2023-08-31-accounts

CharEty number. 1160859 The HM Tower of London Chapels Royal Foundation ReportAnd Financial Statements for the year ended 31 August 2023

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 2023

Trustees

General Sir Gordon Messenger KCB DSO* OBE DL, Constable, Chairman Brigadier Andrew Jackson CBE, Governor The Reverend Canon Roger J Hall MBE, Chaplain Mr Nicholas C Goulding (resigned 9 November 2022) Mr Christopher G Stainforth FCA Ms Gillian Fletcher The Reverend Canon Paul S Wright Lieutenant General Sir George Norton KCVO CBE Sir Andrew C Parmley KStJ

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 Forthe Year Ended 31 August 2023 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 rèport and financial stslemenls for the year ended 31 August 2023. The Financial Statements have been prepared in accordance with the accounting ptslicies set out in note5 to the accounts and compty with the Foundation's governing document, the Charities Act 2011 and Accounting and Reporting by Charities- Slalemenl of Recommended Pra¢ti¢e appliGable to charities preparing their accounts in accordance with Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS1021. Structure and Govemance . Constitution The Foundation was constttuted by deed on 10 March 2015 made jointly by The Lord Chambertain, The Constable of Her Majesty's Tower of London and The Dean of Her Majesty's Chapels Royal and became effeclwe on 12 March 2015. the date of Registration by Thè Charity Commission ol the Foundation as a charitable incorporated organi5alion, registered number 1160859. The Foundation was estsblished lo lake over the assets of and undertakings then carried on by four eharities rihe amalgamating charities.) operating within HM Tower of London The HM Tower of Lonclon Choral Foundation (Reg. No. 2493061, The Assc)ciation of Friends of the Chapel Royal w((hin Her Majesty's Tower of London (Reg. No. 2594291, The Conslable's Fund (Reg.No. 2754531 and Thè Council of the Chapels Royal thin HM Tower of London IReg.No.114278SI. The Trustees of each of the amalgamating charities resolved on 9 June 2015 to transfer to the Foundation the assets and undertaking of the Televant charity ￿th effect from 31 August 2015 having obtained necessary agreement frDm the Charty Commission and Subsequent￿ lo apply lo the Commission to remové that charity from the Central Register of Charities. The Chapels Royal within HM Tower of London I'the Chapels.) ￿mprIse The Chapel Royal of Sl Peter ad Vincula and The Chapel Royal of Sl John the Evangelist. b. Governance The Foundation is governed by ts members, the Truslees. The ex-officio members arè The Constable, the Governor and the Chaplain. In addition there are required to be no less than fvjo cfyopted members who serve for terms of up to three years, renewable by mutual consent. In addf(ion, the Dean of the Chapels Royal may appoint a Trustee to serve during the pleasure of the Dean. The Foundation meets at least twice each year and is served by a Secretary. In addition, a Chapel Council sub- sommittee and a Fund Raksing Su￿comMittee have been estsblished whose membership includes both Truslèes and tslhers. Both su￿¢0mM￿tees usually meet quarterty. In addition to the reporting requirements of the Charty Commission, the Foundation reports annualty to the ComptrDller of the Lord Chamberlain's offi￿ and gives to the Comptroller such information wtih regard lo the affairs of the Foundation as the Comptroller may request. Objects. activities and publi¢ benefit . ObJ￿ts Thé obje¢ts of the Foundation a￿.. a} to advance the religion of the Church of England by promoting the use of the Chapels as places of publi¢ religious worship and by supporting thè Chaplain in the exercise of his mintstry. b} to provide a Master of Music, an Assistant Master of Music and Organist, and a Choir with a viewlo ensuring that the musical content of Services is of the highest qualty- to advise and assist the Chaplain in the promotion of mission of the Church of England," and generally to provide facilities for the edification of Page2

