ST PAUL'S CATHEDRAL CHOIR SCHOOL
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
Charity ￿￿312718

ST PAUL'S CATHEDRAL CHOIR SCHOOL
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Officers and professional advisers
Trustees. repon
Statem¢Di of tyus¢e¢s' responsibilities swement
10
Indeprndent auditor'5 report
Statement of financial activities
13
Balance sheet
14
Notes to the fjnanciai ststernents
15-25

ST PAUL'S CATHEDRAL CHOIR SCHOOL
OFFICERS AND PROFESSIONAL ADVISERS
FOR THE YEAR ENDED31 DECEMBER2021
TRUSTEES
Chapter of St Paul's Cathedral=
The Dean, the Very Rev'd Dr David Ison
Thr Rey'd Cat)ou James Milne
The Rev'd CatKsn Jonathan Brewster (resigned 13110r21)
The Venerable Sheila Watson
Ms Pim Baxter
Ms Sheila Nicoll
Mr Clement Hutton-mills {app)inted 15 Mar¢h 2021)
Canon Dr Paula G(K)der (In attendance)
GOVERNORS
The Dean. the Very Rev'd Dr David Ison (Chair of Governors)
Th¢ Rev'd Canon James Milne #
Mr Gavin Ralston *V
Mrs Jill Aisher X
Col Edward Yorke*S
Mr lan Wilson '
Mrs Jane Sladdin 11
Mrs Hatty Morley S
Mr Mark Coote W
Ms Pim B&xter S
Mr Robert-jan T¢mmink
Mr Andrew de Silva lapkKsinted 3011 If21yI
*Member of tht FinaThce and Re50urce5 Committrt
V Chair of Finan¢e and Resource5 Committee
# Member of the Education Curriculum and Standards Commit
X Chair of Education Curriculum and Standards Commirtee
Smember of Marketing and Communicalion5 Cornmittee
W Chair of Marketing and Communications
HEADMASTER
S Larter Evan5 BA {Hons}. PGCE. FRSA
BURSAR
Mr Martin Kiddle
CATHEDRAL REGISTRAR
Ms Emma Davies
CATHEDRAL DIRECTOR OF MUSIC
Mr Andrew CanYoad-
+in attendance at all Governing Body m¢¢tin85
REGISTERED OFFICE
2 New Clian8e
London
EC4M 9AD
CHARITY REGISTRATION NUMBER
312718

ST PAUL'S CATHEDRAL CHOIR SCHOOL
OFFICERS AND PROFESSIONAL ADVISERS
FOR THE YEAR ENDED31 DECEMBER 2021
BANKERS
Lloyds TSB Bank plc
70- 71 Cheapside
London
EC2V 6EN
SOLICITORS
Winckworth Sherwood LLP
Minerva House
5 Mont88ue Close
London
SEI 8BB
Veale Wasbrough Vizards LLP
Barnards Inn
86 Fetter Lane
London
EC4A IAD
AUDITOR
Haysma¢irbiyre LLP
10 Queen Sireei Place
London
EC4R IAG
INSURERS
Ecclesiastical Insurance Office plc
Beaufort House
Brunswick Road
Gloucester
GLI IJZ

r PAUL'S CATHEDRAL CHOIR SCHOOL
INDEPENDENf AUDITOR'S REPORT TO THE TRusfEES OF sr PAUL'S CATHEDRAL CHOIR SCHOOL
FOR THE YEAR ENDED 31 DECEMBER 2021
The Tru5tee5 present their annual report and the audited financia] 5t8tements foT the year ended 31 December 2021, prepared
in accordance with the Financial RetM)rtin8 Standard applicable in the Unii¢d Kingdom and Republi¢ of Ireland (FRS 1021.
IhE Charhlies S￿emen1 of Recommended Practice and ihe Charities Act 2011.
srATUS AND ADMINisfRATION
The Corporation of the Caihedrnl Church of 5t Paul in London (St Paul's Cathedral). opeT8tes St Paul's Cathedrnl School
under Statute XVI ofthe InstruTnent e5tabli5hed for St Paul's Cathedrdl dated 13 May 2000 and updated thereafter. The statute
sets down the obj¢ctives for the school and the powers and procedures by wbi¢h Chapler will ensure th¢ proper management
of the School. The role of the Caihedral is as the seat of th¢ Bishop of London and a ¢¢ntye for worship and mission. On I
Scpiember 2005 an Instwment of DelegatioD delegaied responsibility for the 8overnance of the School to a Governing Body
(the current mernbers of whi¢h are listed on Page 2 of this document).
Th¢ School, which is unin¢orpor8ted and has ¢haritsble ststus. has its affairs overseen by a T￿￿[ce b)dy. The Twsiees of the
school are ¢he Chapter of Si Paul's Cathedral. The Chapier also has representation on the Governing Body, which consists of
up to 12 member5. The Body ha5 a Finance and Re50urce5 Sub£omrnittee. an Education Curriculum and Standard5
Committee and a Marketin8 and Cornmunications was set up in 2021 to help supwrt the expansion of school numbers and
counier competition among city schools_ Oiher wothing parties are ser up as the need arises. The Governors delegate day to
day managemeni responsibiliiies io the Headmasier and his Senior Managemcnt TeaTn which irtcludes the Bursar, Deputy
H¢ad Academic. Deputy Head P&storaL Deputy DSL and Head of Pre Prep.
RVCTURE, GOVERNANCE AND MANAGEME
Governing Doeurntnt
The School is governed by its Instrument of Delegatio￿ which eam¢ into effect on I S¢pi¢mb¢r 2005 and is subj¢¢t to a five
yearly review with a ¢anc¢llatioTh clause.
Governing Body
The Governing B(xly. when complete. conSLSts of The Dean and 4 rnembeTS of Chapter, and 7 lay governors. The initial lay
governors were appointed by the Chapter. in con5ultaiion with the Headmasier. bur lay governors ar¢ now ¢I￿ted at full
Govemors. meeiings. Lay govemors are apFX)inied according to the spe¢ialisi skills they can offer. The Cathedral and School
have begun work to review the constilution of the Governing body wiihin the Instrument of Delegation. and aim to Separate
Ihc role of the Ikan from that of Chair of Governor5 and to recon5idcr the tcrm5 and eifect of the Instrument of Delegation.
Trustee and Governor Tr*inlng
New trus¢ees and governors are inducied it)w the WOTking ofihe S¢h(KJl by the Headm&sier and Bursar. and are regularly
updated through briefing5 at the Sch(K>l and externa] irustee and 8overnortraining course5
The Govemoys meet ai le&8t three times a year to ddemiine the general policy of the S¢hwl and to review its overall
managemeni and ¢ontrol. The work of overseeing ihe smplementation of most of the Goveming Body's policies is Carried
out by the Finance and Resources sU￿c4)m￿ltt¢C. which meets before each mettin8 of the full Governing B(Miy and at other
time5 as required. The Governor5, Education Curriculum and Standards Committee continued io monitor ihe pro8r¢ss of the
deportmental and staff peer reviews carried out. The Markding and Communications ¢ommitiee will look at the promotion
of the school as well as ¢ommunicaiion with current parents and supwjrters.
St Paul's Cathedral Sch(x)l is an active member of the Indcpcndent Association of Preparatory Schoo15 IIAPSI, for the
promotion and mainten2nce of preparatory School standards generally. and ofthe Choir Schools Association. li also tske5 part
in p¢er-group siudies for the evalu￿]0￿ of quality and perfomian¢e improvem¢ni meihods. The s¢hool is also a memb¢r of
the Independent Schools Bursars. A$s￿lation, giving li a¢¢ess ￿ thr la(est financial and managernent devcloprncnt5 Iri the
education sector.
By co-operating with lo¢a] ¢hariti¢s and state s¢h(K)ls. the School ¢nd¢avouTS to wid¢n public access io th¢ schooling il
provides, and io awaken in th¢ pupils an awareness of the social ¢oniext of the educaiion they receive at the School. See

