2021-12-31-accounts

stPAULS CATHEDRAL The Garfield Weston Trust for St Paul's Cathedral Charity No: 265091 Financial Statements For the Year Ended 31, December 2021

-rhe Garfipld Westoii TrLlSt for St PaLII's c.athe.dral Table of Contents Page Table of Contents Leg￿ and Ath)Inlsrratlon Trustees AnThual Report Independent Auditor5 Report Statemen¢ of Financial Activi￿eS 50 Balance Sheet Statemenc of Cash Flows 12 Investment Portfolio Valuation 13 AccountlnE Pohcies and Notes ro Actounts 16

l-he Gar'field Westc)n Tru.st for St Paul's Catheclral Legal and Administration Settlor Garfeld Weswn Foundatlon Tru$ts of the Settlement The Trust Deed dated l., November 1972 settled the TnJ5t Fut)d 3$ to capltsl and Income on dlscretioThary trusts, to pay or apply the same or any part or parts thereof for the preservation, matntenance and Improvement5. of the Fabric of St Paul'5 Cathedral, the Interior decoratltsn and ornaments, furnlshings. (￿ng$. fixtures and fiwngs. Trustees Jame5 Hambro IChwrtrAnl Kents)eth Gardener Anthony 8ird Guy Matthews AdmlThistratlon Joanne Day. Direct¢r of Corporate ServI￿s Registered Addre55 St Paul's C2thedr31 The Chapter House St Paul's Churchyard London EC4M 8AD Chari¢y No-. 265091 Legal Advl$ers Winckworth Sherwood Minerva Hc)use, S Monta8ue Close, London SEI 9BB Bankers Bank of Scotlind 33 Old Broad StreeL London EC2N I HZ Statutory Audltors West Wake Prlce LLP 4 Qty Roa4 London ECIY 2 Investment Manager and Stockbrokers Tom Quicke (Investment Director). Investec Wealth & Invertment Ltd, 30 Gresham Street, London EC2V 7QN

-rhp. (Jarfield Vveston -IrLlSt for" St Pciul's Catheclral Trustees Annual Report The Trustees present their annual report and financial statem¢nts lor the year ended 31 DecÈmber 2021. The finan<lal statements have b¢Èn prepared In accordance wlth the atcounting policie5 set out in note I to the at¢oyn¢5 and cornply wlth the Trusr déed. the Charities Act 2011 and Ac£ou)tlng and Reporting by Charities.. 5raTement of Recommended Practite applicable io charlties preparin8 their account5 In accordance wlth the Finan¢lal Reportlng Standard appll¢able In the UK and Republic ol Ireland IFRS 102 SORP). The Trustees are ftjlly aware of the guidance from the Charity Commi55ion¢rs under the Charltles Aa 2011 in relatton to Publlc 8Ènefits and are rnlndful of thelr obllgatlOl55 to have regard to this. The Trusiees arp confiden¢ the Trusr's aerlvlrl¢$ arp In pursu￿ of its objects and 3re delSYering Publlc Benefit. In carrying out the objectlves srated in thè Trust Deed of the Garfeld Weston Trust for St Paul, Cathedral. IL is the policy ol the Trustees co direc¢ funds to specific projects where rel¢Y8nL but not to the excluslon of the maintenar¢ce of the Cathedral Fabric. In recentyear5 the TrustÈes have pursued a policy of accruing inctrme ITr order to 5UPPOrt the funding tsf a larger project. In 2021 the Trustee5 appraY¢d a grant of £250,000 to s%Jpport the trialnttnance of the fabrlc of the Cathedral through the CoYid.19 pandemic. The Covld-19 pandemlc has had a $lgnlficant Impact on the hnèn¢es of the Cathedral. which is heavily dependent on payin8 Vlsltors for 2dmis5ions in<ome. In 2021 the Trust's Income was £119,27512020.. £109.797). nei expendlture before gains and lo$$e5 investments was £167,025 (2020.. nei incorne of £76.6031 and net rnoyement In funds, afrer galns and kJss& wa5 a gain 01 £303,47112020.. £147.770). The Trust's investment ptsrtfollo was valued at £5.095.440 ¢n 31 Oeternber 2021 compared to 14,972.020 a¢ the start of the year. The Tru5tee$ consider the Fund to bE Invested In a well-balanced and diversified portfollo (73% 12020..77%1 e9Ulties, 8% 12020..9%} in fixed interest and bonds. 7% P020..6%1 in property. 8% P021Tr.7%1 other investments and 4% P020..1%1 in cashl and fdpable of earning acceptable return5. The day to day managemenr of the Trutt's fU￿S is tarried out by rhe independent fund manager, Investec. They were given Instructlons on Snve5trnent objettwes to achSeve a balanted return from ncorne and capital on a broad range of Inve5tmen¢5. The fund manager's performant¢ has been reptsrted quarterly io each Trustee and reviewed at least annually by the Trustees. Reserv¢$ Poll¢y The Trustees, oblectlve Is to ￿aintain sufficient unrestricted reserves In de51snated or general funds. to be able to continue to provide approprl#tÈ support to St Paul's Cathedral. In P￿10d$ offluctuauons in the Trust's Incom¢ or e%cepriOn￿￿ heawy expendiwre r)n the rnalntenance and repalr of the Fabric. E¢onoml¢ Outlook The Trust Is contlnulDg ro monitor developments of Ihe Covl&l 9 vlrus and the resulting un¢ertainty on the ￿0bal econamlc oudook. Slnce the year-end 2 nvmber ol hetor4 Intludlng the Russian ol Ukraine, have led to lalls In the fin2n¢lal markets. Further volatility is expected and the Trustees cont(nue to n￿ltOr the global economlc out1￿k an¢J will Seek totake mitirdtiThgactlons. if required.

