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 apprȢialed 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**<br>**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