Charity Te915tratlon nurnber.. 1160859 THE HM TOWER OF LONDON CHAPELS ROYAL FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 mca bUsIn￿ Itd The Amerlcan Barns 8anbury Aoad Llghthorne Warwlck CV35 OAE The HM Tower of London Chapels Royal Foundatlon Contents Pag• Reference and Admlnlstratfve Detalls Trustees, Report Independent Audltor's Report Staternent of Flnanclal Actfvltles StaLeFnent of Flnanclal Posltlon ia Wotes to the Flnanclèl Statements 11-18 The followlng pa9e5 do not form part of the ststutory atceunts.. 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Report For The Year Ended 31 August 2025 The trustees present thelr report and the finèntlal statements for the year ended 31 August 2D25. Objectlves and Actlvltles Alms and Objectives to advance the rellglon of the Church of England by promoting the use of the Chapels as places of publlc rÈllglous worshlp and by supportlng the Ch3plain in the exertlse of hls mlnlstry. -tcr of Muslc Organisl, and a caolr wSth a view to ensurlng that the to pravide a Master of MUs￿c, an Asslstant m8- musical content of servic￿ is of the hlghest qualltyi to advlse and ossi5t the Chaplèln Sn the promotlon of the mission of the Churth of England- and generalw to provlde facllities for the edlfltatlon of those attending publlc rellgious services In the Chapels. to ￿lIeve persons In need who wort< Qr have worked wlthin HM Tower of LDndon and thelr dependents In need. to Co-operate with Historlc Royal Palates and other organlsatlons In the presentatlon of the Chapels to the publlc as places of Trational herltage aTrd historit Interest. to make grants to other Cha￿tleS and to apply fund5 for other tharliable purposes. Signlfitant Actlv5tles Durtng the perfod under revi&w the Foundation provlded aver 125 5Èrvlces In the Chapels. These services Included ryular Sunday servlces and some evenlng sorvlccs Field on feast days, os well as weddlngs and rnemorial servlces. Ill d heart. It has been a busy accounwng year, wlth the usual round of weédlngs, baptlsms. 0￿S1onal servlces and Chrlstmas Carol servltes. Conttrts and other choir activlties have also taken platr. A hlghllght was the use of The Chapel of St Peter ad Vin¢ula far the Spltalflelds Festival for a Spltalflelds Concert. Vlsltor numbers to the thapel rernaln hlgh and the support from HRP and the Yeoman Warders Is appreclated by everyone. Publie Btsnellt When planning activitles for the year, the Chaplaln and the Trustees have considered the Chtrity Commlsslon's guldance on publlc benefit arpd, in particular, the speclftc guldance on charitles for the advancement of rellglon. The servltrs exempllfy faith through prayer and scrlptur&, muslc and sacrament. The maln servlces whlch are held in the Chapels are conducted tlot only For the beneFIt of those who work and Ilve wlthln the Tower of London, and for the regular extra-tnural congregatlons, bul also for the publlc generallyi to facilltate wlde publle partlclpatlon, arr3ngemertts are In place for members of the publlc to be admltted to thÈ Tower of London freÈ of charge If they wish only to attend servlces In the Chapel5. Nearly 3 tnlllion people would normally vlslt the Tnwer of London each year and a substantial number of them vlslt one or both of the Chtpels. In so doing they expedence the Chapels, nor only ès pla￿$ of beauty and gr2at slgnlficance In the history of the natlon, but also as livlllg pla￿$ of worship. Page 2 The HM Tower of London Chapels Royal Foundation Trustees. Report (contlnued) For The Year Ended 31 August 2025 The trtt5tees conflrm that they have complled wfjth the reoulrcments of Section 17 of the Cha￿tIeS Act 2011 to hove due regard to the Charlty Commtsslon's 9uldance on publlc benent, Flnanclal R•¥lèw Flnancllll Posltlon The Foundatlon was establlshed In Marth 2015 but dld not commence operatlng actlvltle5 unt51 Immedlately after the transfer of assets and undertsklngs of the amalgamatlng charfties Dn 31 August 2015. The printlp81 assets a￿U1r¢d by the Foundetlon comprlsed the Ch8pel Plate, Chapel furnlshlngs and bank balances trdn5ferred by the Coullcll Df the ChEtpels Royal wlthln the HM fowEr tsf London and the115ted inve5trnÈnts and bank balantts transferred by the three other amalgamatlng charitie5. 