The CJarfielcl Inlc.sLon TrLlSt For St Paul's Cclthe.dr" Trustees Annual Report (continued) Golng Concern The Trustte5 ral<e Into consideratson any risk5 and uncertainties which mtght haye an impact on the ncome of the Twst over the next 12 months. Whlls¢ we are wthin an unprecedented per4od as a result of the Covid.19 pandemlc. ra1unc che facr rhat the Investment lunds are managed by On a rargered total return basis and that 8 return to the C2thedral Is not guardnteed ITh any one year. the Trustees are confident that the Trust wll continue as a going concern for at least 12 month$ frorn the date the financlal statements are authorlsed Plans for future perlod The ￿rf￿rInan£e and the return5 from the inyesfment funds ire regularly rep¢rted by the fund rnanager and monitored by the Trustee5. The funds are managed on a t8rgeted tottl return basis and it Is antlcipatsd that tho levels Of future returns wlll enable future gr8nt5 to be made ava¥labTe for paymen¢ to St Paul's Cathedr31. Statement of Trustees, Re5ponsibilitie5 Under the Chariue5' Aci 2011 the Tru5tee5 are re5ponslble for preparlng financlal stttement5 for each financial year. whleh show a true and falr vlew of the State of affair5 of the T¥u5L the financial activities during the year and financlal posi￿on at the end of every year. In preparing these finanaal statements, glvlng a true and I￿r vlew, the Trustees ire requlred t&. Sel¢¢t $ultable a¢¢ouniing policie$ ind then apply them consiscen¢ty; Observe the methods and principles in the applicable Chariue5 SORP.. Make judgemenrs and estimates ihat 2re Tea50nable and pnjdent: State whether applicable accuuntlng standard5 have been lollowEd. subject ¢1) any marerial dep3rwre5, dt5closed and explained in the financial ststements. Prepare the financial statements on a going concern basis unless it is inapproprlate ¢0 Pr￿tIMe that the Tru$t will Eonrlnue Its actiYi¢les. The Trustees are required to aci in accordance with the Trust Deed and keep proper accounting records whieh d15close. with reasonable accuracy, at any time, the financial position ol the Tru5twithln thé framework olthe trust law. They have general responslblllry for tsklngsuch steps as are rea50n3bly open to them to Safeguard the assets of the Trust and prevent and deteet fraud and irregu12rltles. The Trus¢ee5 believe ihat all investments held or acqusred during the year are in accordance with the power$ avallable as descrlbed In the tru$¢ deed. s Hambro Chalrman of the Trustee5 18 May 2022

