Luminary Limited Unaudited Trustee's Report and Financial Statements Year Ended 31 October 2023 Charity registration number.. 1181835 Company registration number.. 11651624
Lumlnary Limited Unaudited Trustee's Report and Finan¢lal Statements Year Ended 31 October 2023 Contents Page Charily Reference and Adminislralive Details Ttuslees, Annual Report Independent Examiner's Report Statement of Financial Aelivilies (Including Income and Exp@ndilure Acwvnt} Balance Sheet 10 11 Slatemenl of Cash Flows 12 Notes lo th8 Financial Statements 13-22
Lumlnary Llmlted Charity Reference and Administrative Details Year Ended 31 October 2023 Charlty registration number 1181835 Company registratlon number 1165fj624 Trusteey and dirèctors J C Challenger (Resigned 0110g12023) K A Gilbert {Resigned 07112120231 V A Jackson (Resigned 03105120231 E K Noman (Resigned 27111120231 A V Sheppard LQUY E M Simmons (Resigned 0410112023) D Feeney (Appointed 2010612023} C Foide (Appointed 20106120231 R Millai (Appoinled 20106120231 J Milton (Appointed 20106120231 F Moodie IApt)oinled 201061202311{Resign8d 2010212024) C Paton (Appointed 2010612023)1(Resigned 0910612024) T Pilani (Appointed 20106120231 R Thynne (Appointed 0911 OJ20231 Chlef executlve ofticer R Oglesby Reglstered offlce 71-73 Allen Road Stoke Newington Hackney London N16 8RY Accountant5 and Independent Examiners Barnes Roffe LLP Charles Lake House Claire Causeway Crossways Business Park Dartlord Kenl DA2 6QA Bankers Nalwest Stoke Newinglon IA) 198 Stoke Newlnglon High Street London N167GA
Lumlnary Llmlted Trustees, Annual Report Year Ended 31 October 2023 The Tfustees present their annual report and the financial slalem8nls of the charity for the year ended 31 October 2023. The trustees have adopted the provisions of the Slalement of Re¢ommend8d PraGlice (SORPI °Ateounling and Reporting by Charities" it) preparing the annual Teport and financial stalemenls of the charity. The financial statements have been preparod in accordance with the aceounling policies gel out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporiing by Chaiilies.. Statement of Recommended Praclice applicable lo charilieg preparing their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland published in Octobei 2019. Trustees of th8 charlty The directors tsf the chari18ble company are ils Iruslees for the purposes of charity law. The Iruslees who have sewed during the year and since the year end were as follows.. J C Challenger (Resigned 01106120231 K A Gilbert (Resigned 07112120231 V A Jackson (Resigned 03105120231 E K Norman (Resigned 27111120231 A V Sheppard LQUY E M Simmons (Resigned 04101120231 D Feeney {Appoinled 2010512023) C Forde (Appointed 20106120231 R Mi118r (Appointed 2010612023 J Milton {Appoinled 2010812023} F Moodie (Appointed 201C612023)1(ResiJned 2010212024} C Paton (Appointed 2010612023IIIResigned 09106120241 T Pilani (Appointed 2010612023} R Thynne IAppoinled 0911012023) Luminary Limited I'LumSnary"I was slartod in 2014 and initially incubated under Kahaila Lld. becoming an Independent entity, Luminary Limileij. on 31 May 2019. This is the fifth independent report of accounts. This report is a combined diracto¢s report and Irijstee's annual report, and contains a director's report as required by company law. Publlc Benefit statement In selling our objectives and planning our activities the Iruslees have given careful consideration to Ihe Charity Commission's public benefit guid8nce. Th& trustees consider how planned aclivilies will contribute lo Ihe aims and objectives they have set. Oblectlves and actlvltles The objects for which the charity was established arè.. "Th& rèlièf of women who are in n88d by reasoip of their social or economitt disadvantage inoluding hom8lessiigss,' or who have experiencod or at nsk ol expariencing domesliG or oth8r fofflis of vio1811tt8. by Ihc provision of 8ducalion, IlAng and support including d&veloping their capabilities. wmpetencios and skills to be carrd out in accordance wilh Chrisfian values andprinciples."
