ST. LUKE'S SCHOOL TRUST ST. LUKE'S SCHOOL TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 31¥t MARCH 2025 Registered with the Charity Commission Registered Ch￿lty Nurnber.. 1179851 ST. LUKE'S SCHOOL TRUST 1179851 PRINCIPAL OFFICE Radnor Street, LONDON ECIV 3 TRU8TEE8 Revd Da￿d Edward Allen (Chair) Ruth Margaret Grant Michael Hugh Percy Revd Canon Jack Noble Freddie Doust CLERK TO THE TRUSTEE8 Julie Fox JJoyd8 Bank plc I l High Street HORLEY Surrey RH6 7BJ Quilter Cheviot Iimited 85 Queen Victoria Street LONDON EC4V 4AB David Warren, BA FCA Cocke, Vellacott & Hill Chartered A¢¢ountants Unit 15 City Busines$ Centre LL)wer Road tA)NDON SE16 2XB ST. LUKE'S SCHOOL TRUST for the Ye￿ ended 3 LÈt M8nh 2025 The Thstees present their Report and the finaneial Statements for the Trust for the year to 3 lat March 2025, whlch comply with current statutory requirements. the requireJnentg of the TNst's governing instnunent and the requirements of °Charities SORP IFRS 1021". OBJECTIVES AND ACTIVITIES In planning aetivitie$ for theyear the Tru8tee8 keep in mind the Charity Commission's guidance on public benefit. STRUCTU1￿, GOVERNAIICE AfiD MANAGEMENT Background The School The School for boys, inaugurated and maintained by voluntary subscriptions a￿d donations. was instituted in 1698 in a house in Golden Lgne in the lordship p3rt- olthe parish of St. Giles, Cripplegate and derived its name of 'Grey Coat School. from the boys being dressed at that time in that eolour. In 1732 the parish boundaries were altered and the school, now in a new distinct parish under the name of St. Luke's. chaTwed it8 n8JrLe to the St. Luke's Charity S¢hool for Boys. Golden L4ne. The n￿ne was subsequently 8ltered to that of St. Luke's Parochi81 School, sAd most recently to its current title. St. Luke's Church of Engl¥nd Primary School. The girls, s¢hool was institutcd in 1761 by voluntaJy Subscriptions, and although there were many appJicant$ each year the number remained constant until 1772. Both schotsls were Inundated with applications and had to turn down the majority because of lack of space. To meet ever growing demand the School has moved to larger premi$es on a number of occasions, mtiving to its current site in Radnor Street in 1986. Further details are available on the School's website at htt WWW.5t-luke5151in n.c.uk histo The Tni$t The Tnjst has been endowed over a number ofyears by ￿fts and legacies from a number of benefactors, some of them fornier pupilg of the School. Many of the assets tr?￿Sferred to the Trust were originajly in the forni of properties in London, which have been realised over the years such that now the princip81 asset of the Trust is an investment portfolio of shgres 8nd bonds. On 4th July 2000 the then existing knstees of the Trust agreed to enter into a new DeclaTrtion of Trust for the better perfonngmee and regulation of their duties En relation to the Trust. As part of their continuing managcmcnt of the Trust's activities, the Trn$tees undertook a review of the tems of the Declaration with its legal adwsers. resulting in the Trustees, executing a Deed of Amendment on 13tb Janug 2020. A copy of the Deed ofAmendment l-the Deedl was pro￿ded to the Cornlllission. which gave its approval to the Lems of the Deed, al￿ the Deed wa5 formally adopted by a rtsolution of the Trustees at the meeting on 14th September 2020. The deed was subsequently r￿ed with the Commission. The TN8t does not receive any income or from central or local govenunent or from outside the UK. All expenditure is paid by cheque signed by two t￿steeS, or by direct bank transfers approved by at least tsvo Trustees, to payees resident or based in the United Kingdom. OryaAtsatlon The Trustees. who have control of the T￿￿t and its property and funds for the purpose of promoting its objects, are required to meet at least four times each year. The maximum number of Trustees is six, one ofwhom may be a member of the London Diocesan B￿d for Education and gnother sh911 be the Rector of St. Giles Cripplegate or in the event of he or she decjining to act as a Trustee such person as