Th2 Ciclrfiplcl Wp..I,'tc)n Trust fnr .%t PILII'S fathpc.lral Independent Auditors Report to the Trustees Opinlon We have audited the financial statements of Garfield Weston Trust for St Paul'5 Cathedral for the year ended 31 Deeember 2021 which eornprlse the Statement of Financial Activities. the Statement of Financial Posltion. Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards, including FRS 102. The Financl&l Reporting Standard applicable In the UK and Republlc of Ireland (United Kingdom Generally Accepted Accounting Practice). In our oplnion the financial statements.. give a true and fair ylew of the state of the Ch8rlty'5 affalrs as at 31 Detember 2021 and of Its incoming resources and applICa￿an of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Aecounting Practice., and have been prepared in accordance wlth the requirements of the Charities Att 2011. Basls for oplnlon We conduc¢ed our audit in accordan<e ¥￿th Internatlonal Standard5 on Auditlng {UK} IISA5 IUKII and applic2ble law. Our responsibilitles under th05¢ Standard5 are further destribed In the auditor's responsibilities lor the audtt of the financial s¢a¢ement$ $Ec¢lon of our reporr. We are Independent of the charity in accordance with the ethical requirements that are rele¥2n¢ to our 2udlt of the flnancial Statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical re5poNsibllitles in ac¢ordan<e with these requirements. We believe that the audit evidence we have obtained is suifieient and approprlate to provide a basis for our opinion. Conclusions relating to golng concer We have nothing to report in respett of the following matters in relation to whlch the ISAS {UK) require Lts to report to you where.. the tru5tee5' use of the going concern basis of accounting in the preparation of the financial ststements is not appropriate., or the trustees have not disclosed in the financial statements any Identified m2terial uncertainties that may cast slgnificant doubt about the charl¢y'5 abillly to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the flrnncial SEatements are authorlsed for issue.

"rhe CJarfield Iil/pston Tri.Ist for .)t P1uI's theclral Independent Auditors Report to the Trustees (continued) Other informatlon The other information comprises the irhforrnarlon Included In the annual report. oth¢r than the fEnanclal statements and our audi¢or'5 report thereon. The trusrees are responsible for the other Information. Our opinion on the financial siatement5 doe5 not cover the other Informatlon and we do not express any form ol assurance conclusion thereon. In connection with our audit of the financial Statements. our re$pon$ibilltY 15 to read the other informatitsn and, Tn doing 50. consider whether the other information is materially Intonsistent with the financial Stitement5 or our knowledge obtalned in the audit or otherwise appears to be materlally misstated. If we Identify such material inconsistencies or apparent material misstatements, we are required to determlne whethe* there is a material misstatement in the financial statements or a material misstatement of the other informztion. If, bèsed on the work we have performed. we conclude that there Is a mater?al misstatement of this other infomiation. we are requsred to report that fac¢. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception We have nothing to report in respett of the lollowing matters in relation to whlth the Charities (Ac¢ovnts and Report5) Regulations 1008 requlre us to reporr to you if, in our op1nlon'. the inforniatlon given in the financial statement5 is incon515tent in any material re$pett wlth the trustees, repor¢ or strfficlent aCcoUn￿ng records have not been kepc or the flnanctal statements are not in agreement with the ￿COuntIng records.. or • we have not recelved all the information and explanations we require for our audit Rèsponsibllities of the tvustees As explained more fully in the trusrees, re$ponsibilities statement {se¢ out on pages 3 & 4 of the Trustees annual report). the trustees are re5pon$ible for the preparauon of the financlal statemenL5 3nd for being satisfied that they give 2 true and fair view. and for such internal control as the rrus¢ees determlne 15 necessary to enable the prep2ration of financial statements that are free from materlal mis5tatemenE whether due to fraud or error.

