Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
Charity No: 265091
Financial Statements
For the Year Ended 31[st] December 2025
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
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 | 8 |
| Statement of Financial Position | 9 |
| Statement of Cash Flows | 10 |
| Investment Portfolio Valuation | 11 |
| Accounting Policies and Notes to Accounts | 14 |
1
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
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
Rachel Taylor, Finance Manager, St Paul’s Cathedral
Registered Address
St Paul’s Cathedral The Chapter House St Paul’s Churchyard London EC4M 8AD Charity No: 265091
Statutory Auditors
Brebners 30 Shaftesbury Ave, London W1D 5AR
Fund Manager
Rathbones (until April 2026) 30 Gresham St, London EC2V 7QN
W1M (from April 2026) 16 Babmaes St, London SW1Y 6AH
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Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
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 2025. 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 who served during the year are set out on page 2 of the financial statements. 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 2025 the Trust’s income was £124,332 (2024: £128,161), net expenditure before gains and losses on investments was £12,924 (2024 net income before gains and losses: £91,074) and net movement in funds, after gains and losses, was a gain of £167,176 (2024: gain of £363,649).
The Trust’s investment portfolio was valued at £5,464,654 on 31 December 2025 compared to £5,311,295 at the start of the year. The Trustees consider the Trust to be invested in a well-balanced and diversified portfolio: 76% (2024:75%) equities, 10% (2024:11%) in fixed interest and bonds, 3% (2024:3%) in property, 8% (2024:8%) other investments and 3% (2024:3%) 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. The independent fund manager has a discretionary mandate to achieve a balanced return from income and capital on a broad range of investments. The fund manager’s performance is reported quarterly and the fund manager is asked to present to the Trustees twice a year. During 2025 and in line with best practice, the Trustees conducted a review of fund managers which resulted in the appointment of W1M as fund manager to replace Rathbones. This change will take effect in 2026.
Appointment of Trustees
As set out in the Trust Deed, there shall be at least three Trustees and not more than eight, and the power of appointing new or additional Trustees is vested in the serving Trustees. New Trustees are briefed on the objectives and working of the Trust by the Chair. Much of such briefing takes place before the Trustee is formally appointed, as part of the invitation process. To date, Trustees have not felt the need to attend formal training courses relating to the duties and responsibilities of Trustees because of their existing experience.
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.
3
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
Trustees Annual Report (continued)
Going Concern and Principal Risks
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 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:
-
Select suitable accounting policies and then apply them consistently;
-
Observe the methods and principles in the applicable Charities SORP;
-
Make judgements and estimates that are reasonable and prudent;
-
State whether applicable accounting standards have been followed, subject to any material departures, disclosed and explained in the financial statements;
-
Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Trust will continue its activities.
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 5 May 2026
4
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
GARFIELD WESTON TRUST FOR ST PAULS
Independent Auditor's Report to the Members of Garfield Weston Trust for St Pauls for the Year Ended 31 December 2025
Opinion
We have audited the financial statements of Garfield West Trust for St Pauls (the 'Trust') for the year ended 31 December 2025, which comprise the Statement of Financial Activities, Statement of Financial Position, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) and Charities SORP 2019.
In our opinion the financial statements:
-
give a true and fair view of the state of the Trust's affairs as at 31 December 2025 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
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 Trust 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
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.
5
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
GARFIELD WESTON TRUST FOR ST PAULS
Independent Auditor's Report to the Members of Garfield Weston Trust for St Pauls for the Year Ended 31 December 2025
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
The information given in the trustee’s report is inconsistent in any material respect with the financial statements; or
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities 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.
In preparing the financial statements, the trustees are responsible for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in its accordance with the Act and relevant regulations made or having the 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.
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 Trust and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations relate to the reporting framework (FRS 102 and Charities SORP 2019) and UK corporate taxation laws, environmental legislation, health and safety legislation, anti-bribery legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the Trust is complying with relevant legislation by making enquiries of management and those responsible for legal and compliance procedures. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the Trust’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
6
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
GARFIELD WESTON TRUST FOR ST PAULS
Independent Auditor's Report to the Members of Garfield Weston Trust for St Pauls for the Year Ended 31 December 2025
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
Use of our report
This report is made solely to the Trust’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trust’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trust’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
...................................... Brebners, Statutory Auditor 130 Shaftesbury Avenue W1D 5AR 09-Jul-26 Date:......................
Brebners is eligible for appointment as auditor by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006 itself.