The HM Tow&r of London Chapels Royal Foundation TRUSTEES, REPORT Icontinuedl Forthe Year Ended 31 August 2023 those attending public religious sèrvices in the Chapels. cl to relieve persons in need who work or have worked within HM Towel of London and their dependanls in need. dl to Co-operate with Historic Royal Palaces and other organisations in the presentslion of the Chapels lo the public as places of national heritage anrl historic interest. el to make grants to other charities and lo apply funds for other charrtable purwses. b. Actlvltles for achieving oblectlves During the period under ￿VIeW the Foundation provided over 125 services in the Chapels. These servi¢es inclLJded regular Sunday services and some evening services h?Id on feast days, as well as weddings and memorial Servi￿5. In addition, there were joint services with neighbouring churches and a150 8peGial services for members of other organisations, such as charities and livery wmpanies. The Chapel Royal of St Petèr ad Vineula is one of the regimental chapels of the Royal Regiment of Fusiliers, and as such provides annual commemorative or other services lor mèmbers of a number of ex-service and other organisalions. The Princess of Wales's Royal Regiment also have permission lo use Sl Peter ad VinGula 85 one ol their regimental chapels. The Foundation provided advice lo the Chaplain and supported him in his pastoral work and in the ministry which he exer¢ises in and from the Chapels. Vvhile Historic Royal Palaces (Charity No. 1 D6682) maintains the physical structures and permanent fixtures of the Chapels, it is necessary for the Foundation lo raise, from worshippers and supporters tsf the Chapèls and others, the funds required lo mairilain the activities of the Chapels and to expand the reach of the Chapel's communities and the Ch8plain'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 Foundslion extended this work by continuing a scheme for memb?rs of the congregation to support a Food Bank in Tower Hamlel$. During the period, the Foundation made provision for grants of £3,000 lo certain other charities and also provided assistance lo some charities to enable them to hold services in the Chapel5. As part of Historic Royal P8la¢es, the Tower of London benefited from a continued increase in the numbei of both domestic and international visitors this year. The trend Temains positive, with the total of visitors for the Financial Year 2023-24 expected lo be ju51 short of pre-COV]D levels. The Coronation prompterl an upsurge of visitors, Cciinciding with the opening of a new exhibition in the Jewel House. The chapel remains busy and in good heart. 11 has been a busy accounting year, with the usual round of weddings, baptisms, occasional setvices and Chrfstmas Carol seTvices. ConGerts and olhor choir activities have 81sg taken place, with the highlight being a Coronation Concert, filmed by Lion TV for 'lnside the Tower.. Visitor numbers lo the chapel remain high and the support from HRP and the Yeoman Warders is apprÈ¢ialed by everyone. Numbers attending the chapel havè returned lo normal aftèr the pandemic and that was reflected through Holy Week and Easter and Christmas. c. Publ1¢ Benefit Vvhen planning activities for the year, the Chaplain and the Trustèes have considered the Charity Commission's guidance on public benefrt and. in particular, the specific guidance on charities for the advancement of religion. The serviees exemplfy farfth through prayer and scripture, music and sacrament. The main servtes which are held in the Chapels are conducted not only for the benefit of those who wc>rk and live within the Tower of London. and for the regular extra-mural congregations, but also lor Ihe PL5blic genèralty, to facilitate wide public participation, arrangements are in place for members of the public to be admitted lo the Tower of London flee of charge if they wish only lo attend seNices in the Chapels. Nearly 3 mi51ion peopl& would normalty visit the Tower of London each year and a sub51anlial number of them ViSSt one or both of the Chape15. In so doing they @xperience the Chapels, not On￿ as plates ol beauty and great $ignificanee in the history Df the nation, but also as living plaees of worship. Page 3