The. Gar'fipld Ilveston TrLisL for SL PaLII's C'.athedrcil Independent Auditors Report to the Trustees (continued) Auditor's responslblllties for the audit of the financlal statements We have been appointed as auditor under section 145 of the Charltles Act 20113nd report in accordance with the Act and relevant re8ulatlon5 made of havlng effect thereunder. Our objectNe$ are ro obtaln reasonable assurance about whether the ftn3ncial statements a5 a whole are free from materlal mis$tatement, whether due to fraud or error. and to I￿U¢ an 2¥Jditor'5 report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 8uar2n¢ee that an audit conducted in accordanc¢ with ISAS (UK) will alvrays detect a material mi5Statement when it exlsts. Mlsstatem¢nts can arise fromfraud vr error and are tonsldered material If. Individually or in the aggregato, they could reasonably be expected to influence the economlc declsions of users taken on the basi5 of these nnanclal statemenLS. As part of ath iudlt In accordance wlth ISAS IUKI, we exgrcise prolesslonal judgment and malntai professional scepticism througholjt the audit. We also.. Identlfy 2nd assess the rlsks of material mlsstatement of the financial statements, whether due to fraud or error. de$lgn and perform audlt procedure5 responsive ¢0 those risks. and obtain audit evidence that 15 sufficient and approprsate ¢0 provlde a basi5 for our opini*Jn. The risk of not detectlng a material misstatement resultln8 from fraud 15 higher than for one resuking from error. as fraud may involve collusion, forgoryi Inten￿OnI1 omisslon5, misrepresentatlons, or the overrfde of lTrtrrnal control.. Obtain an understanding of Internal control relevant to the audlt in order to deslgn audit protedure5 that are appropriate in che circumstsnces. but not for the purpose of expressing an opinion on the effectiveness of the internal control., Eydluate the approprrdteness of accounting policie5 used and the reasonableness of accounting estimates and related disc105ure5 made by the trustees.. Conclude on the appropriateness of the trv5tees' use of the going concern basis of accounting and. based orn the audit evldence obtained, whether a material uncertainty exist5 related to events or condltlons that may cast signlficant doubt on the charlty's 3blllty to continue as a golng concern. If we conclude that a materlal uncertainty exists, we are requlred to draw attentlon in our auditor's report t(tr the related disclosures In the financlal statement5 or. If such disclosures ar¢ inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained vp to the datÈ of our auditor's report. However. future events or conditlons may cause ¢he charlty to ceasè to contlnue a5 a golng concern- Evaluate ¢he overall pre$entation. structure and content ol the financial ststements, includlng the dlselosures. and whether the financial statements represent the underlylng transactions and events In a manner that athieyes falr presentatlon.

The Garfield Weston Trust for St Paul's Cathedral Independent Auditors Report to the Trustees (continued) We ¢ommunlcate with those charged with ggvernance regarding. among other matters. the planned scopt and timing of Ihe audit and signSficanr audic finding5, IncludiTrg any 5ignifivdnt deflelencie5 In Internal control thac we identify during our audit. Explanatlon as to what extent the audit was consldered capable of detecting Irregularlties, including fraud. Irregu13rities, Includlng fraud. are Instances of non-compllance with laws and regulations. We design procedures in line wlih our responsibilitles, outllned above, to detett material mi$statements in respect of irregul3rities. Includlng ft2ud. The extenttowhlch our procedure5 are capable of detetting irregularities, includtng fraud is detailed below.. Based on our understanding of the charlty, we Identlfled that the prindpal risks of non eomp113nce with law5 and regulations related to the regulatory framework for charlttes, and we considered the extent to whlch non-compliance mlght have a material effect on the financial statements. We also considered those laws and regulatlons that have a direct Impact on the preparatlon of Che financlal statements such a5 the Charities A¢¢ 2011, Charities SORP FRSI 02. We evaluated The Trustee5 incentive5 and opportunitles for fraudvlent manlpulatSon of the ftnancial statements {including the risk of overrlde of controls) 2nd determined that the overall risk is low because all tran5aCtion$ carried out by the charlty's Investment Manager are reported to the Chalrman of the TnJ5tee5 and all income Is paid direcdy into the client account held wlih the Investmen¢ Manager. All sale and purchase contracts and any other expenses are verified by the Head of Finance. Audi¢ procedures performed by the engagement team included.. Kevlew of the financial statement dl$closures to underlylng supportlng documentatlon. in partleular the Investment Manager's Annual Report for the charity.. Discussions with tnan8gement including consideration ol known or 5U5pected instances of noncotT¥pliance wlth laws and regulation and fraud., Evaluating the Trustees Contro￿$ designed to prevent and detect Irregularities; Identlfying aThd testing journal$ and evaluating whether there was evidence of btss by the Trustees that represented i risk of materlal mi5Statement due to fraud= Fieview of other correspondence with the Investmen¢ Manager. A further description of our responsibilities for the audlt of the financial statemellts is located on the FlnaneÈal Reporting Council's webslte at.. www. auditorsres s. Th15 descrlption forms part of our audltor'5 reporL

