Luminary Limited Unaudited Trustee's Report and Financial Statements Year Ended 31 October 2020 A498WYRT 22107r1021 COMPANIES HOUSE A07
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Charity registration number". 1181835 Cofflpany registration number." 11651624
Luminary Limited Unaudiled Trustee's Report and Financial Statements Year Ended 31 Oclober 2020 Content$ Page Charity Reference and AdMIntrative Details Trustees, Annual Report Independent Examinerfs Report Statement of Financial Aclivits"es (Induding Income and Expenditure Account) Balance Sheet 10 12 Notes to the Financial Ststement$
Luminary Limited Charity Reference and Administrative Details Year Ended 31 October 2020 Charlty reglstratlon number 1181835 Company registration number 11651624 Trustees and directors S A 8eckwith (deceased 14 February 2021) J C Challenger (appointed 27 January 20201 K A Gilbert (appointed 27 January 20201 V A Jackson (appointed 27 January 20201 E K Nomian lappoinled 27 January 20201 D C A Robert5 (resigned 29 May 20201 A V Sheppard {appointed 27 January 2020} E M Simmons Chlef executlve officer A E L Wlliarr Regislered officg 71-73 Allen Road Stoke Newington Hackney London N16 8RY Accountants Bames Roffe LLP Charles Lake House Claire Causeway Crossways Business Park Darrford Kent DA2 6QA Bankers Natwesl Stoke Newinglon {Al 198 Stoke Newinglon Hh Street London N167GA
Luminary Limited Charity Reference and Administrative Details Year Ended 31 October 2020 The Trustees present their annual report and the financial statements of the charity for the year ended 31 Octobei 2020. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI 2015 'Accounting and Reporting by Charities. in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance wilh the accounting policies sel out in notes to the accounts and compty with the charty's goveming document, the Charities Act 2011 and Accounting and Reporting by Charities.. Slalemenl of Recommended pract applicable to charikn'es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2020. Trustees of the Charity The directors of the Charitable company are rts trustees for Ihe purposes of charity law. The trustees who have served during the year and since the year end were as follows.. S A Beckwith (deceased 14 February 20211 J C Challenger lappoinled 27 January 2020) K A Gilbert lappointed 27 January 2020) V A Jackson lappoinled 27 January 2020} E K Norman (appointed 27 January 2020} D C A Roberts (resigned 29 May 2020) A V Sheppard (appointed 27 January 20201 E M Simmons Objectives and activities Luminary was started in 2014 and InallY incubated under Kahaila Ltd, becoming an independent entity, Luminary Ltd, on 31 May 2019. This is the second independent report of accounts. The Objects for which the Charity is established The lief of women who are in need by reason of their social or economic disadvantage including hornelessness," or who have experienced or are al risk of experiencing domestic Of other forms of violence, by the provision of education, training and support including devek)pirig Iheif capabilities. competencies and skills to be carried out in accordance with Christian values and principles. Charity pUse and strategic objectives Luminary airns lo equip women with vccational, employability and life skills, employment placements and lailored one lo one and group support. Based in Hackney & Camden. the Charity provides training and support programmes to women in London. enabling them to leave lives of poverty and disadvantage behind. Public benefit ststement The trustees understand that public benefft reporb.ng is fvndamental to our resFonsibilities in governance of the charity For Luminary Ltd the public benefit focuses on the women, described in our obiecls. for whom the charity was established and who contsnue to be central to everything we do.
