ST PAUL'S CATHEDRAL CHOIR SCHOOL
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2020
Charity no. 312718

ST PAUL'S CATHEDRAL CHOIR SCHOOL
ANNUAL REPORT AND FINANCIAL STATEMEF4TS
FOR THE YEAR ETr4DED 31 DECEMBER 2020
Officers and professional advisers
Tn]5tees' report
Statement of trustee5' responsibilities statement
10
Independent auditor'5 report
11- 12
Statement of financial activities
13
Balance sheet
14
Notes to the financial statements

ST PAUL'S CATHEDRAL CHOIR SCHOOL
OFFICERS AND PROFESSIONAL ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2020
TRUSTELS
Chapter of St Paul's Cathedral..
Tbe Deall, the Very Rev'd Dr David 131)n
The Rev'd Canon James Milne
The Rev'd Canoll Tricia Hillas (resigned 16 Febn￿ry 2020)
The Rev'd Canon Jonathan Brewster
The Vellerable Sheila Watson
Ms PAM Baxter
M5 Sheila Nicoll
Mr Cle￿Ient Hutton-mills {appointed 15 March 2021)
GOVERNORS
The Dean. tbe Very Rev'd Dr David Ison (Chair of Governors)
The Rev'd Canon James Milne
Tbe Rev'd Canon Tricia Hillas (resignated 16 Febnwy 2020)
Mr Gavin Ralston *V
Mr5 Jill Aisher X
Ctsl Edward Yorke
Mr lan Wilson '
Mts Jane Sladdirt #
Mrs Hatty Morley #
Mr Mark Coote '
Ms Pim Baxter
Mr Robert-Jan Tenunink {appoill￿d 18 May 2020)
*Member of the Finance and General Putposes Cornmitte¢
V Chair of Finance and Gelleral PL￿POSes Committee
# Member of the Education com￿lttee
X Chair of Education Committee
HEADMASTER
S Larter Evans BA (Hons), PGC4 FRSA
BURSAR
Mr Martin Kiddle
CATHEDRAL REGISTRAR
Ms Emma Davies
CATHEDRAL DIRECTOR OF MUSIC
Mr Andrew C8rwood+
+in attendance at all Goveming Body meetings
REGISTERED OFFICE
2 New Change
London
EC4M 9AD
CHARITY REGISTRATION f4UMBER
312718

ST PAUL'S CATHEDRAL CHOIR SCHOOL
OFFICERS AND PROFESSIONAL ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2020
BANKERS
Lloyds TSB Bank plc
70- 71 Cheapside
London
EC2V 6EN
SOLICITORS
Winckworth Sherwood LLP
Minerva House
5 Montague Close
London
SEI 8BB
Veale Wasbrough Vizards LLP
Bamards Inn
86 Fetter Lane
London
EC4A IAD
AUDITOR
Haysmacintyre LLP
10 Queen Street Place
[D[￿on
EC4R IAG
INSURERS
Ecclesiastical Insurance Office plc
Beaufort House
Brungwick Road
Gloucester
GLI IIZ

ST PAUL'S CATHEDRAL CHOIR SCHOOL
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST PAUL'S CATHEDEL4L CHOIR SCHOOL
FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their annual report and the audited financial statements for the year ended 31 December 2020, prepared
in accordance with the Financial Reportiug Standard applicable in the United Kingdom and Republic of Ireland (FRS 102),
the Charities Statement of Recommended Practice and the Charities Act 2011.
STATUS AND ADMINISTRATION
The Corporation of the Cathedral Church of St Paul in London (St Paul's Cathedral), operates St Paul's Cathedral S¢hool
under Statute XVI of the Instrurnent established for St Paul's Cathedral dated 13 May 2000 and updated thereafter. The statute
sets down the objectives for the school and the powers and procedures by which Chapter will ensure the proper llvdnagement
of the School. The role of the Cathedral is as the seat of the Bishop of Ix)ndon a[￿ a centre for worship and mission. On I
September 2005 an Instrument of Delegation delegated responsibility for the governance of the School to a fjtsverning Body
(the current members of which are listed on Page 2 of this docurnent).
The School. which is unincorporated and has charitable Sta￿S. has its affairs overseen by a TTUStee body. The Trnstees of the
school are the Chapter of St Paul's Cathedrdl. The Chapter also has representation on the Goveming Body. which consi$ts of
up to 12 members. The Body has a Finance and General Putposes Sub-conllnittee, an Education CoMmit￿e and working
parties which are set up as the need arises. The Governors delegate day tts day n￿llagement responsibilities to the Headnuster
and his Senior Managetnent Team which includes the Bursar. Deputy Head Academic, Deputy Head Pastoral, Deputy DSL
and Head of Pre Prep.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The School is governed by its tnstrument of Delcgation, which came into effect oll I September 2005 and is subject to a five
yearly review with a cancellation clause.
Governing Body
The Governing Body, when complete, consists of The Dean and 4 members of Chapter, alld 7 lay governors. The initial lay
governors were appointed by the Chapter, in consultation with the Headmaster. but lay governors are now elected at ￿11
Governors, meetings. Lay governors are appointed according to the specialist skn.lls they Can offer. The Cathedral and School
have begun work to review the constitution of the Governing body within the Insttument of Delegatio￿ and airn to separate
the role tsf the Ikan frorn that of Chair of Governors and to recoTJsider the ternu and effect of the Instnunent of Delegation.
As part of the strategy to review the schwl Governace Mr Robert-jan Temmink joined the Governing Body on 18 May 2020.
At the governors meeting of 17 Febnwy 2020 it was agreed he should tak¢ over the role of Vite Chair previ(Trusly fulfilled
by the Precentor.
Trustee and Governor Training
New trustees and governor$ are inducted into the work'n8 of the School by the Headmaster and Bursar, and are regularly
Updated through briefings at the School and external trustee and governor training Courses
The Governors rneet at least three times a year to deterrnine the general policy of the S¢hool and to review its overall
management and control. The work of overseeing the implernentation of most of the Goveming Body's policies is carried
out by the Finance and General PU￿05¢S Sub-committee, which meets before each meeting of the full Governing Body and
at other times as required. The Governors. Education ComTnittee continued to Monitor the progress of the departn￿trI and
stsff peer reviews carried out.
Si Paul's Cathedral School is an active member of the Independent Association of Preparatory Schools (IAPS), for the
promotion and maintenance ofpreparatory school stsndards generally, and of the Choir S¢hoo]s Association. It also takes part
tn peer-group studies for the evaluation of quality and performance improvement methods. The school 15 also a member of
the tndependent Schools Bursars. Association, givill8 It actess to the latest fLnancial and Manage￿¢￿t developments in the
education sector.
By co-operating with loul charities and state schools, the School endeavours to widen public access to the schooling it
provides, and to awaken in the pupils an awareness of the social context of the education they receive at the School. See
public benefit below. The extent of this work was limited in 2020 because of the restrcitions placed on all school activities
by the impact of the Covid pandemic.

