3< StPAULS CATHEDRAL City of London Endowment Trust for St Paul's Cathedral Reports and Financial Statements For the year ended 31 December 2021 Charity registration number 285023 City of London Endowment Trust for SL Paul's Cathedral Contents Trust Information Trustees, Report Independent Auditor's Report Statsment of Financral Attiwties 10 Balance Sheet Note5 to the Financial sta￿rnents 12 City of London Endowment Trust for St. Paul's Cathedral Trust Information Charlty rÈgistration number 285023 Registered address The Chapter House St. Paul's Churchyard London EC4M 8AD Presidént The ￿ght Honourable the Lord Mayor of London Vice President The Governor of the Bank of Engand Trustees U D Barnett- Chairman (until 23 November 2021} R WJ Parry- Chairrnan (from 23 November 20211 l G Barclay-Treasurer Lord Rernnant D I Walcer L A Ponsonby Secretary JDay Fund Managers Rathbone Brothers PLC B, Fin$bury Circus. London EC2M 7AZ S2rasin & Partners Juxon House, 100 St Paul's Churthyard, London EC4M 8BU Banker5 Lloyds Bank - Cheapside Independent audltors Mazars LLP 6 Sutton Plaza. Sutton Court Road, Sutton. Surrey. SM14FS City of London Endowment Trust for St. Paul's Cathedral Trustees, Report Introduction The Trustees are pleased to present their report together with the financial sratements of the Trust for the year ended 31 DeC￿)ber 2021. The financlal statements hive been prepared in accordance with Accounting and RÈporring by Charitfjes= Statement of Recommended Pra¢tice applicable to eharities preparing their accounc5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102 SORPI effective from I january 2019. and the Financial Reporting Standard applicable in the United Kingdom and Republi¢ of Ireland {FRS 1021 and the Charities Act 2011. Structure• governance and management The Trust was formed under che terms set out in the Deed of Trust dated 5 May 1982. Control over policy is vested in the TrurtÈe5. New Trustees are appointed by a Majority vote of existing Trustees. Trustees The Trurtees who have held office during 2021 to the date of thi5 report are noted on page l. The Trustees meet formally at least twice a year. At these meetings. representatives of the Fund Managers attend to review the Trust's invertments. From time to time, individual Trustees are appointed to ad hoc ¢ommittees to carry out specific tasks for the Trustees. All pohcy decisions are taken by the Trustees and coThta¢c is rnaintained be￿een the Chairman and the Secretary. Appointment of Trustee$ There shall be at least three Trustee5 and not more than nine, and the power of appointing new or additional Trustees shall be vested in the serving Trustee5. Any serying Trurtee may nominate a prospettive Trustee who will be interviewed prior to appointment. When interviewed, (he prospective Trustee will be apprised of the objectives and working of the Trust and Trustees will be selected for their knowledge and expÈrience, partit¥larly of investment and charitable matters. To date, Trustee5 have not felt the need to attend f¢rmal training courses relating to the duties and responslbilities of Trustee5 because of their existing experience. PrSncipal Risks The Trustees review at least annually che risk analysis reglster identsfying the risks to which the Trust is eKposed and have taken steps to mitigate these risks wherever possible. The major risks identified relate to investment house frdud or failur¢ and an investment m2nager failing to recogThise market changes or pErforming badly. These risks have been mitigared by diwding funds between cwo portfolios, holding at le2St two Trustee meetings each year attended by the investment managers, and by distributing Investment rnana8ers' reports at least guarterly. The risk of cyber-attack ha5 a150 been identif￿d and the fund managers have provided a st2¢ement of their contro15 in this area. Since the year-end. the terrible events unfolding in the Ukraine have weighed on financlal market$. Sanctions from the West and rising energy and commodity prKes coupled with ongoing Covid-19 impatt$ have Creaied 2dditional uncertainty. The Trustees continue to monitor the geopojitical events in the Ukraine and the progression of the Covid-19 viru5 and the associated on80in8 uncertainty on the 8lobal economic outlotsk