Luminary Limited Charity Reference and Administrative Details Year Ended 31 October 2020 Following referral from one of our partner organisalions. Luminary provides women with a three-part development progfamme. First, women enrol on a 6 month Employability Training Programme where they leafn technical baking skills and other Iransfeiable life and employability skills. whilst building relationships and growing their netsvork. Then women move onlo the second phase. which is a Six month Progression Support Programme, where there is further face-to-fa training with a focus on employability skills. Following these two stsges the women graduate from the baking course and employability programme. The final stage is a further year of one-to-one support with an allocated progression support worker, taking part in work experience and being able to apply for paid work within the Luminary Bakery business or with our partner organisatsons. Our aim for each woman is that she reaches a specified 'lhreshold' of Independence and Employment outcomes before the end of our full programme. Focussing on the areas of.. Money, Relatsonships, Work, Housing & Wellbeing, we asslst women lo grow in managing 51tuations independently, and identify where they need speCialt support. Achievements and performance 11 has been a challenging year for Luminary. with the emergence of the ¢oronavirus pandemic in early 2020. However, we are proud of how we have reacted to maintsin our focus on the women al the heart of Luminary and ensure the continued provision of our services. Oulpvl5'. 79 Training Programme Days in 2020 21 Accreditations Awarded 16 Wellbeing Workshops hosted 9 women engaged in our in-house therapy serv 1-1 Support Meetings covered topics including Housing. Mental Hearth. Health, Debt, COVID-19, Finance. Employability. Skills Training. Childcare Of the women we supported in 2020". 960A had experienced gender based vi)lence. 790A had experienced homelessness 34Qkn had been involved in the criminal justice system 15Qkn were care leavers hile 98% of the women we supported were affected by one of the above, many were affected by more than one - in fact 74% of wornen experienced at least three forms of disadvantage. Luminary describes this as 'multiple disadvantage,, and this poses significant barriers to work.
Luminary Limited Trustees, Annual Report Year Ended 31 October 2020 OLtlcomes'. Of the women that are actively engaged in the Luminary alumni netsyork, 69% were in employment or further training within 24 months of completing our programme. Luminary aims to support women to reach a Threshold of Independence within 24 months of engagement, in 4 key areas, which are intrinsically linked lo employment outcomes. Women's independence was rwsured around 4 key areas.. 80% On average. women enter Luminary scoring 41 % aeross all indicators Ibut some a almost al zero) 60% 40% Women make progress in all areas. st sKJnificanlty Housing and Money 20% On average. women score above the 70Vo threshold in ALL areas of independence al the 24 month mark 0% The in person training progTamme had to Suspended dunng the national lockdowns betsveen March and September 2020, but we successfully pivoted to a virtual model. with 62 women being supported through the pandemic with regular calls from support workers. weekly online resources, care packages Ihrough Ihe post and online well-being workshops_ Our cohort of trainees in the bakery phase of our programme were able to conb.nue in a virtual environment, with baking equipment and ingredients provided to allow weekly on-line tutorials. Average start score Average 24 month scorÈ Threshold of tndependerKe We have felt the impacl of the pandemic on our referring partners, as the rale of referral to our programme has been slower than usual, due to many local aulhorib.es having furloughed staff or having to focus on emergency support rather than longer temi solutions. However. we are confident that this is a short terrn slow down, and are working with our referring partners to ensure women are able to benefit from our 2021 programme. Main achievements in period to 31 October 2020 In spite of the challenges in the year. there have been many notable achievements.. We expanded our programme by launching a new Phase 2 to our employability and independence training scheme. which adds a further six months of Structured group work alongside the one-to-one sessions. This was developed in response to feedback from past Luminary graduate5. 88¥0 of trainees completed Ihe employability and independence program¢Te. which exceeded our tafget of 80Qh. We submitted evidence to the govemmenl's all-parliamentary review of Workplace support for survivors of domestic abuse. We were in the position lo submit evidence from both employer and employee perspeclives, whh we hope will infomi wider policy and strategies lo support women across the country. We employed a Luminary prc¥Jramme graduate into the role of Teaching Assistant. shaping our programmes and providing valuable insights into a woman's joumey al Luminary. We secured funding of £398k, allowing us lo conb'nue our vital work with women and pivot to provide continued relevant support during the Pandern.
