x. stPAUL'S CATHEDRAL City of London Endowment Trust for St Paul's Cathedral Reports and Financial Statements For the year ended 31 December 2020 Charity registration number 285023
Clty of London Endowment Trust for St. Paul's Cathedral Contents Page Trust Information Trustees, Report Independent Auditor's Report Statement of Financial Activities Balance Sheet N0¢e5 to the Finantial Statements 12
City of London Endowment Trust for St. Paul's Cathedral Trust Information Charity registration numbtr 285023 Registered address The Chapter House St. Paul's Churchyard London EC4M 8AD President The Right Honourable the Lord Mayor of London Vlce President The Governor of the Bank of England Trustees U D Barnett- Chaimian l G Barclay- Treasurer RWJ Parry The Hon PJ Remnant D J Walter L A Ponsonby Secretary JDay Fund Managers Rathbone Brothers PLC 8. Finsbury Clrcu5. London EC2M 7AZ Sarasin & Partners Juxon House, l 00 St Paul's Churchyard, London EC4M 8BU Bankers National Westminster Bank PIC - City of London Independent auditors Mazars LLP 6 Sutton Plaza. Sutton Colrt Road, Sutton. Surrey, SM14FS
City of London Endowment Trust for St. Paul's Cathedral Trustees, Report Introduction The Trustees are pleased to present their report together with the financial statèmants of thé Trust for the year ended 31 December 2020. The financial statements have been prepared in accordance with Accounting aT)d Reporting by Charities.. Statement of Kecommended PraCtCe applicable to charitie5 preparing their accounts in accordance wirh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRSI 02 SORP) effective from I January 2015, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102) and the Charities Acr 2011. Structure) governance and management The Trust was formed under the term5 set out in the Deed of Trust dated 5 May 1982. Control over policy is vested in the Trustees. New Trustees are appointed by a majority vote of existing Trustees. Trustees The Tru5tee5 who have held office during 2020 to the date of this report are noted on page l. The Trustees meet formally at least twice a year. At these meetings, representative5 of the Fund Manager5 attend ro review the Trust's investment& From time to time, individual Trustees are appointed to ad hoc committees to carry out specific tasks for the Trustees. All policy decisions are taken by the Trustee5 and contact is maintained between the Chairman and the Secretsry. Appointment of Trustees There shall be at least three Trustees and not more than nine, and the power of appointing new or additional Trustees shall be vested in the serving Trustees. Any serving Trustee rnay nominate a prospective Trustee who will be interviewed prior co appointment. When interviewed, the prospective Trus¢ will be apprised of the objettives and working of the Trust and Truttees will be selected for their knowledge and experience, particularly of investment and charitable matters. To date, Trustees have not felt the need to attend fomial training courses relating to the duties and responsibilities of Trustees because of their existing expertence. Principal Risks The Trustees review ?t least annually the risk analy515 register identifying the risks to which the Trust Is exposed and have taken steps to mitigate these risks wherever possible. The major risks identified relate to investment house fraud or failure. and an investment Manager failing to recognise market changes or performing badly. These ri5k5 have been rnttigated by dividing fund5 between two portfoli05. holding at least two Trus¢ee meeting5 each year attended by the investment managers. and by distributing invescment managers. reports at least quarterly. The risk of cyber-attack has also been identified and the fund managers have provided a statement of their controls in this area. The Trust is continuing to monitor developments of the Covid-19 virus and the associated ongoing uncertainty on the global economic oudook and will seek to take mStigacing attions. if required.