ST PAUL'S CATHEDRAL CHOIR SCHOOL
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
TRUSTEES, REPORT (continued)
REVIEW OF ACTIVITIES ATr4D ACHIEVEMENTS
During the year there were on average 28 boy Choris￿r$ aged berween 7 and 13, 169 day pupils of the sarne ages, and 60 pre-
prep children aged between 4 and 7 on ihe school's roll. The whole school is mixed, although there are fewer girls than boy5
in the main school. At the end of 2020 were 99 girls in the sclK)0112019.. 1141.
The School was extremely success￿] at moving its teaching and learning online in response to COVID. It took a'fw'l fast
and innovate" approach. allowing teachers high degrees of autonomy which was agile and quick to respond to the needs of
children according to age and sthge. and io the vagaries of children's home circumstances.The School trained its staff in
Googleclassroom. and Microsoft Teams, and set up lis own secure YouTube chamiel days before the fjrst lockdown and
moved direcdy into a full online provision for that first temi. During tha¢ time, Googlemeet was also introduced, os well as
Z￿m. Initially. the School was noi able to provide for Key Worker children, bui arranged for cm'ldren to use a n¢ighbouring
school. Partial lifring of restrictions brought ReceptiotL Year l and Year 6 back into school, with staff allocated to each bubble
and moving ￿ a hybrid leaming environment wilh specialist teaching delivered remotely back into classrooms. In a second
wave the School was able to offer provision for Key Worker children. and we also hosted the prep school aged children fro
City of London School for Girls. Parent meerings and virtual open days moved online, where they currently remain Much ha5
been learned and the school conunues the momentum gained with the now widespread ease of using technology a¢ros5 the
school.
Pu"pils in the school achieved excelleni musi¢ exam results in December 2019, with 46 ex8rn5 take￿ 720/0 of which were at
merit or disiitlclion level_ From September-march Ipre-lockdowl) 10 regular instrument ensembles, 2 orche$trdS and five
choirs rehearsed weekly. 5 internal concerts were held, and an additional 8 other public perforn)ances given. Frorn March to
July (during lockdown). 3 choirs and l ensemble continued remoiely, and a (recorded) summer concert was produced.
Sin¢e the oppointment of Mr Mark Kennedy as DiTe¢tor of Music, who joined us from Westminster Cathedral Choir Sch(x)I,
the 8¢hool's Chamber Choir is being trained to sing o¢¢asional offices in the Cathedral. This was achieved on a nurnber of
o¢¢asions until COVID. The intention is to return to this progronune.
Trips, both at home and overseas, were not possible due to COVID.
All of the leavers of 2019-20 went on to goryl senior ￿h0o1$. 34 scholarships were offered to leavers, up more than 50/.
year on year'.9 academic, 16 nJusic, 5 5poffj 2 art, 2 drama Scholar$￿'P$ with often substantial bursaries offered. Thi5
aclll'evement has been helped greatly by the high-quality teeching staff we have been able to relain and recruit in the face of
intense competition from other London s¢hools and who continue to maintain high standards in an increasingly competstive
market for senior school places in London and elsewhere.
Risk Managem¢n¢ and principal risks and llncertainties
A detailed Risk Management assessment is prepared annually for Governors to include both internal and external factor5 that
n￿Y impact on the operation. Their likelihood and potential impacts are assessed and any required action 15 forrnulated. The
n￿1n risks under consideration include particularly the Covid pandemic and the irnpacL on trends with respect to pupil
numbers. These are monitored and the number of ¢urnt applications were compared to previou5 years. Currently there are
still three to four applicants per available place. With respect to stock market volatility and its iinpact on investments the
school receives and acts upon advice from the Cathedral's Investment Advisory Cornmittee. Currently the School's
investments are managed by CCLA. The proxtmity of St Paul's Cathedral and other City Institutions mean5 that the School is
located in a sensitive and high profile area with respect to possible terrorist activity. Staff receive regular briefings from City
of London Police specialists and attend the Cathedral's Se¢urity Advisory group meetings to ensure they are up to date Wlth
the latest advice and amend any emergency procedures as appropriate. Robust plan5 are in place for dealing with emergencies
that may arise either internally or externally to the ￿h0O[.
Day to day health and safety is monitored by the school Health and Safety Con￿Ittee who are supported by PIB RL5k
Management Advisors. This commiitee reports directly to the F&GP Committee including an annual review of all accidents
involving pupils. As part of their annual review PIB will look at all of the required inspection reports which include PAT
testing, fire and smoke alam) test, gas safety checks and kitchenequipment servicing. The School Building project comtnenced
tn July 2019 and continued throughout 2020, with final secttonal Completion being 5, March 2021. An extension of time was
granted to the contractor a a result of the impact of covid lockdowDS and work place restrictions. The fll￿1 project cost Is riow
expected to be just over £8 M with the Commitment by the School to this costbeing in excess of£4.Om. A significant It￿lYIdual
donation oE£lm over 3 years will be used to redu¢e the level of extemal bank l(w) filnding and rnitigate the irnpact on

ST PAUL'S CATHEDRAL CHOIR SCHOOL
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 202
TRUSTEES, REPORT {conlinued)
reserves. Fuwre budgets and forecasts have been updated to reflect the possible impacts on income and pupil nutnbers as a
result of the COVID pand¢mic.' increased nvdrketing and other mitigation measures are in place, and the Governors will keep
the situation under regular review.
The financing of the building project will lead to a fall in the level of the School's reserves from 2020121 onwards but the
Governors will maintain the reserves at prudent levels in line with their resaves policy.
CHARITABLE OBJECTS
St Paul's CadLedral School exists for the educatiotL nurture and eare of the chotisters of St Paul'5 Cathedral. It also has a
responsibility to educat¢ such other pupils between the ages of four and thirteen as can be properly accommodated frorn time
to tijne within the school.
Alms and Prineiple5
St Paul's Cathedrat School is a Christian, co-educational community where the values of love, justice, tolerance, respect,
honesty, service aTMI trust are encouraged and prdctised to PtDmote EX)Sitive relationships throughout the school comrnunity.
The school aims to instil a love of learning through o broad curriculum. It aims to give each pupil the Oppor￿nity to develop
intellectually, sttially. p¢rsonally. physically, cultllrally and spiritually. All pupils are encouraged to work to the best of their
ability and to achieve standards of excellence in all of their endeavour8.
Through the ¢on)orate life of the school and through g(K)d pastoral care, the school encourages the independence of the
individual as well as mutual responsibility. It atms to make its pupils aware of the wider conununity and encourages a close
working relationship with parents and guardians.
Principal Activity
St Paul's Cathedral School's principal activity continues to be the provision of education in a boarding environment for the
St Paul's Cathedral choristers, of which there ¢an be up to 36. In order to deliver a fman¢ially viable curriculum and to Cteate
more balanced school ellvironment for the choristers, it educates approximately 220 day children from the ages of 4 to 13.
Objectives for the Year
The Govemors. Main objective Continues to be to educate all the School's pupils to at least the same high standatd achieved
in previous years, so that they will be able fully to benefit from theirchosen seniorschool for the completion of their education
in due ¢ourse. Our strategy for achieving thi$ 1$ to maintain a bigh teacher-to-pupil ratio, tailoring our services as appropriate
in each case to suit indivsdual needs The School's building development of a new boarding block has allowed improvements
to stsff a¢commcKlation and the ¢reation of new classroom space. The school will have two forni entry at Recption as from
September 2021. After three years there will be increase of pupil numbers of at least 45.
Public Benefit
The Trustees are aware of the Guidance issued by tlLe Charity Con]mission undcr the Charities Act 2011 in relation to Public
Benefit and are mIndful of their obligations to have regard thereto. The Trustecs are confident the Charity's activities are in
pursuit of its objects and are deltvering publie benefit. This is achieved by th¢ provision of education for the chorister5 and
school bursaries to fund the ed￿CatiOn of non-chorister pupils whose parents would not norn￿llY be able to fvnd the required
fees. The boatding fees of choristers ate partly funded by the St Paul's Cathedral Chorister Trust. Choristers are offered
place based on their singing ability and personal attributes only. The Cathedral Church of St Paul pays the Tuition fees for all
Choristers.
During 2020. six day-pupils received support for part or all of their fee$ from the Bursary Fund and 15 choristers received
support from the Chorister Trnst (see notes I l and 14 to the financial statements) for their Boarding Fees. As a result of the
disruption to pupils education caused by the Cgvid 19 lockdown of schools, Governors decided to hold fee levels at 2019120
ra*s for the academic year 2020121. This was in addition to a IOQ/(* discoiint offered agaiiL%t the fees for the summer terni
2020.
Governors continue to encourage the school to take every opporDJnaty to diversify their activities in the area of education,
particularly in regard to the provision of musical opportunity to a$ wid¢ a public as possible.