'fhe investments have been rnanaged as a s5ngle portfollo but regard¢d as cornprislno three sub-funds, a Choral Fund, a BenevolÈnt Fund and a Genernl Fund Into whlch specilled proportlon5 of the assets of the amalg8matlng charltles. In aggre9ate the net assets transferred* prlncipèlly compylslng Investments, amounted to some £2.304m whlEh wès recelved by way of donallon from the amalgamatlng ¢h8rltles. Durlng the year from I September 2024 to 31 August 2025, the Incomlng resources amounted to E297,33812024.' £236,690) and outyolng resources to £304,109 12Q124.. £240,205). In additian, unrealised investment portfolltt galns were lrtcurred durlng the year of £56.97fj 12024: £337,780). Re¥èrves Pollcv The Foundation 15 largely rellant on donatlons from those attendlng setwlces In the Chapels and others Includln9 9rawtt maklng bodles vlsltors te HM Tower of London to supplement the investment Income ar15ino on Its listed Investment portfallo held to flnance the provi51on of $¢kvlce5 Withln the Chapels Includlng the cost of the Chaplaill, Master of Muslc and CthoSr. The long-terrn poll¢y Is to èlm to bulld up the Investment portfollD through fundlng secured from addltlonal donations atyj legacles so as to enable the Foundatlon to cover ongolng cperatlng costs wlthout recourse tD cash reserves. At 31 August 2024 the total funds amounted lo £3,856,21612024.. £3,806,011). All funds are unrestrlcted bul have been allocated between des1gnated funds represEnted by tangible and herltage flxed assets of É268,961 12024.. £255,127), an Investment reserve of É3,480,97612024.. £3,424,000} and general reserve5 of £106,279 (2024.. £126,884}. Herlioge assets are a55ets of hlstorlcal Importance held to advance the objectives of the Foundatlon, These assets comprf5e itsms of ceremonlal plate inte9ral to the xtlvltles of the Chapels Royal, and are Included at the valuatlon estlmated to be an approprlate market value. These as5et5 are not depreciated as they are deemed to have Indetemilnate Ilves and a COmparat￿elY hlgh re$ldual value,. regular Impalrment reviews are undertaken. H15torlc Royal Palates dlsplays and provldes day to day care for the Herltage Assets. stry¢tur•* Govem•nco and ManJg•ment Gov•mln# Dofum•nt The Foundatlon wa5 CQll5tituted by deed on 10 March 2015 made jolntly by The Lord ChambeTl8ln, The Constable of Her MaJe5ty'S Tower of Lofidon and The Dean of Her Majesty's Chape15 Royal and became effective on 12 March 2015. the date Df Reglstration by The Charlty Comm1551on of the Fwndatlon as a chartiable Incorporated oryani$8Uon, reglstered number 1160859. The Foundatlon was establlshed to tske over the assets of and undertaklngs then tarrled on by four chorltles 1.the Bmalgamatlng charltle$") operatlng wlthln HM Tower of London -The HM Tower of London Choral Foundatl¢n (Reg. No. 249306), The As50¢1atlon of FrlerK15 of the Chappl Royal wlthiTh Her Nale5ty'5 Tower of London (Reg. No. 2594291, The Constable'$ Fund (RBg.No. 2754531 and The Councll of the Chapels Royal wlthln HM Tower Qf Londcn (Reg.No.1142785). The Trustees of each of the amalgamating chorltle5 resolved on 9 June 2015 to trattsfer to the Foundatlon the assets and undertaklng of the rdevant charlty wlth effect from 31 Auoust 2015 havlng obtoined nÈcÈssary agreement from the Charfty Commlsslon and Subsequently to apply to the Cominl55ton to remove that tharlty from the Central Reglsler of cha￿tIes. The Chapels Royal withln HM Tower cf London (Yhe Cttapets'l comprlse The Chapel Aoyal af St Peter ad Vlnculo The hapel Royal of St John the Evan9ellst. Page 3 The HM Tower of London Chapels Royal Foundation Trustees, Report (contlnued) For The Year Ended 31 August 2025 Tru*tee Select5on M•thod6 The Foundatlon Is govemed by Its members, the Trustees. The eX￿ffle￿O mernbers are The Constable, the Governor and the Chaplaln. In addltlon there are requlred to be no less than two co-epted members who Serve for temis of up to Ihree years, renewable by mutu81 consent. In addldon, the Dean of the Chapels Royal may appolnt a Trustee to se¥ve durlng the pleasure of the Dean. The Found8tlDn meets at least twlce eath ye8r and Ls served by a Secretary. In addltlon. a Chapel Cout￿1 subcommlttee and a Fund RaI51ng sub-cornrnltree have been e5tabllshed whose membershlp Include5 bDth Trustees and otheis. eoth sub-comtnlttees usually me¢l quarterlv. In addltlon to the repDrtlng requlrements of the Charlty Commls$lon, the FouThdotlon reports annually to the Comptroller of the Lord CharnberlaSn's Offl¢e and 9lve5 to the Comptroller such Informatlon wlth reuard to the affalrs of the Foundatltsn as the Comptroller may request, other Xnform•tlon Rlsk MJrt•gem•nt The Trtsstees have a rlsk management strategy whkh comprlses.. an annual revlew of the prlnclpal rlsks urtcertalnttes relevant to the Foundatlon the e5tabll$hment of poJkle$, systems and prccedures to mltlgate the r15k5 Identlfled In the annual revlew the Implementatlon of procedures de$lgned to mlnlmlse or rnonage any potentlal Impatt on the Foundatlon should those rfsks materla112e. nanclal 5U5talnablllty Is the major flnancial rlsk fer the Foundation. A key elèment of the management of flnanclal rlsk Is dose attentlon to cash flows and pmjected oufflows whlle seeklng to secure grants, and voluntary Income includlng legacy pledge5. statsm•nt of Truste￿, R•spon•lbllltl•¥ The trustees are respon51ble fur preparing the Tru5te&%' Report and the flnanclal ststements In accordan￿ wlih appllcable Sow nd Unlted Kingdom Acc¢untlng Standards {Unlted Klfigdom Generally Accepted Accounting Practltt). The law appllcable to charltles In England and