City of London Endowment Trust for St. Paul's Cathedral Trustees, Report Objectlves and activlties The Trust was established in order ¢0 endow the Cathedral Church of St Paul in London by raising a Trust Fund from the City of London. The objetts of the Trust. as set out In the Deed of Trust dated 5 May 1982 ar& for payment of costs and expensès in connection with St Paul's for payment of costs and expenses in connettion with the buildings and accommodation at the Deanery. Amen Court and the Chapter House provided for the clergy and lay officia15 serving St PaL¢I's Cathedral for payment of costs and expenses in connecuon with the running of St Paul's Cathedral Choir School for payment of 5ripends ind expenses of the clergy and lay officials serving St Paul'5 Cathedral for payment of costs and expenses in connection with the provision of music for St Paul's Cathedral for payment of wages for the vergers and all other staff employed therein for the preservation. maintenance and improvement of the Fabric of St Paul's Cathedral lor general charitable purposes. Annual income from thi5 Trust Fund and. at the discretion of the Trustse& some or all of its capital is available to assist St Paul's to continue it5 essential work and meer rhe running expenses of its day to diy activities. The Trustees also respond to specific applications for funding within the terms of the objects set out above. The objective of the Trustees is to make granLS to St Paul's Cathedral in accordance with these objettives from returns generated by the investment policy set out below. Achievement5 74nd performance The investment policy of the Trustees is to preserve in real term5 the value of the Trust's assets by all prudent means and to secure a total return such that annual grants may be maint3ined. During 2019 the Trustees became concerned by the dlscrepan¢y in performance of the tsyo appointed investment houses. Accordingly, early in 2020 three fund managers were interviewed by a panel of the Trustses and it was decided to appoint Sarasin and Partners to take over the management of the portion of the portfolio preyiousfy managed by Ruffer LLP. At the same rlme the Trustees agreed to move the Trust's investments into investment funds. to simplrfy administration requirements. The Trust's investment objettive is revlewed periodicalty by the Trustees and during 2020 was amended to achieve a return of CPI plus 4% per annum over the long term. It is believed this wsll allow the Trust at least to maintain the real value of the assets, whilst funding annual expenditure. a5 agreed by Trustees. The Trustees meet at least twice a year to review the portfolios. including an analysis of return, risk and asset allocation. Perfomiance is monitored against agreed market benchmarks and against the investment objective of CPl+4% over the long term. The investment managers are required to present to the Trustse5 at these meeting. The Trustees believe that all investments held or acqulred durlng the year comply with the investment power5 as described in the Trust deed. The Trust continued to receive generous support for its Endowment Fund from the Worshipful Company of Coopers.
City of London Endowment Trust for St. Paul's Cathedral Trustees, Report Financial review A full breakdown of income and expenditure is set out on page l O of the accounts. The Trustees have adopted a policy of making grants to St Paul's Cathedral towards essential concinuing maintenance. These grants are made from unrestricted funds, which have been established from general reserves and the investment income from the Trust's investments. In addition to this, the Trustees also administer the Bill Miller Fund, which was set-up to support an organ Scholar at the Cathedral. Total income was £212,305 12019 - £260.035)- Toral expenditure was £257,708 12019 - £322.737). which included a £226.000 grant to St Paul's Cathedral for general purposes and £6,000 towards the organ scholarship, resulting in a net expenditure before investment gains and losses of £45,403 (2019 net expenditure of £62.702). The £500.000 grant to St Paul's Cathedral. awarded in June 2017. and outstsnding at 31 December 2019 was settled in 2020. Realised investment losses were £153,373 (2019 £893,719 (2019 - £31,220). As at 31 December 2020 the net assets of the Trust totalled £11,396,121. This comw4res with a total at the previous yr end of £10,701,178. Re5erve$ Poll¢y realised gains of £766,722) and revaluation gains were The Trustees aim to maintain sufficient unrestricted reserves in designated or general funds to be able to continue appropriate support to St. Paul'5 in periods of lluctuation5 in the Tru5t'5 income or for expenditure on capiral projects. Plans for future and post balance sheet events The United Kingdom'5 decision to leave the EU introduced an element of uncertainty throughout 2020, but more profound wa5 the impact of the CoYid-19 pandemic. Whilst, there was considerable market volatility in the first few months of the pandemie, over the year as a whole investment lUeS held up well. and the Trust recorded 3 net inve5cment gain of £740.346 {2019.. £797.942). At the trustees meeting in November 2020. the Truscees received a request from St Paul'5 Cathedral for a special grant of £250.000 to provide financi support for the Cathedral in 2021 through the ongoing Covid-19 pandemic. The decision to award the grant wa5 confirmed in 2021 and pwd In M74rch 2021 and will be rellected in the 2021 accounts. The Trustees agree COLET'S income requirements annually with the investment managers based on its annual grant commitment to St Paul's as well as ad-hoc grant requests. It is expected that in addition to the £250.000 Covid-19 grant referred to above. annual grants will be maintained at the traditional levels in 2021. Based on the Trust'5 income projections for 2021, it is anticipated that the Trust will have sufficient unrestricted funds to cover these grants.
