## **The Most Excellent Order of the British Empire Annual Trustees’ Report Period: 1[st] April 2021 – 31[st] March 2022** _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 Andrew Tremlett The Very Reverend Dr David Ison - Dean of St Paul’s Cathedral (from September 2022) Dean of St Paul’s Cathedral (retired September 2022) 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 2021/2022 by Members of the Order and those with family connections: - Weddings - - Baptisms -  Memorials - The Order had assisted St Paul’s Cathedral in the admirable work to make the Cathedral accessible to everyone. The permanent access ramp to the North Transept enabled visitors with access requirements to enter the Cathedral with ease. The Officials had given a sizable donation on behalf of the Order and had 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 2021-2022 is £117,894, while the total expenditure is £64,567 resulting to an income surplus of £107,621. The Order paid an annual contribution to St. Paul’s Cathedral of £47,000 and £11,247 for the Music Outreach Program and Chorister tuition and bursary, respectively. The total market value of the investments in 2022 is up by £179,090 compared to last year’s valuation. Total investment income received and reinvested is £38,035. The Trustees review the performance of the Investment Manager on a regular basis and during the annual Officials' meeting. The total assets at the end of the period is £4,677,648 with £227,537 of these funds are held at Coutts Bank, £2,795,341 in the form of investments and £1,635,314 as properties. The revaluation of properties at St Paul’s was conducted in August 2022. The total cash at bank and investments held at the end of March 2022 is £3,023,879. 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. The Trustees require unrestricted reserve funds to be at least enough to cover the Order’s annual projected outgoings. **Auditors:** G J Lowe Ltd, Pennyweights, 163 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: ______________________________ Signed by: _______________________________ ## **THE MOST EXCELLENT ORDER OF THE BRITISH EMPIRE ACCOUNTING STATEMENT OF** ## **THE CHAPEL MAINTENANCE FUND FOR THE YEAR ENDED 31st MARCH 2022** |**2021**
**INCOME**
**SUBSCRIPTIONS & DONATIONS**
£93,528.93
Subscriptions received
£95,403.63
£9,505.00
Donations received
£22,490.00
**DIVIDENDS & INTEREST**
£252.85
Coutts 90 Day Interest
£44.93
£198.57
Coutts MM Account
£13.44
£34,015.93
Cazenove Investment Income
£38,034.71
£12.00
**GALLOWAY BOOK SALES**
**INCOME TAX REBATE**
£13,640.76
2020-2021 Subs & Donations
£0.00
2021-2022 Subs & Donations
**£151,154.04**
**£151,154.04**
**LIABILITIES**
£0.00
£4,428,971.78
Fund @ 01/04/21
Increase/Decrease in the value of Fund Assets
Exces of Income over Expenditure 2022
**£4,428,971.78**
The Property was last valued in March 2013 and the Mantles in November 2009
The above accounts have been examined and
in my opinion are correct|**2022**
**EXPENDITURE**
**CONTRIBUTIONS**
Music Outreach Program
£117,893.63
Scholarships
St Paul's Ramp
**EVENSONG**
**INSURANCE**
£38,093.08
Chapel Insurance
Mantle Insurance
Combined Insurance
**POSTAGE**
£16,200.70
**ACCOUNTS PREPARATION**
**£172,187.41**
**LEGAL FEES**
**SURPLUS INCOME OVER EXPENDITURE**
**£172,187.41**
**ASSETS**
**PORTFOLIO - MARKET VALUE @ 31/03/22**
Cazenove UK Equities
Cazenove International Equities
Cazenove UK Bonds
Cazenove International Bonds
Cazenove Private Equity
Cazenove Property Fund
Cazenove Commodities
Cazenove Other
Cazenove Cash
Mantles
Organ at St. Paul's
Property at St. Paul's
Coutts Money Market
Coutts 90 Day Notice
Coutts Acessibility Account
£0.00
£4,428,971.78
Debtors and prepayments
£141,055.30
Creditors and accruals
£107,620.55
**£4,677,647.63**
**FUNDS AT BANK**
**BALANCE SHEET AT 31st MARCH 2022**
**PROPERTY**|**2022**
£47,000.00
£11,247.00
£0.00
£1,340.37
£3,106.90
£1,302.59
£570.00
£0.00
**£64,566.86**
£107,620.55
**£172,187.41**
£95,926.00
£1,783,048.00
£38,505.00
£175,633.00
£4,760.00
£310,403.00
£118,631.00
£179,030.00
£90,405.00
£2,796,341.00
£10.00
£300,000.00
£1,335,304.00
£1,635,314.00
£188,650.09
£38,806.42
£80.37
£227,536.88
£4,659,191.88
£19,567.75
(£1,112.00)
**£4,677,647.63**
Order of the British Empire|**2021**
£79,000.00
£10,991.00
£274,323.02
£0.00
£2,997.69
£450.48
£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**
Approved| |---|---|---|---| Accountant, G J Lowe FCCA Order of the British Empire ## **Independent Examiner’s Report to the Officers of The Most Excellent Order Of The British Empire** We report on the accounts of the Order for the year ended 31 March 2022, which are set out on the attached sheet. ## **Respective responsibilities of officers and examiner** The charity’s officers are responsible for the preparation of the accounts. The charity’s officers consider that an audit is not required for this year (under section 43(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed. It is our responsibility to: - examine the accounts (under section 43(3)(a) of the 2011 Act); - to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 2011 Act); and - to state whether particular matters have come to our attention. ## **Basis of independent examiner’s report** Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as officers concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. ## **Independent examiner’s statement** In connection with our examination, no matter has come to our attention: (1) which gives us reasonable cause to believe that in any material respect the requirements - to keep accounting records in accordance with section 41 of the 2011 Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Gary Lowe Chartered Certified Accountant Pennyweights 163 Welcomes Road Kenley Surrey CR8 5HB 31 October 2022