ST PAUL'S CATHEDRAL CHOIR SCHOOL
TRUSTEES, REPORT
FOR THEYEAR ENDED 31 DECEMBER 2020
TRUSTEES. REPORT (continued)
The Cathedral Choir support5 musical education and partnetship work benefitting state schools across the Diocese of London.
ID the past year, this has included ils 'SIng with St Paul's. ptogramme, which has benefitted keyworker children, and those
home-schooling. the Hackney Children'5 arld Senior Choirs (with support from the Mayor of London),. and digital singing
a5sernblies featuring the choristers, shared with schools acioss the UK.
Public Benefjt {eontinued}
M¢mb¢rs of the rnusic staff seek to share the experience of singing at St Paul's with children in more li￿1 30 schools per year,
su¢¢¢ssfully reaching and recruiting choristers from diverse and deprived ba¢k8rounds. In additiofy the outreach work actively
support the CPD of music teacher5 Ln partner schools.
During 2020, many fvndraising actlVLtie5 were lirnited in scope however the school s¢hool still raised money for Jeans for
G¢nes, Childrell in need, Christma5 JuTnper Day- Save the Children. Christmas Service- Great Orniond Street Hospitsl,
Comic Relief, RBL Poppy Appeal, World Book Day, and now sponsor a guide dog puppy.
The Schoolcontinues to develop its netwtsrk of PriTnaryeducators in the state maintainedsector (primary) to shareprofessional
development, such as throll￿ collaborating with subject cluster grotsps. forexample in modern foreign languages. In additio
the Head is a memberof the Cityof London's Head Teachers, Forum. a group of head teachers from across the City of London
(both tnaintained and independent), who to share infotmation, best pra¢ti¢e ond, where possible, resources. With the
appointment of a new Head of Sport we are now actively planning for widening our sports participation to include maintained
prin￿ry schools withi'n our fixtures and tournaments. The School continues its partnership with th¢ Royal Coll¢ge of Music
whereby undergraduate musicians experierlce rnusic teaching in a school setting.
With the new building work now COTnplete, the School aims to set up twilight tea¢her training programmes in ICT and Music
for non-specialist teacher5 from the tnaintained sector.
FINANCIAL REVIEW AND RESULTS FOR THE YEAR
The school generated net LllcoTne duiing the year of £1.598.328 {2019- £1,668,136) representing 30.52 / 12019.. 30.80/) of
total revenues. Howeverthi5 included £808.721 ofrestric¢ed income of whi¢h £805,903 was donations for the School Building
project. Pupil number5 averaged 254 Ln 2020 {2019'. 257). ensuring the s¢hool made an unrestricted operating surplus in
exce55 of £718.058120I9.. £541,444) beillg 16.2/ (2019". 12.1°10) of total unrestricted revenues. The sU￿lUS was achieved
after char8ing depreciation for the year of £60,655 {2019'. £60.147). Capital expenditure f(Trr 2020 was split between
£4,446.986 for the school development project. £9,654 for ICT, and for fjxtures and fittings £28,944.
In the year £70.581 (2019.. £73,562} has been set aside as Designated Funds. These have been designated by the Governors
for the putpose of awarding butsaries to day pupils. The Sum is made up of in¢ome from the School Capital Fund (£20,977)
and 6% of the previous year's Unrestricted Fund surplus (£72.0601. resulting in a sutplus to be carried forward sn the Bursary
Fund of £1,479.
In accordance with the conditions of the Instrument of Delegation and Financial Memoranduln adopted by the school, the
school'5 Lnitlal unrestricted reserves were fixed at £400.000 al J l December 2005 and a reserves policy was introduced based
on unrestricted reserves being a minirnum of 20/0 of annual fees. Th¢ S¢h(K)I ha5 continued to secure an annual operating
surplus since 2005, taking unrestricted reserves 10 £6.461,19512019.. £4.937.234). Over the last five year5 the Trustees have
continued to increase ur￿estricted reserves to enable the school to finance a significant portion of the planned ￿h0o1
development project. Thi5 has enabled the School to contribute over £4m to the financing of the project.
The other part of the fundLn8 for the Building Project came from a loan from St Paul's Cathedral of £2.5 tnillion taken out in
the name of the Cathedral from Lloyds Banking Group and repayable by 2033. The School ha5 agreed to make back to back
payments to the Cathedal to cover payments of interest aTJd repayments of capitsl to Lloyds bank.
Under the same financial agreeTAent the Cathedral transferred to the school the "School Capital Fund" and the School
Scholarstll"ps, Prizes and Bursarie5 Fund (known as the Prizes Fund) on 31 December 2005 amounting to £615,000. At th¢
end of 2020 these endowment fund5 stood at £1,136,476 (2019.. £1,063.J53) and the accumulated restrictcd income arising
frorn the latter endowment stood at £37,068 (2019.. £35,825) held as a cash balance.

ST PAUL'S CATHEDRALCHOIRSCHOOL
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER Z020
TRUSTEES, REPORT Icontlnued)
Restives Policy
Tht Trustees ivill seek to maintsin a minimuTn level of unrestricted reserves equivalent lo 25 /0 of one year s running costs,
defiiied as e.Kpendiiure on charitable a¢iivities. At 3 1 Decemt¢r 2020. unrestrictcd reserves are £6,461,19i or 174.2VD of th¢
2020 school e¥penditur¢ on charitable aciivitl¢s1£3,709,1501 {2019..126Yo of running co515 of £i.916,1801. Governors have
agreed thèi some of these reserves can be used to finance th¢ forthcoming Sch￿[ building proje¢i. As at the end of 2020
£4.000.(K) has been committed .
Senior manigement remunerAtlon policy
The remuneratEOll of the Headmaster 2nd Bursar is set by the Governors.
FUNDRAISING POLICY
The School fundraises primarily from institutions, trusts and foundations, together iyith occasional ev¢nt-based fundraising
and individual donaiiot)s.
The cliarity does not ¢ngage in cold-calling or street-based fundraising or use thiyd party fundraiser5. The school has not
reccived any coniplaints in ihe year in eonn¢¢tion with the PTopriety of its fundraising.
The School takes all reasonable steps to treat donors fairly. enabling them to make informed decisions about any donation.
This includes taking into accouni the needs of any potential donor wlio may be in vulnerable circutnstances or require
additional ¢aTe and SUPFQrt to make an inforTned deciss0n.
The charity lias fundraising cost5 of les5 than £IOQ.000,' hence it ha5 not been asked 10 register ivith the Fundraising RegulatOT
and. in vieiv of the nature of the fundraising undertak¢n, the charity ha5 not to dale regJ'$*red voluntarily.
FUTURE PLANS
In December 2016 ihe School was sranted planning permission to build a new Boarding Hous< eypand the dining area and
create extra classrooms by rehousing th¢ resident staff in the existing Boarding House. This work comrnenced in July 2019
and the final sectional completion ivas 5, Mar¢h 2021.
This Ivill enable the school to e.xpand ils pre prep department and to provide some additional specialist classrwms and secure
boarding a¢comTnodation of the required standard for many years 10 ¢OTne. It will also ¢n2ble us to continue our key objective
of educaiing OUT pupils to th¢ same high Siandards, or higher, as in previous years.
The Trustees remain confident that St Paul's Cathedral Schwl will be a going concern for the next 12 months and beyond.
There are long wailing li5t5 for the next four years for both the 4+ and 7+ entry point5. and th¢ school has introduced an I l+
scholarship programme which is attracttng a small number of applicants hitliErto rK)I served by ihe school. Once the Pre•Prep
has groivn to two form entry. the 7+ entry point ivill offer feii'er places, however. it is anticipated that thTS ivill retnain an
important and attractive entry point for some piipils. Budgeis and ftsrec85ts have been updated to reflect the itnpact of the
COVID 19 viru515ee post balance sheet events note below}. However, the Governors do recognise greater uncertainly as to
pupil nurnbeT5 than for some lime. reflecting the change in ii'orking praclicc5 in central London as a result of the pandemic.
Having completed the physical development of the estate, the Senior Leadership and the Governing body are iiorking together
to define a n￿V 5 year strate8ic plan. Pari of that plan is to establish the School as a Foundation, with its own legal identity.
while remaining an integral and vital pan of the Cathedral's mission. Note 17 Post Balance Sheet Events gives rnore detail of
the progress with this exercise.
IDvestment Powers And Tntstees, Auihority
The s¢hool is ivholly owned by the Cathedral Church of St Paul in London. It is ther¢fore subject to the Cathedrals. Mea5UTe
1999 in addiiion to charity law. Trustees may inY¢st funds in any of the folloivin&
Land
Fund5 administered for the Central Board of Finance of the Church of England

