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2022-12-31-accounts

The Garfield Weston Trust for St Paul’s Cathedral

Charity No: 265091

Financial Statements

For the Year Ended 31[st] December 2022

The Garfield Weston Trust for St Paul’s Cathedral

Table of Contents

Page
Table of Contents 1
Legal and Administration 2
Trustees Annual Report 3
Independent Auditors Report 5
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Investment Portfolio Valuation 13
Accounting Policies and Notes to Accounts 16

1

The Garfield Weston Trust for St Paul’s Cathedral

Legal and Administration

Settlor

Garfield Weston Foundation

Trusts of the Settlement

The Trust Deed dated 1[st] November 1972 settled the Trust Fund as to capital and income on discretionary trusts, to pay or apply the same or any part or parts thereof for the preservation, maintenance and improvements, of the Fabric of St Paul’s Cathedral, the interior decoration and ornaments, furnishings, carvings, fixtures and fittings.

Trustees

James Hambro (Chairman) Kenneth Gardener Anthony Bird Guy Matthews

Administration

Joanne Day, Director of Corporate Services

Registered Address

St Paul’s Cathedral The Chapter House St Paul’s Churchyard London EC4M 8AD Charity No: 265091

Legal Advisers

Winckworth Sherwood Minerva House, 5 Montague Close, London SE1 9BB

Bankers

Bank of Scotland 33 Old Broad Street, London EC2N 1HZ

Statutory Auditors

West Wake Price LLP The Mezzanine Floor, 68 Cornhill, London EC3V 3QX

Investment Manager and Stockbrokers

Tom Quicke (Investment Director), Investec Wealth & Investment Ltd, 30 Gresham Street, London EC2V 7QN

2

The Garfield Weston Trust for St Paul’s Cathedral

Trustees Annual Report

The Trustees present their annual report and financial statements for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 SORP).

The Trustees are fully aware of the guidance from the Charity Commissioners under the Charities Act 2011 in relation to Public Benefits and are mindful of their obligations to have regard to this. The Trustees are confident the Trust’s activities are in pursuit of its objects and are delivering Public Benefit.

In carrying out the objectives stated in the Trust Deed of the Garfield Weston Trust for St Paul’s Cathedral, it is the policy of the Trustees to direct funds to specific projects where relevant, but not to the exclusion of the maintenance of the Cathedral Fabric. In 2022, the Trustees approved a grant of £50,000 towards the Cathedral’s project to re-open the Whispering Gallery to visitors.

In 2022 the Trust’s income was £121,315 (2021: £119,275), net income before gains and losses on investments was £36,959 (2021: net expenditure before gains and losses on investments of £167,025) and net movement in funds, after gains and losses, was a loss of £681,581 (2021: gain of £303,471).

The Trust’s investment portfolio was valued at £4,536,021 on 31 December 2022 compared to £5,095,440 at the start of the year. The Trustees consider the Fund to be invested in a well-balanced and diversified portfolio: 71% (2021:73%) equities, 9% (2021:8%) in fixed interest and bonds, 7% (2021:7%) in property, 10% (2021:8%) other investments and 3% (2021:4%) in cash) and capable of earning acceptable returns.

The day-to-day management of the Trust’s funds is carried out by the independent fund manager, Investec. They were given instructions on investment objectives to achieve a balanced return from income and capital on a broad range of investments. The fund manager’s performance has been reported quarterly to each Trustee and reviewed at least annually by the Trustees.

Reserves Policy

The Trustees’ objective is to maintain sufficient unrestricted reserves in designated or general funds, to be able to continue to provide appropriate support to St Paul’s Cathedral, in periods of fluctuations in the Trust’s income or exceptionally heavy expenditure on the maintenance and repair of the Fabric.

Economic Outlook

The Trustees review the Trust’s investment performance and estimated income yield at each Trustee meeting. At the start of 2023 markets have continued to be uncertain. Further volatility is expected and the Trustees continue to monitor the situation and will seek to take mitigating actions, if required.

3

The Garfield Weston Trust for St Paul’s Cathedral

Trustees Annual Report (continued)

Going Concern

The Trustees take into consideration any risks and uncertainties which might have an impact on the income of the Trust over the next 12 months. Taking into account the fact that the investment funds are managed by on a targeted total return basis and that grants to the Cathedral are not guaranteed in any one year, the Trustees are confident that the Trust will continue as a going concern for at least 12 months from the date the financial statements are authorised.

Plans for future period

The performance and the returns from the investment funds are regularly reported by the fund manager and monitored by the Trustees. The funds are managed on a targeted total return basis and it is anticipated that the levels of future returns will enable future grants to be made available for payment to St Paul’s Cathedral.

Statement of Trustees’ Responsibilities

Under the Charities’ Act 2011 the Trustees are responsible for preparing financial statements for each financial year, which show a true and fair view of the state of affairs of the Trust, the financial activities during the year and its financial position at the end of every year.