and will seek to take mitirdting artions, if required. City of London Endowment Trust for St. Paul's Cathedral Trustees, Report Objectlves and acti¥itie$ The Trust was established In order to emdow the Cathedr21 Church of St Paul in London by raising a Trust Jnd from rhe Clty of London. The objecrs of the Trusi as set out in the Deed of Trutt dated S May 1982 are.. for payment of costs and expenses in connection wirh St Paul's for payment of costs and expense5 in connettion with the bulldings and accommodation at the Deanery, Amen Court and the Chapter House provided for the clergy and lay offlcSals serving St Paul'5 Cathedr21 for payment of costs and expenses in c¢nne¢oon wrch the running of St Paul's Cathedral Choir School for paymenr of stipends and expense5 of the clergy and officia15 serving St Paul's 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 Yerger5 and all other starf employed therein for the presemtion, m8Tntenance &nd improvement of the Fabric of St Paul's Cathedral for general Charitable purpose5. Annual income from this Trust Fund and, at the discretion of the Trustees. some or all of its capital available to asslst 5t Paul's to continue its essential work and meet the running expen5e5 of it5 day to day activities. The Trustees also respond to speclfie applications for funding within the ternis of the object5 set out above. The objective of the Trustèes is to rnake grants to St Paul's Cathedral in accordance with these obiectives from rewrn5 generated by the investment policy set out below. Achievements and perfomiance The investment policy of the Tnjstees is to preserve in real terrn$ the Yalue of the Trust's as$ets by all prudent means and to secure a toral return such that annual grants may be maintained. The Trust's investment oble¢dve 15 reviewed periodically by the Tru5tee5 and during 2020 was amended to achieve a return of CPI plus 4% per annum over the long term. It is believed thi5 will allow the Trust at least to maintain the real Vdlue of the assers whilstfunding annual expendiiure, as agreed by Tru$tee$ The Trustee$ meet at least twice a year to review the porrfoli05. including an analysis of return, risk and a55et allocation. Performance is monitored aDin5t agreed market benchmarks and against the investment objertive of CPI plus 4% over the long terrn. The investment managers {Sarasin and Partners and Rathbone Brothers} are required to present to the Trustees at these meetings. Since 2020 the Trust's in¥estrnent5 haye been invested in investmentfund5.' the Sarasin Endowments Fund Class A Inc fund and the Rathbone Unit Trust Mgmt Acove Incorne & Growth Inc lund. The two funds have different approaches and this is an explicit strate8y. The Trustees believe that all investments held or acquired during the year comply with the investmeTht powers as described in the Trust deed. In 2021, the Trust continued to receive generous 5UPPOrt 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 10 of the accounts. Grants to St Paul's Cathedrdl are made from unrestrirted funds, which have been established from general reserves and the investment income from the Trust's tnvestments. In addition to thi5, the Trustees also administer che Bill Niller Fund. which was set-up to support an organ Scholar at the Cathedral. 2021 was a good year for global equitie5, the FTSE World equity index up 22.1 % and although equities outperfornied the other major asset classes, both of the funds that the Trust is invested in reported total returns of over IO% for the year and the Trust recorded a net investment gain of £878,91112020- £740,346). Toral income was £308,02012020 - £212,305). Total expenditure £568.915 (2020 - 1257,7081. which included a grant of £295,1)00 to St Paul's Cathedral for gener21 purp05es12020 - £226,000)., £6,000 towards the organ scholarship12020- £6.000},' and a £250,000 grant to help support the Cathedral finan¢lally through the Covid-19 pandemic. Net expendiwre before investment gins and losses was £260.895 {2020 net expenditure of £45,403). Realised investment Kdin5 were £1,611 12020 £877.300 (2020. £893.719). As at 310ecembÈr 2021 the net 2ssets of the Trust totalled £11014,137. This ¢ompare5 ￿th a totsl at the previous year end of £11,396.121. reali5ed Eos$es of £153,373) and