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 PraCt￿Ce 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 y￿r 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 TrUS￿eS 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 p￿sume 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 agg￿gate.
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, manage￿ent 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
I￿eStment 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
67￿01
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
Cred￿r$- 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, TreaSu￿r

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 Le8ac￿5
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 Carr￿d For•Mrd
21,512
201,528
10,476.138
10,701,178
17