City of London Endowment Trust for St. Paul's Cathedral Trustees, Report Ststement of Trustees. responslblllties Law applicable to Charities in England and Wales require5 the TrUSeS to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust at the end of the financial year, and of its income and expenditure for the financial year. In preparing those financial statements the Trustees are required to.. select suitable accounting policies and then apply them consi5tentty make judgements and estimates that are reasonable and prudent state whether applicable accounting standards and Stxtements of Recommended Prnctice have been followed subjett to any material departures disclosed and explained in the financial statements prepare the financial ststement5 on the going concern basis unless it is Inapproprlate to psume that the Trust will continue in existence. The Trustees are responslble for maintaining proper accounting records which dlsclose wlth reasonable accura at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Att 201 l and the Charities SORP IFRS 1021. They a also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detettion of fraud and other irregularities. The Tru5tee5 have complied with their duty per the Charities Act 2011 to have due regard to Public Benefit guidance published by the Charity Commission. Auditors Mazars LLP has signified its willingne55 to continue in office. and a resolution proposing their re-appointment as auditors will be put to the next Trustees meeting. Approved by the Trustees on 19 May 2021 and signed ¢)n their behaff by.. Ir Mr U D BarnetL Chairman of the Trustees Mr j G Barclay. Treasurer
City of London Endowment Trust for St. Paul's Cathedral Independent Auditor's Report to the Trustees of the City of London Endowment Trust for St Paul's Cathedral Opinion We have audited the financial statements of City of Lc)ndon Endowment Trust for St Paul's Cathedral (the 'charity) for the year ended 31 December 2020 which comprise the Statement of Financial Activitie5, the Balance Sheet and notes to the financial statements. intludit)g a summary of significant accounting policies. Tho financial reporting framework thai ha5 been applied in their preparaclon is applicable law and United Kingdom Accounting Srandards, 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 5tatement5'. give a true and fair view of the state of the charity's affair5 as at 31 December 2020 and of its income and expenditure for the year then ended., have been properly prepared in accordance with Uni*d Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requlrements of th¢ Charlties A¢r 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 srandards are further described in the Auditor's responsibilities for the audit of the financial statements settion of our reporL We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statemenrs 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 audi¢ evidence we have obtained 15 5ufPicient 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 5tatement5 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties rel4tlng to events or conditions that, individually or collectivèly. may cast significant doubt on thè Charity's abilicy to continue as a going concern for a period of at least tsvelve months from when the financial statements are authori5ed for issue. Our respon5ibiliries and the re5pon5ibilitie5 of the trustees with respect to going concern are described in the relevant sections of this report.
City of London Endowment Trust for St. Paul's Cathedral Independent Auditor's Report to the Trustees of the City of London Endowment Trust for St Paul's Cathedral Other information The other information comprises the information included in the Trustees. Kep0¢ other than the financral statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the finantial ststemerbts does not cover the other information and we do rsot express any form of assurance conclusion thereon. In connection with our audit of the financial statement& 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 course of 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 mi55tarement in the financial 5ratements or a material misstatement of the other information. If. based on rhe work we have performed, we conclude that there is a material misstatement of this other infom)ation, we are required to report that fact We have nothing to report in this re8ard. Matters on which we are required to report by exception In light of the knowledge and understanding of the charity and its environment obtained in the course of the audi( we have not identified material misstatements in the Tru5tees' Report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Report5) Regulations 2C($8 requires us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees. Report.. or suffl¢i¢nt accountyng record5 have not been kept., or the financial statements are not in agreement with the accounting record5: or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fvlly in the trustees, responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair wew, and for such internal control as the trustees determine is necessary to enable the preparation of financial statement5 that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements. the trustees are responsible lor asse55ing the chari¢y's ability to continue as a going concem. disclosing, a5 applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to eease 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 101 l and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assufdnce abouc whether the financial statements as a vthole are free from material mi55tatemenL whether due to fraud or error, and to issue an auditor's reporr that