Wales requlres the trustees to prepare financlal 5totemEnts for each flnan¢lal year whlch glve a true and falr vlew of the state of affalrs of the chÈrlty and of the Incomlng resources and appllcatlon of resource5 of the charlty for that perlod. In prepartng the linanclbl Statements the trustees are requlred to.. • select sultablE accountlny pollcles and then apply them conslstentlyt • Dbserve the methods and prfndples In the Charlty SORP; make judgments and acceuntlng estlmates that are reasoneble and prudent,. and prepare the financlal statemeDts on the golng concern basls unle55 It15 Inapprop￿ate to presume that the thsrlty villl contlnue In business. The tNstees are respOn￿ble for keeplng adequate Bcceuntlng records whkh dis¢lose wlth reasonable accuracy at anytlme the flnan¢lal posltlon of the charlty and to enable them to ensure that the a¢counts comply wlth the Charliles Act 2011, the Charlues (Accounts and Reports) Regulatlons 2008 and the provlslon5 of the tnjst deed. They are also responslble for safeguardlng the assets of the tharfty and he￿￿ for taklng reasonable steps for the preventlon and detection of fra¥d and other IrregUla￿tIes. The Injstees are rosponslble for the malntenance and Integrlty of the corporate and flnanclal Informatlon Induded on the charlty's webslte, Leglslation In the Unlted Klngdom governlng the preparatlon and dtsseminatltsn of flnanclal ststements may dlffer from leglslayan In other Jurisdlctlons. Pa9e 4 The HM Tower of London Chapels Royal Foundatlon Trustees, Report (contlnued) For The Year Ended 31 August 2025 The trustee5' report was approved by Ihe boord of trustees and slgned ofi its behalf by.. General Slr Gordon Messenger KCB DSO* QBE DL, Covstsble Trustee Date £7 M loL6 Page 5 Independent Auditor'5 Report to the Members of The HM Tower of London Chapels Royal Foundation Oplnlon We hav¢ audlted the flnanclal statements of The HM Tower of London Chapels Royal Foundatlon Ithe'charity") for the year ended 31 August 2025 whlth comprlse the StotEment of Financlal Attlvltles Ilncludlng Income and EXpenLtItu￿ Accounti, Statement Df Flnanclal Posltllln and the related notes, Includlng a summary of 5igniflcant aecountlng pollcies. The finan¢lal reportlng framework that has been applled In the*r preparatlon Is appllcable law and Unlted Klngdom Aitountlng Standard5 Iunlled Klngdorn Generally Accepted Atcountlng Practlee), Includlng FRS 102 'Yhe Flnancial Reportlng Standard appllcable In the UK and Republlc of Ireland" In our oplnlon the fSnan¢lal statements: give a tnje and falr vlew or the state of the charlty's affalrs as at 31 August 2025 and of Its Incomlng resources znd appllcatlon of resources, for the year then ended.. have been properly prepared In accordantr with Unlted KlngdDm Genernlly Accepted Ac¢ounUng Practlce. and have been prepared In accordance wlth the requireTnent5 of the Charftles Act 2011. Basls for Oplnlon We conducted our audlt In ac¢ord8nce wlth Internatlonal Stafidords on Audltlng IUKI (ISAS {UK)) and appllcable low. Our rÈsponslbllltle5 under those standards are further de5crlbed In the AudStor's re5ponslbllltles for the audlt of the finonclal statements sectlon of our report. We are Independent of the charlty In accordance wlth the ethlEal requlrements that are relevant to our oudit of the flnancial statements in the UK, 5ncludlng the FRtrs Ethl¢al Standard, and we hawe fulfilled Dur other ethlcal responslbllltles In acurdance wlth these requlrements. We belleve that the audlt evldence we have obtalned Is sufficlent and opproprlate to provlde a basls tor our oplnlon. Conduslons Relatlng to Golng Concern In audltlny the flnanclal statements, we have concluded that the trustees, use of the golnu concern basls of accounting In the preparatlon of the flnanclal statements Is approprlat¢. Based orF the work we have performed, we have not Identlfled any materlal unttrtainties relatlng to events or condltltrns that, ndlvldually or collectlvely. may cast slgnlficant doubt on the charlty's ablllty to continue a5 a golng con￿rn for a period of at least 12 moDth$ from when the flnanclal statements are author4sed for Issue. Our responslbllltle5 and the reSpon￿blIst￿eS of the trustees w5th respett to golng concern are descrlbed In the relevant sectk•ns of th15 report, Oth•r Xnformatl•n The other Informatlon comprlse5 the Information Inclvded In the annual report, other than the finandal statements and our udltovs report thereon. The trustÈes are responsible for the other infarmation contained wlthin the annual report. Our oplnlDn on the flnandal statements does not cover the other Inforrnation and we do not express any fDrm of assurance concluslon thereon, In connectlon wlth our audit of the flnancla5 statements, our responsibllity Is to reèd the other Informauon and, In dolng so, cofisider whether the other Informatlon Is materlally IncorEslstent wlth the flnènclal statements or our knowledge obtalned