Luminary Limited Trustees, Annual Report Year Ended 31 October 2023 To achieve this purpose, Luminary provides 8 2 year Employabilily and Independence Programme. We work wtlh Some of the most disadvantaged women in London. who have experiènced gender-based violence and live with 'mulliple disadvantages'_ a term recognising that many women experience multiple forms of social and economic disadvantage which interlink. inlerse¢l and drive a cy¢l& of deprivalion. Luminary works ak)ngsido these women lo build confidence and skills that will help them move towards employmenl. which ullimaloly will help Iham lo strengthen financial independence, self esteem and social nelworks. Women are referred lo us by one of our referral partner organisalions. who are charities, local authority services and community groups supporting women acro$$ London. Following a selection process lo confi¥m eligibility and assess whether the progiamme is right for the woman al this stage in her life, she embarks on a four part piogramme.. Phase 1: women spend 6 months in our training kitchen learning lechnlcal baking skills an(J other transferable life and employaL)ilily skills, whilst building relationships and growing th8iT network. Phase 2.. further face-lo-face Iralning with a focus on employability skills. including key transferable skills as well as training on job hunting, application and interviews. Phase 3,. women gradualo Irom the baking course and employability programme and are paired with volunteer mentor for a further six monlhs. The mentor and menlee meet monthly to develop individual goals lo help the woman move towards independence and employment. This could be working on her CV, tdenlfying and applying for jobs, or practical support such as gaining confidence in usitig public transport. Phase 4.. the linal six month8 Includes continued one-lo-one support with an allocated progression support worker, taking part in work experience and being able lo apply for paid work within the Luminary Bakery business or with our partner organisalions. Throughout Ihe 2 year programme women work closely wilh a Luminary support worker who supports with moving towards employment as well as PTactic81 assislafice around housing, money, relationships an wellbeing. Support workers assist women lo grow in managing situations independently, and identify wheTe they need specialist support. Women can also access 16 weeks of free therapy wilh our in house Iherapists il they need it. In financial year 2022-2023 our key activities and outputs were.. 49 women enrolled on Phase 1 of the programme. against a laigel of 56. 29 women completed Phase I, a wmpletion rale of 73¥0, against a largel of 80tr. 27 women obtained a Level 2 Food Safely and Hygiene for Catering qualilicaliDn. 26 women started Phase 2 of th& programme, and 24 completed it. a Completion Tale of 920h. against a target o1800A. 142 training d8ys were delivered. 1000/0 of Luminary graduates were matched with a volunteer mentor for 6 months w61h 120 mentoring 8e88ions taking place. 790A of women met Ihoir mentor five limes or more, ag8ing18 target of 80Yo. 4085 hours of 1 to 1 support work was delivered by our support workers 21 women worked with our in house Iherapisl 18 wellbeing workshops were d@livered. Luminary values the conliibulion of volunteers in the delivery of our programm8s. In particular. 26 mentors volunteered during thi5 yèar to 8tipport women in selling and worklng on Iheir personal goals for employment and independènce. Our Advisory Panel. comprising volunleors from Luminary giaduales and alumni, provided advice and guidance lo develop the programme activities and ensure the voices of women were heard in planning. In total, 36 volunteers contributed to our work this year, contribuling an average of 14 hours each.
Luminary Llmlted Trustees, Annual Report Year Ended 31 October 2023 Achlevements and performance Our aim for each woman 18 that she reaches a specified 'lhreshold' of Independence and Employment outcomes before the end of our full programme, which we dofine as achieving indepèndence scores of at least 700/0. In 2022.2023.. After completing Ihe 2 year programme, women had an average independence score of 91 . 96°k of women reached the independence Ihr8shold by the end ol the two year programme, against a target of 70 /0. Of the women who completed the two yeai programme in this year, 89.10 were in Employment, Education, Volunleering or Training by the end of the progr8mme. 8gainsl a largel of 70'h. During this reporting peri¢Jd some key 8chievemenls included- We welcomed our 200th woman into the Empfoyabilily and Independence Programme We c61ebrated 10 years of Luminary's journey with women We allended 10 Downing Street as pari of International Women's Day ¢elebrations We held our first 'lndependen¢e Party,, lebrating foul of the cohorts who have completed their two ye?r programme and are now members of our alumni community. "Luminary h81p8d me in a way Ihal no orte 6ls6 has. I lried various colleges and nlghl cl8ss&s. l used lo Ihink I w8SlJ't good al anyéhing. Bul the Luminary team made me Ihink Ejbout Ihe fulur6. They saw son7elhing in me. Feeling Ihat someone c8red about me meant a lol. The Luminary programm& gives you room Èo brealhg. Ir you Ihink okay. Ie manag8d to come to this pr(wramme every week for a y8ar, maybe Ihis means I can work.. Melody (extract from Luminary's Impact Report 20231. A dedicated fundraiser was appointed in April 2023 and in the reporting period £12,924 was spent on fundraising. This brought in an additional £154,000 in grant income in this financial year as well as a significant increase in grant funding for the subsequent year. There wert some faclcrfs affecting the programmes during this reporting period. Due to funding conslrainls (and therefore reduced staff capacity} wo had lo reduce the planned number of Phasa 1 groups to 3 days per week in 2023. However, we will be able lo return lo 4 days of training in FY 23_24. Attendance in Phase 1 was below our largels, with some of the most common reasons for women having lo drop out being hildcare and mental health. In the coming year we plan lo revisit our therapy offer lo women and look al ways lo expand capacity. as well as slrenglhening referral pathways lo other organisalions offering support. We are also working closely wilh referral p8rtn&rs lo identify potential barriers lo women being able lo continue with the programme and will be revitswing eligibilily ¢rileri8 lo ensure we are lakillg women al the right lime in Iheirjourney so Ihal they have the best chance of success, The cost of living crisis and ¢uls lo many communily and slalulory services have increased the level of need and in many cases reduced the wider support available lo women on our programme, particularly in the areas of housing and mental health. Luminary is slrenglhening our referral networks and building internal capacity where we can. In addition, in our upcoming five strategy process. we also plan lo explore ways that we can use policy, research and advocacy channels Io share data and leaFning about the gaps in provision we are seeing lo re18vant policy makers. Financial revlew This was a strong year for Luminary where invoslment in fundraising paid off with a number of repeat and new reslricled and unreslricled grants b&ing awarded. Luminary managed to adapt to a change of funding profile, in prior years a dèpendency on Lollery funding impacted the organisalion however in this year we have achieved a more balanced profile of funders, marty of which are mulli-year. Vve look forward in 2023~24 further building the resilience of the charity and driving further impact.