City of London Endowment Trust for St. Paul's Cathedral Independent Auditor's Report to the Trustees of the City of London Endowment Trust for St Paul's Cathedral includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducced in accordance wth ISAS (UK) will alway5 detect a mat¢rial misstatement when it exist5. Mis5tatement5 can arise from fraud or error and are considered material if, individually or in the agggate. they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statemtnc5. Irregularities, including fraud, are instances of non-compliance with laws and regulation& We design pro¢edures In Ilne with our responsibilitles. outlined above. w dete¢e materlal misstatements in respect of irregularitie5. including fraud. Based on our undersranding of the charity and it5 activitie5. we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 201 I. UK t legislation, health and safety regulatlon, anti-bribery. corruption and fraud. money laundering, 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 Companies Act 2006 and the Charities Statement of Recommended Practice. We evaluated the trustees, and management's in¢enuves and oppomjnities for fraudulent manipulation of the financial statements (including the risk of override of controls) and detemiined that the principal risks were related to posting manual journal entries to manipulate financial performance, manageent bias through judgements and assumptions in significant accounting èstimates. in particular in relaoon to fund accountin& and significant one-off or unusual transattions. Our audlt procedures were dttslgned to respond co rhose Identthed rlsks. In¢luding non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to.. Discussing with the trustses and management their policies and procedures regarding compliance with laws and regulations.. Communicating identrfied laws #nd regulations throughout our ÈngagÈment team and remaining alert to any indication5 of nonvcompliance throughout our audit; and Considering the risk of atts by the charity which were contrary to applicable laws and regulations. including frnud. Our audit procedures in relation to fraud included but were not limited to- Making enquiries of the trustees and management on whether they had knowledge of any actual. suspected or alleged fraud- Gaining an understanding of the internal controls established to mitigate risks related to fraud; Discussing amongst the engagement team the risks of fraud; and Addressing the risks of fraud through management override of controls by performing josjrnal entry testin& There are Inherent Ilmlratlons in the aud6t procedures des¢rlbed above and thè prlmary responsiblllry for the prevention and detettion of irregularities including fraud rests with management. As with any audit. there remained a risk of non4etettion of irregularities, a5 these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of 04Jr responsibilities for the &udit of the financial statements is located on the Financial Reporting Council's web51te at y.frC.0r .uklauditorsre5 on5ibilities. Thi5 description forms part of our auditor's reporc
City of London Endowment Trust for St. Paul's Cathedral Independent Auditor's Report to the Trustees of the City of London Endowment Trust for St Paul's Cathedral Use of the audit report This report is made solely to the charitls trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulaiions 2008. Our audit work has been undertaken 50 that we might state to the charity's trustees those matters we are req¢Jired to stste to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume re5ponsibÈliry co anyone other than the charity arhd the charity's tr115¢ee5 as a body, for our audit work for this reporL or for the oplnicns we have formed. Mazars LLP Chartered Accountants and Statutory Auditor 6 Sutton Plaza. Sutton Court Road. Sutton, Surrey, SM14FS Date.. 13 July 2021 Mazars 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.