The HM Tower of London Chapels Royal Foundation TRUSTEES. REPORT (continued) Forthe YearEnded 31 August 2023 d. Financial Rèview The Foundation was estsblished in March 2015 but did not commence operating activities until immediatèty 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 balancès transferred by the Council of the Chapels Royal w¢thin the HM Tower of London and the listed investments and bank balances transferred by th& IhrÈe othèr amalgamating charities. The investments have been managed as a sir)gle portfolio bul regarded as comprising three Su￿fUndS, a Chor81 Fund, a BenevoEent Fund and a General Fund into which specified proportions of the assets of the amalgamating charities. In aggregate the net assèts transferred. principally comprising inveslrnenl8, amounted to some £2.304m which was recèived by way of donation from the amalgamating charities. During the year from 1 September 2022 to 31 August 2023, the incoming resources amounted to £214,125 12022.- £471,29918nd outgoing resources to £224,319 {2022.' £205,969). In addition, unrealised investment portfolio lossfrs were inCu￿ed during the year of £46,339 {2022.' unrealised losses of £278,076}. In￿me was enhanced by an appeal madè for individual donations of £500 or mor8 to enable a chair to be namèd in the Chapels. The amount re￿iVed in th@ period for the chair donations amounted to £1,5DO 12022.. £500). The appeal remains open and ¢onkn"nues to enjoy a slow but steady tske up. A Stewardship campaign continued during the pertod to encourage a direct debit method of regular indwidual giving via CAF. 11 is hoped that this will grow steadiW and both proviLle regular income with reduced administration. è. Reserves Policy The Foundation is largely reliant on donations from those attending servi￿$ in the Chapels and others including grant making bodies and visrf(ors to HM Tower of London Ip supplement the investment income arising on its list￿ investment portFolio held to finance the provision of services wf(hin the Chapels including the cost of the Chaplain, Master of Music and Choir. The long4erm policy Is to aim to build up the investment portfolio through funding secured from additional donations and I￿aCleS so as to enable the Foundation lo cover ongoing operating costs without recourse lo cash reserves. At 31 August 2023 the total funds amounted to £3,471,746 12022.. £3,528,279). All fLJnds aT& unrestricted but have been allocat￿ between designated funds represented by tangible and heritage fixed assets of £257,D89 12Q22= £259,011). an investment reseNe of £3,011,220 12022.. £3,057,558} and general resèrves of £203.45712022= £211,710). f. Heritage Assets Herttage assets are assets of historical importance held to advance the objectives of the Foundation. These assets comprise items of ceremonial plat? integral to the activf(ies of the Chapels Royal, and arè included at the valuation eslimatecl to be an appropriate market V81ue. These assets are not depreciated as they are deemed to have indeterminate IDies and a eompar*Nety high residual value,. r￿ular impairment reviews are undertaken. Historie Royal Palaces displays and provides day to day care for the Heritage Assets. g. Risk Management The Tw5tees have a risk management Strat￿YWhiCh comprises". an annual review of the principal risks and uneertainties relevantto the Foundation the establishment of policies. systems snd procedures to mitigate the risks id8ntrfied in the annyal review th? implementation of procedures design& lo minimise or manage any potential Imp￿ on the Foundation should those risks materialise Page 4

The HM Tower of London Chapels Royal Foundation TRUSTEES. REPORT Icontinuedl For the Year Ended 31 August 2023 Financi81 suslainabilily is the major financial risk ftrr the Foundation. A key element of the management of rinancial risk is closè attention lo cash flows and projected oufflows while seeking lo secur2 grants, and voluntary incomè including legacy pledges. h. Trustees, responsibilities statement The Trustees are responsible for preparing the Trustees, Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Sland8rds (UK Generalty Accepted Accounting Practicel. The law applicable lo charities in England & Wales requires the Trustees lo prepare financial statements for each financial year which givè a trtje and fair view of the slate of affairs of the chanty 8nd of the incorning resources and application of resources of the charity for that period. In preparing these financial slatem?nls, the Trustees are required lo.. select suitable accounting policies and then app￿ them observe the methods and principles in the Charities SORP, make judgements and accounting estim8teB that are reasonable and prud&nl', slate whether applicable accounting standards have been followed, subject lo any departures disclosed 8nd explained in the financial slalemenls", and prepare the financial statèments on the going concern basis unless il is inappropriate to pres(Jme that the charity will continue in operation The TrLJStÈes are responsible for keeping proper accounting rècords that are sufficient to show and explain the charity's transactions and disckjse with reasonable accuracy at any lime the financial ptssilion of the charity and enable them to ensure that the financial st¥tèments comply with Ihtt 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 provention and detection of fraud and other irrègularities. Roference and administrative details Releren¢e and adminislralive details oftha ¢harity, its Iruslees and advisers are shown on page 1. Disclosure of Infomiation to auditor Each olthe persons who are Trustees at the time when this Trustees, Report 15 approved has ¢onfirmed that.. go far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is Ljnaware, and that the Trustee has taken all the $18ps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information. This report was approved by the Trustees, on 28 JunÉ 2024 and signed on their behalf by.. General Sir Gordon Messenger KCB DSO. OBE DL, Chairman Page 5