Luminary Limited Trustees, Annual Report Year Ended 31 October 2020 Oporalions This has been Luminary's first fvll financial year operab'ng as an independent entity. and hos been an extremely unusual period due to the impact ol the pandemic_ Luminary was awarded a number of emergency Covid grants lo help support our beneficiaries with intemet access. emergency 5upplie5 and resources to engage with our programmes virtually. We were unable to run all programme5 as planned as many sessions were not possible lo deliver remotely. so we have had an underspend on programme costs this year, as well as an Unde¥snd on trainee travel costs. In order lo ensure that women we were supporting during this period still have access to the same quality of 5UPPOrt & opportunity. we will be delivering certain aspects of the programme they missed (including the mentoring scherne and work experience) within the next financial year. in addition to all of our scheduled delivery plans for new trainees. The nature of our work with women experiencing multiple disadvantage means that our staffing costs are our highest expenditure, to ensure we provide women with dedicated and specialist support workers as well as excellent quality training and 1-1 support. and that these frontline workers are in turn supported and managed well to continue providing high quality, traurna4nformed services to women in a sustainable way. Financial review {including reserves policy) 11 has been a positive financial year for Luminary. Totsl income for the year increased by 95Y• to £4,642 {2019'. £208,805) and total expenditure for the year was £273.00812019.' £91.7391. Net income for the year was £133,634 12019.. £117.[). representing a 9% increase. Net income ftom unrestr¢cted funds was £114.848 {2019.' £23,616) and from restricted funds was £18.786 {2019. £93.4501. There has been a concerted effort in the year lo generate more unrestricted funds. as these give greater financial autonomy. allowing us to utIle the funds for opbmal functioning of the charity. Luminary Limited oned its second sile in Camden in October 2019. which provides training space for 28 women over the course of a week (previously 7 women. based in our Hackney site). Training costs have increased in line with the additional women benefrtting from the training courses. Funding comes from a variety of sources. including funds. one-off donations and loans. The most significant single source of funding is from the National Lottery. who gave grants totalling £156,671 in the year. Reser4es pollcy: Luminary defines reseNes as "an allotment of unrestricted funds which can be spent on any purposes of the charity.. 11 is the policy of the chanty that reserves should be maintsined al a level equivalent lo three months. core expenditure. The trustees consider that reserves al Ihis level will ensure Ihal Luminary can onlinue the charity's ¢ent acb"vilies in the event of a drop in fvjnding whilst consideration is given lo ways in which additional funds can be raised. As Luminary is still growing, the charity is building up its reseNes to meet this policy, with a transfer being made every quarter, following review of the existing financial position and approval by the Board of Trustees. Achieving and then maintaining the level of reserves is a key objective of the charity. It is eXle that the reserves level will be achieved in 2022. Future plans In the coming year Luminary aims to build on the current success of our programme5 and to welcome a new cohort of women onlo the first stsge of our programme. We intend to utilise this year lo continue lo work positively and meaningfully with the women we supp)rt. consolidale our learning. invest in staff. systems and slruclures. and increase our impact
Luminary Limited Trustees, Annual Report Year Ended 31 October 2020 We also aim to strengthen the partieipabon of women with lived expenence of both violence & disadvantage, and of our own programmes. in shaping our service delivery. This is to ensure that Luminary is always providing the 5UPPOrt and opportunrties needed for the UK'S most disadvantsged women to achieve financial independence and social mobility - becoming le55 likely to experien homelessness. retum to exploitative silualion5 or ctime. and for any children they may have to experience a rnore positive future. We do this by aclivety seeking women's opinn$ and feedbac about our acbvities and in maintaining an open and inclusive cultu. in addition lo graduates working or volunteering on our programmes, shaping service delivery. We intend to create an Advisory Board made up of women on the programme or past graduates to increase their voice in the running of the Charity. wrth a kjnger tem goal of recnJiting two past graduates to the Trustee Board. Structure, governance and management LUMINARY LIMITED is a private company limited by guarantee incorporated and registered in England and Wales with company number 11651624, and is approved and registered with the Charity Commission with charity number 1181835, and whose registere(l oltice is al 71-73 Allen Road. London N16 8RY ILuminaryl. Mothods usad to recruit and appoint trusfees Luminary Limrted as an independent charity began wf(h 3 trustees who were selected and appointed by staff employed at that lime by Kahalia. the incubating charity. Within 6 months 2n extensive process was undert2ken to expand the board of trustees with particular regard lo the need for additional professional skills and expertise and 2 wider diversity of personnel The trustee opportunities were advertised on our website and in Social Medi8 and attraeled a great deal of attention, over 30 eompleled application foms were submitted and all were screened and then a number shortlisted. All potential candidates received feedback or nobficatson of the outcome of their application. Those shortlisled were interyiewed in person and a minimum of 2 tnjstees discussed and agreed their appointment. Six new potential trustees were identified and five a(ttpled. The five new Trustees were fomally appointed on 27 January 2020. No outside recruthnt agency was used. PoliciTes and procedures forinduction and traiTning of trustees All trustees received an induction pack. access to online resovrces and have attended a safeguarding workshop. Some Trustees have completed NCVO online training mcmyules and a small allocation of funds exists to support Iruslees in any appropriate development or training. Trustees are encouraged to share their skills and lo participate in training one anothef for the benefit of the governance of the chaflty. The Trustee Board meets a minimum of four times a year. Agendas and minules are circulated for discussion and when appropriate voles are tsken. Meetings in the latter half of the year have taken place virtually due to the Iwkdowns and Sla1 distancing requirements in resFM)nse to the coronavirus pandemic. This has not impacted on the 0ratiOn of the meetings. Future of the Trustee Board The loss of the Chair of Trustees. Dr Salty Beckw"th, in February 2021 was a Shock for the Luminary ¢ommunity, and Sally is sorety missed. Sally truly embodied the spirit of Luminary 2nd brought so much knowledge, enthusiasm and drive to the Board. Sally saw the potenh.al that each woman al Luminary offered and advocated not just for independence as a charity. but for dNJnty and making the world a better place. One of Sally's key goals was tr) build a Strong Board of Trustees. with Ihe requisite skill set and mind sel lo further the charitable purpose of Luminary. Sally was very proud of the Boaid that she helped to sel up and grow. and as a Board we are honoure(J lo carry forward Sally's legacy and are confident in our ability to do so.