ST PAUL'S CATHEDRALCTrIOIR SCHOOL
TRVSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER2020
TRU.8TEES' RIPORT Itontinuedl
Investmeijt Powors and Truslee5' Autljority Itontinued)
Iiivestinenis in M,hi¢li Irusiee5 Ina). ini'est under the general poivers of investment in the Tru5tee5 Act 2000
The improvernent of developmeni or properts". belonging to the Cathedral
The Ini'es¢ineiii Policy for School funds must meei Ihe requirements of the CBF Cliurch of England Ethical Polic),.
The Trustees reoularly consider the perforinance bv its Investment manager and of the investments held. The TrLisiees
consider. supwrted bv an independent I'evieiv, that perforinance is satisfa¢tor}.

ST PAUL'S CATHEDRAL CHOIR SCHOOL
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees are responsible forprepariug the Trustees, report and the fiiydncial statements in accordance with applicable law
and the United Kingdom Accounting Standards {United Kingdom Geneially Aw¢pt¢d Accounting Practice).
The Trt￿tee$ are responsible for preporing the Tn￿tees. Annual Report and the flnancial statements in accordance with the
applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Pracli¢e),
including FRS102"The Fitthncial Reporting Stsndard applicable in the UK and Republic of Ireland"
The law applicable io charities in England and Wales requires the trustees to prepare financial statements for each financial
year which give a ttue and fair view of the state of affairs of the eharity and of the incoming resources and application of
iesources of the charity for that perrod. In preparing these fmaneial statements, the twstees are required to..
- select suitable accounttng policies and then opply them consistently
- observe the methods alld principle$ ID the Charities SOI
- make judgments and estimates that are reasonable and prndent
- state whether appltcable accounting standards have been followed
- prepare the fll)ancial statements on the going eoncernbasis unless it is itydppropriate to presume that the charity will continue
in business.
The trnstees are responsible for keepll￿ proper accounting records that disclose witb reastsDable accurd¢y at any time the
financial position of the charity and ellable thern to ensure that the financial statements comply with th¢ Charities Aci 2011
and regulations made thereunder. They are also responsible for safeguarding the assets of the charity and hence for takll
r¢a50nable steps for the prevention and detection of fraud and other I￿¢gularitIeS.
The trustees are responsible for the maintenance and integrity of tbe d]arityand financ￿1 infornydtion includ¢d onthe charity's
website. Lcgjslatron in the United Kingdom governing the preparation and dissemination of financial sta*rnents may differ
from legislation in other jurisdictions.
Approved by the Board of Trustec$ on Monday 20th October 2021 and signed ¢)n its beholf by:
The Very Rev'd Dr David Ison
Trustee and chairn￿n of Governors
io

ST PAUL'S CATHEDRAL CHOIR SCHOOL
INDEPENDENT AUDITORS, REPORT
FOR THE YEAR ENDED 31 DECEMBER 21120
OpiDiotL
We have audited the fina￿{al sts￿ments of St Paul's Cathedral Choir School for the year ended 31 December 2020, which
comprise the statement of financial activities. the balance sheet, the cash flow statement and the notes to the financial
statements, including a summary of significant accounting policies. The financial reporting framework that has been applied
in their preparation is applicable law and United Kingdoln Accounting Standards, including Financial Reporting Standard
102 The Financial ReportinE Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepfed
Accounting Practice).
In our opinion, the financial statements..
give a true and fair view of the state of the charity's affairs as at 31 DeeeTnber 2020 and of its net rnovement in
nds for the year then ended",
haye been properly prepared in accordanee with United Kingdom Generally Accepted Accounting Prdctice,. and
haye been prepared in aceordanee with the requirements of the Charities Act 2011.
Basis for opinion
We have been appointed as auditor under section 144 of the Charities Act 2011 And report in 2ccordAnee with the Act and
relevant regulations tnade or having effect thereunder. We conducted our audit in accordance with International Standards
on Auditing (UK} (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's responsibilities for the audit of the f]nancial statements section of our rep(Trrt. We are independent of the charity in
accordance with the ethical requiiernents that are relevant to our audit of the financial statements in the UK, including the
FRC'5 Ethical Standard, and we have fi]Ifilled our other ethical responsibilities in accordance with these requirements. We
believe that the audit evsdence we have obtained is sufficient and appropria￿ to provide a basis for our opinion.
Conclusions relatSng to going eoneern
In auditing the financial statements, we have concluded that the Ttustees. use of the going concern basis of accounting in
the preparation of the fllmncial statements is appropriate.
Based On the work we have perfornied. we have not identified any material ullcertainties relating io events or conditions
that, individuallyor¢olleciively. may cast signiflcani doubt on the charity's ability to Continue as a going coneern ft>ra period
of at least twelve months from when the financial sta￿ments are authorised for issue.
Our responsibilities and the responsibilities of the Tntsiees with respect to going collcem are described in the relevant
sections of this report.
Other information
The Trustees are responsible for the other infornmtion. The other inforniation comprises the infomation included in the
Trustees. Annual Report. Our opinion on (he fmancial statements does not cover the other information and, exeept to the
extent otherwise explicitly ststed in our repo￿ we do not express any form of assurance conclusion ihereon.
In conrtection with our audii of ihe financial ststements. our responsibility is to read the other inforniaiion And, in doing so,
eonsider whether the other inforn)arion is materially inconsisteni with the financial statements or our knowledge obtained in
the audit or otherwise appears to be materially mLSStated. If we identify such material inconsistencies or apparent material
rnisstatements, we are requlred 10 detemiine whether there is a material misstatement in the financial state￿entS or a material
Ints5tatement of the other infornmtion. If. based tsn the work we have p¢rfornied, we conclude that there is a material
isstatement of this other Inforn￿ll0n. we are required to report tha( fact. We have nothing to report th this regard.
Matters on whieh we are required to report by exception
We have nothing to report in respect of the following [naL￿[S in relation to which the Charities (Accounts and Reports)
Regulation5 2008 reqwre us to report to you if, in tsur opinion..
adequate accounting records have not been kept by the charity. or
sufficieni accounting records have noi been kepi., or
the charity financial siatements ate not in agreement with the accounting records and retuTns' or
we have not received all the infonnatitsn atld explanations we require for our audit.