7
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
Statement of Financial Activities for the year ended 31 December 2025
All Restricted Funds
| 2025 £ |
2024 £ |
||||
|---|---|---|---|---|---|
| Income | |||||
| Incomefrom Investments | 124,332 | 128,161 | |||
| Total Income | 124,332 | 128,161 | |||
| Expenditure | |||||
| Costs of raising funds | |||||
| Investment management costs | 32,374 | 32,344 | |||
| Grant to St Paul’s Cathedral | 100,000 | - | |||
| Otherexpenditure | 4,882 | 4,743 | |||
| Total Expenditure | 137,256 | 37,087 | |||
| Net (Expenditure)/Income before Gains and Losses on Investments |
(12,924) | 91,074 | |||
| Net gainon investments | 180,100 | 272,575 | |||
| Net Movement in Funds | 167,176 | 363,649 | |||
| Reconciliation of Funds: | |||||
| Funds Brought Forward | 5,359,790 | 4,996,141 | |||
| Total Funds Carried Forward | 5,526,966 | 5,359,790 |
The notes on pages 14 to 16 form part of the financial statements.
8
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
Statement of Financial Position as at 31 December 2025
All Restricted Funds
| All Restricted Funds | |||
|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 |
| £ | £ | £ | £ |
| Investments | |||
| Market value 1 January | 5,311,295 | 4,968,496 | |
Additions during the year |
1,339,899 | 2,731,061 | |
Disposals during the year |
(1,366,262) | (2,662,186) | |
Realised gain on disposal |
(60,803) |
345,951 |
|
Unrealised (loss) on revaluation |
240,903 |
(73,376) | |
Other movements |
(378) | 1,349 |
|
| Market Value 31 December | 5,464,654 | 5,311,295 | |
| Current Assets | |||
| RathbonesDeposit and IncomeAccount 80,583 |
74,383 | ||
| 80,583 | 74,383 | ||
| Liabilities | |||
| Creditors (13,171) |
(12,930) | ||
StPaul's Cathedral (5,100) |
(12,958) |
||
| (18,271) | (25,888) | ||
| Net Current Assets | 62,312 | 48,495 | |
| Total Net Assets | 5,526,966 | 5,359,790 | |
| Funds of the Charity | |||
| Restricted Funds (note 7) | |||
Capital Fund |
|||
| Opening value 4,978,512 |
4,705,937 | ||
Realised (losses)/gains on disposal of investments (60,803) |
345,951 | ||
| Unrealisedgains/(losses) on revaluation 240,903 |
(73,376) | ||
| Closing Value | 5,158,612 | 4,978,512 | |
| Income Fund | |||
| Opening value 381,278 |
290,204 | ||
Incomeless expenditure (12,924) |
91,074 | ||
| Closing Value | 368,354 | 381,278 | |
| Total Charity Funds | 5,526,966 | 5,359,790 |
The financial statements on pages 8 to 16 were approved by the Trustees on 5 May 2026 and signed on their behalf by:
James Hambro, Chair of the Trustees
Anthony Bird, Trustee
The notes on pages 14 to 16 form part of the financial statements.