shgll be nominated by the Bishop of London. the remaining T￿SteeS shall be persons who through residence. occupation, employment, or othervrise have speci81 knowledge of or interest iu the objects. The Trn$tees have the power to appoint new TN8tees whether in adth'tion or replacement of an existing Trustee and to ierrLove Trustees by resolution of the Trustccs. All Trustees have been provided with a copy of the Charity Commission docuJrLent CC3 "The Essential Trustee.. In accord9￿Ce with the provisions of the DeCE¥￿tiOn, under which the Trustee8 may deposit or invest Au)ds in any lawful manner (but only after obtaining advice from a financi8J expert and having rewd to the suitabi]ity of investments and the need for diversification), the Tru8tee8 have appointed Quilter Cheviot Limited to manage the ajority of the Trugt's investment funds on behglf of the Trust, with an amount of £159,728 12024: £146.4801 managed by CCLA Investment Management Ltd. All investments held by the Thjst have been acquired in accordance with the powers avbilable to the Trustees. All investrnents held by the Tnjst have been aequired and are m8naged in accordance with tbe powers av8ilable to the TN$tees and in accorda￿Ce with the provision$ of the De¢lar&tion. ST. LUKE'S SCHOOL TRUST for the Ye￿ ended 31¥t March 2025 The TTUStees who served during the ye8t were: Revd. David Edward Allen" Chair Ruth Margaret Grant Michael Hugh Percy Revd eanon Jack Noble Freddie Doust DBS checks have been carried out on sll Tru8tee8 and the Clerk. Clerk to th¢ Trustees Ms Fox is not an employee of the Trust, 8nd the Trust has no employees. Tnut governance and Rtsk man(w¢ment The Trustees have approved and adopted a number oIform8J policies and procedures to assist them in the proper governance of the Trust, including a Code of Conduet for Trustees, Trustees, Roles a￿d Responsibilities, tndividuaj Trnstee$' ttad Roles. and a Risk Management Policy. Major risks to which the ch￿lty are exposed. as identified by the Tru5tee5. have been reviewed and systems and procedure$ have been established to Mitigate those risks. The management ofri$ks is reviewed on a regul￿ basis. not le55 th8n annually. The T￿Stee8 maintsin a risk re￿Ster in which the principal risks to which the Thst is subject are recorded gnd assessed lin respect of likelihood, inherent impatt, gros$ threat, controls effectivtness and tolerancel with appropriate actions and controls being instituted., the register and the level of risks are reviewed at least annually. The Trnstees consider that the Trust is not subject to any unacceptable levels of rislL The principal risks identified by the Trustees are the following: Matntaining the level of income from investments,. Maintainttig the volue of the Trust's portfots"o,' 3. In¢urring an annual defLCLt of expendi￿re over income linciuding 8ny gains and losses in the vgjue of the investment portfo]iol for an extended period of time. 4. Failin8 to maintain proper data records" 5. Continuity of activities and record keeping in the event of business disrnption or unavailabi]ity of a Trustee or the cjerk., Failing to protect per$onaL data in accord￿¢¢ with law regu]ations. Failure to eornply with any material legislation or Charity COMM￿s1on requirements, or to thc Trust's charitable objects. The Tn￿tee8 deC￿e that there have been no serious incidents during the period up to the approval and signing ofthis Report that would have had to be reported to the Commission. The Trust Is regk8tered with the Infornation Commissioner's Office with Reference Nts. ZA764281. Perfornionce ond outlay8 The results for the year are shown in the Statement of Fingnciaj Activities on page 7. The deficit for the year wa8 £6,740 12024 - suryjlus *tslJ.062) has been transferred from the funds brought forward at the beginning of the ye￿. The Trust's annual outgoings are ￿nded from investment income wlu¢h was £97,55412024- £84,587J. The costs of managing the investments of the Ttust for the year totalled £12.335 12024-£11,624) a￿d during the year the T￿st expended £113.338 (2024- £98.8651 on c￿￿Etable