ST PAUL'S CATHEDRALCHOIRSCHOOL
TRUSTEES. REPORT
FOR THE YEAR ENDEDJI DECEMBER 2(121
TRUSTEES, REPORT (contiNu¢d)
CHARITABLE OWECTS
Si Paul'5 Cathedral School exists for th¢ ¢dutrdiion, nunure and care of th¢ choristrr5 of Si Paul's Cathedral. It a150 ha5 a
responsibility to educatc such oihcr pupils bdwttn the ages of lour and thirteen a5 can be properly 8¢commodat¢d from time
to time within the School.
Alms and Principle5
S¢ Poul's Cathedral kh(xJl 1$ 8 Christian. co-educationa] Community %vhere the value5 of loye. justice. tolerance, ￿speCt,
honesty, servi¢e at)d trust are encourased and prxtiscd to p￿rn￿le positive ￿]llionshipS thTOU8hout the school cornmunity.
The school aims to insiil a love of leoming through a broad c￿￿1¢u1Urn. It aims io give ¢ach pupil ihe opportunity to dcv¢lop
inlellectually. 50cially. personally. physically. culiurally and spiritually. All pupi15 are encouraged io work io the bem of iheir
ability and to achieve siathdards of ¢xcellw¢e ITh all of their endeavours.
Through the corporate life of the %hoDI and through good p85toral care. the school encourages the independence of the
individual as well Is mutual reS￿nSIbIlIty. It aims to make ils Pupbls aware of the wider comrnuntty and encournges a ¢105e
working relationship with paTeThts and guardians.
Printipal Activity
St Paul'5 Cath￿ra1 S¢1￿1.5 prit)¢ipal activiiy continues to be the provision of educaiioD in a boarding environment for the
St Paul's Calh￿ra] choristers. of which there can be up 10 36. In orderto deliver a firJancially viable ¢urri¢ulum and to create
a more balanced sch(K>l environment for the Chorisle￿. it educates approximately 260 day children frt)m the ages of 4 to 13.
Objeetives for the Vear
The Govemors. main objective continues to be to eduC￿e ail the Sdh)ol's puphls to at le&4t the same high standard achieved
in previous y¢ar5, 50 that Ihey %vill be able fully lo benefit from theirchosert senior school for ihe ClMnpletioTh of their education
in due course. Our strategy for achievin8this is to mainiain a high ¢eacher-io-pypiI ratio, tailoring our services as appropriate
in each case to suit individual need5 The Schwl's buildin8 development of a new boarding block h&$ allowed improvernenis
tts staff ac¢omrnodalioN and Lh¢ ¢r¢atiot) of new cl￿r[m)m space. The 5chwl had iwo form entry ai RttplK)n as from
September 2021. After ihre¢ years there will be an increase of pupil numb¢r5 of ai leasi 45.
REVIEW OF AcfiviTIES AND ACHIEVEMEKrs
public benefit below. The extent of this wowk was limiied In 2021 because of the restrcitions placed on all school aaiviiie5 by
the impact of ihe Covid patldemic.
During ihe year there iyere on averase 25 boy choristcr5 agcd bdween 7 and 11, 158 day pupils of the same age5. and 63 pre-
PTCP childrrn aged between 4 and 7 on the schrx>l's roll. The ivhole school is mixed, although there are fewer girls than boys
itl the main ￿h0O1. Ai ihe end of 2021 there were 102 8ir15 Ln the ￿h0O]I2020.. 99). In September 22 there will be a se¢ond
Receplion ftjrm making 5 ¢12ss¢s ID Recepiion with the full compltmtnl of6 being a¢hi¢ved in Seplember 2023.
The school contirhued tts be responsive io COVID measures, with such things a5 pareiit briefings and meelings held online.
Commurticaiions Temaincd frequent and fluid, providin8 high levels of reassurance to parents and other stakeholders. Sports
fixtures and music performances were the main activities thai returned in g(x>d spirit5. arhd we ¢oniinued io plan opiimiiiscally
and flexibly.
During the January io F¢bruary 2021 lockdown. pupils I￿k part in an impmvis31ion CoM￿li￿on (104 vide05 iyere 5ubtnit-
led remotely by pupils) and 12 of our leaving Year 8s Secured rnusic aivatds io their senior schools {that's over half of all Y8
leavers). On coiming out of lockdown in March, 13 early-morning ensembles t￿k place every week in strict year-group
bubble5. Whi15t no exams were iaken in Spring ierni, 101 were thken in July. of wlLi¢h 64Yty were ai merit or dis1in¢iion
level.
Between March and July, 4 year-group corLter￿ the Hous¢ Mvsic Compeiiiion and a leaving concert foT MTS M¢Lean were
re¢orded and thared wilh parenis. Tivo of our ens¢rnbl¢s trptesenied the school al Li1￿. ihe Chiirchjui'd (St Mary le
Boi¥l and we reeorded a Siinimer Concert of over 40 videos. comprising not just Ihe school choir and ensemble perfor-
mantes. bu¢ every class in school, rncanin8 each child was able io peiforni (and some multiple times).
By the Autumn. we managed to return to a degree of norniality.. the House Piano Compeiiion and some class concerts were
Alloived live audien¢¢s. By D¢¢¢mber. however. as the new begw) io svike, only 18 music exams were tsken13

ST PAUL'S CATHEDRAL CHOIR SCHOOL
TRUSTEES. REPORT
FOR THE YEAR ENDED31 DECEMBER 21J21
TRUSTEES. REPORT (continued)
at merit or distinction) and there were some cancellations lo concerts and service5. The Chatnber Choir and Bread St choirs
did, however. manage to lead carol services for Chartered Accountsnts. Britain-Australia Society and the Bread St Ward.
The School Carol Service ensured every child in ￿￿)01 had the Op￿rtUnIty to perfomi (either as pan of a choiror iheiryear
group) in the Cathedral.
Some trips, trM)th at home were p)ssible during the Autumn Terni they included, art workshops at St Paul's Cathedral , visits
to the Jewish Museum, Am)y Museum. Florence N'ighiingale Museum.IMer trbps included a weekend naiional football
tournament. Georgraphy river trip and overnight Camping foryeats 3 and 4.
All of the leavers of 2020-21 weni on to good senior s¢hools. 26 s¢holaTships were offered io leavers = 8 a¢ad¢mi¢. 14
IIIUSLf, I sport, 2 an and l Headmast¢Vs Kholarthips wilh often substaniial bursaries offered. This achievement has been
helped greatly by the high-quality teaching stalywe have bttn able to retaith aod recruit in the face of intense competiliot)
from other London sch(K)Is and who continue to mainlain high standtrds in an increasingly wmwiiive market for senior
s¢hcK)I places in tx>ndon and elsewhere.
The final sectional Completion for the building Project was the 5 Ma￿h 2021. The final project ¢osi was £8.2 M wilh the
commitment by the School to thi5 C05t bein8 in exce55 of£4.Om. A 5l8nifJcant individual donation of £lm over 3 years will
be used to reduce ihe level of external bank loan fiJndin8 and mitl8ale the impact on reserves. Future budgets and foreca515
have been updaied io refle¢t ihe possible impacis on income and pupil numbers as a resuli of ihe COVID pandemi¢- increased
marketing and other mitigation measurts are in place. 8nd ihe Cw)vernors will keep the situ￿10￿ under regular review.
The financing of the building project has lead to a fall in the level of the SclK)ol's reserves frorn 202￿21 onw#rds but the
Govemors will maiThlain the reservts at prudent levels in line with their reserve5 tKJlicy.
Risk Management. #nd printipal risk5 and uncert*intie5
A detailed Risk Managerncnt a5se5sment i5 prepared annually then updated each term for Governors io include both intemal
and exiemal factors Ihai may impact on the operation. Their likelihood and potential impac15 are &ssessed aThd any required
action is formulated. The main risks under consideration in¢lude parttcularly the Covid pandemic and the impacl on trend5
Wlth re5P¢Ct to pupil numbrT5. Th￿¢ ar¢ mOTbitored arld thc numbeT ofrurreni applicaiitsns were Compared to previous years.
Currcntly there are still three to four applicants per available plact. With respect to stock market volatility and it5 impart ort
inveslm¢nt5 the school receives and acts upon advice from the Cathedral's Inveslment Advi50ry Committee. Currently the
School's inv¢stments are managed by CCLA. The proximity of Si Pdul's Cathedral and other City Institutions means that the
school is located in a sensi(ive and high profile area with res￿1 w possible ierrorisi aciivity. Stsff r¢¢eive regular briefings
from City of London Police specialists and attend the Cathedral's Security Advisory group meeiings io ensure they are up io
date with the latest advice and amend any erner8ency procedure5 as appropriate. Robust plans arc in place for dealing with
emergencies that may arise either internally or externally lo the Sch￿1.
Day to day healih and safely is monitored by the schfy)l Health and Safety Committe¢ who are SUPkKprted by PIB Risk
Managemeni Advisors. This committee reports dirtttly to the F&R Committee including an annual review of all accidents
involving pupils. As parl of their annual review PIB will look at all of the required hnsptttion rewrts which include PA T
t¢stin& fire and smokc alarni test, gas safety checks and kitchen equipment servicing.
Public Benefjt
The Trustee5 are aware of fhe Guidance issued by the Charity Commissiott under the Charities Act 2011 iii relation io Public
B¢nefit and are rnindful of their obligations (o have regard thereto. The Trustees are confident ihe Charity's activities are in
pursuii of its obje¢is ￿}d are delivering public benefLt. This ts achieved by the provision of education for the choristers and
school buTsarie$ 10 fvnd the ¢dy¢aiion of non-chorister pupils whose parents would Thot nomially b¢ able to fund the required
fees. The boarding fees of ¢horisieTS are partly hnded by the Si Paul's Cathedral ChoTisiei Twsi. Chorisiers are offered a
place based on thesr singing ability and pcrsoTbal attributes only. The Cathedral Church of Si Paul pays the Tuition fees forall
Chorist¢rs.
During 2021, six day-pupils re¢eiv¢d supwjn for part or all of their fees from ihe Bursary Fund and 15 choristers received
SUPPOrt from the Chorister Tnjst (see t￿1¢$ I l and 14 10 th¢ financial statements) for their Boarding Fees. Govemors decided
to limit the fee irb¢Tease to 3Y• effe¢iive September 2110 rel]e¢i the impact of Covid.