In preparing these financial statements, giving a true and fair view, the Trustees are required to:

The Trustees are required to act in accordance with the Trust Deed and keep proper accounting records which disclose, with reasonable accuracy, at any time, the financial position of the Trust within the framework of the trust law. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Trust and prevent and detect fraud and irregularities. The Trustees believe that all investments held or acquired during the year are in accordance with the powers available as described in the trust deed.

James Hambro Chair of the Trustees

11 May 2023

4

The Garfield Weston Trust for St Paul’s Cathedral

Independent Auditors Report to the Trustees

Opinion

We have audited the financial statements of Garfield Weston Trust for St Paul’s Cathedral for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Statement of Financial Position, 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

5

The Garfield Weston Trust for St Paul’s Cathedral

Independent Auditors Report to the Trustees (continued)

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees' responsibilities statement (set out on pages 3 & 4 of the Trustees annual report), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

6

The Garfield Weston Trust for St Paul’s Cathedral

Independent Auditors Report to the Trustees (continued)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made of having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

7

The Garfield Weston Trust for St Paul’s Cathedral

Independent Auditors Report to the Trustees (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity, we identified that the principal risks of non compliance with laws and regulations related to the regulatory framework for charities, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charities SORP FRS102.

We evaluated The Trustees incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the overall risk is low because all transactions carried out by the charity’s Investment Manager are reported to the Chairman of the Trustees and all income is paid directly into the client account held with the Investment Manager. All sale and purchase contracts and any other expenses are verified by the Finance Manager. Audit procedures performed by the engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

8

The Garfield Weston Trust for St Paul’s Cathedral

Independent Auditors Report to the Trustees (continued)

Use of our report

This report is made solely to the trustees of Garfield Weston Trust for St Paul’s Cathedral, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees of Garfield Weston Trust for St Paul’s Cathedral those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Garfield Weston Trust for St Paul’s Cathedral and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

West Wake Price LLP

Statutory Auditors Chartered Accountants Date:

The Mezzanine Floor 68 Cornhill London EC3V 3QX

West Wake Price LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

9

The Garfield Weston Trust for St Paul’s Cathedral

Statement of Financial Activities for the year ended 31 December 2022

All Restricted Funds

2022
£
2021
£
Income
Incomefrom Investments 121,315 119,275
Total Income 121,315 119,275
Expenditure
Costs of raising funds
Investment management costs 30,056 32,130
Grant to St Paul’s Cathedral 50,000 250,000
Otherexpenditure 4,300 4,170
Total Expenditure 84,356 286,300
Net Income/(Expenditure) before Gains and
Losses on Investments
36,959 (167,025)
Net (loss)/gainon investments Note1 (718,540) 470,496
Net Movement in Funds (681,581) 303,471
Reconciliation of Funds:
Funds Brought Forward 5,307,969 5,004,498
Total Funds Carried Forward 4,626,388 5,307,969

10

The Garfield Weston Trust for St Paul’s Cathedral

Balance Sheet as at 31 December 2022

Balance Sheet as at 31 December 2022
2022 2021
£ £
Investments
Market value 1 January 5,095,440 4,972,020

Additions during the year
902,129 649,085

Disposals during the year
(742,371) (995,999)

Realised gain on disposal

50,876

190,732

Unrealised (loss)/gain on revaluation
(769,416) 279,764

Other movements

(637)
(162)
Market Value 31 December 4,536,021 5,095,440
Current Assets
Investec Deposit and Income Account
156,239
212,478

BankofScotlandCurrentAccount
59
270,614
156,298 483,092
Liabilities
Creditors
(11,791)
(12,283)

StPaul's Cathedral
(54,140)

(258,280)
(65,931) (270,563)
Net Current Assets 90,367 212,529
Total Net Assets 4,626,388 5,307,969
Funds of the Charity
Restricted Funds
Capital Fund

Opening value
5,141,420
4,670,924

Realised gain on disposal of investments
50,876
190,732

Unrealised(loss)/ gains on revaluation
(769,416)
279,764
Closing Value 4,422,880 5,141,420
Income Fund
Opening value
166,549
333,574

Incomeless expenditure
36,959
(167,025)
Closing Value 203,508 166,549
Total Charity Funds 4,626,388 5,307,969

The financial statements on pages 10 to 18 were approved by the Trustees on 11 May 2023 and signed on their behalf by:

James Hambro, Chair of the Trustees Anthony Bird, Trustee

11

The Garfield Weston Trust for St Paul’s Cathedral

Statement of Cash Flows for the year ended 31 December 2022

Reconciliation of net income to net cash flows from operating activities

2022
2021
£
£
Cash flows from operating activities
Net income/(expenditure) for the reporting period (681,541)
303,471
(as per the statement of financial activities)
Adjustments for:
Dividends, interest and rents from investments (121,315)
(119,275)
Losses/(Gains) on investments 718,540
(470,496)
Other movements in investments (38)
162
(Decrease)/Increase in creditors (204,632)
254,450
Net cash used in operating activities (288,986)
(31,688)
Cash flows from investing activities
Dividends, interest and rents from investments 118,951
119,275
Proceeds from sale of investments 742,371
995,999
Less: Purchase of investments (899,130)
(649,085)
Net cash used in investing activities (37,808)
466,189
Change in cash and cash equivalents in the reporting period (326,794)
434,501
Cash and cash equivalents at the start of the reporting period 483,092
48,591
Cash and cash equivalents at the end of the reporting period 156,298
483,092

12

The Garfield Weston Trust for St Paul’s Cathedral

Investment Portfolio as at 31 December 2022

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13

The Garfield Weston Trust for St Paul’s Cathedral

Investment Portfolio as at 31 December 2022 (continued)

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14

The Garfield Weston Trust for St Paul’s Cathedral

Investment Portfolio as at 31 December 2022 (continued)

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Notes to the above table:

* Holdings which constituted more than 5% of the overall portfolio by market value as at 31December 2022 ^ Holdings which constituted more than 5% of the overall portfolio by market value as at 31December 2021

15

The Garfield Weston Trust for St Paul’s Cathedral

Notes to the Financial Statements for the year ended 31 December 2022

1. Accounting Policies

Basis of preparation and assessment of going concern

The financial statements are prepared under the historical cost convention, as modified by the revaluation of investments at their fair value as at the balance sheet date using the closing quoted market price. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 SORP) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective 1 January 2019, rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

The Trust constitutes a public benefit entity as defined by FRS102.

Investments

Investments are re-valued annually at market valuation which is incorporated in the accounts. Gains and losses on revaluation and on disposal of investments are taken to the statement of financial activities.

Income

Investment income, interest and the related tax deducted at source is accounted for on the accruals basis.

Expenditure

Contributions toward cost of projects are accounted for on the accruals basis. Administrative expenses are borne by St Paul’s Cathedral.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

2. Related Party Transactions

Anthony Bird is a Director of St Paul’s Cathedral Enterprises Limited and there were no related party transactions during the year.

16

The Garfield Weston Trust for St Paul’s Cathedral

Notes to the Financial Statements for the year ended 31 December 2022

3. Trustees’ Remuneration and Expenses

The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2021: Nil). There were no expenses paid to any Trustees during the year (2021: Nil).

4. Auditors Remuneration

Included in other expenditure is an audit fee for this year of £4,300 (2021: £4,140).

5. Staff Costs and Key Management Personnel Remuneration

Staff costs are borne by St Paul’s Cathedral.

The Trust considers its key management personnel comprise James Hambro (Chairman) and Anthony Bird (Trustee), and they have no employment benefits (2021: Nil).

6. Post balance sheet

There have been no other significant events subsequent to the balance sheet date that are outside the charity’s normal activities.

17

The Garfield Weston Trust for St Paul’s Cathedral

Notes to the Financial Statements for the year ended 31 December 2022

Aggregate Contributions towards Cathedral Projects to 31 December 2022

2022 (£)
2021 (£)
Description
Audio visual room 87,000
87,000
Black and gold marble 88,299
88,299
Cathedral repointing 10,000
10,000
Cathedral Fabric 500,000
500,000
Christmas crib 10,000
10,000
Church floor tiles replacement 62,333
62,333
Crypt Cafe 126,173
126,173
Crypt developments 310,620
310,620
Crypt electrical work 134,000
134,000
Crypt Refectory 302,801
302,801
Crypt Shop 368,667
368,667
Diocesan treasury in the crypt 60,000
60,000
Dome catwalks 65,200
65,200
Dust extraction system 21,473
21,473
Emergency lighting 4,986
4,986
Equal Access Project 400,000
400,000
External fabric - Lord Mayor's Appeal 1994 1,000,000
1,000,000
Grand organ 417,328
417,328
Heating and ventilation report 4,186
4,186
Interpretation Project 250,000
250,000
Lagging replacement 165,682
165,682
Latchway safety equipment 52,736
52,736
Library improvements 1,294
1,294
Library roof 72,000
72,000
Model aisle 200,000
200,000
North portico statues removal 10,075
10,075
OBE organ blower and toilet 25,000
25,000
Quarter dome pathways 2,788
2,788
Refectory 10,427
10,427
Signage 10,744
10,744
Sound amplification system 117,032
117,032
South Churchyard 283,000
283,000
South portico restoration 124,000
124,000
St Dunstan's Chapel 15,000
15,000
Staging 20,000
20,000
Statues reinforcement on north and south pediments 894
894
Structural measurements 8,402
8,402
Surveyor's and structural engineer's reports 25,000
25,000
Treasury and Wren's great model 44,527
44,527
Vicars choral restroom 7,667
7,667
Whispering Gallery Safety project 50,000
-
5,469,334
5,419,334

18