revaluation pn$ were Reserves Pollcy The Trustees aim to maintain 5u(ficient unrestrfjctrd re5erve5 in deslgnated or general fvnds to be able to continue appropriate support to St. Paul's in Per￿dS of fluctuations in the Trust's income or for expenditure on ¢apital projects. Plans for future and post balance sheet events The Trustees review COLEPS investment performance and e5tirnted income yield at each Trustee meeting. Swice the year-end. the terrible events unfolding in the Ukraine have weighed on financial rnarkets. Sancuons from the West an¢J rising energy and c¢)mmodity prices c¢upled with ongoing CoMd-19 impacts have created additional vn£ertainty. Further volatility is exp¢cred and the Trustees continue to monitor rhe geopolitical event5 in the Ukraine and the progression of the Covid-19 viru5 and the associattyj ongoing uncertainty on the ￿0bal economic outlook and will seek to tske mirisating actions. if required. It 1$ expected that annual grants to the Cathedral will be maintained at levels at least equal to the investment income generated from the portfolio e2¢h year. As noted above, during 2021 the Trustee5 paid a special grant of £250,000 ro the Cathedral ¢0 provide financial support through the Cgvid.19 pandemic. City of London Endowment Trust for SL Paul's Cathedral Trustees, Report Statement of Trustees, responsibilitles Law applicable to Charitles In England and Wales requires the Trustee5 to prepare financial st2tsments for each financial year which give i true and fat"r view of the State ol affairs of the Trust at the end of the financial year, and of its income and expenditure lor the finaThaal year. In preparing those finèncial statements the Trustees are required to.. selett suitable accounting policies and then apply them consistent make judgemenrs and estimates that are reasonable and prudent State whether applicable accounting standards and Ststements ol Recommended Practice have been followed $ubiect to any material departures disclosed and explained in the financial staEemen¢s prep3re the financial staiement5 on the going concem b&is unles5 it is inappropriate to presume that the Trust Mll continue in existence. The Trustees are responsible for maint2iThing proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and en2ble them co ensure that the financi21 $Ta¢ements comply with the Charlties Act 2011 and the Charities SORP IFRS 102}. They are also responsible for safeguarding the assets of the Trust and hence for taking r&isonable $tep5 for the prevention and detection of fraud and other irregularities. The Trustees have complied wlth th￿r duty per the Charities Act 201 I to have due regard to Publ1¢ Benefit guidance published by the Charity Commission. Auditors Mazars LLP h2s signified its willin8nes5 to continue in offic< and a resolution proposing thEir re.appointment as auditgr5 will be put to the ne*c Trurtees meeting. Approved by the Trustees on 18 May 2022 and signed on their behal( by.. Mr R W j Parry, Chair n of the Trustees Mr l G Barelay. Treasurer City of London Endowment Trust for St. Paul's Cathedral Independent Auditor's Report to the Trustees of the City of London Endowment Trust for St Paul's Cathedral Opinion We have audited the financial statements of City of London Endowment Trust for St. Paul's Ctthedral {the 'charity'l for the year ended 31 Deternber 2021 which comprise the Statement of Finallcial Activities. the Ba￿nce Sheet and notes to the financial ststements. including a Summary of significant accounting policie5. The financial reportlng frèmework that h2$ been applied in their preparation is applicable law and Unsied Kingdom Accounting Standards. including FRS 102"The Financial Reporting Standard applioble in the UK and Republi¢ of Ireland" (Un5¢ed Kingdorn Generally Accepted Accounting Pr2Cticel. ln our opinion. the ffinanci￿ statements-. give a true and fair view of the state of the charitls affairs as ae 31 December 2021 and of its income and expenditure for the year then ￿ded.. have been properly prepared in aCCord￿ce with Unlred Kingdom Generally Accepted Accounting Practice., 2nd have been prepared in accordance with the requirements of the Charitie$ Aer 2011. Basis for opinion We conducted ovr audit in accordance with International