ST PAUL'S CATHEDRALCHOIR SCHOOL
TRUSTEES. REPORT
FOR THE YEAR EIYDED31 DECEMBER2021
TRUSTEES. REPORT (fOJbtinued)
Public Benefil (continued)
Governor5 continue to encourage the sclKx)l io take every Op￿rtUnity to diversify their activitie5 in the area of education,
particularly in regard io th¢ proviston of musieal OP￿rtunity to as wide a public as possible.
The Cathedral Choir sup￿rtS musical educarion and palme￿IP work benefilting state school$ acr05S the Diocese of London.
In the past year. this has in¢luded iis'sing with Si Paul's. programme. which ha5 helped 5ch(M)Is return to ,￿rmal. 5inginÈ.
We rdn a choral 5umm¢r5chool for 50 children, culminating in Evenson8 at the Carhedral. The Hackney Children'5and Senior
Choirs gained new membership. a new chornl academy was founded in iwo primary s¢hools, and digiial singing &55emblies
ftaturing the chorisiers. shared with Sch￿1$ across ihe UK helped sclM)ols return to Collective Worship.
Members of th¢ must¢ staff seek to share the expcrience of sin8ing * SI Paul'5 with rhild￿ll in more Ihan 30 schools peryear,
surcr55fully reaching and recTUitin8 ch0ri51ers from diverse barkground5. In addition. th¢ partrtership work aciivcly support
thc CPD of musi¢ t¢a¢hers in partner schools &s well as musical colleagues in other Cathedrals.
During 2020. many fundraising activiiies wer¢ limiied ID scope however the 5ch(xTrl sclK)ol still raised rMney for Jeans ft*r
Gene5. Children in nttd. Christmas Jump¢r Day- Save the Children, Christm&s Service- Greal Orrnond Street Ho5Pltal.
RBL Poppy Appcal. World BoDk Day. and the children have now the Buide dog puppy spon50rcd by the school.
The School eontinuesto devekjp its networkof primary edu￿101$ in the swe n￿lt)laIned sector{primaryl to 5h8reprofe55ional
development, Such as through collaknrating with 5ubiECt clustergmups. for¢xampl¢ in modern for¢ign lang￿ages. In addition,
the Head is amemberof the City of London'5 Hvdd Tfdchers. Forum. agroup of head tea¢hers from across the City of London
(both mainiain¢d and independeni). who to share information. best prarticc and, p055ibl¢, rtsources. With the
apw)intment of a new Head of SFK)rt ive are now actively planniTh8 for widening OUT Sports participation to include maintained
primary schools within our fixiures and tournaments. The Sch(x)I continue5 it5 partnership whth the Royal College of Musi¢
whereby under8raduate musieians experience musi¢ twbing in a schwl selling.
With the new building work now complete. the S¢hth)18bms io set up iwilighi ieacher iraining programme5 in ICT and Music
for non-specialist teachers from ihe mainlained sector.
FINANCIAL REVIEW AND RESULTS FOR THE I'EAR
The school generaied n¢1 in¢ome during ihe year of £665.73212020.. £1.598.328) TEpr¢seniing 14.7. /012020.' 30.520/0) of total
revenues. However ihis included £84,712 of reslricled ineomc {2020..808,7211 of wh5ch £81.65212020.. £805,903) was
donations for the S¢hool Buildjng project. Pupil nurnbers averaged 246 in 202112020.. 254). ensuring the school made hn
unrestTlCted operating SUTplus of £420,387 (2020.. £718,058) betn8 9.3QA12020-. 16.2%) of total unrestricted revenues. The
surplus was achieved afier chaiging dep￿CiatIon for the year of £211,815 (2020.. £60.655}. Capital expenditUTe for 2021 was
split bettveen £978.681 for the sch￿1 developmeni proje¢L £33.153 for ICT.gen¢ral byildin8 works £66,381 and for fixlures
and fltlings £67,790.
In the ytar £78,0s1 {2020: £70,581) has bEen set aside as Dc5ignated Funds. These have been designated by ihe Governors
for ihe puryx)se of awarding bursaries to day pupils. The sum is rnade up of inCo￿t ftom ihe School Capital Fund1£30,0071
and 6.kn of ihe previous year's Unresiriaed Fund surplus1£48.051 l. resultitlg a further ir&nsfer1£27.7801 being required
from the cuwreni year surylys io clear the d¢fi¢ii in the Bursary Fund.
In accordance with the condit10115 of the In5tTurnent of Delegation and Financial Memoraftdum adopted by the 5ch¢Jol. the
school's initial unrestricted reserves were fixed at £400,000 at 31 De¢emb¢r 2005 and a reseThes policy was introduced based
on iinresiricted reserve5 being a minimum of 20°/th of annual fees. The School has ¢oniinued tt) 5e¢ure an annual operating
surplus since 2005, taking unre5trithed rtseTve5 10 £6.963.33412020.. £6.461.1951. Over the lasi fiv¢ y¢ws th¢ Trusiees have
coniinu¢d io in¢tease unrestricted rc5erves to enable ihc school io finaTh¢¢ a significani portion of the planned school
dev¢lopm¢nt project. This has etlabled the Sch(M)I to contribute over £4rn to the financivg of the pwje¢t
The other part of the funding for th¢ Building Projttt came from a loan from St Paul's Cathedral tsf £2.5 mrllion taken out in
the naTfLt of the Ca¢hedTal from Lloyds Banking Group and repayable by 2033. The School ha5 agreed to make ba¢k ￿ back
ym¢nts to the Cathed41 to cover payments of interesi and repayments of capital to Lloyds bank.

Sr PAUL'S CATHEDRALCHOIR SCHOOL
TRUSTEES, REPORT
FOR THE YEAR ENDED31 DECEMBER2021
TRUSTEES, REPORT (continlled)
Under the same Instrument of Dele8ation ihe Cathedra] transferred to the ￿h0o1 the"Sch(M)I Capital Fund" and the S¢hool
Scholarships, Prizes and Bursaries Fund {known as the Prizes Fund) on 31 December 2005 amoLEntit)8 10 £615.000. At the.
end of 2020 these endowTnent funds st(KMI at £1.299.05312020.. £1.l36,4761 and the ac¢umulated restricted irttorne arising
from the latter endowment stood at £38.08412020.. £37.0681 held as a cash balance
Rerves and Reserves Policy
Reserv¢s consisi of Unresirided fimds. Restirfed funds (cash balance of prizts fund) and Endowmeni fund5 .The Trustee5
will seek to mainiain 8 minimum level of unrestricted reseTV¢S equiv8len¢ 10 25% of orte year's running costs, deflned as
expenditu￿ on charitable activities. At 31 December2021, unresiricied Tesernes are £6.963.334 or 172.8% of the 2021 school
expenditure on charitable artiviiies {£4,028,101)12019..174% of running costs of £3,709,180). Governors have
agreed that some of these reserves can be used ts) flnance the fOrth￿ming Schwl building project. As at the end of 2020
£4,000,00 has been ¢ommitlrd.
Senior mon•gement remuneration policy
The remuneration of the Heodmasier and Burw is set by the Governor5.
FUNDRAISING POLICY
The School fundraises primarily from iDSiiiulion% tru515 arHI foundations. together with oc¢asional ¢v¢ni-based fundraising
and individual donations.
The charity doe5 not tn8a8e in eold-calling or sireei-based fundraising or use third party fundrnL5er5. The school has not
received any complaints in the y¢aT in conneciion with the propriety of its fundraisin8.
The School lakes all reasonable sieps to treat donors fairly. enablin8 them to mak¢ infom>ed decisions about any donation.
This include$ taking into account the need5 of any rA)tential dot)or who may be in vulnerdble circumstances or require
additional care and supw)rt to make an infomied decision.
The ¢hariry has fundraising costs of less than £ll)O.000: hence it has not been asked ￿ ￿1sterwI1h the Fundriising Regulator
and, in view of ihe llaiur¢ of ihc fundrdising undertaken, the charity has not io date registered voluntarily.
FUTURE PLAIYS
In De¢emb¢r 2016 ihe SCI￿] was granted plttnning pennission to l)uild a new Boarding House. expand the dining area and
cr¢￿e extra Classrooms by rehousing the resident 51aff in the existing Boarding House. This work commenced in July 2019
and th¢ final sectional completion was 5 March 2021.
This has enabled Ihe seh(M)I to expand its pre prep department and to provide some addillon￿ specialisi classroo￿$ and 5¢cure
arding accommodaiion of the Tequired starbdaTd for many years to come. The firsi new Reception ¢lass started in September
2021 and Prt Prep will bc up to 6 forn)s in September 2023. The eytra claSS￿m$ has enobled the school to have Covid
isolation rooms and ie5ting r00rn5 which will eventually be used as genernl classroorns. The schiK>ls key objective5 contimu¢
to be the educating of pupils to the sam¢ high sthndards, or higher. as in previous years.
The Twstees remain ¢(￿rIde￿t ihat St Paul'5 Cathedrdl Sch￿1 will bc a 8oin8 concem for the next 12 Tllollths and beyond.
There are long waiting lists for the next four year5 for both the 4+ and 7+ ¢niry points. and the school has introdliced an I l +
scholarship programmc which is attractin8 a small number of applicants hiiherto not served by the sehool. Once the Pre-Prep
has 8rown io two forni enuy, th¢ 7+ ¢ntry IKTrini will offer fewer places. however. it is aniicipaied ihat this will remain an
important and attraaive etJtry poini for some pupils. Budgels and forecasts have been updai¢d ￿ refleci the impact of the
COVID 19 virus and competition from othcr city schools . However, the Governo￿ do recogni5e grealer uncertainly a5 to
pupil numbers than for some time. reflecting the change in workit)g pra¢ti¢¢s in ccntrdl London as a rc5uIt of the pandemie.
Having ¢ompl¢¢ed ihe physi￿1 development ofthe eswe. the Seniorlxadership and the Governing body are working togeiher
10 define a new 5 year straiegi¢ plan. Part of that plan is io establish the School as a Foundaiion, wilh its own legal identity.
while remaining an intcgTal and vith] part of the Caihedral's mission. Noie 17 Posi Ba]an¢e Sheet Events gLYe5 more delail of
the progress with thL5 exerci￿.
Inv￿t￿¢Tht Powers and Trw¢ees' Authorlty

