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. ra1<ing Into ac¢t>unc 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