In the audlt or otherwise appears to be materlally rnlsstated. If we Identlfy such materlal In¢onslstencles or apparent materlal tnlsstatements, we are requlred to determlne whether this ghves rlse to 2 material mlsstatement In the flnanclal Statements themselves. If, based on the work we have performed, we conclude that there Is a materlal mlsstaternellt tsf th1s other Inlormatlon, we are requ1red to report that fact We have nothlng to report In thls regard. Matters on Whlch We Are Requlred to R•port by Exceptlon We have nothlng to report In respect of the followlng matters In relatloft to whlch the Charltles (Accovnts 3nd Rept>rts) Regulatlolls 2D08 requlre us to report to you If, In our opinlon.. the Informatlon glven In the Tru$tees' Report Is Snconslstert In arTry mSte￿al respect wlth the fina￿la1 statements: or s￿ffIcIent accountlng ￿COrdS havÈ not been kept,. or the financl¥l statement5 are ntrt In agreement wlth the accountlng records or returns.. or we hawe not recelved èll the Informatlon and explanatlons we requlre for our audlL Page 6 Independent Auditor's Report (continued) to the Members of The HM Tower of London Chapels Royal Foundatlon Resppnslbllltles of Trvst*eb As explalned more fully In the Trustees, Responslbllltles St8tement set out on page 2-5, the trustees are re5ponslble for the preparatlon of the flnonclal statements and for being satlsfied that they glve a true and falr vlew, and for such Internal control as the trustees determSne Is necessary lo enable the preparatlon of flnanclal statements that are free from m8tsrlal m155tstement whether due to fraud or error. In preparfng the flnanclal statements, the trustees are responslble for asse551ny the charlty'$ abS11ty to contlnue as a golng CDncern, d15closlng J as appllcable, matters rel3ted ta golng concern and uslng the golng concern basls of accounilng unless the triJstee5 elther tntend ts> Ilquldate the charlty or to ceas¢ operatlons, or have no reBllstlc altematlve but to dD SO. AudltoW4 Respon¥lbllltl*# t•r the Audlt of th• Flnpncl•l Stat•ments We have been appolnted as auditor under 5ectlDn 145 of the Ch4rltles Aet 2011 and Yeport In accordan￿ wlth the Act and relevant regulatlons made or h8ving effect thereunder. Our objective5 are to obtaln reasonable assurance about whether the flnanclal statements as a whole are free from matertal mlsstatement, whether due to fraud or error, a￿d to lsstse an èudltOT'S report that includes aur oplnlon. Reasonable assurance 15 a hlgh level of assurance, but Is not a guarantee that an audlt conducted In accordance wlth ISAS (UK) wlll always detect a material tnlsstatement kvhen It exlsts. Mlsslatements can arlse from fraud or error and are consldered materlal if. Indlviduallv or in the aggregate, they cauld r¢asonably be expected to Influence the economi¢ declslons of users taken on the basls tsf these linBncial staternents. The extent to whlch our procedures are capable ot detecNng 1rregularf￿eS, Includlng fraud Is detalled below.. The engagement partner ensured that the engagernent t￿rn colledively had the approprlate ccrnpetence, tapabllltie5 and skllls to Identlfy or recognlse noTh.compllante wlth the appllcable laws and regulatlons, We assessed the 5Uscepllblllty of the charily's financlal statements to materlal mlssÈatemenL Includlng obtalnlng an derstandln9 of how fraud mlght occur, by.. Maklng enqulrles of management as to vthere they consldered there was suscep￿b1l1ty to fraud, thelr knowledge of attual, Suspected and alleged frèud,. and Conslderlng the internal ¢ontrols In pjace tts mltlgate rL8ks cf fraud and non-m flnanclal transactions, the less Ilk¢ly It Is that we would become aware of non.compllance. Audltlng standards also 1Smlt the udlt procedures required to Identlfy f¢on-cornpll8nce wlth laws and regularions io enqulry of the trustees and other manByetnent. Materia5 rrslsstatements that arise due to fraud can be harder to detect than those that arSse from error as thèy may involve dellberdte conceèlrnent or colluslon. As part of an audlt In accordar￿ wlth lSAs ILSK), we exerclse prolesslonal Ivdg¢m¢nt and malntain professlonal sceptltl$m throughout the 8udll. We olso.. Identlfy and a$gess the rlsks of rnoterlal mtsstatement of Ihe flnanclal statements. whether due to fraud or error, deslgn and perform audSt procedures responslve to those rlsks, and obtaln audit evldence that 15 sufflclent and pproprlote to provliEe a basls for our oplnlDn. The r¢sk of llDt detertlng a material Fn15St8tEment resulttng from fraud Is hlgher than for one ￿SuIt￿n9 from error, as fraud may Involve colluslon, forgeryi Intentlonal omlsslons, mlsrepresentaUon$, or the overrlde of Intemal control. Obtsin an understandlng of internal control relevant to the audlt Sn order to deslgn audlt procedures that are approprlate In the clrcum5tance5, but not for the purpose of expresslng an oplnlon on the effectfveness of the tharlty's Internal control, Evaluats the appTopriareness Of accountlng polldes used 3nd the reasonableness of a¢countlng estlmate5 and related dls¢105ure5 made by the trustees. ..cowriNUED Page 7 - )*+,-./01�3415.6178,9:;<41�=.