ST PAUL'S CATHEDRALCHOIR SCHOOL
TRUSTEES. REPORT
FOR THE YEAR ENDED31 DECEMBER2O21
TRUSTEES. REPORT (continued)
The School 15 wholly owned by the Cathedral Church of St Paul in London. li is therefore subject to the Cathedrals. Measure
2021 in addition to charily law. Trusttts may invest funds in 8ny ofihe following=
Jnweslment Powers and Tru5tets' Authoiity (ct)ntinw¢d)
Land
Funds administered for ihe Central Boanl of Finance of the Church of England
Invesiments in which I￿stetS may inve# under ihe geffral p)wer5 of investment in ihe Trnsie¢s Act 20(￿•
iv)
Th¢ improvement of developmenl or property beloDgiThg lo the C*hedral
The Investment Ptsli¢y for School fvnds must meet the requirements of the CBF thurch of England Ethical Policy.
The Trusi¢es regularly consider the ￿rrOm18nCe by its investment rnanager of the investments held. The Trustees
Consider, supported by an irmlependeni review. th* t*rfonnaThce 15 satisfxtory.

sr PAUL'S CATHEDRAL CHOIR SCHOOL
TRu¥fEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
srATEMENT OF TRUSTEES. REspof4SIBILITIES
The Tn2slees are resp)nsible for preparing the Trustees, re￿rt and the financial siatetnents in a¢¢oTdance with ￿plicable law
and the United Kingdom Aceounting Standard5 (Unf(ed Kmgdorn Gcner311y Accepted Accouniing Practice).
The TnESt¢¢s aTe r￿pOnSIble for preparing the TTUStee5' Ann￿1 Repon and the fthanctal statements in accordance with the
applicable law and United Kingdom Accounling Staryjards (United Kingdotn Generallj Accepigj Accoutlting Practie¢).
including FRS102"The Financial Re[￿]ng Statthrd appli¢#ble in the UK and Republi¢ of Ireland"
The law appl]￿ble ¢0 chariiies in England and Wale5 requires the tn￿etS to prepare rtnancial statements for each financial
year which give a true and fa￿ view of th¢ state of affaits of the charity and of the in¢oming resources and appIl￿tion of
restsLtrees of th¢ Iharity for thai peri¢)d. In preEorin8 these financial slat￿￿entS. the tnjstees are required to..
- select suitable accounting policics and then apply them consimently
. observe the Method$ and winciple5 tn the Charities SORP
- mak¢ judgmenis and esiimares thai are rea50tth&le andprudent
- ￿are whether applicable acwjnting standards have b¢oL followed
- prepare the fIn￿¢tal siatements on the80ingcrHKern basis unless it is U)apprO￿latr topre5umethatthe charity will ¢ontinue
in business.
The trustee5 arc responsible for keeping prow accounting records thar di5¢105e with reasonable aeeuracy at any time the
rinancial p051tion of the charity and enable them to ensure that the fJnan¢ial ￿atements Comply with the Charities Act 2011
and T¢gulations made ihereunder_ They are also rcsponsible for safeguard￿8 the a55et5 ofthe clwity and hence for taking
Teasonable strps for the prevention aThJ detectithj of fraud and other irregularitle
The In￿tteS are Tcsponsible lor the maintenonceand integrityofthe charityand financial infonnaiion included on the eharity's
website. Ltgislation the United Kingdom governing the preparation and dissemination of fmancial statem¢nts may differ
from Itgtslation in other jurisdiciion&
Approved by the B0￿d of TnJste¢s on 22 June 2022 and sign¢d on its behalf by:
The Very Rev'd DI David Ison
T￿￿ee and chairn￿n of Governors
10

ST PAUL'SCATHEDRALCHOIR SCHO(
INDEPENDENfAUDITORS' REPORT
FOR THE YEAR ENDED31 DECEMBER2O21
Opinion
We hoye audiied the finan¢ial statements rjf St Paul'5 Cathedral Cknir School ftir the year ended 31 December 2021, which
comprise the staiement of financial *tLVllies, the balance 5htti. the cash flow statement and the note5 to th¢ financial
Statem¢nt% including a summary of significant accouniins policies. The financial reporting framework ihat has been applied
in their preparalion is applicable law and United Kingdom A¢¢otsniin8 Stsndards, including Financial Reporting Standard
102 The Financial Keporting Siandard appIl￿ble in th¢ UK and Republic of Irelatld (United Kin8dom Generally Acccpted
Accountin8 Practice).
In ouropiniw the financial statements=
give 8 tw¢ and lair view of the slate olthe charity's affairs as at 31 De¢ember 2021 and of Ils nel movement in
fund5 for ¢he year ihen et)ded,.
have been properly prepared tn accordance wilh Uniied Kingdom Generally Accepted Accounting Practiee. and
have bECll prepared in ac¢otdatKe with lh¢ requirnnents of the Clwitics Act 2011.
Ba$1$ ft)r opinlffvn
We have beeth appointed as auditor under seclion 144 of the Charities Act 2011 rrw¥rt in accordance with the Act and
rclevant regulations made or having effect thereunder. We conducted our audit in a¢cordan¢e with Iniemaiional Stsndards
on Auditing (UK) IISAS {UK)) and appli¢abl¢ law. Our reswnshbilities under those standards are further described in ihe
Auditor's re5w>n5ibili¢ie5 for the audit of the finan¢iai statements seciion of our re￿rt. We are indqjendent of ihe ¢hariry in
accordance with the ethic￿ requiremenis ihai are T¢l¢¥aDi to our audit of the financial 5tatemeTht5 in the UK. including the
FRC'5 Ethical Standard. and we havc fulfilled our other eihical responsibilities in accordanee with these requirements. We
believe that the audit evidence wc have obtained is suffi¢ieth¢ and 0ppmpri￿t to provide a basi5 for our opinion.
Ctsneluslons relatSng to going conc¢rn
In auditing lh¢ financial siat¢m¢nts. we have concluded that the Tnstees, use of the going thi¢ern basis of accounting in
the PTepardtion of th¢ finanrial stht¢m¢thts is appropriale.
Based on the work we have perfoTtned. we have noi ideniified any malerial uncertainties relating to event5 or conditions
that. individ￿11[Y or colleetively. tnay cast signiflcani doubt on the charity's ability w contlnue as a going concern for a
period of at le&st twelve rnonths from when the finartciaj sth*ments are authorised for issue.
Oiir reswnsibilities and the res￿nsibIlItieS of the Truslecs With rcspect to going concern are described in th¢ relevant
sections of ihis report.
Other iDf•rmAtion
The Tnisle¢s are r¢S￿￿$1b1¢ for the other infomation. The oiher infonnation cornpri5¢5 thc infonnation iDcluded in the
Trustee5' Annual Report. Our opirtion the fJt)ancial st8temenis doc5 not cover the other information and. except to the
extent otherwise explicitly stated IN our re￿rt. we do not exp￿$5 any forni of &s5urance conclusion thereon.
In conneclion Ivith our audit of the financial sta(ements, our r¢S￿nSIbilItY is to read the other information and, in doing so,
consider whether the other inforniation 15 materially incon515tent iviih the fJn8neial s(atements or our knowledge obtained in
thE audit or otherwise appears to k materially misstated. If we identify such material inco#sisien¢ies or apparent material
n?L55tatetnents. we are required to deiemiine whdherthere is a material mis5tatemenl in the financial siatements or a material
isstatement of the oiher information. If. based on the work we have performed. we conclude ihat there is a maL¢rial
mi55tatement of ihL5 other inforniaiion. Ive are required io report faci. We have nothing to rewKt in this regard.
Mitters on whith we are required io report by exception
We hav¢ nothing 10 report in respect of the folloiying matters in relation to ivhich the Charities lAc￿￿￿ts 2nd Reports)
Regulations 2008 tequire us io rew)rt io you if. in our opinion=
adeoua¢¢ a¢¢ouniing r¢¢ords hav¢ noi been kept by the charity: or
sufficieTht acrounting records have thot been kept,. or
the charity financial $1oiemenis are noi in agrtement with the accounlin8 records and returns. or
we have not received all thE informaiion and explanations we require for our audit.