Standard5 on Audlung {UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Audtror's r￿pOnsibl1*(les for the audit of the financial statements section of our report. We are independent of the charity in accordance w*h the ethical requirements that are relevant to our audit of the financial statements in the UK. Includifjg the FRC'S Ethical Standard and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audlt evidence we have obtained is sufficient and appropriate to provide a ba515 for our opinion. Conclusions relating to going concern In auditing the financTral statements. we have concluded that the trustees, use of the going concern basis of atcounting in the preparation of the financial statements is appropriate. Based on the work we htve performed, we have not identified any material uncertaintses relating to events or conditions that. individually or collectively. may cast 518nificant doubt on the charit1$ abiliry ¢0 continue a5 a going concern for a period of at least twelve months from when the financial statements are authori$ed for 155ue. Our responsibilities and the responsibilitie5 of the trustees with respect to golng concern are de$¢ribed in the relevant settion5 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 c¢)mpri5e5 the inforMat￿n included In the Trustee$. ReporL other than the financial staternents and our auditor's report thereon. The trustees are responsible for the other iThformation. Our opinion on the financial 5raternents does not coyer the other informaritsn and we do not express any forrn of assurance conclusion thereon. In connettion with our audit of the finaneial ststernent¥ our responsibility is to read the other information and, In doing 50. consider whether the other information 1$ matrrialty iThconsistentwith the financial statemenrs or our knowledg¢ obtained in the course of the audlL or otherwise appear5 to be materially mi55tated. If we identify suth tnaterial inconsistencie5 or apparent material mi5Statrrnents, we are required to deterrnine whether there is a material rnisstatement in the financial 5tatemenrs or a material misstarement of the other information. If. based OTh the work we have performed. we Conclude that there Is & materrdl misststement of this other information, we are required to repon rhat fact We have nothiThg to report in thi5 regard. Matters on which we are required to report by exception In light of the knowledge and understanding of the charw and its environment ob¢ained in the course of the 2udiL we have not 1dencrf￿d material rnisstatements tn the Trustse5' Report. We have nothing ro report in respect of the followiTh8 matters in relation to which the Charities {Accounts and Report51 Regulations 2(KJ8 requires us to report to you if, in our opinlork the infom)ation siven in the financial statemenr5 15 inconsistent In any material respert vAth the Trustets, Repoo or sufficient accounting records h&ve not been kept., or the financial st2tem¢nts are not in agreement wirh the accounting records: or we have not recetved all the Information and explanations we require for our audiL Responsibilities of Trustees A5 exP￿Ined more fully in the trustees, responsibilities statement ser ow on page 5. the trustee$ are r￿POnsible for the preparation of the financial Statements and for being satisfied that they give 3 true and fair view. and for such intemal control as the trustees determine is necessary to enable the preparation of fiF)ancial sta￿rnents that are free frorn material misrtatemenL whether due to fraud or error. In preparing the financial $(ateMen￿ the trus¢ees a￿ responsible for assessln8 the charity's ability to continue a5 a going concern, disc105in& as applicable, matter5 related tt> goin8 concern and using the going concern ba51S of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternatiye but to dts so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor vnder Section 144 of the Charl￿eS Act 2011 and report in accordance with the Att and relevant regulation5 rnade or having effe¢c thereunder. Our obiectives are to obtain reasonable assurance about whether the financial statement$ a5 3 whole arè free fr¢m material misstatemenL whether due to fraud or error. and to issue an auditor's report that includes our 