>�?@4�)*ABC�DE�-@4�FG6H6I,HJ�K-H-4L46M1�NO.6PQ6*4A� RSTUVWXYZ�TU�\]Z�^_`aT_bc^dZeZfg�Th�\iZ�\jkf\ZZf�lfZ�Tm�\iZ�nToen�pTeqZrs�t^fuf�Tv�^qqTwedxyn�^eYz�{^fZY�Te�|]Z�^}Yx\ Z~YZeVZ�Tt|^eZ€�‚]Zƒ„Z…�^�†^\Z‡ˆ^‰�}eqZŠ‹^xe\Œ�Zf|f�bZŽ^|ZY�|T�ZZy\g�T�qTeY‘’Tyg�ƒ„^ƒ�“^Œ�”^f\�fnevu•^ed YT–t\�Te�\iZ�p]^j—ƒŒ˜g�^{™WxšŒ�›T�pTe›œeXZ�^f�^�nT—n�qTyVZžyŸ� ¡�‚Z�VTeV¢–YZ�\i^ƒ�^�“^\Zr^‰�£ypZ¤^edŒ�Z¥g\g¦�‚Z�^jZ §Z¨©ªbZ€�dT�Y«^‚�^ƒƒZedxTe�oe�Tlb�¬Z`TŠ­�T®�›]Z�¯°Y\T±f�\T�\„Z�±Z²^|ZY�Ygp³Tg}±Zg�´y�d„Z�µ¶e^eq·^¸�f\^dZ¹Ze|g�Tº»�ov�g–qi €ˆfq¼Tg°±Zf�^bZ�e^YZ½X^dZ¾�\T�¿T€ÀÁŒ�T–Â�T_ÃuTeÄ�ÅÆb�ÇTeVWXfTeg�^jZ�t^fZY�Te�\iZ�^Ȁd�ZuYZyVZ�TÉ|^eZ€�}_�|T \„Z�Y^\Z�Tv�T–Ê�ËZ`T±­�Tv�̄Z�¯X€’\TÍfÎ�ÏT‚ZÐZÑÒ�µÓ|l±Z�ZZe\f�T±�qTÔY|ÕTUg�Ö^Œ�×^XfZ�؄Z�Vi^Ù‹Œ�ÚT�pZ^gZ�ƒT VTe\oy}Z�^f�^�nT¶en�pTyqZÛeÜ - Rݏ^WX^|Z�d„Z�T~Zb^Þß�_aZfZe\^ÌTyà�fdá–p\}±Z�^â€�qTedZyƒ�Tv�ÌiZ�ãU^epu^‰�f|^dZäZe|gå�ep¼}Yen�Yufæ‰Tfk±Zgç�^eY ‚„Z|„Zè�|]Z�éêâ^epë^‰�fƒ^|ZìZy\f�jZ`bZgZyí�̄Z�îUïZjðŒyñ�ƒr^yf^V\òTyg�^yY�ZÐZóÌg�ôe�^�“^õeZ±�|„^\�^p„uZZg�µ^—ö _±ZfZyƒ^\xTU÷ - øZ�YZùueZ�¹^\Zú¶^ûü\Œ�^g�ƒiZ�¹^ýeoþÿ€Z�T��¹gg\^dZ¹Ze�e�d„Z�¶e^eqo^²�\^Z¹Ze|f�Ú^\�“^Zg�d�T^Z�ƒi^\�|]Z�ZpTeT¹—q� €ZVfTg�Tv�^�rZ^fTy^{¼Œ�yT‚ZYnZ^t‰Z�ZbgTU�‚T}Y�tZ�pi^nZY�Tb�yé}ZeVZY�øZ�gZ� ƒZbW�T\�e�_^UUen�^UY�uU� |]Z�fpT`Z�T�T}!�^ÓY—"�‚Tb�^UY�#�ZÐ$‰}^\%en�|&Z�'Zf()‹g�Tv�T}r�‚TbÎ� øZ�pT†¹}UxV^dZ�‚‘i�\iTgZ�p^rnZY�*|]�nTÐZ+e^â×Z�jZn^,Yen-�^.Ten�Tƒ]Z/�0^Ì\Zjg1�\„Z�_W^eeZ€�gpT_Z�^yY�\“en�Tv�\„Z� ^2Y3Ì�^e€�g4ny56p^Ud�^}€FGI\�éxeY7Unf8�9epWÓYen�^yŒ�g:nyµuV^U\�€Zùq;ZeVy|ZrU^W�æT?@bTW�\„^\�‚Z�AYZy\�Œ�€l±Ben�T}±�^–Y4dÎ� ¯�v°CiZ±�YZgpjD_›ETe� Tlj�IZg`Tegɗ‰—|Zf�éTJ�\Z�^ÓYKƒ�Tv�\LZ�Me^eqN^¸�fƒ^\Z.ZeOg�·f�WTp^\Z€�Te�|]Z�P·e^ep^¼�QZ_TR‘eS� TT}eqWUg�‚ZVgK\Z�‚‚‚WµjpXT±nÎ}Y^}€ZdT±g±ZfTef[{‰udZf\�]„xg�€ZfVb’_\xTe�mTj^f�_^r�T_�T–`�^XY6aTjbg�«Z`T±|c� id„Z�v-e4fe^eq^�LHgj4�f|^\Zh1�.Ze\f�Tk�\iZ�qi^blmŒ�MTb�ƒiZ�nZ^±�Zy€Z€�opfd�¯XnÓg�qrstu�‚ZrZ�UT|�^}Y·dZYv�øZ�^ÐZ�Tt\^uyZY�f}wxpZUd� ^`_±T`yo^|Z�^}€’d�Z~€ZzqZ�Te�\„Z�pT“`^{^|Zg�_bZfZe›ZY�y�\]Z�v|^e×^‰�g|^|Z¿Zedf�h}r�^~W�ì^ƒZb^‰�\ZìgÒ�oy�^ppT±Y^e×Z� ‚x\�diZ�€y\ZjU^Te^¼�‚ƒ^eY^±Yg�Tƒ�¯}Yud6Un�„…¯f†‡�Å}±�^–€|�T`UTe�Te�|„Z�ˆ¶y^equ^‰�g›^|Z¿ZUƒf�vTb�diZ�ŒZ^‰�‚^g�|]Z±Z®TrZ� Še¹TYv¶ZYX� ‘‹]g�14�’dŒZ`T�ŽfJ“�uf��34”^€Z�fT.�•Z–Œ�\T�ƒiZ�Vi^jx­Œ—g�Ìb˜gdZZg™�^f�^�tTYš›�êe�^×qTbY^œqZ�‚̄�^±ƒ�ž�Tv�|iZ�Ÿ]^bƒ¶Zf�¯××TXU|g�^¡€� ¢Z`Tj\g£�QZnӉ^|¤Tyf�¥¦¦§Î�Å}ö�^lYd�‚T±�^f�tZZU�°eYZ{^¨Ze�fT�\i^d�‚Z�“©n„d�f\^dZ�|T�|„Z�p„^a\Œªf�db°g\ZZg�\TfZ� †^\|Zjf�ƒ„^d�‚Z�^bZ�rZ«¬oRZY�\T�g\^ƒZ�\T�\­Z“�®e�^U�^}Y\Tb¯g�±Z_T°�^eY�ƒTŠ�yT�Tm„Zj�`Ób±TgZÎ�²T�ƒ]Z�³}WWZg´�Zµ\Zy|�_Z±¶·|dZY� VŒ�û^‚¸�‚Z�YT�eTd�^VqZ`Ì�Tr�^ff}“Z�±Zg_TygÉ·mŒ�|T�^eŒTeZ�Tƒ]Z±�|i^e�\„Z�Vi^±\Œ�^eY�\iZ�qi^ruÚn—g�\jÓgÌZZf�^f�^�tT€Œ¹�ºj� T»b�^ŠYd�‚Tb¼�hTr�½„g�±Z¾T¿¸�TI� Àj�d„Z�T`eTef�‚Z�Á^ÂZ�5TjZYÃ� Ú� - ìVÛ�Ü^et}±Œ�ݓ€� ÈÉÊËÌÍÎÏÐÑÈÈÒÊÊÊÓÔÕÖ×Ø Þ^ƒZ�rtYrßYqrqß ¹p^�à^et°±Œ�á|Y� Ù â„^j|ZÍZ€�¯ppT}e|^ã|g�^eY�äZn·g\Z±ZY�¯X€\Tjg� å„Z�¯¹Zrp^e�æ^bef¸�æ^yt}§Œ�çT^€� èén]diT±eZ¸�ø^j‚p� ø^±‚Vg„±Z� âêëì�í¯î� - ÄÅIÇI ï^nð�ñ� The HM Tower of London Chapels Royal Foundatlon Statement of Financlal Actlvltles For The Year Ended 31 August 2025 2025 2024 Unr¢strlrt•d IPnrnJtrlcted nd* funds Notes INCOME AND ENDOWm£f￿Tr FRON: Donauons and legade5 Q*arltable activltles 144,052 58,B50 94,436 75,359 64,202 97,129 Investments 297,338 236,690 EXPENDITURE ON: Ralslng funt1$ harltsble aCtIv￿leS 19711 1303,1381 30 (240,235) 1304,109) 16,771) 56,976 (240,205) NET expENDITURE BEPORE XNVESTMENT LOSSES Net galn$ on Investments 13,5151 337,700 NET EXPEt4DXTURE SO,20S 334,265 NET MOVEMENTIN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward 50,2D5 334.265 3,806,011 3,471,746 TOTAL PVNDS CARRIED PORWARD 19 3,656,216 3,806.011 The notes Dn page5 11 to IB form part of these flnanclal st8t¢ments. Page 9 The HM Tower of London Chapels Royal Foundatlon statement of Flnanclal Po$ltlon As At 31 August 2025 2025 2024 Unrestrlctod fur*d• Total lurtd• Not•• FIXED ASSETS Tanglble Assets erftage Assets Inve51ments 13 237,461 223,627 31,500 31,500 3,480,976 3,424,000 14 3,749,937 3.679,127 CURRENT ASSETS Debtors Cash at b4nk and In hand ifj 23,812 126.306 32,093 103,736 150,118 135,829 Credltora: Amoun1• F•lllng Due Wlthln Ono Year 17 (43,8391 (B,945) NET CURRENT ASSETS {LIABZUTIE5) 106,279 126,884 TOTAL ASSETS LESS CURRENT LIABILITIES 3,856,216 3,806,011 NET ASSETS 3,856,216 3,8D6,011 FIINDS OF THE CTrIARXTY Unresirlcted Funds 3,856,216 3,806,011 YOYAL FUNDS 19 3,856,216 3,806,OLI On behalf of the board General Slr Gordon M4ssenger Kce DSO* QBE DL Con5table Trustee Date L7 Kl Wo? The note5 on pttges 11 to IB lorm part csf these flnanclal statements. Page 10 The HM Tower of London Chapels Royal Foundatlon Notes to the Flnanclal Statements For The Year Ended 31 August 2025 l. General Inform•tlon The HM Tower of London Chapels Royal Foundatlon Is a Charltable Incorporated Organkstlon (CIO) reglstered wlth the Charlty Comrn1551on, reglstered charfty number 1160859. The prlndpal addres515 1 Tower Green, HM Tower of London, London, EC3N 4AB. The presentatlon currency of the flnonclal statements b the Pound Sterllng {£). All monetary amount5 ale rounded to the nearest pound. 