ST PAUL'S CATHEDRAL CHOIR SCHOOL
INDEPENDENT AUDITORS. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
Responsibilities of Tr￿￿ee for the fu￿￿¢tal ststemettts
As explained mor¢ fully in the Tru51ee'5 responsibiliiies ststemeni set oui on page 10. the Trusiees are re5ponsibl¢ for the
prepara(ion of ihe financial 5taiemenis and for being satisfied that they give a true and fair view. and for such iniernal ¢ontrol
as ihe Trusiee deiermine is necessary io enable ihe ptepardiion of financial slatrm¢nts that ar¢ free fT(Fm material
missia(emeni, whether due 10 fraud or error.
In Neparing the financi￿ staiemert￿ the Trustee5 are responsible for &55¢ssing the charity's abiliiy to coniinue as a goin8
concern, disclosing, as applicable. maiters relaied 10 80ing concern and using the going ¢on¢¢rn basis of accounting unless
Ihe Trustee etiher In￿nd io liquidate the charity or to Ce￿ O￿Tations. or have no reali51ic aliernaiive bui to do so.
Auditor's responsibilities for the Audit of the fU￿nCl?] Statements
Our objectives are to obtain reasonable a55urance about wheiher the financial sia*menis as a whole are free from material
misstatement. whether due 10 fraud or error. and to issue an auditor's repon ihai includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee that an audit condu¢ied in accordance with ISA5 (UK) will always de￿Cl
material misstaiemeni when it exists. Misstatements can ari5¢ frorn fraud or error and are considered maieiial if,
individually or in the aggregale. they could reasonably be expec￿1 10 influence the economic decisions of users taken on
the ba5LS of these financial statements.
Irregularities. includin8 fraud, are instance5 of non-compliance with laws and re8ulaiion5. We design prctedures in line with
our responsibilities. outlined above. lo detect maierial misS￿leMen￿ in respeci of irregularities. including fraud. The extent
to whi¢h our procedures are capabl¢ of d¢tKiing Irregulariti￿ including fraud is detailed I￿low=
B￿¢d on our understanding of th¢ chariiy and the environmeni in which ii operates. we identifKd that (he principal risks of
non-compliance wilh law5 and Tegulaiions rela*d io regis*red charilies and independent schtKTrls, and we considered the
extent 10 which noD-cQTnplia￿e might have a rnaierial effeci on the fit)ancial siaiemertts. We alsts considered those laws and
regulations thai have a direct impxt on ihe preparaiion of the fit)ancial ￿atementS such as the Charitie5 Act 2011 and other
faciors such as iaxation.
We evaluated managemeni's inceniivcs and opwrtuniiies for frauduleni manipulation of the financial statemen15 (including
Ihe risk of ovcttide of conrrols) and deiermined ihai the prithcipal risks were related Lo manual accounting journals. Audii
procedures F¢rformed by ihe engagemeni ieam included=
Discussions with management including cortsideralion of known or susrrtted instances of Don-compliance wilh
laws and regulaiion and fraud:
Evaluating n￿nageMent'S controls designed io pr¢veni and de*ci irregulariues; and
Ideniifying and iesiing journals. in panicular journal eniries p)sied with unusual #ceount COTnbiThations. postings by
unusual u5er5 or with unusuai des¢ripiions.
Because of ihe inhereni limitaTions of an audil, there is a risk ihai we will noi detect all irregulati(ie5. including those leadiThg
to a ma￿rial missthremeni in ihe financial Sth￿Ments or non-compliatice with Tegulation. This risk increa5e5 th¢ tnore that
compliat)ce wilh a law or iegula¢ion is removed from ihe events and transaciions ieflecied li] the financial 5talem¢nts. as we
will be less likely io become aware of insiat)w of norb-compliance. The risk is also greater regarding irTegulariti¢s
due to fraud raiher than ¢ryOT. 05 fraud involves inieniional con¢ealmen(, forgery. collusion. omig%ion or tnisrepres¢nt&iion.
A funher descripiion of our r¢SFKinsibiliiies for the audii of the financial siatrmenis is located on th¢ Fina￿la] Reporting
Council's websiie ai.. iiii i%.Iri.nfh*.iikliiuIIiiLifsL-L'.
i)%ihili¢iLs. This deSCri￿10n forms part of our auditor'5 r¢port.
Use ofour report
Thi5 repon is made solely io the ¢hariiy'5 Trusiees. as a bcdy. in accotdance wilh section 144 olthe Charilies Act 2011 and
regulaiions made under se¢iion 154 of lh￿ Aci. Our audit work has been undertaken so that we mighi stale to lh¢ charity's
Trusiees Ihose mailers we are required 10 si* io them in an Audilols repoti and for no othei purpose. To the fullest exient
permiited by law, we do not accepi or assume responsibilily to at)yone other than the charity's Trwtee as a body for our
audii work, for Ihis report, OT for the opinions we have formed.
Haysmaciniyre LLP
Siaiuiory Audiior
i¥a LV
10 Queen Strttt Place
IA)ndon EC4R IAG
Haysmaciniyre LLP is eligible to wt as an audiior ID iern)s of seciion 1212 of the Companies Act 2(
12

ST PAUL'S CATHEDRAL CHOIR SCHOOL
STATEMENT OF FINANCIAL ACTIVITI&S
FOR THE YEAR ENDED 31 DECE.MBER 2021
Total
2021
Total
2020
Unres¢ri¢ted
Rt5trieted Endowm¢n¢
Note
Income from:
DDnaiions
Invesimenis
3.1,408
30,165
81.752
2.9fA)
115.160
-3.1,125
35.833
CliaTiluble &Liiviiies:
School fees
Other ancillary incorne
4.051.148
4.053.148
317.449
4.￿0,30.1
291,556
2b
Oiher irading
14.318
14,318
14.733
Total income
4.448.488
84,712
4.533,21X)
5,235,929
Expenditure on:
Charitable aciivtiies
(4.028.101)
(1,944)
(4.010,045)
{3,710.725}
Totsl Expenditure
(4.028.101)
(1,944)
(4,0.30,445)
13.710.725)
Nei incorne excludiihg
invesimenis gains
420.787
82.768
501.155
1,525.204
Nei gains on invesimeThls
162.577
162,577
Net income
82.768
162,577
665.732
1,598,128
Transfers between funds
10
81.752
(81.752)
Net movement im funds
1,016
162.577
1,598,328
Reconeiliation of funds
Toial fund5 brought
forward
l(P12
6.461.195
37.(
1.136,477
7.634.740
6.036,412
Total funds carried
forward
6.963.734
1.299.054
8,3W,472
7,634,740
All am(bunis derive from continuing aclivilies.
All gains and losses recognis¢d in the year are included in ihe ofFinancial Activiiies.
Noies I ￿ 14 forwn part of th￿C financial ￿a￿rnents.
13

ST PAUL'S CATHEDRAL CHOIR SCHOOL
BALANCE SHEET
AS AT 31 DECEMBER 2021
Totsl
21121
Total
2029
ote
FIXED ASSETS
Investments
Tangibl¢ assets
1299.053
8.799.092
I,l36,476
7.864,9CKI
TOTAL FIXED ASSETS
10.tr98.145
9,IK)1,376
ctJRRENT ASSETS
D¢biors
C&sh at bank and in hand
122.730
.348.153
89.510
1,191,409
TOTAL CURRENT ASSETS
1.470.883
1,280,919
Ctujilois." amounis fallin8 due
one year
(972.W}
(708383)
NET CURR£YT ASSETS
498.417
572536
Crediior5 falling du¢ after
One year
(2296.0901
11,939.172)
TOAL NET ASSETS
8,300,472
7.634.740
FUNDS
U￿re￿nCted fvnds
Rcstricied fijnds
Endowment fimds
6.963.334
38.084
1.299.054
6.461.195
37.068
1.136,477
10
10
TOTAL FUNDS
8.3￿1,472
7,634,740
Noies 110 14 form part of these fjttancial statcments.
These financial statements iveT¢ approved and authorised for I￿￿e by the BrArd orTn￿l￿$ on 22 JuDe 2022
Signed ort behalf ot'ihc Board of TTUS*eS'.
The Very R¢v'd Dr David Ison
T￿￿tee
14