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. Reasonable assurance is a high leve5 of assurantr but is not a guarantee that an audit Conducted in accordance with ISAS IUKI will alway5 detect a material misstatetnent when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregace, chey could reasonably be expected to influer*ce the eeonomic decisions of users taken on the basis of the ffinancial S¢aTrrnents. Irre8ularitie5, including fraud. are instances of ntsn-compliance with laws and regulations. We de￿En procedures in line Y4ith our responsibilities. outlined above, to detect material mi55tatements in respect of Irregularities including fraud. Based on our understanding of the charity and its activities. we identified that the principal ri$ks of non-compliance with laws and regulations related to the Charities Act 2011. UK rax legislation, health and safety regularlon, anti-briberyb corruption and fraud, money launderin& and we considered the extent io which non-compliance might have a material effett on the financial ststements. We also considered those laws and regulations that have a direct impact on the preparation of the financlal Statements, such as the CornpaThies Act 2006 and the Charitie5 Statement of Recommended Practice. We evaluated the trustees. and management's incentives and opportunities for fraudulenr manipulation of the financial stacements {including the risk of o¥errSde of eontrolsl and determined that the principal ri5k5 were related to posting manual j()urnal entrie5 to manipulate financrdl performance, management bi85 through judgements and a$5umptions in significant accounting estimates, in particular in relatlon to fund a¢countin$ and significant one-off or unusual transattiori5. Our audii procedures were designed to respond to those identified risks. induding non-compliance wth laws and regulations lirregularities} and fraud that are material to the financial statements. Our audit proce¢Jures included but were not IirniEed to-. Di5CUS5ing with the tnjstees and management their policies and procedures regarding eompliance with laws and regulations: Communicating identified laws and regulation5 throughout our enwement team and remaining alert to any indicattons of non-compliance throughout our audit.. and Considering the risk of atts by the tharity which were contrary to applicable laws and regulations, including fraud. tr audit procedures in relation to frdud included but were not limited to.. Making enquirles of the trustees and management on whether they had knowledge of any actual. suspetted or alleged fraud., Gaining an understanding of the internal contro15 established to mi¢i8ate risks related to fraud.. Discussing amongst the engagement team the risks of fraud; and Addre￿Ing the ri5k5 of fraud through management override of controls by performing journal entry testir There are inherent limitations in the audit procedures described abovt ind the primary responsibility for the prevention and derection of irregularities incltsding fraud rests with managemenc. A5 Wlth any 2udic there remained a risk of non-detection of irregularlcies, as these may involve tollusion, forgery, intentional omissions, M5representstions or the override of internal contr91$. A further description of our responsibilitie5 for the audit of rhe financial statements is located on the Financial Reporting Council's website at www.frc.o sres onsibilllle This description forms part of our auditor'5 report. City of London Endowment Trust for St. Paul's Cathedral Independent Auditorfs Report to the Trustees of the City of London Endowment Trust for St Paul's Cathedral Use of the audit report Thi5 re￿rt is made solely to the charity's trustees, as a body. in attordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we might Xate to the charitls trustees those matters we are required to stsre ro thern in an auditor's rep¢rt and for no v)ther purpose. To the fullest extsnt pem)itted by law. we do not accept or assume re5pon5ibility to anyone other than the charity 2nd the charltls tru5tee5 as a body. for our audit work, for this repts￿ or for the opinions we have forrned. LLP Mazars LLP Chartered Accountants and Statutory Auditor 6 Sutron Plaza, Sutton Court Road. Sutton. Surrey* SMI 4FS Date.. 14 June 2022 Mazar5 LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment a5 auditor of a c¢)mpany under section 1212 of the Companies Act 2006. City of London Endowment Trust for St. Paul's Cathedral Statement of Financial Activities for the Year Ended 31 December 202 Notès Unre5ts1rted R*strlrted Funds Funds Total Total Funds 2021 Fund5 2020 Income from: Donations and Lepii¢s Investments 2.0 210.305 3CQ.259 5,761 306.020 Tot￿ income 30I259 5.761 308,020 211305 Expenditure ott= Raising Fund5 Investment Management Ctr Charitable actr¥lties GrdntJ to St Paufs Caihethal Or8aD Schdar Grnnt w St Piul's Cathedr41 GtsvemaD¢o 8,117 &217 19,432 545,000 54&C 226,1) 6.000 9.698 9.698 4176 Tot￿ •xper￿ltUre S62.9 6.000 8,915 2S7,708 Nrt (expendkureWlnEome before In¥e$tsnent Gwns (26Q,6561 (2391 1260.895) {45,403) Galh5 on InYeJtment Assets ealised GainsllLossesl Unreali5ed Gains 30 1&515 B60.785 877.300 893.719 Net IncomellexpwMdl¢ure) 601.710 16,306 610.016 694.943 Transfers Net Movement Itb 601.710 ,306 618,016 694.943 Furd ￿lanCeS BrO￿t Forward 214.520 IQ701,178 Fund Balanc￿ Carrled Forwafd 2JO,826 12.014,137 Income and expenditure kll relate 10 eontinulng operations. The Trust has no gins or105se5 other than those included above. The Statement of Financial Activities for 2020 Is included at Note l O on page 17. 10 City of London Endowment Trust for SL Paul'$ Cathedral Balance Sheet as at J l December 2021 Notes 2021 2020 (restated) Foxed Assets Investments 12.017,482 11.146.996 Current As5et5 Debtors 9.283 259.259 9.283 259.259 Liabilities Creditors.. Amounts hlling due wlrhln one year {116281 Net Current (LlabilitiesyAssets 13,3451 249,125 Net •ssets 12,014,137 Represented by. Unrestricted Funds Restrirted Funds 230.826 214,520 12,014.137 Approved by the Tru5tee5 on 18 May 2022 and signed on ¢helr beha￿ by. Mr R Wj Parry, Chair of the Truscee5 Mrj G Barclay, Treasurer City of London Endowment Trust for St. Paul's Cathedral Notes to the Financial Statements for the Year Ended 31 December 2021 l. A¢counting policies Basts of preparatio The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statemenr of Recommended Prattice applicable to charlties preparing their accounts in accordance with section l A of the Fin2ncial Reporring Standard applicable In the UK and Republic of Ireland {FRS102} {effective Isc linuary 2019) {Charities SORP IFRSI 021} the Financial Reporrlng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Acr 201 l. The Charity meets The definition ol a public benefit entity under FRSI 02. Assets and liabilirie5 are init1211y recognised at htstorical c05t or transaction value unless otherwise stated in ihe relevant accounting policy note. Going Concern These financial statements have been prepared on the going eoncern ba555. The Charity has significant net assets, and the Trustee5 Consider that there are no material uncertainties. includin8 the impact of Covid-19 and the conffiiec in Ukraine. that will impacr the Charity's ability to continue as a going concern. Donations and Similar income I donations and similar Income are credited directly to Unrestricted Funds. The exceptions to this are when donations are y'ven lor partIcu￿r re$trieted purposes. Investment Income Income and distributyons from dividends and investments Ss accounted fgr on a recelvable ba515. Grants payable Grants are iThcluded when the re¢l)ient has been notified of the ayrdrd. Unpaid grants at the year-end are accrued. Governance costs These represent costs incurred in the management of the Trust's assets. owénisational administration and compliance with constitutional and $tawtory requirements. Investment managernent charges Inyestment management chrges are charged direcdy to the Stètement of Financial Activitie5. Investments Investments are shown in the balance sheet at market Value. Surpluses and deficits on reYaluation5 and disposals of investnients are taken direedy to the Statsment of Financlal Activitie5. 12 City of London Endowment Trust for St. Paul's Cathedral Notes to the Financlal Statements for the Year Ended 31 December 2021 Fund accountlng Unrestricted ￿nds. These are funds which be used ITh accordance with the Trus¥s objects at the ¢Ji5cretion of the Trustees. Designated funds.. These are funds set aside by the Trustees out of unrestricted funds for 5peafbc future purposes or projects. There were no designited ft¢nd5 at 31 December 202112020.. £nill. Restrirted funds: These are funds that can only be used lor particular restritted purposes. Restrittions arise when specffied by the donor or when fund5 are raised for ￿rtICular restrirted purposes. 