506**|**Balance at**
**31 August**
**2020**
**£**
**263,519**
**2,750,541**
**3,014,060**|
||||||**190,495**|
||||||**3,204,555**|
||||||**3,204,555**|
Page 17
**The HM Tower of London Chapels Royal Foundation**
## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2020**
## **17. Statement of funds (continued)**
## **Statement of funds - year ended 31 August 2019**
|_Balance at_
_1 September_
_2018_
_£_
**Designated funds**
Tangible and heritage
assets
_251,447_
Investment assets
_2,430,196_
**General funds**
General Funds
_158,123_
Total Unrestricted funds
_2,839,766_
Total of funds
_2,839,766_
_2,681,643_|_Income_
_£_
_-_
_73,206_
_177,280_
_250,486_
_250,486_
_73,206_|_Expenditure_
_£_
_(2,442)_
_-_
_(186,785)_
_(189,227)_
_(189,227)_
_(2,442)_|_Transfers_
_£_
_-_
_(33,757)_
_33,757_
_-_
_-_
_(33,757)_|_Gains/_
_(Losses)_
_£_
_-_
_108,911_
_-_
_108,911_
_108,911_
_108,911_|_Balance at_
_31 August_
_2019_
_£_
_249,005_
_2,578,556_|
|---|---|---|---|---|---|
||||||_182,375_
_2,827,561_|
||||||_3,009,936_|
||||||_3,009,936_|
## **Summary of funds - year ended 31 August 2020**
|Designated funds
General funds|**Balance at**
**1**
**September**
**2019**
**£**
**2,827,561**
**182,375**
**3,009,936**|**Income Expenditure**
**£**
**£**
**83,937**
**(2,442)**
**163,695**
**(163,077)**
**247,632**
**(165,519)**|**Transfers**
**£**
**(7,502)**
**7,502**
**-**|**Gains/**
**(Losses)**
**£**
**112,506**
**-**
**112,506**|**Balance at**
**31 August**
**2020**
**£**
**3,014,060**
**190,495**|
|---|---|---|---|---|---|
|||||||
|||||||
||||||**3,204,555**|
## **Summary of funds - year ended 31 August 2019**
|_Balance at_
_1 September_
_2018_
_£_
Designated funds
_2,681,643_
General funds
_158,123_
_2,839,766_|_Income_
_Expenditure_
_£_
_£_
_73,206_
_(2,442)_
_177,280_
_(186,785)_
_250,486_
_(189,227)_|_Transfers_
_£_
_(33,757)_
_33,757_
_-_|_Gains/_
_(Losses)_
_£_
_108,911_
_-_
_108,911_|_Balance at_
_31 August_
_2019_
_£_
_2,827,561_
_182,375_|
|---|---|---|---|---|
||||||
||||||
|||||_3,009,936_|
Page 18
**The HM Tower of London Chapels Royal Foundation**
## **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2020**
## **18. Analysis of net assets between funds**
## **Analysis of net assets between funds - year ended 31 August 2020**
|**Unrestricted**
**funds**
**2020**
**£**
Tangible fixed assets
**232,019**
Fixed asset investments
**2,750,541**
Heritage assets
**31,500**
Current assets
**207,567**
Creditors due within one year
**(17,072)**
**3,204,555**
**Analysis of net assets between funds - year ended 31 August 2019**
_Unrestricted_
_funds_
_2019_
_£_
Tangible fixed assets
Fixed asset investments
Heritage assets
Current assets
Creditors due within one year
_217,505_
_2,578,556_
_31,500_
_207,458_
_(25,083)_
_3,009,936_|**Total**
**funds**
**2020**
**£**
**232,019**
**2,750,541**
**31,500**
**207,567**
**(17,072)**
**3,204,555**
_Total_
_funds_
_2019_
_£_
_217,505_
_2,578,556_
_31,500_
_207,458_
_(25,083)_
_3,009,936_|
|---|---|
Page 19