The CJlc rfielcJ INesiori TrLlSt. for St PaLII's Catho(Ir'al Independent Auditors Report to the Trustees (continued) Use of our report This report Ss made solely to the trustees of Garfield Weston Trust for St Paul's Cathedral. as a body, Sn accordance with 5e¢tion 14S of the Charities Act 2011 and regulatlons made under sectlon 154 of that Act. Our auditwork has been undertaken so thatwe might State to the trustees of Garfield Vveston Trust for St Paul's Ca¢hedral those maiter5 we are required to state to them in an auditors, report and for no other purpose. To the fullesr extent permltted by law. we do not accept or assume re5ponsibillty to anyone other than Garfield Weston Trust for St Paul's Cathedral and its trustees as a body, for our 2udl¢ work, for this repor¢. or for thè opinions we have formed. West Wake Prlce LLP Ststutory Auditors Chartered Accountants 4 Clty Road. London. ECIY 2AA 2022 West Wake Price LLP is ellgible for appointment as auditor of the charity by vlrtue of Its ell￿bIlIty for appolntrnent as audltor of a company under sectlon 1212 of the Companles Act 2006.

-T-he fjcirfield wesr.on TrusL ior St. l)l£ ul's fathpdral Statement of Financial Activities for the year ended 31 December 2021 All Restrtctsd Funds 2021 2Q20 Income Income fr¢m Investments Total Income 119.275 19.275 109.797 109.797 Expenditure C¢sts cf Nlslng funds Inve$ttnent rnan£gemenc costs Granr to St Poul'5 Cathedr81 Other expendl¢uro Total Expenditure 32.130 2SO,000 4.170 286,300 19.054 4.140 33,194 Net {Expendlture)Iln¢om* befi)r¢ Galns und Lo$$e$ Investments (167.02S) 76,603 Netgaln on Investrnents Note I 470.496 71.167 Net Mo¥Èment in Funds 303.471 147.770 Re¢onelllAtl•n of Funds.. Funds Brought Forward 5,004,498 4,856.728 Total Fund5 C?rrSed Forward 5,307.949 5,004,498 10

The Garfield Weston Trust for St Piul's Cathedral Balance Sheet as at December 2021 2Qll 2020 n￿StMentS Marker value I january Additions durlng the year D5sposa15 during the year Rvdlised gainlllossl on dlsposal Unreg115ed gain on revdluarlon Other movements Market V4lue J l December 4,972,020 649,085 {995.999} 190.732 279.764 11621 5,095,440 4,803.273 1 .256.369 (66.B641 (6081 4.972.020 Current Assets Investec Deposlt and Income Account Bank of Scotland Flexible Curren¢ Account 212,478 270,614 483.092 27.947 20.644 48.591 Llablllties Creditors St Paul's Cathedral {12,2831 1258.2801 (270.S63 111.973) 14.1401 (16.113) Net Current Assets 212,529 32,47B Total Net As$gt$ 5,307.969 .004.498 Funds of the Charlty Restrlcted Funds Capltal Fund Openin8 Realised galnll10$5) on dlsposal of Investments Uorealised 8ain5 on revaluatlon of investments Closing Value 4.670,924 190.732 279.764 4,599,757 166.8641 138,031 5,141,420 4,670.924 Income Fund Opening value Income le$5 e¥p¢Thditure ClosTrng Value 333.574 1167,0251 256,971 7&603 166.549 333.574 Total Charlty Funds 5,307,969 5.004,498 The financlal statements on wdges 10 to 18 were approved by th¢ Truscees on 18 M3y 2022 and Signed on their behaw by.. H?mbro, Chairman Anthony Bird, Trustee

The C.1cirfielcl VVpsLon Tr'usi fc)r .%t, I Ic ill's Cathpcjr'al Statement of Cash Flows for the year ended 31 December 2021 Reconciliation of net income to net cash flows from operating activities 2021 2020 Cash ftows from operttlng actlvltlos Nèt expendltuve for the reportlng perjod (as per the statement of firtanclal activi¢le$) 303,471 147,770 Adjustments for. Dl¥idends, interest and rents IrrAn inve5trnonts G￿n$ on Investmènts Other movements in investments Increase in treditors Net cash used In operating actlvltles 1119.2751 1470,496) 162 254,450 {31.688) {109.797) (71.16T) 608 4,290 (28,296) Cash flow5 from Investlng actlvltle$ Dividends, interest and rents from inve5tmerbts Proceed5 from Sale of Investments Le￿ Purchase of investmettt5 119.275 995,999 1649.0851 109.797 11,256.3691 Net cash used in Inv¢stlng activities 466,189 11.609 Change In ¢a$h and cash equlvalents In thts ￿PortIng perlod 434,S()I (16.687) Cash and cash equivalents at the start ol the reporting period 48.591 65.278 Cash and tash equivalents 74t the end of the reportlng pèrlod 483.092 48,591