2. Statement oe Compllanc• The flnanclèl ststements have been prepared In accordance wlth the Ch8r4tles SORP IFRS 102} 'kcountlng and Reportlng by Charltles.. Statement of RE¢ommended praC￿ce appllcable to charltle5 preparing thelr accounts In accordance wlth the Flnancial Reportin9 stsndard applicable in the UK and Republlc of Irelan(f (FRS ID21 lelfectlve l Jonuary 20191. Financial Reportlng Standard 102"The Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland and the Charltles Act 2011. 3. Accountlng Poll¢les 3.1. Ba%ls of Pr¢paratlon of Flnwnclal St•trm•nts The f¢nanclal statements have been prepared Und￿ the hlstorlcal cost conver¢tion, The tharlty Is a Publ1¢ Beneflt Entlty as deflned by FRS 102. 3.2. fund Ar¢ountlTrg Unrestr4cted funds can be used In attordance wlth the eharltable oblectlves at the dlscretlon of the trustee5. Deslgnated funds comprlse unresttlcted funds that have been set a51de by the trustees for a spedflc purpose. Restrlcted fu¥¥J5 are to be Èssed for speclflc purposes as lald down by the donor. Further explanation of the nature and purpose of each fund Is Included In the notes to the flnanclal statements. 3.3. Incomlng Resource• All IncoFne 1$ iecegn15ed once the charlty has entitlement to the Income, It Is probable that the Income WUI be retelved and the amount ef Incorne recelvable can be measured rellably. Donallons are reco9ni5ed when the Foundatlon has recelved or been notlfied of both the amount and the date of receipt. Legary gifts are rÈcognlsed on a case by casÈ basls following the grant ef probate when the Foundauon has been notmed of the arnDunt and the settlement date, Interest and d1vidend5 are recounlsed when reCe￿vable. for Interest thls 1s norrnally on notIfiCat￿On by the bank and for dlvidends on notiftcation by the Investment m3Bager. Intome from Cholr fees, Concerts and Chapel Charg￿ Is recognlsod following the event lor whleh the fees or charges have been rnade. Income tax recoverable In relatloFt to donaUons re￿￿¥& under Glft Ald or deeds of covenant Is recognlsed ot the tlme f the donlltlon. Other Intome Is rttognlsed In the perlod In wh1ch It Is recelvable and to the extent the goods have been provlded or on completlon of the servSce. Page 11 The HM Tower of London Chapels Royal Foundatlon Notes to the Flnanclal Statements {contlnued) For The Year Ended 31 August 2025 3.4. R4*ourees Expended Expendlture15 8CCOUnted for on an 8ccnJals bas15 and has been Included under expense eategorles that aggregate all osts for allot8￿￿￿ tu actlvltles. Where tosts cènnot be dlrectly attrlbuted to partlcular actlvltles they have been alloEated on a basls conslstent with the use of the resources. Fundra551ng cests are those Incurred In seeklng voluntsry contrlbutlon$ and do not Indude the costs of dlssemlnatlng Information In support of the charitable actlvltle$. Support costs are those costs Incurred dlrectly In support of expendlture on the eblect5 of the charSly. Governance costs Bre those incurred In connectlon wlth admlnlstrallon of the charlly and compllance wlth constltutlonal and statutory requlrernent5. Costs of 92nernUng ftsnds are cosis Incurred In aitrattlng voluntary Income, and those Incurrel in tradlng actlvlties that ralse funds. Grants payable are charged Sn the yè8r when the offer is mad* except In those Eases the offerls condltion31, Such grants belng recognlsed a5 expendlture when the condltlons attachln9 are fulfllled. Grants offered subject ta condltlons which have not been met at the year end are t￿ted as a comrn1trnent, but not accrued as eKpendlture. 3.5. Tanglbl• Flx•d A#set• Jnd Depr•¢l•tl•n The Muslc Ubraryi Blble, Hlgh Altar Set and Lectern are Inrluded at cost or valuatlon if lower. The resldual value of these è55ets Is deemed to be slmllar to the lower of cost or vèlu3tian and accordlngly no depredatlon Is charged. The Muslc L1brory, the Blble, Hlgh Altar Set and Lectern ar¢ revlewed annually far evldence of any reduction In net reallsoble value. The wrllten down value of othev tanglble flxed a55ets Is revlewed when events or clrcumstances indltate tho wrtten down value rnay not be recoverat>le, Thnglble flxed assets are ststed at C05t less depre£lètlon. Depreclatlon Is provlded at rates calculated to wrlte off the cost of flxed assets, IESS thelr estlmated res4dual value, over thelr expected useful Ilves on the followlng bose5-. Rehearsol organ - 10 Years Computer equipment - 3 Years Vestments and chapel cloths- 15 Years 3.6. Herltage A*y*ts Herltage ossets are Included at market value whlch Is revlewed annually for eVIden￿ of any reductlon In net reall$able vakne. Herltoge assets are deemed to have a hlgh reslduBI value and accordlngly no depreclatlon Is charged, 3.7. Inv•otm•nr8 Flxed asset Investments are a form of flnancial instrutnent and are initially reco9nised at thelr tr3nsaction cost and subseqyentty measured at fair value at the Balance Sheet date, untess falr value cannot be measured reliably In whlch case It Is measured at cost less Impalrment. Investment galns and Ios5e5, whether reillsed or unreallsed, are COFnblned an4 shown In the headlng 'Gainsl{105sesl on Investrnents, in the Statement of Flnanclal Attlvltles. 