ST PAUL'S CATHEDRAL CHOIR SCHOOL
INDEPENDENT AUDITORS, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2(120
Responsibllities of Trustee for the financial statements
As explained more fully in the Trnstee's responsibilities statement set out on page 10, the Trust¢¢s are responsible for the
preparation of the financial statements and for being satisfied that they give a ttue and fair view, and for such internal control
as the Trustee detern]ine is necessary to enable the prepardtion of financial statements that ar¢ free from Illa￿[la1
mi55tatement, whether due to fraud or error.
In preparing the financial statements, the Tntstees are responsible for assessing the charity's ability to continu¢ a5 a going
¢oncem, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless
the Trustee either iniend to liquidate the charity or to cease operatioDS, or have no realistic alternative but to do so.
Auditor's responsibllities for the audit of the fin8nci&I $tktetllents
Our objectives are to obtain reasonable assurance about whether the fllvdncial statements as a whole are free from material
rniSStatemenL whether due to fraud or error, and tt) issue an auditor's report that includes our opinion. Re&sonable assurance
is a high level of assurance but is not a guarantee that an audit Conducted in accordance with ISAS {UK) will always detect
a material misstatement when it exists. Misstateinents can arise [rts￿ fraud or error and are wnsidered material if,
individually or in the ag￿egate, they could reasonably be expected to influence the economic de¢ision5 of users taken on
the basis of these fjnancial statements.
Irregularities. including frauiL are instsnces of noll-compliance with laws and regulations. W¢ de5ignprocedLwes in line with
our responsibilities. outlined above, to detect material misstatements in respect of irregularities, iThcluding fraud. The eX￿rtt
to whieh our procedures are Capable of detecting irregularities, including fraud is detailed below:
Based on our understsnding of the charity and the envirollrnent ift which it operates, we identified that the priucipal risks of
non-compliance with laws and regulations related to regtsteted charities and indep¢nd¢nt scbools, aud we Considered the
extent io which non-compliance might have a material effect on the financial statements. We also ctsnsidered those laws and
regulations that have a direct impact on tILe preparation of the fmancial statements such a5 tbe Charities Act 201 l and other
factors such as taxation.
We evaluated management's incentives attd opportill)iiies for fraudulent manipulation tsf the fillancial statements (including
the risk of override of control$) and detennined that the principal risks were related to rnauuai accounting joumals. Audit
procedures perfornied by the engagernent team included..
Discussions with managemellt including consideration of known or suspected instanGes of non-compliance witb
laws and regulation and fraud-
Evaluating management'5 Controls designed to prevent and detect irregularities- and
Identifying and testing journals. in particular journal entries posted with unusual a¢wun¢ combinatiots, postings by
unusual users or with unusual descriptions.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website at.. iirivii,.frL.oi"
-u16aiiditoi'.%re
oii%ibililies. Thi5 desGriPtion fom)s part of our auditor's report.
Use of our report
This report is rnade solely to the Charity's Trnstees, as a body, in accordance with section 144 of the Charities Act 20112nd
regulations rnade under section 154 of that Act. Our audit work has been undertaken so thai we rnight stAte to the charitys
Trustees those matters we are tequired to state to them in an Auditols report and for no other pu￿ose. To the fullest extent
pennitted by law, we do TJOt accept or assume responsibility to anyone other than the charity's Truste¢ a8 a body for our
audit work, for this reporL or for the opinions we have fornied.
LLe
Haysmacint)rye LLP
Statutory Auditor
Date= 25 October 2021
10 Queen Stre¢t Place
London
EC4R IAG
haysma¢intyre is eligible tt> act as an auditor in tem)s of section 1212 of the Cornpanies Act 2006
12

ST PAUL'S CATHEDRAL CHOIR SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR EF4DED 31 DECEMBER 2020
Total
2020
Total
2019
Unrestricted
Restricted
Endowment
Note
Income from:
Donations
Invesiments
27,601
33,015
805,903
2,818
833,504
35.833
957.237
43,772
Chayiiable activitEe.s'.
School fees
Other ancillary income
2a
2b
4,060,303
291,556
4,060,303
291,556
4,075.292
326.584
Other trading
20
14,733
14,733
13,562
Total incotne
4,427,208
808,721
5,235,929
5,416,447
Expenditure on".
Charirable activities
{3.709,150)
(1,5751
13,710,725)
(3,918,007)
Total Exp¢nditure
{3,709,150)
11,575)
13,710,725)
(3,918,007)
Net income excluding
investments gains
718.058
807.146
1.525,204
1,498,440
Net gains on investments
73,124
73,124
169,696
Net income
718.058
807,146
73,124
1,598,328
1,668,136
Tran$f¢r5 between funds
10
805,903
(805,9031
Net [Trov¢￿ent in funds
1,523.961
1,243
73,124
1,598,328
1,668,136
Reeonciliglion of funds
Total fvnds broughi
forward
10-12
4,937,234
35.825
1,063,353
6,036,412
4,368,276
Total funds carried
forward
6,461.195
37.068
1,136,477
7,634,740
6,036,412
A]1 amounts derive from continuing activities.
Ail gain5 and I0￿eS recognised in the year are included rn the Statement of Financial Activities.
Notes I to 14 form part of these fina￿la1 statements.
13

ST PAUL?S CATHEDRAL CHOIR SCHOOL
BALANCE SHEET
AS AT 31 DECEMBER 2020
Total
2020
Total
2019
Iyote
FIXED ASSETS
Investments
Tangible assets
1,136,476
7,864.900
1,063,353
3,439,971
TOTAL FIXED ASSETS
9,001.376
4,503,324
CURRENT ASSETS
Debtors
Cash at bank and in hand
89.510
1,191.409
121.519
2,679,595
TOTAL CURRENT ASSETS
1,280,919
2,801,114
Creditors: amounts falling due
one year
{708J83)
{1,268,0261
NET CtJRRENT ASSETS
572,536
1,533,088
Creditors falling due after
One year
(1,939,172)
TOAL NET ASSETS
7,634,740
6,036,412
Fuf4DS
Unrestrtcted fimds
Restricted fimds
Endowment fijnds
3￿￿￿6.461 195 4.937,234
37,068
35.825
4W1951.136 477 494P2341063 353
10
10
TOTAL FUNDS
7,634,740
6,036.412
Notes I to 14 forni part of these financial Statemen
These financial statements were approved and authorised for issue by the Board of Trusttts on 20 October 2021
Signed on behalf of the Board of Trnstees..
The Very Rev'd Dr David Ison
Trustee
14