Luminary Limited Trustees, Annual Report Year Ended 31 October 2020 The Trustee Board is currentty rotating the role of Chair of Trustees whilst we undertake a process to find a new candidate to fill the role on a permanent ba51S. Arrangements for setb'ng remuneration of key management The remuneration for key management stsff is reviewed each autumn by a staffing Subgroup of the Trustee Board but agreed at a Board meeting. Relationships with related pa'•S with which the charity co-operates in pursuit of its charitable objectives Luminary Limited has an intercompany agreement with a separate but linked business enterprise, Luminary Bakery Ltd. Luminary Limited (Charity) and Luminary Bakery Ltd (the Company) have a close relationship that goes beyond the Charity's shareholding in Ihe Company, and extends to include, foi example, sharing of certain staff, premises, social media and certain costs and expenses. Operationalty the tsvo entities have separate Boards. bul one Luminary Limited trustee represents the Interests of the Charity on the Board of Luminary Bakery. Additionally. there is a second Luminary Limited trustee who holds. an observer role in Luminary Bakery Board meetings to aid communication and information flow. as appropriate, on inter-related matters. Approval is required from the Trustee Board in certain instances in respect of busines5 decisions in Luminary Bakery Limrted that impact on Luminary Limited. The Luminary Limited board representative and observer also review Luminary Bakery Limited's quarterty management accounts and annual financial forecasts lo ensure Ihal Ihe investment Luminary Limrted has in Luminary Bakery Limiled 15 SUPPOrted (see Note 10) Major RITsk$ An operational risks group of 4 trustees was established to review the risk register. We have been guided by the Charity Commission guidance with regard to risk. Where we have identified a risk, we have assessed it to enable us to decide the level of priority that should be applied, aclton taken to prevent the risk and mitigalj.ng actions we should lake in responding to it. This assessment lakes account of the following: the impact of the risk (the harm) the likelihood of the risk materiali5ing In assessing the impact, we fccus on the type and level of harm that may result rf the risk materialises. This includes taking into account the resources and experience of Luminary Limited. We have also recorded timescales for the risks lo be reviewed on a regular basis in order that register becomes truly a working document
Luminary Limited Trustees, Annual Report Year Ended 31 October 2020 Trustees, responsibilities The Irustees {who are also director5 of Luminary Lirnrted for the purposes of company lawl are responsible for preparing the Trustees. Annual Report and the financial staternent5 in accordance with applieable law and United Kingdom Accounts'ng Stsndards (United Kingdom Generally Accepted A¢¢ounting PraCte). Company law requires the trustees to prepare financial statements for each financial year. which give a true and fair view of the stale of affaiTS of the charitable company and of Ihe incoming resources and application of resour5, including the income and expenditure, of the charitable company for that period. In preparing these financial 51alemenls. the trustees are required to- select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Chan11es SORP 2015 IFRS 1021.. make Judgements and eslimales that are reasonable and prudent.. stste whether appIable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going conrn basi5 unle55 11 Is inappropriate to piesume that the charitable company will continue in operation. The trustees are responsible for keepiThJ adequate accounting records that di5c105e with reasonable accuracy at any time the financial position of the charitsble company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable eornpany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the trustees on 151712( and signed on their behalf by.. On behaw of the board K A Gilbert Trustee