actÈvities, including governance costs of£4,588 12024 - £4,673). Totgj outgoings were therefore £125,673 12024 - £110,5091 resulting in & net defi¢it before any 8ains or losses on investjnents of 828, 119 (2024- defiat of£25,922J. Re8erve8 and gr¢uit maklrtgpolldes It is the policy of the charity to Maint￿ unrestricted fi￿a8 at a level which will enable the chaxity to continue to distribute a consistent level of fund5 to llleet its objectives as stated above. in the $8me way that it has been doing 8ince it was Set up. In October 2024 the Trnstees undertook a detsiled review of the Trust's po]iey for the levels of fin8nciaJ support to be provided to the School and its pupils, based upon an analysis of the average levels of annual Total Return (from income $￿a capitsl growthl achieved from its investment portfolio over the past 5-7 yeass (being over 5.5% pal, with the objective of setting a level of fi￿P￿Cle1 support that is sustsinable in re81 terllL5 over the medium ST. LUKE'S SCHOOL TRUST TRUSTEES, ANNUAL REPORT foT the year ended 31st March 2025 This indicated that total expenditure of c. 3.50/0 of the value of the Tota] Funds as at 31 March 2024 of the Charity 1£3.47MI was a sustainable level, being the average net Total Return after inflation over the last five years, whÈc period included severe market falls following the Covid-19 pandemic and the outbreak of the wai in Ukraine. The projected return on the Trust's investment portfolio based upon its perfornian¢e in the period 2019-2025 indicates that this will permit the Trust to maintain the level olsupport to the School at this level in real linflation-adjustedl terms, after also accounting for the administrative costs (investment management, and governance) incurred by the Trust. The Trust's principal investment advisers have confinned that they consider this to be a reasonable policy for the Trust to adopt. Therefore, with tffect from the Year to 31 March 2025, the Trust intends to provide a level of financial support to the School and its pupils and their families (including discretionary grantsl totailing c. £1 Iok pa. to be increased by at least the CPI annual rate of inflation in March each year. The level of supp)rt to be committed to by the Trust shall be reviewed by the Trustees at least biennially. and more frequently if considered desirable by the Trustees. The principal factors to be Considered in rnaking any change to this stated intention shall include the following.. lil the average annual level of change in the value ol the managed investment portfolios held by the Trust over thc preceding 3-5 years. and lill the average annual gross deficits represented by the excess of total expenditure over income receivable for each year, also over the preceding 3-5 years, such that the Trustees shall amend the future level ol fLnanciaL support to be provided to the School with the objective that the Trustees consider that such level is s)Jstainable in real terms over the medium term15-7 yearsl on a low-medium risk basis. Investmentpolley andperf9rnkn7nee All investments have been acquired in accordance with the powers available to the TTUStees. which as stated above require them to obtain advice from a fjnancial expert and to have regard to the suitability of investments And the need for diversification. The overall investment management objective is to achieve a balanced return between income and capital growth. The market value of unrestricted investment assets increased by 0.32% to ￿,586. 