3,8. C••h Und C•¢h Equlvilents Cash and cash eqvlvalents are baslc financlal assets and include cash In hand and deposlts held at call wlth banks, other short-term hlghly liquld Investments that mature In no more than three rnonths from the date ef a￿Ul$l￿On and are readlly convertlble to a known amount of cash wlth Inslgnlflt8nt rlsk of change In value, and bank overdrafts. 3.9, Flnu¢lal lmtruments The Charlty only has flnènclal assets and nnancial liabllltles of a k1nd that qualify as b6slc flnanclal Instruments. Basic financlal Instruments are Ir¢ltlally recognlsed at transactlon value and subsequently tneasured at thelr settlernent value. 4. xM￿M0 from Donatlonj and L•gacl•• 2025 2024 Unrestrlc￿d Unr•strl¢t•d lunds fund• Dortatlons ar>d ulfts 144,052 75,359 Page 12 The HM Tower of London Chapels Royal Foundation Notes to the Flnanclal Statements (contlnued) For The Year Ended 31 August 2025 5. Th¢ome from ChDrltabk Artlvltl•s 2025 2024 Unr¢*trlcted Unre5tr1ct funds lunds Chapel ond Cholr fees 58,850 64,202 6. Znvestm¢nt Income 2025 21114 UnreBtrlcted Unr¢&trlrted funds fund¥ Bank Inlere5t recelvable Dlvldends from I￿VestmentS 2,189 92,247 2,680 94,449 94,436 97,129 7. N*t In¢omel(EKPeb)dltur•l The net In¢ome Is statEd after charglnglluedltlng}.' 2025 Z024 Depre¢latton of tanglble fixed assets- owned 1,942 1,942 8. An•ly•l$ of EXpendI￿ra 2025 ActlvAI undertakEn dlre£tlv Support costs 15eÈ note 9) Total Ralslng fvnds Chapel and Cholr fees 971 971 303,138 J03,138 971 303,138 304,109 2024 Artlvltl•s und•rtaken dlroctly Gr•nt ndlng of •¢tlvltleJ Supp•rt co$ts (see note 91 Totpl Ralslng funds Chapel and Cholr fee5 (30) 1301 240,235 6,373 233,862 1301 6.373 233,862 240,205 Pa9e 13 The HM Tower of London Chapels Royal Foundation Notes to the Flnancial Statements (contlnued) For The Year Ended 31 August 2025 9. Support Co•t• 2025 Ch•p¢l and Cholr f*e• Employee cB5ts'. Wages and salarles Trustees. salarles Truslees. NI Trustees. pen5Ion - defined contrtbutlon xhemes General admlnlstratloB'. Charitable donation5 other costs 7,713 12,372 779 184 101,750 10,089 ILO,112 923 Cholr Fee$ Muslc Expenses Master ef rnuslc fees Depreclatlon.. Depreclatio Governance costs.. 52,544 1,942 Accountancy fee$ 4,730 303,138 2024 Chap*l and Cholr fee• Employee costs.. Wages and salarles T￿￿tee$, salarles Trustee5' Nl Tr￿tees, penslon - deflned contrlbutlon Schemes General admlnlstratlon.. other costs 7,046 13,267 308 220 28,698 X56,261 1,073 22,347 Cholr Fees Musk ExpÈnse5 Master of muslc fees D¢preclatlon'. Depreclatlo Governanc¢ costs- Accountancy fees 1,942 2,700 233,862 Page 14 The HM Tower of London Chapels Royal Foundation Notes to the FÉnanclal Stataments (continued) For The Year Ended 31 August 2025 10. AudltDr'• Remuner•tlr*n RemuneratlDn re￿IVed by the charlty's audltors and thelr assodates durlng the year was as fr•llows: 2025 2024 Audlt Ser¥lco• Audlt of Lhe company'5 fin8nclal statements 2.880 Olher Setvlca6 other assurance setvlces other non-audlt serVI￿S 2,700 288 1,824 1,824 2,988 11. Stsff C051• Staff c¢sts were 4$ follows,. 202S 2024 Wages and salarle$ Soclal securlty costs Other penslon costs 20,085 779 20,313 308 220 21,048 20,841 No employee$ retelved employee beneflts (excludlng employer penslon costs) for the reportlng perfod of more than £60.QOO. 12. Av*rag¢ Number of Employe•* Avera9e riumber of employee5 durlng the year was.. 1212024., 71 13. T•nBlble Assets Lvnd th property Mu81¢ Llbr•ry Blbl• Hlgh altar Ve•tments church dothi A5 at I Septernber 2D24 Addltlons 3S,000 2,430 159,600 11,583 A5 at 31 August 2025 35,000 2.430 159,600 IJ,5B3 D•pr•clatlon A5 at I September 2024 Provlded durlng the PEriod A$ at 31 August 2025 1,942 1,942 3.884 N•t Book Value As at 31 August 2025 35,000 2,430 159,600 7,699 As at I September 2024 35,000 2,43Q 159,600 9,641 Page 15 The HM Tower of London Chapels Royal Foundation Notes to the Financlal Statements (¢ontlnued) For The Year Ended 31 August 2025 Equlpment, flxture5 & rittlng5 Totol Cost A5 at I September 2024 Addltions 16,956 15,776 225,569 15,776 As at 31 August 2025 32,732 241,345 Depre¢latlon Ns at I Septetnber 2024 Pmlded durlno the pertod 1,942 1,942 As at 31 August 2025 3,884 N•t Book Vmlue As at 31 August 2025 32,732 237.461 A5 at I S2ptember 2024 16,956 223,627 14. Herltag• Assots Gold Plat• Cost As at I Sept￿ber 2024 A5 at 31 August 2025 31,5DO 31,500 N•t Book VDlue A8 at 31 