The. C.JarfielrJ Ilveston l-r'ust for St Pciul's Catithedril Investment Portfolio as at 31 December 2021 2021 Holdlngstock Descriptlon Fixed Interest and 8onds 66.000 A2D Funding PIC 4.75% Gtd Snr 18110122 GBP 74.000 8arclays Bank PIC 5.75% Sub 14109126 GBPIOOJ 60,000 Intermed Cap Grp 5% Gtd Snr 2410312023 GBP 20.100 Ishares li PIC USD 71ps Ucits Etf GBP Dis 73,000 Scot Power UK PIC 6.75% Snr 29105123 GBPIOOO Natl Australia Bk S.125% Snr Mtn 09112121 GBP Total Fixed Interest and Bonds Equitles 1,450 Anglo Amerlcan USDO.54945 4,000 Assocd 8rlt Foods Ord GBPO.0568 1,190 Astrè2eneca Ord USDO.25 16.000 Baillie Glfford Amerlcan W3 Dls. 4,500 Baillie Glfford Japanese W3 Dis 37,500 Blackrock Fm Ltd European Dynamlc Fd Inc 11,000 Blackrock Throgmor Ord GBPO.05 24,128 Brown Advisory Fds US Sustalnable Gth Si GBP *h 1,770 Burberry Group Ord G8PO.OOOS 1,150 Ceres Power Hldgs Ord GBPO.10 2,200 Compass Group Ord G8PO.1105 715 CRH Ord EUR 0.32 Icdll 2,450 Diageo Ord G8PO.28 1011108 1,735 Experian Ord USDO.10 700 Flndlay Park Fds Amerlcan VSD Dis, 57,500 Franklin Tmpltn Fd FfF Frnkln UK Mld Cap S A¢¢ 2,430 Halma Old GBPO.10 950 Hargreaves Lansdow Ord G8PO.004 101,650 Henderson Investme European Selected Opps G Gb 35,000 Hermes Fd Mangers F H Gbl Ern Eqty L GBP Acc 10,210 HSBC Holdings PIC Old USDO.50{Uk Regl 530 Intertek Group Ord G8PO.DI 5.330 ITM Power Ord G8PO.05 75,000 IPMorgan Fund5 Ltd US EquSty Inc K GBP Net Inc 55,000 Juplter Fund Mngrs UK Mld Cap Ul GBP Inc 13,500 Legal & General Gp Ord G8PO.025 Sub-totol corrledforword 2021 E 2020 £ 68.508 88,168 62,777 114.289 81,604 70,782 92,286 64,802 71.577 87,039 62,999 449A85 415,346 43,757 80,220 103,244 276,960 80,370 111,506 106,975 397,622 32,165 11,440 36,317 27,924 98,888 63,024 103,365 96,405 77,784 12,896 132,552 60,918 45,805 29,834 21,006 111,825 107,784 40,149 2,310,735 219,657 104,029 414,696 90,882 94.088 84,150 30Q,870 15,111 30,041 21,879 80,759 48,233 277.049 80,811 59,596 14,483 116,288 113,869 38,678 29,972 27,396 104,225 18,098 2,384,860