2. Expenditure 2021 2020 Ralslng Funds Investment Managernent Charges to InveS￿ent Managers &217 19,432 Charitable actlvltles Annu31 grant to supporr St Pad's Cathedr Covid-19 grantto St P3uI's Cathedral 295,000 250.000 545,000 ooo 226.000 226.000 6,000 Orpn Scholar gran¢ ¢0 St Paul's Cathedral Governance Audit Fee Curren¢ year Audit Fee- Prlor years Administrative Coxs lincludlng bank tharges) 8,400 6,69) 14301 Total Expenditure 566.915 257.708 During 2020 the Trust'5 investments were moved inco two invettment funds. the Sarasin Endowments Fund Cla55 A Inc and Rathbone Unlt Trust Mgmt Active Income & Gr¢)wth Inc. Following these transfers, the majority of the Trust's investment costs and rharges. are charged as deductions within the lunds, with the costs being reflectsd in the unit price of the funds. calculated daily. These deductions within funds totalled 184,931 in the year {2020.. 154,2981 and are redected In inYe5tment g2ins and1055e5 in the year and are not included in the Investment Managernent Charges of £8.21712020.. £19,432). 13 City of London Endowment Trust for SL Paul's Cathedral Notes to the Financlal Statements for the Year Ended 31 December 2021 3. Investments 2021 2020 Market Value at I january Less.. Di5posal$ Add.. Acquisitions at Co$E R¢alised Gain$llLosses UThrdi$ed Gai Movement on Portfolio cash balances Other movetnents Market Value at 31 DecembEr 11,146,996 10,664,354 3.925 12,409.311 1153,3ni 893.719 IS24,174} 877,300 19881 11017,482 11.146.996 As at 31 December 2021 rhe investments were hdd in the followng fund 2021 Holding Prf 2021 Sarasin Endowments Fund Class A Ine Rathbone Unlc TrusL Mgrnt Active Income & Growth Inc. Cash Market Value at 31 DeeembEr 4.386.448.39 £1.28 4,295,455.62 £1.49 5.606,933 6,410,537 12 12.017.482 10,253.278 Historical Cort at 31 December 2020 Holding Price 2020 Sarasin Endowments Fund Cla55 A Inc Rathbone Uni¢ Trust Mgmt ActNe Income & Growrh Inc. Cash Market Value at 31 Deeember Historiol Cost ar 31 Deewnber 4,383,306.12 £1.19 4.303,378.62 £1.37 5,229,283 5,916.713 I,ooo 11.14&996 10.253.278 14 City of London Endowment Trust for St. Paul's Cathedral Notes to the Flnancial Statements for the Year Ended 31 December 2021 4. Creditors- Amount$ falllng due within one year 2021 2020 St Paul's Cathedral Audit and Accountancy Fees Portfolio Managetnent Fee5 2.IB7 6.690 1245 2.041 IL628 10,134 5. Unve$trl¢ted funds The Trust was established in order tg endow rhe Cathedrnl Church of St Paul in London by raising a Trust Fund from the City of London. Both income from the Trust Fund and the capital of the TnJ5t Fund are available, ar the discretion of the Trus¢ees. to support St Paul's in con¢inuing its essential work. within the objects of the Trust. In the PaSL the funds of the Tru$t have included designated fund5 $et aside out of gener21 unrestricted funds for specific purposes. There are currentty no funds $et aside to designated fund$. 6. Restricted funds The fund5 of the Trust include one restricted fund, the Bill Miller Fund, comprising the unexpended balance of don2¢ion5 and grants held on trust, the income of which is ta be allocated towards the e05t of a Cathedral organ 5chotar. The fund wa5 established in 201 I with a £200,000 donation from Bill Miller, a former Trustee of rhe Cathedral's American fundraising trnSL Bill Miller Fund BFII Miller Fund 2021 2020 B￿ance at I january Income Expenditwe Net Investment Gain5 Balantt *t J l December 214.S20 5,761 16.0001 16,545 230,826 201528 3,980 16,0001 14.012 214,520 15 City of London Endowment Trust for St. Paul's Cathedral Notes to the Financial Ststements for the Year Ended 31 December 2021 7. Analysis of net assets 2021 Unrestricted Funds Restrlrted Fund$ Fund5 2021 Inve5tm¢nts 11,786.656 9,283 IIZ6281 11.783,311 230,826 12,017,482 9,283 112,6281 12,014,137 Cash Creditors 230,B26 Z020 Vnrestricted Funds Restricted Fuvbd$ Funds 2020 (Restated) 10.932,476 2S9,259 Invexments 114.520 11,146,996 2S9,259 