August 2025 31.500 As at i September 2024 31,500 The Herltsge A$5ets cotnprlsÈ Iterns of gold plate datlng back the 16th and 17th centuries and arE held at market value. These Items are of slgnlflcant hlstorlcal Itpportantt and are held by Ihe tharlty to advance Its obJective5. IS. Inv•stm•nts Llsted Co*t or Valuatlon A5 at I September 2024 Revaluatlons 3,424,000 56,976 As at 31 August 2025 3,480,976 Provl•lon As at I September 2024 As at 31 August 2025 Net Book V•lu As at 31 August 2025 3,4bO,976 As at I September 2D24 3,424,000 Page 16 The HM Tower of London Chapels Royal Foundatlon Notes to the Flnancial Statements (contlnued) For The Year Ended 31 August 2025 2025 2014 Equltles Property FSxed Income Alternatlve Investments Llquld Assets 392,49B 2,502,272 A30,210 417,352 38,644 2,548,842 120,302 407,109 271,332 76,41S 3,480,976 3h24,000 16. Debtor• 2025 2024 wlthln one other debtors 23,812 32,093 17. Crndltors: Amount$ F•lllng Dut Wlthln One Yeor 2025 2014 Trade credltors Taxatlon and socfjal seLTJrlty Accruals ano deferred Income 3,647 2,624 2.674 43,839 43,839 8,945 18. Penilon CoThmltm•nts The charfty operate5 8 deflned contrfbuVon penslon scheme. The 455ets of the scheme are held separately from those or the Charlty In an Independently admlnlstered fund. Durlng the yeèr the charge to the ststement of flnandal actlvltles In respect of deflned contrlbutlon schemes wa5 EIB412024.. £220). At the statement of financlal position date contrlbvUons of £NIL were to the fund ond are Included In credltors. 19. Mov•mont In Fundq Septemb 2024 Asat31 August 2025 Income Expandltur• Tran•fer• Unrestrlcted tunds General: Gener&1 unre5trlcted fund Deslgnated: De$5gnated Fund 126,884 205,091 1301.1971 75,501 106.279 3.679,127 92,247 54,064 (75,5011 3.749,937 Total unr•rtrlct¢d funds 3,B06,011 297,338 1247.133) 3,856,216 Total fund• 3,806,011 297,33B 1247,133) 3,856,216 Page 17 The HM Tower of London Chapels Royal Foundation Notes to the Financlal Statements (contlnued} For The Year Ended 31 August 2025 Asati September 2023 As•t31 Trènsl¢M AUg￿t 2024 In¢•me Exp•ndlture Llnr•strlcled fund• General., General unre$lrlcted fund Deslgnated.. Deslgnated Fund 203,457 142,241 {236,293) 19,479 126,884 3.268,289 94,449 335,868 {19,4791 3,679,127 Totsl unr*strlcted fund• 3.471.746 236,690 97,575 3,806.011 Yotal f¥nd* 3,471,746 236,690 97,575 3.806,011 20. Tr•n8artlon• wlth Tru*tee• The followlng trustees have been pald remuneratlon or hBve recelved other beneffts frorn the charlty or related entity.. Legal authorlty R•muneratlon 2025 Total N•me of tru&t*• Contrlbutlon• Governln9 document provlslon Reverend Roger Hall MBE 13,151 184 13,335 Durlfig the prevlous year the followlng trusieey have been pald remuneratk)n or have recelved other beneflts from the charfty or a related ent4ty'. N4me ol tru$t•• Leyl authorlty Rqmun*rallon Pension ContrlbutlonA 2024 Totsl Governln9 document prov15ion Reverend Roger Hall MBE 13,575 220 13,795 Durlng the year the expertses relmbursed to the trustees or pald dlrectly to thlrd partle5 were as follows.. ZOZ5 2024 Travel 392 62 21. Rel•ted P•rty Dlsclosures DuAng the year. the chadty pald £100.098 12024: É100) to Hlstorlc Royal Palaces, a chèrily connected to trustees Df the ch3rW. for the provl$ioft of servlce5 and donatlng to major development work5 . The charlty also received Income of £16,842 {2024.' £10,740) frDtn the same retsted party In respect of Carol &eNices . The tr4ll5actlon$ were undertaken on nornial commerclal terrn5. No balanc￿ were outstandlng at the balance sheet date. Page 18 The HM Tower of London Chapels Royal Foundation Detalled Statement of Flnanclal Activltles For The Year Ended 31 August 2025 2025 1024 Totrl tund* Totsl nds INCOME AND ENDOWMENTS FROM: Donatlons and Itycl Donadons and girts 144,Q52 75,359 144,052 75,359 ChJrltable Actlvltle%- Chwpel and Cholr fees Incvme from charltable actIvI￿eS 58,850 64,202 58,850 64,202 Inve%tmont8 Investment Income 92,247 2,189 94,449 2,680 Lnt¢re5t reTrlvable 94,436 97,129 297,338 236.690 EXPENDITURE ON: Ralslng funds AdmlnlstrBYon of the Investsnents 15711 30 (9711 30 ChaTlt*bl* Actl¥ltles: Chapel and Cholr fe Grants to institsE￿O￿$ Wage5 and salarte5 Trustees, salarles Trustees, NI Trustees, pen51on - defined contrlbutlon schemes Chirltable donptlons other costs 16,3731 17.0461 (13,267) (308) (220) 17,713) 112,372) 17791 (184) {lQl,7501 110,089} (110,112) (923) (52,544) 11,942) 14,7301 128,698) (156,2611 {1,073) (22,347) 11,9421 12,7001 Cholr Fees Mu51c Expenses Master ¢f muslc fees Depreclation Accountancy fees {303,1381 1240,235) 1240,205) (304,1091 NET EXPENDITURE BEFORE XNVESTMENT LOSSES N•t galns on Inv¢$trn•nt* (6,7711 13,515) Surplus on revaluatlon of Investment5 56,976 337,780 S6,976 337,780 NET INCOME 5D,205 334,265 Page 19 The HM Tower of London Chapels Royal Foundation Detailed Staternent of Flnanclal Actlvltles (contlnued) For The Year Ended 31 August 2025 Page 20