The HM Tower of London Chapels Royal Foundation STATEMENT OF FINANCIAL ACTIVMES INCORPORATING INCOME AND EXPENDITURE ACCOUNT Fortheyear Ended 31 August 2023 Unrestrtcted funds 2023 Total fund5 2023 Total funds 2022 Note Incomefrom: Donations and legacies Charitable actwilies Investments 84,023 41,726 88,376 N023 41,726 88,376 325, 715 64,252 81,332 Totsl income 21412S 214,125 471,299 Expenditure on: Raising funds charitab￿ activities.. other Charitab￿ activitses Govemance {501 1501 (39) 220N69 3,91KJ 220,469 3,900 203, 188 3,900 Total expenditure 224,319 224.319 207,049 Net income before investment gainslllossesl Net gainslllosse81 on investments Net Income I (expenditu￿) before other recognised gains and losses 110,194} 146.339} {10.1941 264,2 146.3391 (278.076) 14 156.533} $8,533) (13,826) Net movement In funds 186,S331 156.533) (13,W26) Reconciliation of funds: Total funds brought fonmard 3￿28,279 3￿28.279 3,542, 105 Totsl funds carried forward 3.471,746 3A71.746 3,528,279 The notes on pages 9 to 19 form part of those financtal statements. Page 7

The HM Tower of London Chapels Royal Foundation

INDEPENDENT EXAMINER'S REPORT For the Year Ended 31 August 2023

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 2023.

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.

Shaun Melvin FCA Blick Rothenberg Limited Chartered Accountants 16 Great Queen Street London WC2B 5AH

28 June 2024

Page 6

The HM Tower of London Chapels Royal Foundation Registered number: 1160859

BALANCE SHEET As at 31 August 2023

BALANCE SHEET As at 31 August 2023
			2023		2022
	Note	£	£	£	£
Fixed assets
Tangible assets	12		225,569		227,511
Heritage assets	13		31,500		31,500
Investments	14		3,011,220		3,057,558
			3,268,289		3,316,569
Current assets
Debtors	15	44,228		40,912
Cash at bank and in hand		166,674		185,296
		210,902		226,208
Creditors:amounts falling due within one
year	16	(7,445)		(14,498)
Net current assets			203,457		211,710
Net assets			3,471,746		3,528,279
Charity Funds
Unrestricted funds	17		3,471,746		3,528,279
Total funds			3,471,746		3,528,279

The Trustees acknowledge their responsibilities for complying with the requirements of the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008 with respect to accounting records and the preparation of financial statements.

The charity's financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

The financial statements were approved and authorised for issue by the Trustees on 28 June 2024 and signed on their behalf, by:

Gen�Go:on Messenger KCB DSO* OBE DL, Chairman

The notes on pages 9 to 19 form part of these financial statements.

Page8

The HM Tower of London Chapels Royal Foundation NOTES TO THE FINANCIAL STATEMENTS FortheYÈar Ended 31 August 2023 Accounting Policies 1.1 Basis of preparation of finanelal statements The linancial statements have been prepared in ae¢ordance wrth Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheii accounts in accordance with the Financial Reporting Standard applicable in the UK and Republ&c Df Ireland IFRS 1021 leffèclwe 1 January 20191- ICh8rf(ies SORP IFRS 10211, the Financial Reporting Standard appI￿able in the UK and Republic of Ireland IFRS 1021. The HM Tower of London Chapels Royal Foundation meets the definition of a public benef1( entity under FRS 102. Assets and liabilitiès are initially recognised al historical cost or Irans8dion value unless otherwise slated in the relevant accounting policy. Th2 trustees have considered the impact of the pandemic on the financial position of the Foundation by taking 8Gsounl of both the reductions in income and thè reduction made in levels of continuing costs. They have concluded that the Foundation remains a going concern for the foreseeable future 8nd that the financial statemènts should accordingly be prepared on a going concern basis. 1.2 Fund accountlng General funds are unrestricted funds which arè available for use al the discretion of the Trustees in furtherance of the general objectives of the chafily and which have not been designated for other purposes. Restrictèd funds arè 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 SLJch funds are charged against the specilic fund. The aim and use of each restricted fund is sel out in the notes to the financi21 statements. Investment inwme, gains and losses are allocated lo the appropriate fund. Further details ol each fund are given in note 17. 1.3 Income recognition All Income is recognised once the charity has enlillemenl to the income, il is probable that the income will be received and the amount of income recèivable can be measured reliably. Donations are recognised when the Found3tion has received or been notified of both the amount and the date of re￿ipt. Legacy gifts are resognised on a ease by case ba515 following the grant of probate when the Foundation has been notified of the amount and the selllement dale. Interest and dividends are recognised when receivable,. for interest this is nom*lly on notification by the bank and foi dividends on nolificalion by the investment manager. Income frDm Choir fees, Concerts and Chapel chargès is recognised following the event for which the lèes or charges have been made. Ineome lax recoverable in relallon to donalioris rècèivèd under Gift Aid or deeds of eovenant is Tecognised at the lime of the donation. Olh&r incom& is recognised in the period in whiGh il is re￿1vable and lo the extent the gtrods have been provided or on completion of the se￿iCe. Page 9