163 Q024 - £3,574,707). The Trustees are satisfied with investment performance in the year. PLANS FOR FIITURE PERIODS The Trustees will continue to tnake grants to. and to reaTnburse expenditure incurred by, the School, as provided lor in its Declaration of Trust. including by making contributions to the cost of educational equipment and providing small hardship grants for the families of pupils aitending the School requiring such assistance. The Trustees recognise that volatility in the financial markets, which has been high over the past few years a5 a result of for example COVID- 19 and the ¢onflict$ in Ukraine and the Middle East. impacts both the value of and the income generated by the Trust'8 Lnvesttnent p)rtfolio. which have a strong bearing on the level of support that the TNst can give to the Schwl on a sustainable basis. with a desire to avoid a major reduction in any one year. Ln the year to 31 March 2025, income generated from the portlolio was some 15% higher than in the previous year, and whilst the Trust has incurred an operational deficit equal to c. l % of its total Funds in each of the past two years, the market value of the portfoLio rose by about 0.50/0 during the past year, and by c. IO°/o in in the previous financial year. The TNstce5 have the objective of being able to maintain the current Level of support to the School in real Iinflation-adju8tedl temLS, and have therefore adopted a policy of reviewing and if necessary amending the level of 8UPPOrt by the Trust to the School on a reBular basis Inot less than bi-enniallyl in order to seek to meet this objective. The Trustees will also continue to review at least annually the risk register and the other policies and procedure8 established to assist in the proper govemance of the Trust, as well the investment strategy for the Trust's investment ptsrtfob"o with Quilter Cheviot Limited, the principal professional investment advisors to the Trnst. ST. LUKE'S SCHOOL TRUST TRUSTEES. ANNUAL REPORT for the yegt ended 3 ljt March 2025 THE TRUSTEES. RESPOIISIBIUTY FOR THE FifiANCIAL sfATEMENTS The Trustees are required to prepare State￿ents for each financial year which give a trne a￿d fair view of the state of 8Jfairs of the Trnst at the end of the year and of its incoming resources and application of resourceB iti the year then ended. In prepaxing the fjn9nciaJ statements. the Tnlstees required to.. _ select suitable accounting policies and apply them consistently., make judgernent8 8nd estimate5 that reasonable and prudent. prepare the finanei81 Statements on the going concern bas￿ unle8$ It is inappropriate to presume that the clwity will eontinue in operation. The Trnstees are responsible for keeping propcr accounting records which are Sufficient to show gnd explain the Trust's transactions and to disclose with reasonable a¢cura¢y at aAy time the financial position of the Trnst 8nd to enable them to ensure that the fjnaneial statements eoTrplywith the requirements of the Charities Act 201 I,the Ch￿lty IAecountB and Reports) Regulatsons 2008 and with the prowlsions of the Trust Deed. They are 2180 responsible for safegu￿dItig the assets of the trnst and taking reasonable steps for the prevention and detection of fraud 8rAd other irregularitie$. SA￿ed on behalfofthe Tn￿tee8 13 Janu8Jy 2026 DAVID ALLEN ST. LUKE'S SCHOOL TRUST INDEpEf4DENT EXAMINER'8 REPORT TO THE TRUSTEES OF ST. LUKEPS SCHOOL TRUST I report on the financial statements of the St. Luke's School Thst for the year ended 31st Maxch 2025 on pages 7 to 12 which have been prepared under the historical ¢o$t eonvention as modified by the revaluation of certain fixed assets and the accounting policies set out on page 8. RESPON81BILITIE8 AIID BA818 OF REPORT As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordgnce wlth the requirements of the Chaxities Act 2011 (the 'Act'l- I report in respect of 2ny exarnination of the T￿￿t'S aCcoL￿tS carried out under section 145 of the Act in canying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the Act. IEIDEPEIIDEIIT EXAMINER'S STATEMENT I have cornpleted my examination. I confllm that no rnaterial matters have come to my attention in connection with the ejramination ￿ving me ¢au$e to believe that in any materi81 respect.. 