I'he (JarTielcl Wesl:c)n Trust f()r St PaLII'.s fatheclral Investment Portfolio as at 31 December 2021 (continued) 2021 Hold5ngStock Descrlption sU￿t0t￿{brou9ht1OTh1Ord 490 London Stock Exch Ord GBPO.06918604 12,400 Londonmetric Prop Ord GBPO.10 1,955 Mondl Plt Ord EURO.20 2,800 National Grld Ord GBPO.12431289 3,845 Polar Cap Tech Tst GBPO.25 800 Polar Capftal Fund Global Technology G8P I 4.825 Prudentlal GBPO.05 3,060 Relx PIC GBPO.1444 1,850 Rio Tinto Ord GBPO.10 6,OOD Royal Dutch Shell'8'0rd EURO.07 230 Schroder Intl Sel Aslan Total Rtn C GBP DIS 76,500 Schroder Unlt Tst US Smaller Cos Z Inc 4,150 Shaftesbury PIC Ord GBPO.25 1,460 Srnith & Nephew Ord USDO.20 4,9(K) T.baSley Fund Svs TB Amati UK Srlllr Co$ 8 Acc 1,840 Unilever PIC Ord GBPO.031111 5.600 Vanguard Funds PIC S&P 500 Uclt5 Etf USD Dls *J 800 Vontobel Fund MTX Sust Asian Ldrs Ex Jpn 800 Whitbread Ord G8PO.76797385 Aberdeen Std Fd M8 ASI UK Smlr Cos In5tl GBP O 8HP Group PIC Ord USDO.S0 BP Ord USDO.25 Informa PIC Ord GBPO.CK)I Lloyds Banklng Gp Ord GBPO.I Sage Grotjp GBPO.01051948 Vodafone Group Ord USDO.2095238 Glaxosmithkline Ord G8PO.25 Smlths Group Ord GBPO.375 Tesco Ord GBPO.0S Total Equities Z021 £ 2020 £ 2,384,860 19,826 28,446 33,621 37,502 88,435 51,504 49,634 54,858 101,269 62,975 103,416 2,310,735 33,977 35.154 35,733 29.680 104,776 57,496 61,507 73,440 90,507 97,350 107,055 143,514 25,512 18,863 79,604 72,593 375,592 98,264 23,956 22.050 65.978 290.241 136,858 76,751 35,927 18,602 11,514 21,909 28,591 24,190 49,658 31,589 30.102 3,860,306 3,875,308

The (Jarfie.Id INe.st.r)n -frLl£t for .St PaLII's Catheclral Investment Portfolio as at 31 December 2021 (continued) 20ZI HoldlngSto¢k Descriptlon Property 82.000 CCLA Investment Ma Property Inc 110,000 Charities Prop Fd Property Fund Incorne 104,443 Mayfair Capital In Prop IncTrust for Charitie Total Property other 40,923 Aquila EnerBy Effi Ord G8PO.01 37,750 Hicl Infrastructu. Ord GBPO.0001 80,000 INT Public PartneT Ord GBPO.0001 37.794 Paniheon Infrastru Ord GBPO.01 7,558 Paniheon Infrastru SUB Shs GBPO.01 126,757 The Renewables Inf Ord Npv Total Other 2021 £ 2020 £ 104,858 150,887 96.981 352,726 91,828 136,582 85,278 313,688 39,184 66,742 135.840 39,684 378 170,232 452,060 65,534 136,080 146,927 348,541 Total 5,095,440 4,9Y2,020 Note5 to the ubove toble.. Holdings wh￿h constituted more th17n 5% of the overoLlJXrttolio ty mothet Yolue 05 Ot31De¢ember 2021 A Holdtngs wmch constltuied more thon S% of the overoll Portfolio by morket volue 05 Ot 31Dettmber 2020

The C_iarfiplcl W/esLon TrLlSt. for St Paul's l-.atherlrcil Noie5 to thL Fiiiancial Stciceimenis for the yeir ended 31 Dccembei- 2021 Aetountlng Polkles Basis of preparation and asses$ment of going concern The financial sta￿MentS are prepared under the hi5torlol ¢os¢ conventlon, 85 modified by the revaluation of Snvestments at their lalr value as at the balance sheet date using the closing quoted mark¢t prSce. The financial staternents have been prepared in accordance with the Statement of Re¢ommended Practice.. A¢¢ouThtlng and Reporting by ¢harltles preparlng thelr a¢¢ounts In 2£cordance wth the Flnoncial Reporting Standard appllcable in the UK and Republi¢ of Irelartrd {FRS 102 SORP) and the Flnanclal Reporting Stondard aP￿Icable in thè UnlrEd Kingdom and epublic ol Ireland IFRS 1021 and the Charirles Act 2011. The fiThanclal 5tatÈmÈnts have been prepared to glye a true and falr, vlew and have departed frorn the Charitie5 (Accounts and Reports) RegulÈLion5 2008 only tc the extent required to provide a 'true and lalr, view. This departure has Involved followng Accwntlng and Reporting by Charirle5 preparing their accounu In accordance with the Flnan¢kal Reporting Standard appllrdble in d)e UK and Republic of Ir¢13nd IFRS 102), effecuYE l Jan￿ry 1019. rather than the Actountlng and Reportlng by Charftles.. Ststemen¢ of Recotnmended Practice effective frorn l April 2005, which has Since been withdrawn. The Trus¢e¢s ¢on$lder that there are ng mtterlal uncertalntie5 about t￿ Trust's ability to ¢on(tnue 25 2 goln8 concern. The Trust con5¢1tute$ a public benefit ett￿tY as defined by FRSIO2. Investment5 Investrnents are re-ydlued annually at mirket valLRtion whi<h Is Incorporatad In ihe accounts. G21ns and 1055e5 ¢n r￿aluatIOn and on disposal of Investments are taken to the statement of Income Investment Income, interest and the related t8x dedutted at source 1$ accounted lor on the actr￿1$ basis. Exp¢ndlture Contribution5 loward cost ol prolects are a¢counted for on the a¢¢ru21s ksls. Admin15rrative expenses are borne by St Paul's Cathedral. Irrecoverable VAT IrrKoverable VAT L% charged agalThst the expendliure headlng for whlch It W35 incurred. Related Party Transactions Anthtsny Bird Is a Director of St Paul's Cathedral Enterprlses Limited and there were no related party tran5ac¢ion$ durlng the year.