The HM Tower of London chape￿ Royal Foundation NOTES TO THE FINANCIAL STATEMENTS Forthèyear Ended 31 August 2023 Accounting Policie5 (continued} 1A Expenditure reCogn￿on Expenditure is accounted for tsn an accruals basis and has been included under expense cat4ortes that aggregate all costs for allocation to actNrties. VVher& Costs cannot be directly attributed to particular activities they h8ve been allocated on a basis consislenl with the use of the ￿sources. Fundraising costs are those incurred in seeking voluntary conlributions and do not include the costs of disseminating inforrnalion in support of the ¢harilable activities. Support cosls are those costs incurred direct￿ in support of expendrture on the objects of the charty. Governance costs are those incurT&d in connection with administration of the Gharity and compliance with constilulional and statutory requirements. Costs of generating funds are Costs incurred in attracting voluntary income, and those incurred in trading activities that rdise funds. Grants payable are charged in the year when the offer is made except in those eases where the offer 15 conditional, such grants being recognised as expend(ture when the condih.ons attaching 8 fulfilled. Grants offered subject lo conditions which have not been met al the year end are rtoted as a commitment. but not accrued as expendtture. 1.5 Tangible fixed assets and depreciation Heritage assets are included al marf(et value. Herttage assets are deemed lo have a high residual value and accordingly no depfeciation is charged. The Music Library. Bible, High Attar Set and Leclttrn are included at 005t or valualitsn ff lowèr. The residual value of these assets is deemed to be similar lo the lower of cost or valuation and aceordingiy no depre¢iation 18 charged. The Heritage assets, the Music Library, the Bible, High Attar Set and Lectem are reviewed annually for evidence of any reduction in nèt realisable value. The written down value of other tangible fixed assets is revieweLI 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 8t rates calculated to wr(fe off the cost of flxed ossels, less their estimated residual value. over their expectèd useful lives on the following bases.. Rehearsal organ Computer wuipmenl Vestments and chapel cloths 10 years 3 years 15 years Page10

The HM Tower of London Chapels Royal Foundation NOTES TO THE FINANCIALSTATEMENTS For the Year Ended 31 August 2023 Accounting Pollcles Icontinuedl 1.6 Investmants FrAed asset investments are s form of financial instrument and are initially recognised 8t thèir transaction cost and subsequently measured al fair value al the 8alance Sh&el date, unless fair value cannot be measured reliably in which case il is measured al cost less impairment. Investment gains 3nd 105ses, whether realised or unrealised, are combined and shown in the heading 'Gainslllossesl on invèstments, in the Statement of Financial Aclivilies. Income from donations and lega¢i8S Unre5triGted funds 2023 Total fvnds 2023 Total fvnds 2022 Dc)nations 84,023 84,023 325, 715 Total 2022 325, 715 325. 115 Income from charltable activities Unrestricted funEts 2023 Total funds 2023 Tokl fvnds 2022 Chapel and Choir fees 41,726 41,726 64,252 Total 2022 64,252 64,252 Investment income Unre$tTiCted funds 2023 Total funds 2023 Tol81 funds 2022 Investment income Interest re￿1vable 87,286 1,090 87.286 1,090 81,221 112 88,376 88,376 81,332 Total 2022 81,332 81,332 Page11