Luminary Limited Independent Examiner's Report to the Trustees of Luminary Limited Year Ended 31 October 2020 I report lo the charity trustees on my exanNnation of the accounts of the company for the year ended 31 October 2020 which are set out on pages 10 to 21. Responsibilities and basis of report As the charity trustees of the Company (and also rts directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance wth the requirements of the Companies Act 20061.the 2006 Aet'l. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examinatson of your ompany's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011" Act'l. In carrying out my exarnination I have followed the Directions given by Ihe Charty Commission under section 14515llbl of the 2011 Act. Independent examlnefs statement I have completed my examination. I confirm thal no mallers have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the company as required by section 386 of Ihe 2006 Act.. or the accounts do not accord with those records.. or the accounts do not comply with Ihe accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view. whieh Is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable lo chanties preparing their accounts in accordance wth the Financial Reporting Standard applicable In the UK and Republi of Ireland (FRS 1021. I have no concems and have come acr055 no other matters in connectn with the examination to which attention should be drawn in thi5 report in order to enable a proper understanding of the accounts to be feached. S/m?r*J 6v>> Barnes Roffe LLP Charles Lake House Claire Causeway Crossways Business Park Dartford Kent DA2 6QA Dale.. ? I CSGLY ZQZ I. 10
Luminary Limited Statement of Financial Activities (Includlng Income and Expendlture Account) Year Ended 31 October 2020 2020 Restricted funds 5 months to 31 October 2019 Unrestricted Restricled funds funds Unrestricted funds Total Total Note Income and endowments from: Donations and legacies Government grants ICJRS income) 202,025 1,020 398,045 51.092 .157,713 208,805 8.597 8.597 Total incomè and endowments 202.025 204.617 4(E.642 51,092 157,713 208,805 Expenditure on: Raising funds 1.222 32 1.254 2.630 2.630 Charitable activilie5 85.955 185.799 271.754 24,846 64,263 89,109 Total expenditure 87.177 185.831 273,008 27,476 64.263 91.739 Net income 114.848 18.786 133.634 23,616 93,450 117,066 Transfers between funds 15.515 {15.515) Net movement in funds 15 130,363 3.271 133.634 23.616 93,450 117,066 Reconclllation of funds: Total funds brought forward 23.616 93.450 117.066 Total funds carried forward 153,979 ,721 250.700 23.616 93,450 117,066 All income and expenditure has arisen from continuing aeb"vrties_ The statement of financial a¢tNib"e5 includes all gains and Io55es recognised during the perKd. 11
Luminary Limited Balance Sheet Year Ended 31 October 2020 2020 2019 Note Fixed assets Tangible fixed assets Investments 71.087 30,(M)O 10 30.000 101.087 30,000 Current assets Debtors Cash at bank and in hand 11 34.8 172,536 11.842 109,302 207.432 121.144 Creditors: amounts falling due within one year 12 (33,6371 15,578) Nel current assets 173.795 115.566 Total assets less current liabilities 274.882 145,566 Creditors: arnounts falling due after more than one year 13 (24,1821 128,5001 Nel assets 250,7Crf) 117.066 Charity Funds Restricted funds Unresliicled funds 15 15 96,721 153.979 93.450 23.616 Total charity funds 15 250,7LKJ 117.C66 The charitable company's financial statements have been prepared in accordance with the provi5i9n5 applicable to companies subject to the small companies regime. The tnjstees consider that the company is ented to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 20( {'the Acr) and members have not required the company to obtain an audit for the period in queskn.on in accordance with section 476 of the Act. The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounbng records and the preparab.on of financial statements. The financial statements were approved and authorised for issue by the trusiees on signed on their behaW, by.. J5171£1 and K A Gilbert Trustee The notes on pages 13 to 21 form part of these financial StatenIS. 12
Luminary Limited Notes to the Financial Ststements Year Ended 31 October 2020 Summary of significant accounting policies lal General information and basis of preparation Luminary Limited is a charitsble company limrted by guarantee incorporated in England. The address of the registered office is given in the charrty information on page 2 of these financial statements. The nature of the charity's operations and principal aclNities is the provision of bakery programrnes to disadvantsged women. The char¢ty constitLFles a public benefil enb.ty as defined by FRS 102. The financial slalemenls have been prepared in accordance with Accounting and Reporb"ng by Charities." Statement of Recommended Pracb"ce applicable to charib.es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the Untted kn'ngdom and Republic of Ireland (FRS 1021. the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial StateEntS are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial slatements are presented in sterling which is the functional currency of the charity- The significant accounbng policie5 applied in the preparation of these financial statements are