The Garfielcl Ib/e.8ton -r'ru.gt for Sr. PaLII's (.-athp.driil tKlotes co the Fii)aiiciryl Stiteinenr5 foi- rhe y2ai' ended 31 Deceinhei- 2021 Trusteos, Remuneratlon and Expenses The Trustees all glve freely their tirne and expertise w¢thout any form of remuneration or other benefit in cash or kind (2020.. Nif). There were no expen5e5 paid to any Trust805 during the year {2010. Nil}. 4. Auditors RemuntrntSon Included In other expenditure Is an audlc fee lor this year of £4,140 P020.. £4.1401. Staff Costs and Management Porsonn•l R¢muneratlon ff costs are borne by St P8uI's Cathedral. The Trust con5kler$ Its key managemeni personnel comprlse lame5 Hambro (Chairman) and Anthony Blrd (Trusteel. and they have no employment benefits12020.. Nill. Post b￿ance sheet There have been no other slgnthcani ever5t5 subsequent ¢0 the balance sheel date thatare outside the charl¢ls norrnal actlvltles.

I'hp Qyli rfielrl IN/eston T-rLlSt for St I'aul's fathpdrcil lote% to rlio firiit llci¢l1 Stilternents for the year. ended 31 Deceinbei- 2021 Aggregate Contributions towards Cathedral Projects to 31 December 2021 2021 (£) 2020 (£) Descr1￿0 Audio ¥i5uJI room Bhck and gold marble Cathedral repolTrrlng Cithedral Fabric Chrlstmas crib Church lloor rUE5 repl4e£ment Crypt Cafe Crypr d￿elOPMeNtS Crypt electrlc31 work Crypt Rèfe¢tory Crypt Shop Dlccésan treasury Tn the crypt Dome catwalk Du5( exrracuon system Emergency I￿hting Équal Access Proj¢¢t External fabric. Lord Mayor's Appeal 1994 Grand organ Hearlng and VEndlatlon report Interpreratlon Project LI￿1￿£ replac¢rnent Lae¢hwiy safety Equlpmeni Lft>w itnprovemerbts Li>rary roof Model alsle N¢rth portKO statues removal 08E orgin blower and toilet Quarier dome pathways Refectory Si8n38e S¢und ampllllotlun syst*m S￿Jth Churchyard South portt¢o re$torati¢J St Dvnstan's Chapel Stswn8 Strtut5 reinforcement on north and 5￿th pedlmer struCt￿ra1 meayurements SurveyoW5 and 5rructural en￿NEer'S rÈport5 Treasury and Wren's great rnodel Vkar5 charal restroo 87,000 88,299 10,000 500.000 10.000 62.333 126,173 310.610 134,000 302,801 368.667 60,QOO 5,200 21.473 4,986 400,000 1,000,000 417.328 4.IB6 150,000 165.6WI 51,736 1.294 72.000 0,000 10,075 2S,000 1,788 10.427 10.744 117,032 183.000 124,000 15.000 20.000 894 8,402 25,000 44.527 7h67 87.OQO 88.299 10,000 250,0(10 10.ooo 62.333 126,173 310,620 134,000 301801 368,667 60,000 65,200 11,473 4.986 400,ofKJ I,ooo,000 417.328 4.186 250.000 165,682 52.736 1.294 72,OQO 200,OQO 10,075 25.000 2.788 10,427 10,744 117,032 283,01)0 124.OOD 15.000 20,000 894 8,402 25,000 44.527 7.667 5.419,334 ,169.334