## The Order of the British Empire Chapel Fund **Annual Trustees’ Report Period: 1[st] April 2020 – 31[st] March 2021** Charity Number: 208077 ## **Reference and Administration** ## **Trustees** The Right Reverend and Right Honourable Dame Sarah Mullally DBE - Prelate Lieutenant General Sir Robert Fulton KBE - King of Arms Dr Simon Case CVO - Secretary The Very Reverend Dr David Ison - Dean Dame Amelia Fawcett, DBE, CVO - Lady Usher of the Purple Rod Lieutenant Colonel Stephen Segrave - Registrar ## **Principal Office** Central Chancery of the Orders of Knighthood St James’s Palace London SW1A 1BH ## **Structure and Governance** The Trust is a registered charity, number 208077, and is constituted under a Declaration of Trust dated 9[th] April 1957. ## **Objects** - _a. to provide, furnish, equip and maintain a Chapel in the crypt of St Paul’s Cathedral to be available for the devotions of persons belonging to the said Order and for the holding of religious services by members of the Most Excellent Order of The British Empire and to provide for the holding of services connected with such persons_ - _b. to provide for the holding by the Order of religious services in the main body of the said Cathedral_ - _c. to provide facilities for the attendance of persons belonging to the said Order at public religious services held in the main body of the said Cathedral_ - _d. to provide for all such matters as may be necessary for the purposes aforesaid or may otherwise be necessary or fitting in connection with the use of the said Cathedral as the church of the said Order_ _Provided always that the said Chapel shall be available for such religious purposes consistent with the purposes aforesaid as the Dean and Chapter may think fit and nothing herein contained shall be taken to exclude members of the public from the said Chapel or the said religious services held by the Order._ ## **Activities** In addition to the main activities undertaken for the public benefit by the members of the Order, large numbers of the invited public attend memorial and other Christian services in the Chapel throughout the year, without direct connection to the Order. Other special Christian services are held at the behest of the Dean and Chapter, for members of the public unconnected with the Order, from time to time. The Chapel is open daily for reflection and prayer, and for the visiting public to see the many historical memorials in the crypt of the Cathedral. The Chapel is used by the Cathedral’s education department, as part of the opportunity offered to the 27,000 young people who visit annually on this programme. This degree of public access does not conflict with the Order’s usual needs for access to its own Chapel. The trustees have regard to the guidance issued by the Charity Commission on Public Benefit. ## **Achievements and Performance** The Order sponsors a Chorister at St Paul’s Cathedral School. The Chorister takes part in services held in the Chapel and the Cathedral floor, and is progressing well in his studies. The Order continues its Music Outreach Programme, started in 2014, to provide community outreach and education. The programme takes choral and organ music into schools across Greater London and beyond, engaging thousands of children from all backgrounds in making music, culminating in performances and services at the Cathedral. The Hackney Children’s Choir is part of this work, and the programme offers life-changing musical opportunities for hundreds of local children through weekly rehearsals, school visits, and holiday courses. The OBE Organ project introduces the William Drake OBE Organ to diverse young audiences, and the programme has now resulted in pupils taking up the instrument for private study. Since his appointment as OBE Organ Outreach Fellow, Mr Tom Daggett, has worked with over 13,000 children and young people. Services held within the Chapel of the Order during 2020/2021by Members of the Order and those with family connections: - Weddings - x 26 couples (No Services took place between 5[th] November 2020 – March 2021) - Baptisms - x 16 services (No Services took place between November 2020 – November 2021. - Memorials - 0 The Order is assisting St Paul’s Cathedral in the admirable work to make the Cathedral accessible to everyone. This will take the form of a permanent access ramp to the North Transept; the new ramp will enable visitors with access requirements to enter the Cathedral with ease. The Officials have given a sizable donation on behalf of the Order and have encouraged members of the Order to donate to the appeal. ## **Risk Management** Periodically, the Trustees identify and review the major risks that may affect the stability and successful operation of the Charity. An action plan is implemented to minimise or mitigate any highlighted risks. ## **Financial Review** The Order of the British Empire Chapel Fund’s major sources of income are from donations made by members of the Order, tax rebates from these donations, and the interest and dividends from the Order's investments. The total income for the financial year 2020-2021 is £151,154, while the total expenditure is £371,365 resulting to an income deficit of £220,211. In December 2020, OBE donated £274,323 to St Paul’s Cathedral as final contribution for the Equal Access Project. The Order also paid two grants, split across two academic years totalling £79,000 for the Music Outreach Program. Meanwhile, the value of the fund assets has increased by £465,043. The total market value of the investments as at 31[st] of March 2021 is up by £499,059 compared to last year’s valuation. Total investment income received