City of London Endowment Trust for St. Paul's Cathedral Statement of Financial Activities for the Year Ended 31 December 2020 Note5 Unrestricted Restrlcted Endowment Funds Fund$ Funds Totat Funds 2020 Total Funds 1019 Income from- Donation$ and Legacies Investments iorjj 206,325 1000 210.305 2.000 25&035 3.980 Total in¢ome 208,325 3.980 212.305 260.035 ExpendSture on- Raislng Funds IeStment Minagemenr Char8es CharStablo a¢tSvltles Maintenance Of St Paul's Cathedrdl OrDn Scholar Grdnt to St Paul's Cathedral Go¥ernanc$ 19.432 19,432 83.939 226,OC4) 226,(M)O 6,LNJO 226,000 &ooo &ooo 6,276 6,276 6.798 Total expenditure 231.276 6.000 19,432 257.708 322.737 Net expenditure before Investsnent G*lns {23.951) 12,020) (19.432) (4S.403) (62.702> Galhs InvestmÈrtt A$sets Realised ILossesllGwns Unrealised Gains (2,9031 150,4701 6701 1153,3731 893,719 766,722 31220 Net (expenditureyincome (23.951} 11.992 706.902 694,943 735,240 TTan5fer5 1,439 11.4391 Net Movemeht in Fuhd5 {2Z,512) 1,992 705.4é3 694.943 735,240 Fund Balancts Brought Forward 5,6.7 21512 202528 10,476.138 10,701,178 9.965.938 Fund Balantes Carried Forward S.6.7 114.520 11.J96.121 10,701.178 Income and expenditure all relate to continuing operdtions. The Trust has no gains or losses other than those included above. The Statement of Financial Activities for 2019 is included at Note 12 on page 17. 10
City of London Endowment Trust for St. Paul's Cathedral Balance Sheet as at 31 December 2020 Notes 2020 2019 Fixed Assets IDve5tments 11.146,996 10,664.354 Current A55et5 Debtors Balance at Bank 3.699 561632 566,331 259,259 259,259 Liabilities Credr$- Arnounts falling due within one year (10.1341 (529.507) Net Current Assets 249,125 36.824 Net assets 10.701,178 Represented by. Unrestritted Funds Restricted Funds Endowment Fund 22.512 202,528 10,476.138 10.701.178 214.520 Approved by the Trustees on 19 May 2021 and signed on their behalf by. Mr U D Barnett, Chairnian of the Trustees Mr J G Barc12y, TreaSur
City of London Endowment Trust for St. Paul's Cathedral Notes to the Financial Statements for the Year Ended 31 December 2020 Accounting policies Basls of preparatlon The financial statements have been prepired in accordance with Accounting and Reporring by Charities.. Ststewnent of Recommended Practice applicable to charities preparing their accounts in accordance with section IA of the Financial Reporring Standard applicable in the UK and Republic of Ireland {FRS102) (effective Isc january 201S) (Charities SORP {FRS102)} the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charitie5 Act 2011. The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or tfdnsaction value unless otherwise stated in the relevant accounting policy note. Going Concern These financial 5tatement5 have been prepared on the going concern basis. The Charity has significant net a55ets, and the Trustees consider that there are no material uncertainties. including the impact of Covid-19. that will impact the Charity's ability to continue as a going concern. Donations and similar income All donations and similar income are credited direttly to the Endowment Fund as they are Ill given by the donors to establish a capital fund. The exceptions to this are when donations are given for particular restricted purposes. Income tax recoverable on deeds of covenant Is accounted lor on receipt of the payment of the relevant deed of covenant. Legacie5 received that are not subjett to any restriction are credited to the general fund. Dividend and intere$t re¢eiYable Income from dividends and investments is accounted for on a receivable basis. Grants payable Grants are included when the recipient has been notlfied of the award. Unpaid grants at the year-end re accrued. Governance costs These represent ¢05ts incurred in the management of the Trust's assetsi organisational administration and complsance with constitutional and statutory requirements. Portfolio management Charges Portfolio management charges are charged directly to the Endowment Fund5. Investments Investments are shown in the balance Sheet at market value. Surpluses and deficits on revaluations and disposals of investments are taken directly to the Endowment Fund. 12
City of London Endowment Trust for St. Paul's Cathedral Notes to the Financial Statement5 for the Year Ended J l December 2020 Fund accounting Unrestricted funds: these are funds which can be used in accordanee with the Trust's objects at the discretion of the Trustees. Designated fund$: These are fund5 Set aside by the Trustees out of unrestricted general fund5 for specific future purposes or projects. There were no designated funds at 31 December 2020 {2019.' nil). Restricted fvnds: these are funds that can only be used for particular restricted purpose5 Wlthin the objects of the Trust. Restrictions arise when specified by the donor or when fund5 are raised for particular restricted purposes. Endowment funds: These are funds where the capital is to be held to generats Income which may be utilised for general purposes. 2. Expendlture 2020 2019 Raising Funds Investment Management Charges to Investment Manager5 19.432 83.939 Charitable activities Grancfor rnaintenance of St Paufs Cathedral Grant lor Organ Scholar 226.000 6.000 226,000 6.000 Governance Audit Fees Release of amount over-lccrued in prior year BaThk Char8e5 6,690 1430) 16 6,690 108 Total Expenditure 257,708 322,737 During 2020 the Trust's investments were moved into two investment funds.. the Sarasin Endowments Fund Class A Inc and Rathbone Unit Trust Mgmt Acuve Income & Growth Inc. Following these transfers. the majority of the Tnjst's inyestmenr costs arsd charges, are charged as deduttions within the funds. with the costs being reflected in the unit price of the funds. calculated daily. These deduction5 wthin funds totalled £54,298 in the year (2019.. £34.595) and are reflected in investment gains and losses in the year and are noi in¢luded in the Investment Management Charges of £19,432 {2019.. £83,939). 13