sr PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR EP4DED 31 DECEMBER 2021
I. ACCOUNTING POLICIES
Accountbng B*sis
The fjnancial 51atements are pwartd ut)der the his¢ori¢al cost convention modiflcd by the revaluation of investment
ass¢is io market value and in compliance with Acwunling and Reponing by Charities: Siaiement of Recomrnended
P￿11¢¢ appllcable io charities preparing their flnancial 5tatemeth¢s in ￿cOrdanCe wilh the Finan¢ial Reporting Standard
102,"The Finaneial RewTrrtin8 Standard applicable in the United Kingdom and ih¢ Republic of Ireland" I'FRS 102") and
the Chariiies Act 2011.
The financial siaiements ar¢ prepared ITh sterling which is the functional currency oftk Cbarity. Mon¢irary amounts in
these finanrrdl slateTnenis are round¢d to the nearest tKJund.
The Charity is a Public Benefit Entity as defined by FRS 102.
The trustees eonsider that there are no material uncertainili¢s aff￿1]￿g the Charity's ability io contiThue as a 801Th8 concern
for at least iwelve months fom? the date of approval of the accounts.
Feej Similsr Income
Fee5 reccivablc for the pn)vision of ducation and ¢harg¢s for 5ervice5 and use of premises are accotsnted for in the period
when the school 15 entitled to receive them. they ¢an b¢ measured and the receipt is probable. These are included ill income
from charitable aclivities. Fee5 receivable s¢at¢d afteid¢dtsctin8 allowances, seknlarships and other rerni5sions granted
by ihe school from its unrestrkcted funds. but include contributions ￿¢t1¥¢d from Resiri¢ted Funds for scholarghips.
bursaries and oiher grants.
rk)nations are also ac¢ount¢d for OTh a r¢c¢ivable basis although in practice the criteria of en(iilemen¢, measurement and
probability are fr¢quertUy ffily met at the of receipt.
Expendifure
Expenditure i5 accounted for (tyn an aC¢Tuals basi& VAT is >n¢luded with the item of expense lo which it relates.
Approximately 65QA of sUp￿rt costs are speni in direct suppon ofieaching activity and the remaining 35°h on welfa
and premises supwrt. Depreciation on the school tninibu5 is included in support costs.
Tea¢hSng Mat¢riils
Supplies of game5 equipmenl F￿￿)k$, Stationery atKI sundry materials off io the Staiement of Financial Affair5
as s[￿￿ as the expenditure on procuring them is in¢urred.
CAPitAli5*tion of Fixed Assets
Assets above the c05t of £250 ivsth a usefvl life exceeding one year are capitslised on the balance shett and depreciation
is provided Ls set out in the folloiybng paragraph.
Depreclaiion
Depi¢¢iaiion of iangible assets is provided al rates calculated io wrilc off the ex¢ess of ¢OSf over th¢ ¢sltmaitd residual
amount evenly over ihe estimated useful eeonornic live5 of each class of ￿5¢( on a straighi line ba515, subject to annual
review. Only assds costing over £250 are capiialised.
The useful eco¥LOmiC lives are currenily as follows=
Buildings improvements extensions
Furniture and equipment
New Buildin8 works
10-20y¢ar5
3- Ioyears
25-50 years
Pensio• Sehemes
The School contributes io the Tea¢heTS' Pension Scheme at rales set by the Scheme Artuary arhd advised io the School by
the Scheme Administrator. Th¢ S¢heme is a mulli-employer pension scheme and it 15 not P05siblt lo identif). the assels
and liabilitie5 of thc Scheme whieh are attributable io the Charity. In accordance with FRS102 the Scheme is ac¢ounied
for as a defined contribution scheme. i¥hilsi li is a defined benefit scheme. Contributiotts are accounied for as a defined
contribution scheme and ¢orttributions accounted for when advised as due by the Scheme Administrator.
15

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (cotttittued)
FOR THE YEAR ENDED 31 DECEMBER 2021
I. ACCOUNTING POLICILS (￿￿lin￿ed)
Pension schem￿ (￿ntinued}
The Si Paul's cathedr￿ Final Salary Pension Scheme ceased ￿kIng further contribution5 in May 21X)7 and under th¢
arrangemeni made with ihe Caihedral the School is no( required io make futther conltibuiions.
The School also coniribuces io a defined contribution scheme wKih AVIVA. The scheme is available to all employees. Th¢
assets of the scheme are held separately irh independently adtnini5lered fu￿]5.
For defined coniribuiion schemes the amoutti charged io the Ststement of Financial Activities in respect of ￿nsIon c0515
and other post-reiirement benefils IS the coniribution5 payablc in the year. Difference5 between conlribution5 payable in
the year and coniribuiions actually paid are shown eithcr accrua15 or prepayments in the balance sheet.
T#xation
The School is a registered charity and as such is exempt from taxation on its income and gains to the extent that th¢y are
applied to Lts charitable PUTposes.
Cashflow Staternent
In accordance with the provisions of FRS102 section 1.12 a cash flow stsierneni has noi tgen prepwed as ihe School's
cash flows are included in the consolidated financial staternents of St Paul's Cathedral.
IDYtttments
All investrnents are revalued annually at open market value. Any unrea]i5ed change in value since Ihe dale of acquisiiion
or the last balance sheet date is credited or charged ro ihe Siaiemeni of Financial Aciiviiies. Any realised gain or loss
(calculated as net sale5 proceed5 less value ai the last balance sheei d3K orcosi if acquiredduring the year) is also crediied
or charged to the Statement of Financial Adiviti¢s.
Cash at Bank and in Hand
Cash at Bank and in Hand includes funds held on shon ierni deposits. All the funds on Deposit are for less Ihan 3 monihs
and allow immediat¢ access.
Funds
Funds are classified beiween restricied ond unresiricied in accordance with the legal constraints on their use, and the
consequent degree of flexibiliiy which ihe Tru￿¢¢$ have on using the income ihai gave rise io the funds.
Rtstricied Funds
These are fund5 subjeci to specific condiiions or MIS￿ which are binding on ihe Tnjsiees. The restriction may be on
income or capital or t#)th.
Unrestri¢ted Funds
These are all funds oiher rhan endowmeni aThl resiricwl funds and include funds designated for a specific puq)ose by the
Trusiees.
Designated Funds
These are fund5 allocaied io the Bursary Fund and are math up of Income from Ihe Capitsl fund plus 6% of the prior
year's unresir1c￿d Surplus and fund from Ihe curreni year surplus sufficieni io ensure the fund is noi in defLCit.
Critieal accounting judgments and sourees of estimation uncert*inty
In the applicaiion of ihe School's accouniing policies. which are described in ihis note, the Tn￿leeS are requittd io make
judgements, esiimaie5 and assumpiions atrx)ui ihe carrying amounts of assets and liabiliiies that are noi readily appareni
from oiheT sources. The esiimaies and associaied assumpiions are based on historical expenence and oiher factors thai are
considered 10 be Televani. Aciual resvlis may differ from ihese esiimaies. The esiimaies and underlying aSSUtnpiions are
reviewed on an 0￿going basis. R¢vi5ioJJs io accouniing esiimaies are recognised in ihe ￿riod in which the e51imaie is
revised if Ih¢ revision aff￿15 only thai Fer1￿, OT in ihe of the revision and fuiure ￿riOdS if the revision affecis boih
current and fuiur¢ period5.
The Trustees do not consider theT¢ are any uilical judgements or sources of esurnauon unceriainiy requiring disclosure.
16

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS Icontittued)
FOR THE YEAR ENDED 31 DECEMBER 2021
FEE INCthIIE
2021
Tot41
2020
T•t*l
Glo55 SchoDI fees
Less-. di5coun15
Less- ioial bursaries and prize5
4,147.636
116.417)
(78.051)
4,274.489
1143,605)
(70,581)
Net fees receivable
4,053,148
4.060.303
Add.. bur50ries and prizes funthd by restricied fu￿15
Total
4.053.148
4.060.303
2b. OTHER ANCILLARY CHARITABLE INCOME
Extras
Regisiraiion fee5
Sch￿1 irips
OT￿r
250.078
20.5(M)
10.716
30.155
258,238
18,501
7.532
7,285
Total
317.449
291,556
OTHER TRADING
Music and unifonn s31¢s
Oiher
12,746
1,572
Total
14.318
INVFSTh(ENT INCOME
Invesimeni Income from Capilal Fund
Invesimeni I￿oMe from Scholarship and Prhzcs Fund
Inieresi on Cash Deposiis
30.(M)7
28,977
2.859
158
Total
33.125
EXPENDITURE
Chgritable expeJ)dilure includes:
Depieciaiion
Auditors. Remuneraiion
211.815
9.6(X)
60.654
Total StatT Costs ¢ornprised:
Wages and Salaries
Social Securiiy Co515
Other PensioTh Cosis
2.191.711
214.014
742.817
2.216,997
21.1,91
326.806
Tol•l
2,748,578
2.757.714
17

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (¢ontiJw¢d)
FOR THE YEAR ENDED 31 DECEMBER 2021
EXPENDITURE leontinued)
2021
2020
The *verage number •temployees itt th¢ Y￿r.
T¢llehing
Mu51
Teaching assistani
Dotnestic
AdminisirJiion
33
20
13
33
19
12
Total
79
77
The number of high￿ paid employee5
£so,(￿- £60.OCX)
£60,(M)1- £70.0(X)
£70,(M)1- £80.0(J)
£80,￿1 - £90.0￿)
£90,(K>i - £ioo,o(x)
2021
2020
Aggregaie employee benefirs of ihe SenioT
Managemen(Team {Key Management Personnel) are:
£481.417
£473.425
The Governors received no remunerdtion, reimbjrsed expenses or ￿kner for the eurrent or previous years.
ANALYSIS OF TOTAL EXPENDtTURE
2021
Staff
Total
D¢pre¢iatioD
EducAtion:
Teaching
Welfare
Pretnises
Support costs
Governanc¢ costs
2 J27.294
55.111
131.641
2fA).387
183.351
42.872
2,553,517
373,970
566.760
382.400
153,398
266.176
122.013
153.398
168.943
Total
2.774.433
1.043.797
211.815
4,030,045
Staff
Total
2020
Depreciation
Education:
Teaching
Welfare
F*emis¢s
Suppori cosis
Governance cos
2.261.945
93.671
156.673
255.870
131.951
261.134
303.fl)3
130.839
48.378
30.973
2.424.869
354.805
489,958
392,715
48,378
29.682
2,768.165
881.￿5
fA).655
3,710,725
Total
18