9
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
Statement of Cash Flows for the year ended 31 December 2025
Reconciliation of net income to net cash flows from operating activities
| 2025 2024 |
|
|---|---|
| £ £ |
|
| Cash flows from operating activities | |
| Net income for the reporting period | 167,176 363,649 |
| (as per the statement of financial activities) | |
| Adjustments for: | |
| Income from investments | (124,332) (128,161) |
| (Gains) on investments | (180,100) (272,575) |
| Other movements in investments | 378 - |
| (Decrease)/Increase in creditors | (7,617) 5,054 |
| Net cash used in operating activities | (144,495) (32,033) |
| Cash flows from investing activities | |
| Income from investments | 124,332 126,812 |
| Proceeds from sale of investments | 1,366,262 2,662,186 |
| Less: Purchase of investments | (1,339,899) (2,731,061) |
| Net cash from investing activities | 150,695 57,937 |
| Change in cash and cash equivalents in the reporting period | 6,200 25,904 |
| Cash and cash equivalents at the start of the reporting period | 74,383 48,479 |
| Cash and cash equivalents at the end of the reporting period | 80,583 74,383 |
10
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
Investment Portfolio as at 31 December 2025
| 2025 | Stock Description | 2025 £ | 2024 £ |
|---|---|---|---|
| Holding | |||
| Fixed Interest and Bonds | |||
| 75,000 | HSBC HOLDINGS PLC 5.75% EMTN Sub 20/12/2027 | 76,911 | 76,326 |
| 74,000 | BARCLAYS BANK PLC 5.75% MTN 14/09/2026 | 76,073 | 75,903 |
| 7,840 | CT LUX I Global Corp Bond NGC Inc | 71,204 | 69,569 |
| 12,484 | ISHARES II PLC USD TIPS UCITS ETF £ Hdgd Dist | 60,410 | 59,496 |
| 55,000 | GOLDMAN SACHS GROUP 3.625% Bonds 29/10/2029 | 54,261 | 52,677 |
| 41,970 | TREASURY 4 1/4% Stock 7/06/2032 | 42,485 | 41,741 |
| 42,540 | TREASURY 4 1/4% Stock 7/03/2036 | 41,995 | 41,581 |
| 43,810 | TREASURY 4 1/4% Gilt 7/09/2039 | 41,851 | 41,527 |
| 43,320 | TREASURY 4 1/4% Gilt 7/12/2040 | 40,411 | 40,186 |
| 24,530 | TREASURY 4 3/4% Stock 7/12/2030 | 25,554 | 25,185 |
| 30,000 | TREASURY 3/8% Snr 22/10/2030 | 25,501 | 24,162 |
| 13,660 | TREASURY 4 1/2% Stock 7/12/2042 | 12,906 | 12,896 |
| Total Fixed Interest and Bonds | 569,562 | 561,249 | |
| Equities | |||
| 509 | MICROSOFT CORP USD 0.00000625 Common Stock | 183,014 | 145,675 |
| 1,008 | AMAZON COM INC USD0.01 Common Stock | 172,980 | 154,800 |
| 574 | ALPHABET INC USD0.001 Cls A Common Stock | 133,573 | 109,393 |
| 75,692 | M&G INVESTMENT MGMT Japan Sterling PP Inc | 131,598 | 109,806 |
| 22,232 | ISHARES IV PLC MSCI Japan Screened ETF | 120,313 | 105,273 |
| 785 | NVIDIA CORP USD0.001 Common Stock | 108,845 | 48,234 |
| 133 | ASML HOLDINGS NV EUR0.09 Shares (Post Split) | 107,001 | 74,613 |
| 403 | VISA INC USD0.0001 Common Stock | 105,079 | 101,660 |
| 26 | BOOKING HOLDINGS INC USD0.008 Common Stock | 103,519 | 103,108 |
| 71,200 | LAZARD FUND MGRS LTD Emerging Markets J Inc | 101,230 | 165,292 |
| 460 | APPLE INC NPV Common Stock | 92,975 | 150,510 |
| 1,000 | CRH EUR0.32 Ord Shs (Primary List) | 92,785 | 58,635 |
| 390 | TAIWAN SEMICONDUCTORS MAN LTD ADS Rep 5 TWD10 Ord Share | 88,114 | - |
| 355 | JP MORGAN CHASE & CO USD1 Common Stock | 85,044 | 121,687 |
| 2,664 | ASSA ABLOY NPV Ser B Shares | 77,107 | 62,889 |
| 545 | ASTRAZENECA PLC USD0.25 Ordinary Shares | 75,156 | 57,040 |
| 1,350 | CANADIAN PAC KANSAS CITY LTD NPV Common Stock (US Line) | 73,901 | - |
| 150 | META PLATFORMS INC USD0.000006 Cls A Common Stock | 73,613 | - |
| 899 | ISHARES V PLC MSCI ACWI UCITS ETF | 72,849 | 91,421 |
| 3,132 | SSE PLC 50p Ordinary Shares | 68,246 | 73,015 |