and reinvested is £34,016. The Trustees review the performance of the Investment Manager on a regular basis. The total assets at the end of the period is £4,428,972 with £160,771 of these funds are held at Coutts Bank, £2,617,251 in the form of investments and £1,635,314 as properties. The revaluation of properties at St Paul’s is due in 2022. General funds are unrestricted funds that are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. **Auditors:** G J Lowe Ltd, Pennyweights, 168 Welcomes Road, Kenley, Surrey CR8 5HB **Bankers:** Coutts & Co., Villiers Office, 440 Strand, London WC2R OQS **Investment Manager:** Cazenove Investment Management Ltd, Schroder & Co. Limited, 1 London Wall Place, GB London, EC2Y, 5AU ## **Declaration** The Trustees declare that they have approved the above Trustees’ Report. Signed on behalf of the Charity’s Trustees: Signed by: Lieutenant Colonel Stephen Segrave ______________________________ Signed by: Lieutenant General Sir Robert Fulton KBE ___________________________________ ## **THE MOST EXCELLENT ORDER OF THE BRITISH EMPIRE ACCOUNTING STATEMENT OF** ## **THE CHAPEL MAINTENANCE FUND FOR THE YEAR ENDED 31st MARCH 2021** |**2020**
**INCOME**
**SUBSCRIPTIONS & DONATIONS**
£95,393.93
Subscriptions received
£93,528.93
Ramp appeal
£19,080.00
Donations received
£9,505.00
**DIVIDENDS & INTEREST**
£1,276.09
Coutts 90 Day Interest
£252.85
£268.06
Coutts MM Account
£198.57
£47,326.00
Cazenove Investment Income
£34,015.93
£24.00
**GALLOWAY BOOK SALES**
£588.67
**ROYALTIES - SALE OF MEMORABILIA**
**INCOME TAX REBATE**
£9,740.11
additional receipt
£0.00
2020-20219 Subs. & Donations
£11,517.01
2019-2020 Subs & Donations
**£185,213.87**
**£185,213.87**
**LIABILITIES**
£0.00
£4,276,058.87
Fund @ 01/04/20
(£260,833.00)
Increase/Decrease in the value of Fund Assets
£168,913.84
Exces of Income over Expenditure 2020
**£4,184,139.71**
The Property was last valued in March 2013 and the Mantles in November 2009|**2021**
**EXPENDITURE**
**CONTRIBUTIONS**
Music Outreach Program
Scholarships
£103,033.93
St Paul's Ramp
**INSURANCE**
Chapel Insurance
Mantle Insurance
£34,467.35
**PROPERTY REPAIRS**
£12.00
**POSTAGE**
**PRINTING**
**BANK CHARGES**
£0.00
£13,640.76
**ACCOUNTS PREPARATION**
£0.00
**LEGAL FEES**
**£151,154.04**
**SURPLUS INCOME OVER EXPENDITURE**
**£151,154.04**
**ASSETS**
**PORTFOLIO - MARKET VALUE @ 31/03/21**
Cazenove UK Equities
£266,963.00
Cazenove International Equities
£1,502,207.00
Cazenove UK Bonds
£185,038.00
Cazenove International Bonds
£114,887.00
Cazenove Property Fund
£170,133.00
Cazenove Commodities
£101,677.00
Cazenove Other
£158,854.00
Cazenove Cash
£117,492.00
Mantles
£10.00
Organ at St. Paul's
£300,000.00
Property at St. Paul's
£1,335,304.00
Coutts BEM Account
£24,473.00
Coutts Money Market
£97,456.37
Coutts 90 Day Notice
£38,761.49
Coutts Acessibility Account
£80.27
£0.00
£4,184,139.71
Debtors and prepayments
£465,043.08
Creditors and accruals
(£220,211.01)
**£4,428,971.78**
**FUNDS AT BANK**
**BALANCE SHEET AT 31st MARCH 2021**
**PROPERTY**|**2021**
£79,000.00
£10,991.00
£274,323.02
£2,997.69
£450.48
£0.00
£512.86
£570.00
£2,520.00
**£371,365.05**
-£220,211.01
**£151,154.04**
£2,617,251.00
£1,635,314.00
£160,771.13
£4,413,336.13
£16,747.65
(£1,112.00)
**£4,428,971.78**|**2020**
£0.00
£8,995.00
£0.00
£2,928.04
£1,481.72
£1,505.80
£716.31
£3,013.16
£0.00
£660.00
**£19,300.03**
£165,913.84
**£185,213.87**
£2,118,192.00
£1,635,314.00
£413,768.54
£4,167,274.54
£19,165.17
(£2,300.00)
**£4,184,139.71**| |---|---|---|---| The above accounts have been examined and in my opinion are correct Approved Prelate, Order of the British Empire Accountant, G J Lowe FCCA Secretary, Order of the British Empire Indepondènt Examlner's Report to the Offlcer8 of Th• Most Excell•nt Ord•r Of The Brltlsh Empire We rewrt on the a¢¢ounls of the Order for the year ended 31 March 2021, which are set out on the attached Respective respon8lbllltlo8 of offlcors and examlner The charity's off￿r$ are r8spon8ible for the preparation of the accounts. The charl￿$ officers consider that an audit Is not required for Ihis year (under section 43t2) of the Charit￿$ A¢1 1993 (the 1993 Act)) and that an independent examination is nee(Jed. Itls our responslbility lo- examine the accounts lunijer Section 43(3Mal of the 1993 A¢t).' lo follow the procedures laid down in the General Directions given by the Charity Commissioners (under $e¢lion 497Mbl of the 1993 Acll.. and lo state whether partj'cular matter5 have come lo wr attention. Bais of Indopondgnl •xamlner'8 report Our examination was ¢arri¢d out in accordance wf(h the General Directions given by the Charty Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the ac￿Unts presented wilh those record5. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanat￿nS from you as officers concerning any such matters. The procedures undertaken do not provide all the evid8nce that would be required in an audit, and onsgquently I do not express an audit opinlon on the view given by the accounts. Indepondent examlner'8 8tstomont In Gonnection with our 8xamination. no matter has Come to ijur attentson.. 11) which gives us reasonat4e cause to believe that in any material reSp￿t the requ*ements to keep accounting records in acCOrdar￿ with section 41 of the 1993 Act,. and lo prepare accounts which accord with the ac¢ounling records and comply with the accounting requiremenls of th8 1993 Act have not been met., or 12) to whtch, in our opinion. attention Should be drawn in order to enable a proper understanding of the accounts lo be reached. G J Low8 Limited Chartered Certffied Ac¢oun¢ants Penn￿Ights 163 Welcomes Road Kenley Surrey CR8 5HB 31 August 2021