Cash C￿dr(Or$ 214.520 1.396.121 8. Trustees None of the Trustees received any remuneration or reimbursement of expenses for the year 12020= 9. Related Party Transaction5 There were no relatd paw transactions in the year12020.. £nlll City of London Endowment Trust for St. Paul's Cathedrnl Notes to the Financial Statements for the Year Ended 31 December 2021 10. Statement of finan¢ial activities (or the year ended 31 December 2020 Unrestricted Funds (Restated) R¢stricted Funds Total Funds 2020 Income Irom: D¢natyons ind L￿1t¥ In¥estmenCS 2,0th1 206,325 iooo 210.305 3,980 Totsl ineome 208,J25 3.980 11 I,JQ5 ExpeThditure on: Rai5in8 Funds Inye5tmeni Management Charye5 Charitable a£tl¥itlés Granrs 10 St ￿ts1,$ C3thodral Organ Schdar Gr*nr to St PaLI'5 C3the&al Gts¥ernanr¢ 19,432. 19.432 12&0()J 21&000 000 6,276 6276 Total eX￿NdIt￿r• 151.708 257.70 Net expeDdlture before Investmènt Galn5 {43 J831 12.0201 (4S,4031 Galns om lTrYestment Assets ealised (LossesllGains Unrgllised Gans 1150,1701 87&804 12.9031 893.719 Nat Ihome .951 11.992 TThn3f4r5 Nrt Movement Ih Fund3 82,951 11,992 094.943 Fund ￿anCeS Broutht Forward 10.49&650 102,528 IQ701,178 Fund Balances Carri*d Forward 114.5ZO 17 City of London Endowment Trust for St. Paul's Cathedral Notes to the Financial Statements for the Year Ended 31 December 2021 I l. Restatement of Unrestricted Fund In prior years. t separate Endowmenr Fund was presented in the financial statements and investment gains and losses and investmenf management charges were recognised directly in the Endowrnent Fund. whereas InvE5tment income from the Trust's opital was recognised In Unrestricted Funds (other than where it wa5 apportioned to a Restricted Fundl- The Trustees have the power to appty both the Capit￿ and income of the Trust Fund In furthering the objert5 01 the Trust and therefore believe 1¢ 1$ more appropriate to present the Unrestricted Fund$ in tirtaliry. especially given that the Tru5t'5 investments are managed on a total returns basi$. The effect of thi5 change has been to combine the Endowrnent Fund with the Unrettri¢ted Funds. The 2020 cOmParat￿e$ have been reststed to allow cornpari50n. The impact of the restatement t$ shown below. There is no change to total net assets. Unrestrlct¢d- Net income and expenditure for the year ended 31 December 2020 Vnrestritted Restatement Unrestricted Funds as Fund$ presented in (Restated) the 2020 accounts Total income Expenditvre on: Raising Funds Inve5trnent M3n8gement Charges Charitable artivitles Miintenanc¢ of St Paul's Cathed Governance Total expenditu Net expenditure before Investment Galns 208.32S 208.325 19,432 19.431 226,000 6.276 232.276 {23,951) 226,000 6.276 251.708 (43,383) 19.432 (19.432) Gain5 on Inve$tMtnt Assets Realised ILossesllGains Unreali5ed Gain Net (expenditureyincome Transfers Net Movement in Funds 1150.4701 876,804 706.902 11.4391 705.463 1150,4701 876,804 682.951 23.951) 1.439 22,512) 682,951 Unrestrirted Endowment Fund Fund Fmnd Balancès at l Jan 2020 as presented In the 2020 accounts Restatement at I lan 2020 Fund Balances at l Jan 2020 (restated) Net Movement In Funds in 2020 Irestatedl Fund Balances at J l Dec 2020 22.512 10,476.138 10.476.138 110.476.138) 10.498.650 681951 18 City of London Endowment Trust for St. Paul's Cathedral NotÈs to the Financial Statements for the Year Ended 31 December 2021 Analysis of net a55ets - R*statement 31 Dec 2020 as or1%1n￿1Y presented Unrestrltted Fund$ Restrlcted Fund$ Endowment Fund5 Funits 2020 Inve5tmenL 214,520 10,932,476 251.370 11.146.996 2S9,259 Cash 7.889 Creditors 17,8891 (12451 214.520 lJ96.121 31 Dec 2020 (restated) Unrestrleted Funds Restrlrted Funds Funds 2020 Investmet)ts 10,932,476 259,259 214520 11.146.996 259.259 C•sh Creditors 214,520 IlJ96,121 12. Post Balancè Sheet EV¢￿ts Since the year.end a number of fart¢x$. including the Russian invasion of Ukrain& have led to fall$ in the financi31 rnarkets. As at 30 April 2022, the laTr5t pratticable dare before the approval of the accounts. the market value of the Trust's investments had fallen by approximately £760.00016.3%1 compared to a5 at 31 December 2021. Further volatility is expected and the Trustee$ continue to monitor the global economic outlo¢k and wll seek ¢0 take rniti8atin8 actions, if required.