| 331 | SCHNEIDER ELECTRIC SE EUR4 Shares | 67,889 | 65,910 |
| 370 | SAP SE NPV Ordinary Shares | 67,488 | 72,238 |
| 486 | PALO ALTO NETWORKS INC USD0.0001 Common Stock | 66,556 | 70,585 |
| 135 | INTUIT INC USD0.01 Common Stock | 66,486 | - |
| Sub-total carried forward | 2,335,361 | 1,941,784 |
11
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
Investment Portfolio as at 31 December 2025 (continued)
| 2025 | Stock Description | 2025 £ | 2024 £ |
|---|---|---|---|
| Holding | |||
| Sub-total brough forward | 2,335,361 | 1,941,784 | |
| 276 | ALPHABET INC USD0.001 Cls A Common Stock | 64,227 | - |
| 25 | AUTOZONE INC USD0.01 Common Stock | 63,037 | - |
| 162 | S&P GLOBAL INC USD1 Common Stock | 62,942 | 64,398 |
| 378 | FERGUSON ENTERPRISES INC USD0.0001 Common Stock | 62,566 | 52,368 |
| 4,663 | ATLAS COPCO AB NPV Ser A Shares | 62,444 | 56,876 |
| 4,989 | HSBC HOLDINGS PLC USD0.50 Ordinary Shares | 58,561 | 58,198 |
| 135 | THERMO FISHER SCIENTIFIC INC USD1 Common Stock | 58,158 | 56,057 |
| 329 | DANAHER CORP USD0.01 Common Stock | 55,994 | 29,132 |
| 2,300 | DEUTSCHE TELEKOM AG NPV Shares (Regd) | 55,769 | 69,251 |
| 2,350 | COMPASS GROUP PLC 11.05p Ordinary Shares | 55,554 | - |
| 238 | CADENCE DESIGN SYSTEMS INC USD0.01 Common Stock | 55,310 | 57,077 |
| 1,100 | TOTAL SE EUR2.5 Shares (Euronext Quote) | 53,392 | 48,526 |
| 122 | MASTERCARD INC USD0.0001 Class A Common Stock | 51,781 | - |
| 425 | INTERCONTINENTAL EXCHANGE GRP USD0.01 Common Stock | 51,175 | - |
| 200 | HOME DEPOT INC USD0.05 Common Stock | 51,165 | 62,097 |
| 55 | PARTNERS GROUP HOLDING AG CHF0.01 Shares (Regd) | 50,706 | 32,500 |
| 1,850 | HDFC BANK LTD Spon ADR Each Rep 3 INR10 Shs | 50,258 | - |
| 195 | BROADCOM CORP USD1 Common Stock | 50,176 | - |
| 470 | PROCTER & GAMBLE CO NPV Common Stock | 50,077 | 62,893 |
| 1,229 | MONDELEZ INTL INC USD0.01 Common Stock | 49,186 | 58,593 |
| 155 | LINDE PLC EUR0.001 Common Shares | 49,136 | - |
| 520 | ABBOTT LABORATORIES NPV Common Stock | 48,437 | - |
| 1,407 | EXPERIAN PLC USD0.10 Ordinary Shares | 47,317 | 48,534 |
| 130 | DEERE & CO USD1 Common Stock | 44,998 | 62,903 |
| 490 | LONDON STOCK EXCHANGE GRP PLC 6 79/86p Ordinary Shares | 43,865 | 55,395 |
| 71 | MCKESSON CORP USD0.01 Common Stock | 43,300 | 61,410 |
| 2,000 | ASSOCIATED BRITISH FOODS PLC 5 15/22p Ordinary Shares | 42,540 | 40,880 |
| 303 | MARSH INC USD1 Common Stock | 41,792 | 51,371 |
| 98 | INTUITIVE SURGICAL INC USD0.001 Common Stock | 41,265 | 40,829 |
| 570 | BOSTON SCIENTIFIC USD0.01 Common Stock | 40,407 | - |
| 298 | TEXAS INSTRUMENTS INC Common Stock | 38,437 | 44,601 |
| 48 | LILLY (ELI) & CO NPV Common Stock | 38,351 | 29,577 |
| 1,239 | RELX PLC 14.44p Ordinary Shares | 37,418 | - |
| 320 | SERVICENOW INC USD0.001 Common Stock | 36,445 | - |
| 375 | KKR & CO INC NPV Class A Common Stock | 35,541 | - |
| 505 | BJS WHOLESALE CLUB HLDGS INC USD0.01 Common Stock | 33,802 | - |
| 95 | L'OREAL SA EUR0.20 Shares | 30,409 | - |
| 1,092 | SHELL PLC EUR0.07 Ord Shs (UK Quote) | 29,921 | 27,041 |
| 4 | JP MORGAN ETFS (IRE) US Research Enh Equity Idx ETF | 191 | 72,060 |
| Sub-total carried forward | 4,171,411 | 3,184,351 |
12
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
Investment Portfolio as at 31 December 2025 (continued)
| 2025 | Stock Description | 2025 £ | 2024 £ |
|---|---|---|---|
| Holding | |||
| Sub-total brought forward | 4,171,411 | 3,184,351 | |
| - | NESTLE SA CHF0.10 (REGD) (#659) | - | 43,462 |
| - | NIKE INC CLASS'B'COM NPV (#359) | - | 21,683 |
| - | RIO TINTO ORD GBP0.10 (#501) | - | 23,663 |
| - | NOVO NORDISK A/S SER'B'DKK0.1 (#671) | - | 46,422 |