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMEf4TS
FOR THE YEAR ENDED 31 DECEMBER 2020
I. ACCOUNTING POLICIES
AccoulltiThg Basis
The financial statements are prepared under the historical cost convention as modified by the revoluation of investment
assets to market value and in compliance with Accounting and Reporting by Charities.. Statemeni of Recommended
Practice applicable to charities pieparing their f]nancial staiements in accordance with the Financial Reporting Siandard
102,'The Financial Reporting Stalldard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and
the Charities Act 2011.
The financial statements are prepared in sterling which is the functional currency of the Charity. Monetrary amounts in
these financial statements are tounded to the nearest pound.
Th¢ Charity is a Public Benefit Entiiy as defined by FRS IO2.
Notwithstanding the irnpact of the Covid-19 pandemic the ln￿￿eS consider that there are no material uncenainities
affe¢ting the Chatity's ability to continue as a going conem for at least twelve months form the date of approval of the
accounts.
Fee5 and Simi12r Income
Fees receivable for the provision of edu¢auon and charges for services and use of premises ar¢ a¢count¢d for in th¢ period
when the school is entitled to receive them. chey canbe measured and the receipt is probable. These ar¢ included in income
frorn charitable activities. Fees receivable are sthted after deducting allowances. scholarships and oth¢r r¢missions granted
by the school frorn its uIirestricted fimds. but include contributions received from Restricted Funds for ￿hOlarshIps,
bursaries and other gtartts.
Donatio[￿ ate also accounted for on a receivable basis although in practice the criteria of entitlement, measurement and
probability ale frequently only met ai the point of receipt.
Expenditure
Expendituie is accounted for on an accruals basts. VAT is included with the it¢m of expense to which it relates.
Appioxifflately 650/0 of support costs are spent in di￿1 support of teaching activity and tbe remainin8 35 /0 on welfare
and prernises support. Depreciation on the school minibus is included in support C051s.
Teaching Materials
Supplies of games equipmenL books, stationery and sundry materials are written off to the Statement of Financial Affairs
as soon as the expenditure on pro¢uring thern is incurred.
Depreeiation
Depreciation of other assets is provided at rates calculated to ￿lte off the exces5 of cost over estimated residual amount
evenly ovei the estimated use￿1 economic lives of each Class of asseL subje¢t to annual revkew.
These lates are currently as follows..
Buildings Lmprovemenis and extensions
Furniture and equipment
10- 20 year5
3 - 10 years
Pension Sehemes
The School contsibutes to the Teachers, Pension Scheme at rates s¢t by the Scheme Actuary and advised to the School by
the SchetThe Administrator. The Scheme is a mulLi-¢mployer pension scheme and it is not possible lo identify the assets
and liabilities of the Scheme which are attribulable to the Charity. In accordance with FRS102 the Scheme is accounted
for as a defllkd contribution scheme, whilst it is a defined benefit scheme. Contributions are accounted for as a defined
Contributlgn schetne and contributioTJS are accounted for when advised as due by the Scheme Administrator.
The St Paul's Cathedral Final Salary Pension Scheme ceased taking further contributions iTh May 2007 and under the
a￿ang¢n]ent made with the Cathedral the School is not required to make fvrther contributions.
The School also contributes to a defined contribution scheme with AVIVA The sch¢m¢ is availabl¢ ¢0 all ¢mployees.
The assets of the scheme are held separately in independently adminisiered fvnds.
15

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINAr4c￿L STATEMENTS (colltinueil)
FOR THE YEAR ENDED 31 DECEMBER 2020
ACCOUNTif4G POLICIES {¢ontillued)
Pension scher￿es {continued}
For defined contribution schemes the amount charged to the Statement of Fitwi¢ial Activities in respect of pension costs
and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in
the year and contributions actually paid are shown as either a¢¢n￿lS or prepayrnents in the balance sheet.
Taxation
The School 15 a registered charity and a5 such is exempt from iaxatloll OD its in¢ome and gains to the extent that they are
applied to its charEtabl¢ purposes.
Cashfiow Statement
In accordance with th¢ provisions of FRS102 section 1.12 a cash flow statement has not been prepared as the S¢hool's
cash flows are includtd in the consolidated fjnancial Statements of St Paul's Cathedral.
Investments
All investments kre revalued atmually at open Jnarket value. Any utjrealised change in value since the date of acquisition
or the last balance shect date is credited or Charged to the Statement of Fitmncial Activities. Any realised gain or1085
(calculated as net sales proceeds less value at the last balance sheet date, or Cosi if acquired during the yeat) is also ¢r¢dited
or charged to the Ststern¢nt of Financial Activities.
Cash at Bank and iD Hand
Cash at Bank aTJd in Hand in¢ludes fiulds held on short term deposits. All the ￿llds on Deposit are for less than 3 months
and allow immediate acce55.
Funds
Funds are classified between restricted and unrestricted in accordance with the legal constraints ¢)n their use, and the
consequent degree of flexibility which the Twstees have on using the income That gave rise to the fijnds.
Restricted Funds
These are fvnds subject to specific conditions or trnsts, whEch are binding on the Trnstees. The restriction may be o
in¢om¢ or capital or both.
Unrestricted Funds
These are all funds other than endo￿llent and restricted ￿lld8 and include fimds designated for a specific purpose by the
Tru$tee$.
Desigttated Funds
These are fvnds allocated to the Bursary Fund and are made up of Income from the Capital fund plus 610 of the prior year's
Unrestricted surplus and fimd from the current year sury)lus sufflcient to ensure the filnd is not in deficit.
Critic#1 xccounting judgments and source5 of estimation uneertainty
In the application of the School's accounting policies, which are described in note I, the Trustees are required to make
judgernents. estimates and assurnptions about the carrying atnounts of asscts and liabilities that are not readily apparent
from other sources. The estimate$ and associated assumptions are based on historical experience and other factors that ale
considered to be relevant. Actual results may differ from these estin￿te￿. The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period ill which th¢ estimate is
revised if the revision affects Only that period, or in the period of the revision and fvture peiiods i(the revision affttts both
Current 8nd future periods.
The Trustees do not consider th¢r¢ are any Critical judgements or sources of estimation uncertainty requiring disclosure.
16

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS {continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
2a. FEE INCOME
2020
Total
2019
Total
Gr05s school fees
Le55'. discounts
Le55'. total butsaries and prizes
4,274,489
{143,605)
(70,58I)
4,168,438
{19,584)
(73,562)
Net fees reeelyable
4,060,303
4,075,292
Add.. bursaries and prizes fimded by restricted fvnds
Total
4,060,303
4,075,292
2b. OTHER ANCILLARY CHARrrABLE INCOME
Extras
Registration fees
School trips
Other
258.238
18,501
7,532
7,285
268.084
18,200
21,386
18,914
Total
291,556
326,584
2e. OTHER TRADING
Music and uniforn] sales
Other
7,383
7,350
8,642
4,920
Total
14,733
13,562
INVESTMENT INCOME
Investment Income from Capital Fund
Investlnent Income from Scholarship and Prizes Fund
Interest on Cash Deposits
28,977
2,859
3,997
28,133
2,776
12,863
Total
35,833
43,772
EXPENDITURE
Charitable expenditure includes:
tkpieciation
Auditors, Remuneration
60.654
9,600
60,147
10,320
Total Staff Costs comprised:
Wages and Salaries
Social Secutity Costs
Other Pension Costs
2,216,997
213,911
326,806
2,216,125
205,123
282,375
Total
2,757,714
2,703,623
17

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMEf+lTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
EXPENDITURE (coDtiDued)
2020
2019
The average nutnber of employees Ill the y¢ar:
Teachin8
Muslc
Teachiug assistant
Domestic
Athllinistration
33
19
12
33
20
12
Total
77
78
The nU￿ber of higher paid employees
2020
2019
£60,000
£70,(￿0
£70,0(10 - £80,000
£80,000 - £90,000
£90,000 - £100,000
Aggregate employee benefits of th¢ Senior
ManagementTeam IKeyManagementPersoDnel) are:
£482,891
£406,118
The Governois received no remuneration, reimbur$¢d expenses or other benefits for the wrrent or previous ycar$.
ANALYSIS OF TOTAL EXPENDITURE
2020
Staff
Costs
Totsl
Other
Depreciation
Edll¢ation:
Tea¢hitJg
Welfare
Premtses
Support ¢osts
Governance costs
2,261,945
93,671
156,673
255,876
131.951
261.134
303,603
136.839
45.378
30,973
2,424,869
354,805
490,138
392.715
45.378
29,862
Total
2,768,165
878.905
60,832
3,707,902
Staff
Costs
Total
2019
Other
Depreciation
Education-
Teachtng
Welfare
Premises
Support costs
Governance Gosts
2212,802
96,504
141,167
258247
174.665
328,692
407,071
192,937
45,775
28,773
2,416,240
425,196
579,612
451,184
45,775
31,374
2,708,720
1.149,140
60.147
3,918,007
Total
18