111 accounting records were not kept in respect of the Trnst as required by section 130 of the Act,. or 121 the aceouuts do not accord with those records. or 131 the a¢¢ounts do not comply with the applicable TequirEments coneeming the forni and content of accounts Set out in the Clwities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a°tLue and faie ￿eW which is not a matter considered as p¥ of independent exaJnination. I have no concerns and have come a¢r088 no other ￿￿tterS in connection with the examination to which attention should be drawn in thxs report in order to enable a proper understanding olthe accounts to be reached. CpilA-- DavAd Warren. BA FCA Cocke, Vellaeott & Hill Unit IS City Business Centre IA)wer Road LONDON SEI6 2XB 13 January 2026 ST. LUKE?S SCHOOL TRUST STATEMEfiT OF FIfiANCIAL ACTIVITIES for the Year ended 31st M8r¢h 2025 Unrestslcted In¢ome fuLd8 Re•tslcted re8ldllary iegaey fund Total funda 2025 Total fynds 2024 Income from: Notes Investments 92.477 5.077 97,554 84.587 l£gaey Totsl 92,477 5,077 97,554 84,587 Kzpenditure on: R8ising fvnds Investment management costs Charitable actI￿tieS 12.335 12.335 11,624 98.885 113.338 113,338 Totsl 125.673 125,673 110.509 Net 8urplus / Ideficitl before gain$ or 1088e8 on investments 133,1961 5,077 128,1191 f25,922J Net ggins / Ilossesl on investments 21,951 15721 21,379 336,984 Net Ineome I lexpendlturel 111,2451 4,505 16.7401 311,062 Tr*n8fex# betweett ￿ndS 4,620 14.6201 Net movement In hnds 16,6251 11151 16.7401 311,062 Re¢oA¢IMatloJ of fund8 Total fvnds brought fonvard 3,612, 128 167.423 3.779.SSI 3.468,489 Total fands carrled fonvard 3,605,503 167.308 3,772,811 3,779,551 The notes onpoges 10 to 13fonnpart of thesefjn£U￿IaE staterngnts ST. LUKE'S SCHOOL TRUST BALANCE SHEET as at 31st March 2025 202S 2024 FIXED A88rr8 Notes Investments 3.748,665 3,737,511 3.748,665 3,737,511 CiIRRENT ASSETS Debtors Cash at bank and in hand 7,077 28,389 6,516 42,616 35,466 49,132 CREDITORS.. Amounts fojjing due with2n one year 111,3201 (7,092) Nrf CURRENT K8SETS ILIABILITIE81 24.146 42,040 Tot¥J assets less current liabi]ities 8,772.811 3,779,551 Unrestricted income ￿ndS Genetsj fund Revaluation reserwe 2,391.280 1.214.223 2,343,042 1,269,086 Restricted residuary legacy fund 167,308 167,423 Total ch￿lty funds 3,772,811 3,779,551 The fin8￿claj statements were approved by the trustees on 13 January 2026 and signed on their bel￿f by: _ DAVID LEN - Trustee The notes onpages l O to 13fvr￿pUrt of thesefvwwd statements ST. LUKE'S SCHOOL TRUST rioTES TO THE ACCOIINTS for the ye￿ ended 31¥1 March 2025 ACCOUNTING POLICIF lal BaBi8 of accountlng The f￿ancial statements have been prepared un(2er the historical cost convention as modified by the revaluatkon of certgin Lyed assets and in accordance with applicable accounting standards, tbe Charities Act 2011 aJLd the recommendations of the °ch￿ltieS SORP IFRS 1021° The charity 1$ a public benefit entity and its functional currency is sterling. Comparative figures are for the year l5t ApriL 2023 to 3 1. March 2024. Ibl Ineomlng resource8 ALI in¢oming resources are credited to the accounts when the ch8rity is entitLed to the income and the amount cAn be quantified with Sufficient accuracy. InveStn￿nt income including any associatrd recoverable taxation is tsJnt exists. Governance costs Comprise all costs involving public accountability of the ch8Jity a￿d its comp]iance with re8ulation and good practice. Idl Investments Quoted investments are vajued at the middle market price at the close of business at the yeas end. Unquoted investment5 and freehold property are valued at the estimated reajisable vgjue. Re8Ji5ed 8nd unreah'sed gains and 108ses 8re taken to the Statement of Financial Activities. lel Taxatlon Provision for taxation 18 not necessary, as the trnst is a registered charity. No deferred tax provÉsion is required. lfj Fund8 The RevaLuation Reserve represents unre8Jised 88ins on listed securitie5 as a result of their ￿￿ketV8jueS being higher than ¢08t. The General Fund repre$ents the net surplus made by the Trust from its operations alter any transfer8 to other funds. It is used to support the children being educated in St. Luke's School in aCCorda￿Ce with the charitable objects. 