ST PAUL>S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STArnIENTS (coD¢inued)
FOR THE YEAR ENDED 31 DECFMBER 2(121
ANALYSIS OF EXPENDITURE {contiouedl
.8upport ctssts include Ihe costs of ihe five ￿lminis1ra1ive staff of the sch￿1. Oiher suppori costs relate to ¢XP¢nS¢S
involved in the supp￿1 of Te￿hing. Welfare and Pretnises.
INvE￿mENTs
The Invesirnent fund% (Capitsl aThJ Scholarships Funds) are under the management of CCLA Invesiment
ManaoemenL Ltd and conSLSt rnainly of quoted equiiies. There wer¢ Do addilions and disposal in ihe year
2021
Capital
Fund
Scholarship
& prizes fund
Total
Market value ai l January 2021
Revaluation in ihe year
102.056
14.599
.176.476
162.577
147.978
Market Value ai 31 tkcember 2021
1.182.398
116.655
1,299.053
Spli¢ of iDVeStmenls
Invesimeni assets in ihe UK 31 December 2021
Investment assets ouiside the UK 31 December 2021
451.759
845.294
Total
1.299.053
Historical CO￿ of inv¢51m¢nts
601,940
2020
Capital
Fund
Scholarship
& prizes fund
Total
Markel value ai l Jartuary 2020
Revaluaiion in the year
967,863
66.557
95.490
0,566
1.067.-353
Markei Value ai 11 D¢cember 2020
.024.420
102.056
1,116,476
Split of inyestments
Invesimeni 3sseis in the UK 31 December 2020
Invesltneni asseis ouiside ihe UK 11 December 2020
771.667
TotAI
1,136.476
HI￿Or1ed1 cost of invesimenis
601.940
As ai Ihc lime of signing the xcouThiS ihe value of Invesimenis w&5 not ￿￿¢[181[Y different from ihe year end. No
disposals or acquisiiion5 hay¢ tten mad¢ since the year end.
19

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS l¢ontitsued}
FOR THE YEAR ENDED 31 DECEMBER 2021
TANGIBLE FIXED ASSETS
Fixthres,
fittings and
equipment
Building
improvements
2021
Tol4ls
Cost or Valuation
At l January 2021
Addilions
9.039.736
I,045.(￿2
655,570
100,944
9,695,306
1,146,¢X)6
A5 31 Dec¢rnE¢r 2021
10.084.798
756,514
10,841,312
Depreciation
Ar l January 2021
Char8e fol ihe year
1.259.894
570,512
42,872
1,830,4f
211,814
At 31 December 2021
1,428,836
2,042,220
Net Book Value
At 31 December 2021
8,655,962
143,130
8,799.092
At 31 December 2020
7,779,842
85.058
7.864.9(M)
The freeholds of the Si Paul's Cathedral School and SL Augustine's Hous< New Change. London EC4M 9AD are
owned by the Corporation of th¢ cath￿ Church of Si Paul in LoThJon. Accordingly. they are not shown on the
School's balance sheet.
DEBTORS
2021
2020
Amounts falling due within one ycwr
School fees
Accrued Incorne
Oiher Debiws
20.116
85.862
16.752
(4.8951
84.246
10,159
122.7.10
89,510
CREDrroRS
2021
2020
Amounts f*lliMg due within one year
Returnable deposits
Fees in advance
Sundry CrcdilOT5
Aecruals and Deferred Income
Due io St Paul's Cathedral
137.80D
165.IK)O
37.805
474.211
157.650
110,300
21,254
454,155
102,674
972.466
708,383
Amounts f*lling due after one year
Amounis owing 10 Si Paul's Cathedral
Due 2-5 year5 £735.027 over 5 years £1,561.063
2.296.090
1,939,172

ST PAUL*S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMEKfs Itohtinued)
FOR THE YEAR ENDED JI DECEMBER 2021
CREDITORS leontinued)
In S¢pternber 2020. Si Paul's Caihedral ¢ntered into a£2.5m loan faciliiy wilh Lloyds bank and subsequently loancd ihe
School an equivaleni loari OD ihe same repayment ternis io fund ihe completion of the building projeci. Amounls were
drawn from St Paul's Caihdral in laie Septernber 2020. Ihe full £2.5m wa5 drawn down from ihe Caihedral by end of
March 2021. Capiial repaymenis Slaned in NOveM￿r 2021 and Lhc balance will be rcpaid 10 Ihe Caihedrnl over Iwelvc
years ai an inieresi rate of 1.27% above ihe Bank of England base raie.
10. ENDOWMENT AIYD RESTRICTED FUNDS
Endowm¢nt and res(ricied funds consisi of ihe Capital fund and Scholarship and Pri￿ fund. All futbjs are held as
either cash or investments under the managernent of CCLA Inve￿ment Management and consist mainly of quoied
equiiies.
Endowment fUl￿- 2021
Capitsl
Fund
Scholarship
& PriZE5
fund
Totsl
Fund ai l January
Revalu*ion in th¢ year
1.014.420
147.978
102,056
14,599
.136.476
162.577
FUMI ai 31 De¢¢mber
1.182.398
116,655
1.299.05.1
Endowment funds- 2020
Capital Sehol*rship
Fund
& prizes
Totsl
Fund ai l January
Revaluaiion in the year
967.863
66.557
95.490
6.566
1.063,353
73.124
Fund ai 31 December
1,034,420
102.056
1.136.476
Restrict￿ fund Iheld as ¢&sh)-2021
Total
Fund ai l January
Net income for ihe year
37.068
1,016
FurMI al 31 December
Restricted fund (held as wh)-2020
Tot81
Fund ai l January
Net income for th¢ year
35.825
Fund 3¢ 31 DecemE*r
37.068
Thc balanc¢ on restricied Teserves rel￿e$ lo the Sch(K*l Scholarship and Prizes Fund.
21

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMENTS leotstittued)
FOR THEYEAR ENDED 31 DECEMBER 2021
Sehool Capitsl Fund
lTrcorne generated by Ihe Capital Fund may ￿ drawn down by and utilised by the Governors for S￿¢if1C putposes
for the benefit ol the school and is therefore recogrtised in urhtcstrictcd funds. Further details are 8iven in notes 10
and 11. 50% of the Capital of the Fund 15 available lo I￿ tK)JTowed by the Govcrning Body foi specifsc purpose5 for
the bEnefit of the School.
SCIM￿] Schol*r5hip and Prizes Fund
The income from the Scholarships. Prize5 and Bursaries Fund will be applied by the Governing Body to award prize5
and scholorshkps a( their discretion. and is therefore recognised ITh unrestrictd funds. No capital was transferred to
Unrestricted Reserves in the year.
TraDsfer5
The irartsfer of £81.752 (2020 £805.903) oui of Yestricted fuEMts In￿ unrestticied ￿rtds relates (o the ￿StriCtionS in
relation to dona¢ions iowards the building ptoieci being saiisfied.
11. UNRLSTRICTED FUNDS: MOVEMENTS IN THE YEAR 2021
Genernl De5igD8ted Designat¢d
Income from
School
Capitsl
BU￿ary
Fund
Total
At l January
Surplus l (deficiil for ihe year
Designation in ihe year Inoie 12)
Further Transfer required
Transfer from ￿tri￿ed funds
6,461,195
468,431
(25.223)
(22.821)
81.752
6,461.195
420,387
30.007
{30.(K17)
(78,051)
55,230
22,821
81.752
A(31 December
6.963,334
6,963,334
UNR&STRICTED FUNDS: MOVEMENfs IN THE YEAR 21120
Gemrd Designated Designated
Income from
School
C8pital
Fund
Total
At l January
Surplus 1 (defLCltI for the year
Designaiion in ihe y¢ar (note 12)
Transfer from restricted funds
4.937.234
759,662
(43.083)
4,937,234
718.058
28,977
(28.977)
170.581)
72.060
805,903
At 31 Decembei
6,459,716
,479
6,461,195
22