The HM Towèr of London Chapels Royal Foundation NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023 Analysis of Expenditurè by expenditure type Staff costs Depreciatlon Other costs 2023 2023 2023 Total 2023 Tolal 2022 (Rebate) l Expenditure tsn invèstment management 1501 {501 (39) Costs of raising fijnds 150} 150} (39) Chapel and choir expendicure Grants 16.283 198,078 3,626 216.843 3,626 199,438 3. 7&) Charitable activitios 18,341 1,942 201,704 220A69 203, 188 Expenditure on govemance 3.900 3,900 3,900 16,283 1,942 205.554 205,554 2Q7,049 Total 2LY22 18,341 1,942 186, 766 207,049 Grants paid 2023 2022 Grants to individu8L% Grants to charitiès 626 750 3.000 3,626 3,750 Dirèct costs Chapel and choir Totsl 2023 Tot81 2022 Choir fees and expenses Master of Music fees Music èxpenses Wages and salaries Pènsion cost 131.751 131,751 48,244 3,477 16,660 163 110,832 46,968 808 18. 159 182 3A77 16.660 163 200.295 200.295 176,949 Total 2022 776,949 176,949 Page 12

The HM Tower ol London Chapels Royal Foundation NOTES TO THE FINANCIAL STATEMENTS Fortheyear Ended 31 August 2023 Support costs Chapel and cholr Totsl 2023 Totsl 2022 Governance General and administrative costs Depreciation 3.900 14,606 1,942 18.506 1,942 24.447 1,942 3,900 16.548 20,448 26,389 Total 2(Y22 3,900 22,489 26,389 Govemanee costs Unrestricted funds 2023 Total funds 2023 funds 2022 Examiners fees12022.' Auditors remuneralionl 3,900 3,900 3,900 10. Net incomellexpenditurel This is slatect after charging.. 2023 2022 Depreciation of langiblefixed assets.. - owned by the charity Trusleos, emoluments (not2 111 1.942 10.910 1,942 12,309 Page13

The HM Tower of London Chapels Royal Foundation NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023 11. Staff costs Staff costs werè as follows.. 2023 2022 Wages and stipends other pen51Dn costs 16.660 163 18, 159 182 16,823 18,341 The average number Df persons @mployad bythe ¢harty during the yearwas as follows.. 2023 No. 2022 No. Chapel staff and stipend recipients No employee receNed remuneration amounting to morethan £60,000 in eff(heryear. During the year. the Reverend Canon Roger J Hall MBE received in respect of his role of Chaplain of the Tower of London Chapel Royal, Stipend payments tolalling £10,910 12022.. £12,309). In addition, pension contributions were Made to a defined contiibution scheme of £163 12022.. £1821- No Other Trustee received any remuneration or benefits in kind. Travel expenses of £52 were paid lo one trustee during the year {2022'. £nil}. Page 14

The HM Tower of LondDn Chapels Royal Foundatlon NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023 12. Tangible fixed a$$ets Vestments Music Computer and church Ilbrary equlpment cloths Rehearsal orga Hlgh altsr set Bible Cost At 1 September 2022 and 31 August 2023 5,000 159,600 2,430 35.000 1,268 29.130 Depreciation At 1 September 2022 Charge for thè year s,000 1.268 15,605 1,942 Al 31 August 2023 5,000 1,268 17,547 Net book valup Al 31 August 2023 159,6 2,430 3S,000 11,583 At 31 August 2022 159, 600 2,430 35,000 13,525 Lectem Total Cost Al 1 September 2022 and 31 August 2023 16.956 249.384 Depreciation Al 1 September 2022 Charge for the year 21,873 1,942 At 31 August 2023 23,815 Net book valu Al 31 August 2023 16,956 225,569 At31 August2Q22 16,956 227, 517 Page 15