2. INVESTME￿ INCOME 202S 2024 UK quoted investment income UK unquoted investrncnt income Interest on cash held as part of the investment porfolio Deposit interest 88,571 4,326 75,545 4,241 4.657 4,801 97,SS4 84.587 io ST. LUKE'S SCHOOL TRUST NOTES TO THE ACCOUNTS Icontinuedl for the ye￿ ended 318t March 2025 2025 2024 Grants payable.. st. Luke's School for- Additional teacher Funding towards l Teaching Assistant Schooljoumey Contrtbution to Year 6 trip St. Luke's Day- gift for every child Bible8 Islington road maps Brealrfast Club Swimming Foxe5 Crowns sic Dance and Drarna Phonics books Staff lunches and Tefreshments After School PrO￿510n After School Football Pupil workshops Resource$ for sensory room Resources for early years ContributiotL to water bill Discretionary grants awarded to pupils for hardship 30,000 8.200 16,000 12,000 800 200 1,600 s,soo 28,282 14.785 721 257 1.625 5,999 200 9.500 8,000 236 10,140 9.332 5.500 6,000 2,500 5,873 6.000 436 495 509 9,622 iiooj 2,750 108,750 94.212 Governance Independent examiner's feeg Legal fees Trustee professional indemnity insurance Trnstees. lunch Tru5tees' expenses Clerk's fees and expenses 2,100 35 453 2,220 35 418 2,000 2,000 4,588 4.673 Total charitable activitie8 113.388 98.885 4. TRUSTEES AfiD EMPLOYEES None of the trustees received any remuneration during the current or preceding ye￿. During the year no trustee812024- none) were reimbuTsed 12024 - £rt￿) for expenses. The clerk to the trnstee8 received fees oJ]d expense8 for their 8eryices18ee note 31. The Trust does not have any employees. li ST. LUKE'S SCHOOL TRUST IIOTES TO THE ACCOUNTS Icontinuedl for the ye￿ ended 31¥t March 2025 202S 2024 Market value at 1st April Additions at co$t Disposal Realised gains Ilos8e81 on investments Unreali$ed gains11055e51 on investllkents Net cash movements on eash held by brokers Net movement on Sir WJ Jordgn Residuary Legacy Fund unreaJi$ed gain £14,931) Market value at 31$1 March 3,737,Sll 419,264 1409,3971 78.328 156,3771 120.0921 15721 3,411.959 324,409 1423. J52J {13,0241 335,244 87.219 14.856 3.748.665 3.737.511 Histori¢01 cost at 31zt March 2,534,442 2,453,667 Analysed as follows'.- Market Valu¢ 2025 2024 Investments listed on the UK stock exchange Unquoted securities Cash held as part of the investment portfolio Sir WJ Jordan Residuary IEgacy Fund Irestrictedl 3,353,142 152.849 80,442 162,232 3.314.445 159, 728 100,534 162.804 3,748,665 3,737,511 VAluatlon 31st March 202S flomlnol amoutst The following securities exceeded 5% of the vajue of the portfolio.. Allianz Globaj Inveslments UK Yield Z Di5 Findlay P3rkFunds ICAV American l USD Dis 15hares S&P 500 Ucit8 Etf USD Di8 Vanguard tnv Serie8 UK Inv Grade Bd Idx Inst Pls GBP Dis 884,042 1,449 14.40S 2.205 364,302 242.582 616.462 204,391 6. DEBTORS 2025 2024 Income receivable 7.077 6.516 7. CREDITORS.. Amounts faulng dne within one year 2025 2024 Accru￿3 11.320 7,092 12 ST. LUKE'S SCHOOL TRUST NOTES TO THE ACCOVNTS Icontinuedl for the Year ended 31st March 2025 8. AIIALYSIS OF NET ASSETS BFfwEEN FUNDS UDreBtrlcted Income fulld¥ Re•trl¢ted reslduary legAcy fund Total fund8 Fund bala￿CeS at 3 lJt March 2025 as represented by.. UK quoted and Lmquoted investments Net current a88ets 3,586,433 19,070 162,232 5,076 3,748,665 24.146 Tot81 net assets 3.605,503 167,308 3,772,811 The bgJgJLce on the unrestricted income funds comprises £2,391,280 in the general fund 8￿d £1,2 14,223 in the revaluation resetve. The balance on the revaluation reserve represents the aJnount by which the investments shown in note 5 differ from their historical cost. The figure of £1.214.223 is rnade up of unrealksed gains of £1.094.018 on quoted Sh￿eS and unreabsed gains of £120,205 on unquoted shares. The balance on the Re$tri¢ted Residuary Itgacy Fund arise$ from a legacy re¢exved in a numberof instalmcnts between June 2022 a￿d March 2024 from the estate of a former pupil of the school, Sir W J Jordan. The provisions of Sir Jorda￿'S will proTride that the bequest shall be invested by the Trustees s￿d the annual incomc arising therefrom is to be applied from time to time for the pvrpose of rewarding, assisting or encouraging any scholgx or schol￿8 at St. Luke's School who has or have suffered misfortune by illness affliction or other mishap who merits financial assistance. The revoluation reserye balance in respect of the Restricted Residuary Legacy Fund is £14.931. 13