set out below. These policies have been consistenty applied to 811 years presented unless otheiSe staled. {b) Funds Unrestricted funds are available for use al the discrets.on of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charty for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each re5triGted fund is set out in the notes lo the financial stalements. {¢) lTrcorne recognition All incoming resources are included in the Statement of Financial Activities ISoFA} when the charity is legalty enlilled to the incorre after any performance condrtions have been met, the amount can be measured reliabty and it is probable that the income wll be received. Donations are recognised when receivable. If there are conditions attached to the donation and this requires a level of performance before entiuement can be obtained then income is deferred until those conditions are fully met or the fulfilEnt of those conditb)ns is wthin the control of the charity and il is probable that they will be fulfilled. Donations reL3ting to expenditure on tangible fixed assets are credited to profil or loss at the same rate as the depreciation on the assets to which the donation relates. The deferred element of donations is included in creditors as deferred income. GrfÈ Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donab.on is consered lo be part of that gift and is Irealed as an addition to the same fund as the initial donalion unless the donor or the tern of the appeal have specTfied otheNise. 13
Luminary Limited Notes to the Financial Statements Year Ended 31 October 2020 Id) Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under heading5 that aggregate all costs related to the calegory. Expenditure is recognised where there is a legal or constructive obligalion lo make payments to third parties. il is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is calegorised under the following headings.. Costs of raising funds includes all expendrlure ass(lated with raising funds for the charity. This includes the costs of fundraising events, stsff costs assccwted wrth fundraising and support costs", Expenditure on ¢haritable a¢tivities includes all costs 8sso¢iated with furthering the charitsble purposes of the charity through the provisKtrn of its charitable activities. This includes staff costs and support costs", and Other expenditure represents th(%e items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Support costs are those that assist the work of the charity bul do not directly represent charitable activities and include premises costs. governance costs and adminislralive payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project managernenl carried out by"Ihe charity. Where support costs cannot be directly attributed lo particular headings they have been allocated to C05t of raising funds and expenditure on charrtable activities on 2 basis consistent wrth use of the resources. The analysis of these costs is included in note 5. {el Tangible fixed assets Tangible fixed assets under the cost rrbjdel are stated at historical cost less aceumulated depreciation and any accumulated irnpaimient losses. Historical cost includes expenditure that is directly atliibulable to bringing the a5sel lo the loeation and eonditson necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their eslimaled useftjl INes, on a Strah1 line basis_ DepreGigtion is provided on the folk)wing basis." Leasehold F)ropety- over the life of the lease The assets, residual values, useful lives and depreciation methc*Js are reviewed. and adjusted prospecbvely if appropriate. or if there is an indication of a significant change Sin the last reporting dale. Gains and losses on disposals are determined by comparing the proceeds wrth the carrying amount and are recognised in profft or loss. lfj Investments in associates Investments in ass(ciales are measured at cost less accumulated impaimient g) Debtor6 Short lerm debtors are measured at IransactKsn price. less any impaimEnt. Any losses arising from imwrmenl are recognised in eXpendire. 14