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEtVlENTS (eontinued)
FOR THE TrIAR ENDED 31 DECEMBER 2020
ANALYSIS OF EXPENDITURE leontinued)
Support costs include the costs of the five administrative staff of the school. Other support costs relate to expeTJses
involved in the support of Teaching, Welfare and Premise5.
¥VESTMENTS
The Investment fvnds (Capital ar￿ Scholarships Funds) are under the Tnatvdgement of CCLA Investment
Management Ltd and consist mainly of quoted equities. There were no addltitsns and disposal in the year
2020
CapitAI
Fund
Scholarship
& prizes fund
Total
Marker v?lue at l Janauary 2020
Revaluation in the year
967,863
66,557
95.490
6,566
1,063,353
73,124
Market Value at 31 D¢¢emb¢r 2020
1,034,420
102,056
1.136,476
Split of investmeRtS
Investment assets in the UK 31 December 2021
Investment &ssets outside the UK 31 December 2021
364.809
771.667
Total
1,136,476
Historical cost of investments
601.940
2019
CAPital
Fund
ScholArship
& prizes fund
Total
Market value at l Janauary 2020
Revaluation in the year
813,408
154,555
80.249
15.241
893.657
169.696
Market Value at 31 December 2020
967.863
95,490
1,063.363
Split of investments
Inve.stment assets in the UK 31 December 2021
Inve.stment assets outside the UK 31 Decernber 202I
455.211
608.142
Total
1,06J,353
Historical cost of in￿stmentS
601.490
As at the lime of signing the accounts the value of Investments was not materially different from ihe year end. No
disposals or acquisiti¢)ns have been made since the year end.
19

ST PAUL?S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (eontlnued)
FOR THE YEAR ENDED 31 DECEMBER 2019
TANGIBLE FIXED ASSETS
Fixtures.
rittings and
equipment
Building
improvements
2019
Totals
C05t or Valuation
At l January 2020
Additions
4592.750
4,446,986
616,972
38.598
5,209,722
4,485,584
As 31 Decernber 2020
9,039.736
655.570
9.695,306
Depreciation
At l January 2020
Charge for the year
1,230,212
29,682
539.539
30.973
1,769,751
60,655
At 31 Decembcr 2020
1259,894
570.512
1,830,406
Net Book Value
At 31 December 2020
7,779,842
85,058
7,864,900
At 31 December 2019
3,362,538
77,433
3.439,971
The freeholds of the St Paul's Cathedral School and St Augustine's House, New Change, London EC4M 9AD are
owned by the Corporation of the Cathcdral Church of St Paul in Lolldon. Accordingly they ore not shown on tbe
SchcK>I's balance sheet.
DEBTORS
2020
2019
Amounts falling due within one year
School fees
A¢crned Income
Other Debtors
{4,895)
84,246
10,159
11,546)
99,652
23,413
89,510
121,519
CREDITORS
2020
2019
Amounts falling due within one year
Trade Creditors
Accruals and Deferred Income
Due to St Paul's Cathedral
151,554
454,155
102,674
164,879
375,640
727.508
708,383
1,268,026
Amounts falling due after one year
Amounts owing to St Paul's Cathedral
1,939,172
20

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2019
CREDITORS {eontinued)
In September 2020, St Paul's Cathedral entered into a £2.5rn loan facility with Lloyds bank and subsequently loaned the
School an equivalent loan on the same repayment tenn$ to fund the completion of the building proje¢i. Amounts were
dramn from St Paul's Cathedral in late September 2020, the fv11 £2.5m was drdwn down from the Cathedral by end of
March 2021. The loan becoine% repayable in late 2021 and will be Tepaid to the Cathedral over twelve years at an interest
rate of 3.23•/0 above the Bank of England base rate.
10. ENDOWMENT AND RESTRICTED FUNDS
Endowment and restricted funds consist of the Capital fvnd and Scholarship and Prize ￿nd. All ￿rtdS are held as
either cash or investtnentg under the matvdgernent of CCLA Investment Management Ltd and consist mainly of quoted
eqllities.
Endowment funds- 2020
Capital
Fund
Scholarship
& prizes
fund
Total
Fund at L January
Revaluation in the year
967,863
66,557
95,490
6,566
1,063.353
73.124
Fund at 31 December
1,034,420
102.056
1.136.476
Endowtnent funds- 2019
Capitttl Schol&rship
Fund
& prizes
fund
Total
Fund at l January
Revaluation in the year
813,408
154,455
80249
15,241
893,657
169,696
Fund at 31 December
967,863
95,490
1063)53
Restrieted fund (held as cash)-2020
Total
Fund at l January
Net income for the year
35,825
949
Fund at 31 December
37,068
Re$trieted fund (held as casb)-2019
Tot81
Fund at l January
Net incorne for the year
34,876
949
Fund at 31 D¢cember
J5.825
The balance on restrieted reserve$ relates tts the School Scholarship and Prizes Fund.
21

ST PAUL'S CATHEDRAL CHOIR SCHOOL
Tr40TES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2019
School Capital Fund
Income generated by the Capital Fund may be drawn down by and Uiilised by the Governors for specific purposes
for the benefit of the school and is therefore recognised in unrestricted funds. Further details are given in notes 10
and 11. 500/0 of the Capital of the Fund is available to be borrowed by the Governing Body for Sp￿lfi¢ purposes for
the benefit of the School.
School Scholarship and Prizes Fund
The income from the Scholarships, Prizes and Bursaries Fund will be applied by the Governing B¢)dy to awardprizes
and scholarships at their discretion, and is therefore recognised in unrestticted fi￿d5. No capital was transferred to
Unrestricted Reserves the year.
Transfers
The tra￿fer of £805,903 out of restricied fullds into unre$trECted fvnds relates to the res(rxciions in relatLOIi to
donations towards the building project being satisified.
11. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR 2020
General
DesignAted Desi¥Thated
Income from
School
Capital
Bursary
Fund
Total
At l January
Sutplus l (deficit) for the year
Designation the year (note 12)
Transfer frojn restricted funds
4,937,234
759,662
{43,083)
805,903
4,937,234
718,058
28,977
(28.977)
{70.581)
72.060
805,903
At 31 December
6,459,716
1.479
6,461,195
UNRESTRICTED FUNDS.. MOVEMENTS ￿ THE YEAR 2019
General
Desigll#ted Designated
Ineome from
School
CAPjtal
Bursary
Fund
Total
At l January
sl￿)Ill5 l {deficit) for the year
Designation in rhe year {note 12)
Further transfer required
Trdttsfer frorn restricted fvnds
3,439.743
586,873
(32,891)
(12.538)
956,047
3,439,743
541,444
28,133
{28,133)
(73.562)
61,024
12,538
956,047
At 31 D¢¢¢mber
4.937,234
4,937,234
22