The HM Tower of London Chape15 Royal Foundation NOTES TO THE FINANCIAL STATEMENTS Forthe Year Ended 31 Augusl 2023 13. Charlty heritsge assets Gold platè Total Market value At I September 2022 and 31 August 2023 31,500 31,$00 At31 August2022 31.500 31,￿0 The Herrtage Assets comprise items of gold platè dating back to the 16th and 17th ¢enluries and are held at market value. These items are of signtficsnt historical importance and are held by the charity lo advance tts objectThres. 14. Fixed asset investments Llsted securities Market value At 1 September 2022 Additions Revaluations 3.OS7,$58 146,3381 At 31 August 2023 3,011,220 Investments at fairvalue comprise 31 August 2023 31 August 2022 Equities Property Fixed income Alteinative Investments Llquid Assets 2,01S,108 123,334 438.485 279,105 155,188 1,953,014 185,962 275,989 440,397 202, t96 1011,220 3.057,558 15. Debtor5 2023 2022 Other debtors Prepayments and accrued income 18,502 25.726 16.472 24.440 44.228 40,g12 Page 16

Thè HM Tower of London Chapels Royal Foundation NOTES TO THE FINANCIAL STATEMENTS Forthe Year Ended 31 August 2023 16. Creditors: Amounts falling due withln one year 2023 2022 Trade credrtors Other taxation Snd social security Accruals and deferred income 2,021 1,668 10,809 1,771 5,674 14,498 17. Statemènt of funds Statemènt of funds- year ènded 31 August 2023 Balance at Balance at Gainsl 31 August (Losses) 2023 September 2022 Income Exp&nditure Transfers Dgsignated funds Tangible and heritage assets Investment assets 259,011 3,057,558 11,9421 50 257,069 146,3391 3.011.220 87,286 187,3351 3,316,569 87,286 11,8921 87.3351 46,3391 3,268,289 General funds General Funds 211.710 126,839 1222.4271 87,33S 203,457 Total Unrestricted fund5 3,528,279 126.839 1222.4271 146,3391 3,471.576 Total of funds 3,528,279 214.125 (224,3191 146.3391 3A71,746 statement of funds - year ended 31 Augu$t 2022 Ealance al 1 September 2021 Balance s Gain￿ 37 August (Loss&s) 2022 InGome E¥penditu Transfe Designated funds Tangible and hèritage assets Investment assets 260,953 3,035,626 (7,942) 39 259,011 f278,076) 3,057,558 1278,076) 3,316,569 81,262 218, 707 3,296,579 81,262 (f 03,069) 278,707 Page 17

The HM Tower of London Chapels Royal Foundation NOTES TO THE FINANCIAL STATEMENTS Forthe Year Ended 31 August 2023 Summary of funds-yearended 31 August 2023 Balance at Balance at Gains1 31 August (Losses) 2023 September 2022 Income Expenditure Transfers Designated funds General funds 3.316,569 211,710 87,286 126,839 11.893) 1222A27} (87.3351 87,335 146.3391 3.268,289 203AS7 3,528.279 214,125 1224,3191 {46.3391 3N71.746 Summary of funds-yfrarended 31 August 2022 Balance at 1 Septernber 2021 Balancè al G8insl 31 August (Losses) 2022 Knwme £Kpendilure Ttsnsfers De5ignaterl funds General fvnds 3,296,579 245,526 81,262 390,037 (1,903) 218. 707 [278,078) (205, 146) (218, 707) 3,316,569 211, 710 3,542, 105 471.299 (207,049) (278,076) 3,528.279 18. Analysis of net assets between funds Analysis of net assets betsveen funds-year ended 31 August 2023 Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Ftxed asset investments Heritage 2sse15 Current assets Creditors duowilhin one year 225￿69 3,011,220 31.xlo 210.902 17,4451 225.569 3,011,220 31,500 210,902 17.4451 3.471.746 3,471,746 Page18

The HM Tower of London Chapels Royal Foundatton NOTES TO THE FINANCIAL STATEMENTS Fortheyear Ended 31 August2023 18. Analysls of net assèts between funds Icontinuedl Analy$ls of net assets between funds- year ended 31 August 2022 Un￿&trACted funds 2022 Tofral funds 2022 Tangible fixèd assets Fixed asset Investmonts Herilgge assets Current assets Creditors duewithin one year 227,51 7 3,057,558 37.500 226,208 (14,498) 221,511 3,057,558 31,500 226,208 (14,498J 3,528,279 3,528,279 Page19