Luminary Limited Notes to the Financial Statements Year Ended 31 October 2020 (h) Cash at bank and in hand Cash al bank and in hand includes cash and short tem highly liquid investments with a short term rnaturity of three months or less from the date of acquisition of opening the deposit or similar account. lil Creditors Short term ¢dIt¢s are Measu at the transaction price. (i} Loans and borrowings Loans and borrowings are initially reeognised al the transaction pre including transaction costs. Subsequenlty, they are measured at arThJrts"sed cost using the effective interest rate method, using the effective interest rate method. Ik) Concessionary loans ConSsiOnary loans include those payable to thifd parties which are interest free or below market interest rates and are made to advance charitable purtx)ses. Where the loan is repayable on demand within one year. the loan is measured al cost, less impairment_ Vvhere Ihe loan 15 repayable in more than one year, the loan is inilia15y measured at fair value and 5ubsequentty measured at amortised cost using the effectNe interest rate method, less impairment {1) Operating leases Rentals payable under operating leases are charged to the SOFA on a straight line basis over the period of the lease. {m) Penslons The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contn'bulions into a separate entity. Once the eontribubons have been paKI the charity has no further payment obligations. The contributions are recognised as an expense in the SOFA when they fall due. Amounts not paid are shown in other cred11ors as a lbIlity in the Balance sheet. The assets of the plan are held separately from the charity in an independenty adrninistered fund. Thè charity is an exempt charity within the nanIng of schedule 3 of the Charities Acl 2011 and 15 considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definibon of a charitsble company for UK corporalion tax purposes. (o) Government grants Grants are accounted under the accruals model as permitted by FRS 102. Grant5 lating lo expenditure on tangible fixed assets are credited lo profil or loss at the same rate a5 the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature afe recognised in the statement of comprehensive irkcome in the same period as the related expenditure. 15
Luminary Limited Notes to the Financial Statements Year Ended 31 October 2020 {p) Flnanclal Instruments The eharity only has financial assets and financial liabilities of a kind that qU81ify as basic financial instruments. Basic fi'nancial instruments are initially recognised al tran5acts.on value and subsequently measured al theif settlement value with the exception of loans whieh are subsequently measured at arnort15ed cost using the effective inlerest method. {qTr Going concern Since March 2020 the company has had lo deal wr(h the coronavirus pandemic and the associated measures that governments. funders, suppliers and finan providers are putting in place lo deal with it. While the charity will undoubtedty suffer some adverse impact from this in the short lerm, the trustees are confident that we can work through the ternporary disruption and that our business plan5 are robust even in Ihe cuent situation. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial stalements. The budgeted income and expenditure is sufficient with the level of reserves for the charity lo be able to continue a5 a going eoncem. On the basis of the above the accounts have been prered on the going ¢on¢ern basi5. Income from donations and legacles 5 month5 to31 October 2019 2020 Donations, grants and funding 398,045 208.805 398.045 208.805 Government grants 2020 5 months to31 October 2019 Coronaviru5 Job Retention Scheme Ineoff 8,597 8.597 16
Luminary Limited Notes to the Financial Statements Year Ended 31 October 2020 Analysis of expendilure on charitable activities 2020 5 months to31 October 2019 Staff costs Site set up costs Support costs Oeprecialion of leasehobJ improvements 196.578 27.154 37,457 24,498 67,278 7,898 271.754 89.109 Allocallon of support costs 2020 5 months to31 October 2019 Legal, professional and accountancy fee5 Rent, rates and premises costs Insurance Sundry expenses Finance costs Course ingredients Staff and Trustees expenses General offKe expenses Travel Resources 9,860 39.053 2,286 434 111 1,287 938 4.792 426 8.091 6,013 13,054 1,439 364 69 1,750 654 1.155 67,278 24,498 Independent examiners remunernlion The independent examiners remuneration amounls to an independenl examinab'on fee of £1,994 (2019. £1,994) and olhef accountancy fees of £4.690 (2019.. £870). Trustees. and key management personnel remuneration and expenses No trustee feceived any remuneration during the period ended 31 October 2020. Expenses of £75 (2019.. £195) were reimbursed to trustees during the period ended 31 October 2020. The total remuneration received by key marwgement personnel is £33,614 (2019.. £6,673 (5 months to 31 October 2019). The TeMuneratn is split wilh 50% b"ng borne by another entity. The key management personnel comprises the Chief Executive only. 17