City of London Endowment Trust for St. Paul's Cathedral Notes to the Financial Statement5 for the Year Ended 31 December 2020 3. Investments 2020 2019 Market Value at l January Less.. Disp05als Add.. Acqui$itions at C05t Re21ised ILossesllGains Unrealised Gain5 Movemenr on Portfolio cash balances Other mevernents Market Value at 31 December 10.664.354 112,155,851) 12,409.311 9.931,527 {5,090,972) 5,023,586 766.722 31.220 2.272 1153,373} 893,719 1524,174) 13.010 1,146,996 10,664.354 Comprising: Government bonds Other fixed int¢resdit)dex-1snked securities UK Equities Global Equitie5 Alternative Investments Liquid Assets I Cash within funds Cash within the Portfolio Market Value at 31 December 274,750 ,411.894 1467,526 5,053.788 1,487.210 450.828 1.000 11.146,996 884,414 1.819.280 2.467,983 3,333,182 1,634,321 525,174 10.664.354 Historical Cost at 31 December 10.253,278 9.919.813 A5 at 31 D¢¢ernber 2020 the invesThents were held in the following two fund5. Holding Price 2020 Sarasin Endowments Fund Class A Inc R2thbtsne Unit Trust Mgmt Active Income & Growth Inc. Cash Market Value at 31 December 4,383,306.12 £1.19 4,303.378.62 £1.37 5,229,183 5,916,713 1,000 11,146,996 4. Creditors - Amounts falling due within one year 2020 2019 St Paul's Cathedral Audit ar5d Accountancy Fees Portfolio Management Fee5 1.199 6,690 1,245 501.629 6.690 21.188 10.134 529.507
City of London Endowment Trust for St. Paul's Cathedral Notes to the Financial Statements for the Year Ended 31 December 2020 5. Unrestricted funds The funds of the Trust have included designated funds set aside out of general unrestricted funds by the Truscees to cover fluttuations in income and to provide for exceptionally heavy expenditure on the maintenance and repair of the fabric of St Paul's Cathedral from time to time. There are currently no fijnds set aside to designated fund5. 6. Restricted funds The funds of the Trust in¢lude one restrifftd fijnd. the &ll Miller Fund. comprising the unexpended balance of donations and grants held on trusc the income of which 15 to be allocated towards the cost of a cathed organ scholar. Bill Miller Fund Bill Miller Fund 2020 2019 Balance at l January Income Expenditure Net Investment GaiH5 Balance at 31 December 202.528 3.980 16.000} 14.012 214,520 188.646 4.n5 {6.WOI 15.157 202.528 7. Endowment fund 2020 2019 Balance at l January Movement in Fund5= Income 10.476,138 9.777,292 Net Investrnent gains Investmenc management charges Transfers 726.334 {19,4321 {1.4391 11,181.601 782,785 (83.939) Balance at 31 December 10.476.138 8. Analysis of net assets 2020 Unrestricted Funds Restricted Funds Endowment Funds Fun¢Js 2020 Inve5rments 214,520 10.932.476 11.146.996 Debtors Cash 7.889 (7,8891 251,370 (2.245) 259,259 (10,134) 11,396.121 Creditor5 214.520 15
City of London Endowment Trust for St. Paul's Cathedral Notes to the Financial Statements for the Year Ended 31 December 2020 2019 Unrertricted Funds Restricted Funds Endowment Fund$ Fund5 2019 In¥e5cments 202,528 10,461,826 10.664.354 3.699 562,632 {529.507 10,701,178 Debtors 3.699 56,271 137,4581 2l512 Cash 506,361 {492,049) 10.476.138 Creditor5 202.S28 9. Trustees None of the Trustees received xny remuneration or reimbursement of expenses for the year (2019- £nil). l O. Relatsd Party Transactions There werè no related party transactions in the year (2019 - £ni 16
City of London Endowment Trust for SL Paul's Cathedral Notes to the Financial Statements for the Year Ended 31 December 2020 12. Statement of flnanclal activities for the year ended 31 December 2019 Unrestricted Fund5 Restrlcted Funds Endowment Total Funds 2019 Funds Income from.. Donation5 and Le8ac5 InvestrnentS 2.000 2S3.310 2,QOO 258,035 4,725 Total Ineome 255.310 4.72S 260.035 Exptndlture oh: Raising Fund5 Investrnenc Managernent Charges Charitable activities Maintenance of St Patjl's Cathedral Orpn Scholar Grnnt to St Paul's Cathedral Governance 83,939 83,939 226,OCp) 226,000 6,000 6.798 6,OCMJ 6.798 Totsl expenditure 232,798 6,000 83.939 322.737 Net incomel(expenditure) before Investment Gains 22.512 (1.275) {8J.939) {62.702) Gains on Inve$tment Assets Realised Gains Unrealised Gains 14564 593 752.158 30.627 766.722 31.220 Net income Z2,512 13.882 698,846 735.240 Transfers Net Movement in Fymd$ 21SII 13.882 698,846 735.240 Fund Balances Brought FoNard 188,646 9,777,292 9,965.938 Fund Balance5 Carrd For•Mrd 21,512 201,528 10,476.138 10,701,178 17