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR Ef4DED 31 DECEMBER 2019
12. DESIGNATED FUNDS
Income from School Capital Fund
In 2009. Governors, with the agreement of the Trustees. voted to transfer SOTne or all of the income from the Capital
Fund each year to the Bursary Fund in order to build this up for future use, tkn"s arrangement has continued and remaitjs
unchanged. Hence in 2020 all of the income was transferred to the bursary ￿ndS as shown in note I l.
School Bursary Fund
Sirtce 2010 the Bursary Fund has been a Designated Fund. The Fund assists day children parenLs who find themselves
in financial difficulty during their child's stsy in the school and it is hoped to extend this assistance to new families in
the ￿ture. 60/0 of each year's Unrestricted Fund sU￿lUS is put aside for this purpose. In 2020 the sum was £43,083
(6 /0 of the 2020 unrestrictedsujplus of £718.058) plus the income from the Capital Fund {£28,977) which is transfeThed
to the Bursary Fund mentioned in Note 10 above mah.ng £72,060. A surplus of £1.479 was retained in the Bursary
nd and carried fonvard.
The Governors have agreed that Finance and General Purposes Committee will be responsible forover5eeing the award
of grants.
13. ULTIMATE PARENT
The Charity's controlling entity is the Coryoration of the Cathedral Church of St Paul in London comrnonly known as
St Paul's Cathedral. The results of the School are consolsdated into the consolidated financsal statements of St Paul's
Cathedral. Copies of the Cathedral's financial sthtements may be obtained fro￿ The Chapter House, St Paul's
urchyard, London EC4M 8AD.
As a wholly-owned operarion within the en(iiyof Si Paul's Cathedral, the charity has taken advantage of the exernption
in FRS102 seciion 33 Related Party Disclosure not co disclose transactions with the Cathedral.
14. STAFF PENSIONS
Teachers
The School panicipates in the Teachers. Pension Schetne (England and Wale$} {"the TPS") for its t¢3¢hing staff. The
pension charge for the year includes contributions payable to the TPS of £273,465 {2019.. £225,609) and at the year-
end £nil (2019.. £nil) was accrued In respect of contributions to ￿"$ scheme.
The TPS is an unfvnded multi-employer defined benefits pension scheme governed by the Teachers, Pension Schetne
Regulations 2014. MeTnbers contribute on a'pay as you go" basis with ¢ontributions from members and the employer
being credited to the Exchequer. Retkrernent and other pension benefits are paid by public funds provided by
Parliament.
The ernployer contribution raie is set by the Secretary tsf State following Scheme valuatLon5 undertaken by the
Govemment A¢￿ary'S Department. The most recent a¢¢L]arial valuation of the TPS was prepared as at 31 March
2016 and the Valuation Report, which was published in March 2019, Conf￿￿ed that the employer contribution rate
for the TPS would increase from 16.40/0 to 23.60/0 from I September 2019. Employers are also required to pay a
scheme administration levy of 0.080/0 giving a total ernployer contribution rate of 23.68%.
23

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2019
Teachers (continued)
The 31 March 2016 Valuation Report was prepared in accordance wtth the benefit8 $¢t out in the scheme regulations
and under the approach spe¢ifIed in the Directions, as they applied at 5 March 2019. However. the assumptions were
considered and set by the Department for Educatioll prior to the rnling in the 'M¢CloudlSargeant case,. This case has
required thc courts to Consider cases regarding the implementation of the 2015 r¢forn]s to Public Service P¢nsions
including th¢ Teachers. Pensions.
On 27 June 2019 the Supreme Court denied the goverillllent pem]ission to appeal the Court of Appeal's judgment
that transltional provision5 Introduced to the iefomed pension schemes in 2015 gave rise to unlawful age
discrimination. The governtnent Is respecting the Court's decision and has said it will engage thlly with th¢
Employmeni Tribunal as well as employer and member representatives to agre¢ how the discriminationg will be
remedied. A consultation was launched by the govetnment on 16 July 2020, and closed to responses on I l O¢tober
2020.
The TPS is Subject to a e05t cap mechanism which was put in place lo proieci taxpayers against unforeseen changes
in scheme costs. The ChEef Secretary to the Treasury, having in 2018 atjnounced that there would be a review of ihis
C05t cap mechanism. in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's
rulin8 in the M¢Cloud/Sargeant case and until there is certainty about the value of pensions to employees from April
2015 onwards. The pause wa5 lifted in July 2020 and the government Is preparing to ¢omplete the cost control
element of the 2016 valuations, which is expected to be completed in 2021.
Ill view of the above rnlings and decisions the assumption5 used in the 31 Match 2016 Actuarial Valuation may
become inappropriate. In thi5 scenario, a valuation prepared in accordance with revised benefits and suitably revised
assumptions would yield different results than those contained in the Actuarial Valuation.
Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on any
financial itnpact or fil￿re changes to the contribution rates of the TPS. Accordingly no provision for any additional
past benefit pension costs is included in these financial Sta￿￿ellts.
Other Stsff
Defined Contrlbution Scheme: 43 non-teaching staff participate in the defll￿d Contribution seberne runby Aviva 2nd
provided by St Paul'5 Cathedral foi kts staff.. The assets of the scheme are held in independently administered fiJnd$.
The pension charge for 2020 includes contributions payable to the sChe￿e of £53,341 (20I9= £51,404)
Final Salary Penslon Scbeme: four nott-teaching staff participated in the St Paul's Cathedral Final Salary Pension
Scheme wlll.ch closed to service accrual 15, May 2007. A¢cordllw to the terms of the InStru￿ent of Delegation, all
administration Costs of the Cothedial Pension Schemes will be borne by St Paul's CathedTal and a direct extract from
Cathedral accounts for pensions reads:
'Although closed to service accrual, the retirement benefits for members of this Scheme are based on ¢mployees' final
remuneration and the length of service to l May 2007. The pension cost is assessed in accordallce with the advice of
anindependeni actuaryusing the projected unit method oo the basis ofanannual valuation and ctwged to the Staiement
of FinanciAI Activtties as described below.
The three-yearly actuarial valuation of the Scheme as at 30 September 2016 was ¢ompleted during 2017. The ￿ndIrtg
plan is for the Scheme to hold assets to the value of the benefits using the rnethodology as set out in the Scheme's
StatemenÉ of Funding Principles. This valuation showed the Schetne had a target level of assets of £28.7 million. After
tsking account of ats asseis of £26.0 rnillion, the Scheme had a deficit of £2.7 million which m¢ans its funding level
was 91 /0 in Septeinber 2018. However, bythe time the valuation had been completed on 9 Novelltser 2017. the Trustee
detemiined that the Scheme was expected to have a small SU￿luS owing to improvements ill financial markets and
rther contributions paid by the Cathedral. A5 a result of the surplus in the Scheme. the Trustee determined that no
rthercontribution8 would be needed from the Cathedral before 30 September2019 when the next three-year actuarial
valuation Ès due.
24

ST PAUL?S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DEcEL￿BER 2019
15. RELATED PARTY TRAL¥SACTIONS
Tuition fees of £471,000 (2019.. £458.000) and mustc fees of £60.000 (2019- £58,0￿) were paid by St Paul's
Cathedral to the sehool for the educAtion of the Chorisiers. The Cathedral paid a grants totslling £500,000 (2019..
£Nil) to finance the L£aming in Harniony project. The school paid rental income to the Cathedral of £125,000 (2019..
£122,000}
During the year the St Paul's Cathedral Chorister Twst conttibuied £89.478 (2019.. £98.2J5) tOW8rds the Boarding
fees of 17 {2019." 18) choristetE.
The Governors made aggregate donations to the school of £550{2019£nil)
16. CApfrAL COMMITMENTS
The school has a building contract with Borras Constrnction Ltd for the constrnction of a new boarding house, the
refvrbishment of staff flats. school dining room and the creation of 3 new Classrooms. The Contract value is
£5,693.678 plus VAT. The Gross Valuation at 2411212020 was £5,446.118 (£6,535,342 VAT) .At 27 May 2021 a
final contract surn of £6,009.711 plus VAT was agreed . The final balance less agreed retentions of £99,532 plus
VAT was settled in June 2021. There were no other capital commirmenis ai 31 December 2020.
17. POST BALANCE SHEET EVENTS
The school re￿rned to operating under Governmeni COVID lockdown regulation5 in J&xuaFay￿Iallua 21 but
continued to provide on site support for rhe children of Key Workers and pupils from l year group at City of L£)ndon
Girls School until 8, March 2021.
The Govemors of the St Paul's Cathedral School and Chapter of the Cathedral have started discussions with the
objective of restrn¢turing the governance affangements at the School. As part of this exercise the trade and assets will
move frorn the School in its current strnciure as an unin¢otyorated charity to a new incorporated charity. Discussions
are ongoing and the new changes are expected to take place within the next year. The School's results will continue
to be consolidttted ill the Caihedral's financial statements.
25