Luminary Limited Notes to the Financial Statements Year Ended 31 October 2020 Stsff costs and employee benefits The total staff Costs and employee benefits were as follows.. 2020 5 months to31 October 2019 Wages and salaries National insurance Defined contribution pension costs Staff training costs Staff welfare 169.743 14.011 4.599 1.330 6,895 22,376 2,775 672 1,331 1.578 27,154 No employees received lotsl employee benefits {excluding employer pension costs) of more than £60,000. The average monthly number of employees and full time equNalent {FTEI for the year to 31 October 2020 was 812019. 1}. Tangible flxed assets Leasehold improvements Total Cost or valuation.. Al 1 November 2019 Additions At 31 October 2020 78,985 78.985 78,985 78,985 Depreciation.. Al 1 November 2019 Charge for the year At 31 October 2020 7,898 71,087 7,898 71,087 Carrying amount". Al 31 October 2020 Al 31 October 2019 71,087 71,087 During the year the company incurred capital expenditure in relation to fitting oul a new bakerylcafé and training cenlre in Chalk Farrn. Camden. 18
Luminary Limited Notes to the Financial Statements Year Ended 31 October 2020 10 Fixed asset investments Investments in associates Total Cost or valuation.. Al 1 November 2019 Additions Al 31 October 2020 30,000 30.000 30.000 30.000 Carrying amount.. Al 31 October 2020 30,000 30,000 Luminary Bakery Limited is an associate investment of the charity. At the year end Luminary Limited owned 36.3% of the totsl share pts1 of Luminary 8akery Limited. 11 Debtors 2020 2019 Amounts owed by undertakings in which the charity has a participating Inte51 Prepayfflents 29.148 11.842 5.748 34.896 11.842 12 CreditOf5: amounts falling due within one year 2020 2019 Trade creditors Other tax and social security Other creditors Accfuals and deferred income Concessionary loans payable Amounls due to undertakings in which the charity has a participating interest Net wages 2.597 4,170 3,914 5,016 1,594 1,036 1,448 1,500 5,538 12.402 33,636 5,578 19
Luminary Limited Notes to the Financial Statements Year Ended 31 October 2020 13 Creditors: amounts falling due after more than one year 2020 2019 Concessionary knans payable Accruals and deferred income 28.500 24,182 24,182 28,500 14 Concessionary loans payable 2020 2019 Other loan 30.000 30,000 The terms of repaymenl of the concessionary loan are Ihat a minimum of £1,500 should be repaid per annum stsrting in May 2020 and that the loan should be repaid in full by May 2029. The loan is interest free. During the year this loan was forgNen by the loaner and donated to Luminary Ltd as unreslrieted i[me. 15 Fund reconeillation Balance at 31 October 2019 Balance at 31 October 2020 Income Expenditure Transfers Unrestricted funds General fijnds 23.616 202.025 187,1771 15,515 153,979 Restricted funds Progression support worker Opportunities co-ordinator Employability programme 18.520 7.500 1.688 118,5201 3,005 110.S051 12.483) 6,000 5,205 Bakery training centre Virtual vocational training and progression support Ccunselling swvices and P&C role Professional supervision costs Empowering disadvantaged women Accessibility enhancemenls 65.743 168,291 9.980 {154,4CE) 18.457) 79,628 1,523 7.346 15,260) 2.086 1.000 4.000 17781 13,9421 222 58 8.000 8,000 93.450 204.617 (185,8311 (15.515) 96,721 117,066 406,642 1273,0081 250.700 20
Luminary Limited Notes to the Financial Statements Year Ended 31 October 2020 16 Analysis of net assets between funds Unrestricted Restricted funds fuThJs 2020 2020 Unrestricted Restrited fund5 funds 2019 2019 Total 2020 Total 2019 Nel assets 153,979 96,721 250.700 23.616 93.450 117.Ci$6 Total 153.979 96,721 250.7¢)0 23.616 93.450 117,Ci$6 17 Operating lease cornmitments Totsl future minimum lease payments under non-cancellable operating leases a as follows.. 2020 2019 Land and buildings Not later than one year Later than one and not later than fve yea 50,000 83.333 63.750 183.333 133,333 247,083 18 Pensions The charity operates a defined contribution pension scheme. The pension cost charge represents employer contributions payable by the charity to the fund and amounted to £4,599 (2019.. £672). Employee and emFloyer contn"bub"ons totalling £3.914 (2019.. £1,036) were payable lo the fund al the balance sheet date. 19 Related party transactions As at 31 October 2020, a balance of £29.148 (2019_" £11.842) was owed by Luminary Bakery Limited, a company in which Luminary Limited holds a participating interest. As al 31 October 2020, a balan of £5.538 (2019.. £Nil) was owed to Luminary Bakery Limited. company in which Luminary Limited hokls a participaling interest. During the year lo 31 October 2020 individuals employed by Luminary Bakery Limited undertook work on behalf of Luminary Limited. The total salaries including employer's national insurance and pension recharged to Luminary Limited in relatson to this work was £12.815 (2019.. £6.972)- 21