sr PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEMEN15 (continued)
FOR THE YEAR ENDED 31 DECEMBER 2021
11 DKSIGNA TED FUNDS
In¢ome from School Capitsl FuDd
In 20(N). Governors. Wlth the Agreemeni of the Ttustees, vo*d io iransfeT some or ail of th¢ income from ihe Capiial
Fund h year io (he Bursary Fuod in order io build ihis up for future use. Ihis arrangemeni has continued and T¢mains
urtchanged. Hence in 2020 all of ihe income was ￿an$(¢r[¢d to the bursary funds as shown in Thote I l.
Sehool Bursary Fund
Since 2010 ihe Bursary Fund h&$ Ixen a Designated Fut)d. The Fund assists day ¢hildr¢n parents who find themselves
in finan¢ial difficuliy during iheir child's stay in ihe School and li is hoped io extend ihis a55isiancc to ncw fa¥nilies in
Ihe fuiure. 6% of each year's Unresiricied Fund surplus is pui aside for ihis purpose. In 2021 the sum was £25,223
(6% of ihe 2021 unrestricted surplus of £420.387) plus the iThcom¢ from thecapiial Flhnd I£30.0071 which is Iransferred
io the Bursary Fund mentioned in No* 10 atM)ve making £$5.23 balance transfer of £22.821 from General funds was
r¢quir¢d.
The Governors have agreed thai Finance and G¢neral Purpo￿ Commhiiee will be responsible foroverseeing the award
of granis.
13. ULTIMATE PARENT
The Charity'5 Controlling eniiiy is the cor￿allOn of the Cathedral Church of St Paul in London commonly known a5
St Paul's Caihedral. ThL iesults of the Schwl are consolida*d into ihe consolidated flnancial siaiements of Si Paul'5
Cathedral. Copie5 of IhL Caihedral's fIna￿la1 st*ements may be obtaiMI Irom The Chap*r House. S¢ Paul's
Churchyard. London EC4M 8AD.
I￿ STAFF PENsIof4S
Teachers
The School parlicipaies in ihe Teachers. Pension Scheme {England atMI Walcs) ( Ihe TPS") foT Lis leaching siaff. The
t￿nSIOn chorge for lh¢ year includes coniribuiions payable io the TPS of £278.964 (2020.. £273,465) and ai ihe year-
cnd £nil (2020= £nil) was accwed in re5Frtt of contributions to this scheme.
The TPS 15 an unfunded multi-¢mploycr d¢fin¢d trw¢fI￿ pension $che￿e governed by The Teachers. Pensions
Regulations 2010 (as amended) and The T¢achers' Pension Scheme Regulaiions 2014 (as amended). M¢mb¢r5
conlribuie on a'pay as you go" basis with coniributions from ll￿Mbers and ihe employer being ¢rediied to the
Exchequei. Reiiremeni and oiher pension benefits ore paid by public lu]NJs provided by Parliament.
The employer coniribuiion rate 15 Sei by ihe Secretary of Siaie following scheme valuaiions underlakeTh by ihe
Goveinmeni Aciuary's Departm¢ni. The llM)St receni acTuarial valuaiion of ihe TPS wa5 pr¢par¢d a5 ai 11 Match
2016 and ihe Valuation Report, which was published in Mar¢h 2019. confirmed Ihat the employei conlribulion r￿¢
foT the TPS would intrease from 16.4% 10 2.3.6* from I Sepiember 2019. Employeis are also required io pay a
scheme administraiion levy of 0.08% giving a ioial employer contribuiion rdle 0123.68%.
Th¢ 11 March 2016 Valuaiion Repon was prepared in accordance with the bBr5efits sei oui in the scheme regulalion5
aThd undei Ihe appioach specified in ihe Direciion5. as they applied ai 5 Match 2019. However, the a5sumpiions were
23

ST PAUL'S CATHEDRAL CHOIR SCHOOL
NOTES TO THE FINANCIAL STATEmEp￿s {wntinued}
FOR THE YEAR ENDED 31 DECEMBER 2021
T¢x¢htrs ltontinued)
conSide￿d and set by the Department for EdU￿10n priorto the Tuling in th¢'M¢CloudlSar8eant c&%e'. This case h&s
required the io Consider cases regarding the impl¢mentsiion of the 2015 refonns to Public Service Pensions
including the Teachcrs, Pcn510llS.
On 27 June 2059 the Supreme Court denied ihe govemmeni perniission to appeal the Court of Appeal's judgment
that transitional provisions introduced to the refornied pension s¢hem¢s in 2015 gave rise to unlawful ag¢
discrimination. The govemment Ks respecting the Court's decision and has said il will engage fully with the
Employment Tribunal as well as employer and member represtntatives to agree how the di5CTimination5 will be
remedied. Th¢ government announ¢ed on 4 Febnjary 2021 that it iniends to Proceed with a deferred choice underpin
under which membeTS will be able io Choose e¥ihei legacy oi refomied scheme benefiis in respect of iheir service
during the period between l April 2015 and 31 March 2022 ai the point they become payable
The TPS is subjeci io a cost cap me¢hanism whi¢h wa5 pul in place to proteet taxpayers against unforeseen changes
Ill scheme rosts. The Chief Secreiary to ihe Treasury, having in 2018 announced that there would be a review of thi5
cost eap mechanisrn. in January 2019 announccd a pause to the Cosi cap me¢hanism followiDg the Court of Appeal's
ruling in the M¢CloudlSarg¢ant Use and until there is certainty gFK)ut the value of pensions to etnployees from April
2015 onwards. The pause was lifted in July 2020. and a consultstion w&5 launched on 24 June on proposed change5
to the cosl control mechanism following a review by the Governmeni A¢ivary. Following a public ¢on5uliation. the
Governrnent have ￿cepted three key prowsals recornmended by the Govemmeni Aciuary. and are aiming io
implement these chan8es in tirne for the 2020 valuations.
In view of ihe alyove rulings and decisions the assumwions used in the 3 l Ma￿h 2016 Acthariaj Valuation may
become inappropriate. In ihi5 scenario. a valuation prepared in accordat)¢e with ￿vISed benefiis and 5uitsbly r¢vis¢d
assumptions would yield different resulr5 than those contained in the Actuarial Valuation.
Until the corbsultation and the cost cap mechanism review are ¢ompleted it is not PDssible to conclude on any
flnancial irnpact or fu￿re Changes io the contribution rnies of the TPS. Accordingly no provision for any additional
P8St benefjt pension costs 15 included in ihe5e financial staternents.
Other Sta
Defined Contribution Scheme: 43 non-teachin8 Staff participate in the defirted coniribution scheme run by Aviva and
provided by St Paul's Caihedrdl for its staff.. The assets of ihe Scheme are held in indepcndently administered funds.
The pension charge for 2021 i￿l￿deS ¢oniribution5 payable to ih¢ scheme of £63.849 (2020.. £53.3411
Final Salary Pension Scherne: four non-leachiThg staff parti¢ipai¢d in the Si Pavl's Caihedtal Final Salory Pensio
Scheme which c105ed io service accru31 on 15th May 2007. According to the terms of the Instrument of Delegation,
811 administration costs of the Cathedral Pension Schemes will be IK>me by St Paul'5 Cathedral. As sueh no costs or
liabiliiies are included in the accounts of Si Paul's Cathedral School.
Th¢ Cathedral is re5rK>nsible for a defined knefit pension 5theme and the asseis of the Scheme are held in a separaie
trustee administered fund. Although closed to servicc accrual. thc retirement benefits for mEmbers of this scheme 8]r
based on employees. final remuneratiot) and the length of seryi¢e to May 2007.
The pension cost is a55essed in accordance with the advirc of an independent a¢￿ary using the projecied unit m¢th¢)d
on the basi5 of an annual vatuaiion updale and charged kn ihe Statement of Financial Activities as descrtbed below.
There was a scheme fundiDg valuation of ihe Scheme as at 30th September 2019. The fundin8 plan is for the Scheme
to hold assets equal io the va]ue of the benefits using the m￿hOdo]0gY as set oui in the Scheme's S¢aiement of
Fundin8 Principle5. This valuaiion showed a seheme surplus of £0.9m.
The Trusiees and Chapier therefore a8Teed that no further defLCit contribution5 werr required to nieEt thc Siatulory
Funding Objtciive. In practi¢e, this funding plan will be reviewed following the cornpletion of subsequent scheme
funding valuatiorts. the next of which is due as ai 30 September 2022.
24

ST PAUL'S CATHEDRALCHOIRSCHOOL
NOTES TO THE FINANCIAL sTATEMEl￿rs le•ntlMued)
FOR THE YEAR ENDEDJI DECEMBER 2021
15.
RELATED PARTY TRANSACTIONS
Tuiiiort fees of £430.20212020.. £471.0001 ar￿ music fees of £53.64212020.. £60.0001 weT¢ Paid by Si Paufs
Cathedral 10 the sclKMTrI for the educalion of the Chorisiets. Th¢ Cathedral paid a grarbt ioialling £500,000 in 2019 but
nothing further iTb 2020 to firtance the Learning in Harniony Building Project. The school paid rental income to the
Cathedral of £125.195 12020: £125.000}. The bala￿¢ due io the Caih¢dral 15 d¢thil¢d in Note 9
Durins the year the St Paul's Cathedral Chorister Tnjst ¢ontyitrtLied £83,30312020.. £89.478} toward5 the Boarding
fees of 1212020.. 171 chorislers. The Precenlor 15 a TTUSt¢e of the School and iht Chori51¢1 Trust.
The Governors made aggregate (kynations to the 5cIKJol of £35LX2020£550)
16.
CAPITAL COMMITMENTS
The school buildin8 contract with Borras Consiruciion Lid was ￿mpl￿ed in 2021. There afe ￿entiorS still
oulsianding of £99.352 plus vat cqualling £119.224.
There were no other Capi￿ comrniiments at Jl Decernber 2021.
17. POST BALANCE SHEET EVENTS
The Governors of the Si Paul'5 Caihedral Sch¢Jol and Chapter of th¢ Cathedral have 51art¢d di5fU55ions wilh th¢
objective of restructurtng the governance arrdngements at the School. As part of this exercise the tsade and assets
will Move from ihe Schty)l in its curr¢ni structure as an ￿nir￿rPorated charity to a new incorporated charity.
Discussions are ongoing and the n¢w ¢hang¢s are expected ￿ Lake plxe within the nexr year. The Schwl'5 results
Ivill continue to be ¢onsolidaied in the Caihrdral's financial statements.
25