| - | LVMH MOET HENNESSY EUR0.30 (#83) | - | 43,599 |
| - | SCHRODER INTL SEL ASIAN TOTAL RETURN Z GBPDIS (#1,594) | - | 171,762 |
| - | WALT DISNEY CO. COM DISNEY USD0.01 (#1,160) | - | 103,098 |
| - | MSCI INC COM USD0.01 (#140) | - | 67,048 |
| - | ROPER TECHNOLOGIES COM USD0.01 (#114) | - | 47,302 |
| - | ADOBE INC COM USD0.0001 (#176) | - | 62,469 |
| - | UNITEDHEALTH GRP COM USD0.01 (#223) | - | 90,040 |
| - | ZOETIS INC COM USD0.01 CL 'A' (#360) | - | 46,817 |
| - | ILLINOIS TOOL WKS COM USD0.01 (#279) | - | 56,466 |
| Total Equities | 4,171,411 | 4,008,182 | |
| Property | |||
| 110,000 | CHARITIES PROPERTY FUND Property Fund Income | 133,029 | 131,405 |
| 38,143 | MAYFAIR CAPITAL INVEST MGMT Property Inc Trust For Charity | 28,859 | 28,283 |
| Total Property | 161,888 | 159,688 | |
| Other | |||
| 497 | INVESCO PHYSICAL MKTS PLC Secured Gold Linked Nts (GBP) | 153,126 | 99,691 |
| 80,000 | INTL PUBLIC PARTNERSHIPS LTD 0.01p Ordinary Shares | 100,160 | 97,040 |
| 126,757 | RENEWABLES INFRASTRUCTURE GRP NPV Ordinary Shares | 87,333 | 108,888 |
| 45,352 | PANTHEON INFRASTRUCTURE PLC 1p Ordinary Shares | 49,207 | 40,590 |
| 37,750 | HICL INFRASTRUCTURE CO LTD 0.01p Ordinary Shares | 43,941 | 44,960 |
| 32,705 | AQUILA ENERGY EFFICIENCY TRUST 1p Ordinary Shares | 8,176 | 17,007 |
| Total Other | 441,943 | 408,176 | |
| Money Market Instruments | |||
| 11 | JP MORGAN LIQUIDITY FDS SICAV GBP Liquidity LVNAV UK RFS Acc | 119,850 | 174,000 |
| Total | 5,464,654 | 5,311,295 |
Notes to the above table:
No holdings constituted more than 5% of the overall portfolio by market value as at 31December 2025 or at 31 December 2024.
13
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
Notes to the Financial Statements for the year ended 31 December 2025
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), 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.
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
There were no related party transactions during the year.
14
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
Notes to the Financial Statements for the year ended 31 December 2025
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 (2024: Nil). There were no expenses paid to any Trustees during the year (2024: Nil).
4. Auditors Remuneration
Included in other expenditure is an audit fee for this year of £4,882 (2024: £4,740).
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 (2024: Nil).
6. Subsequent events
During 2025 and in line with best practice, the Trustees conducted a review of fund managers which resulted in the appointment of W1M as fund manager to replace Rathbones. This change took effect in April 2026. There have been no other significant events subsequent to the Statement of Financial Position date that are outside the charity’s normal activities.
7. Fund accounting
Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Designated funds are funds set aside by the Trustees for specific purposes. Restricted funds are funds which are to be used in accordance with specific restrictions.
The Trust Deed dated 1st 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. Accordingly all the Trust’s net assets are restricted, for those purposes.
15
Docusign Envelope ID: 05EBD0D7-FB6F-83DA-82F7-87BD2EA0EF9D
The Garfield Weston Trust for St Paul’s Cathedral
Notes to the Financial Statements for the year ended 31 December 2025
Aggregate Contributions towards Cathedral Projects to 31 December 2025
| 2025 (£) 2024 (£) |
|
|---|---|
| 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 50,000 |
Wren InternationalCentre of Excellence |
100,000 - |
| 5,569,334 5,469,334 |
16