Luminary Llmlted Trustees, Annual Report Year Ended 31 October 2023 Reserves pollcy Luminary delines ieserves as "an allolmenl of unreslricled funds which can b6 spent on any purpose of tha charity" 11 is the policy of the charily Ihal reseNes should be maintained at a level equivalent lo three month's core expenditure. The Iiuslees consider that reserves al this level w51 ensure that Luminary can continue the charity's core activities in the event of a drop in funding whilst consideration is given to ways in which additional funds can be raised. In the unlikely evertl of the charity having lo be wound down the reserves would albw this to be done in an orderly manner with the chaTily's obligations being mel. Following a reduclion in reserves in the previous Feporting period, in FY 2022 2023 the trustees took steps to build up an earmarked reserves account, with regular monthly llansfers being made. This accoLFnl held £11,971 al the end of the reporting period, 8nd il is projected that our larg&t of 3 monihs core &xpendiluTe will be achieved by December 2026. Future plans In the next reporting p8riod, the key largels for the ¢harily are.. 80% ofwomen complete Pha58 1 of our Employability and Independence Programme. 80.10 ofwomen who start Phase 2 of our Employabilily and Independence Programme complete the training. 800/0 ofwomen who start Phase 3 engage in our mentoring scheme for six months, as part of their progression support. 700/D of women who complete our two year programme are in Employment. Education, Volunteering or Training. 80Vts ofwomen who complete our Iwo yeai programme reach indep8ndence, measured through our independence indicators In the longer term, next year Luminary will develop a new 6 year strategy. This wi51 focus on key areas including." a stronger focus on employability outcomes for women.. growing our impa¢l by offering training places to more women,, @xploring our rote in policy, research and advocacy based on oui programme learning and the voices ofthe women we work alongside. We will continue lo invest in fundraising lo lurther strengthen our financial resilience. and to enable us lo onlinue providing an excellent level of support to rnore women. The trustees will also proriorilise continuing lo invest in staff developmanl, training and wellbeing to ensure we have a leam who can deliver to the 91 of their ability. Structure* governance and management Structure andgoverning documents Luminary Limi16d 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 registered office is al 71.73 Allen Road, London N16 8RY. The governing documents {mèmofandum and articles of associalionl are available to view on the Companies Hoijse website.
Lumlnary Limited Trusteos, Annual Report Year Ended 31 October 2023 Trustees Luminary Limited has 8 board of Iruslees. and al the year end the board consisted of 12 Iruslees. During the reporting peiiod, 3 Iruslees resigned al the end of their teims. 8 new Iruslees were recruiled lo the board lo replace resigning ITUStees and lo bring in addilional capacity In key areas including HR and operations, legal, fundraising and programmes. Trustee vacallcies are advertised externally and applicants are shortlisled and interviewed by a panel of Iruslees and organisalion leadership. Trustee appointments are confirmed al a board meeting of trustees. The Trustee Board meets a minimum of lour times a year. Agend89 and minutes are circulated for discussion and when appropriate voles are taken. Decisions can be laken between meetings by email wh8r6 appropriate, provided the group is quorale, New trustees are provided with an induction ¢overing.' an overview of the organisalion and our work, safeguarding, trustees, governance responsibililies. Trustees are also required to allend an onlin8 safeguarding Iraining. Trustees are encouraged lo make use of training available lo Luminary as an NCVO member and a small allo¢align of funds exists lo support Iruslees iri any appropriate development or training. Trustees ale encouraged lo share their skills and lo participate in training one another for the ben8lil of governance ol the Gharily. Trustees are required to read and abide by organisalional policies. and lo dedare conflicts of interest on recruilmenl and al each board meeting. The Iruslee board is responsible for setting and guiding the overall strategic direction of the org8nisation. including approving the slralegy and annu81 budget, recruiting senior leadership {CEOI and ensuiing compliance wilh our legal and governance requirements. Responsibility for opelational management decisiDn# are delegated lo the CEQ, with accountability through quarterly board ieports and meetings inclu(iing.- finall and fundraising, safeguarding, programmes, staffing. Pay and remuneration of key leadership and manag&m8nt personnel is Teviewed each autumn by a stafflng sub group of the Truslees, taking inlo account an annual benchmarking exercise conducted lo benchmark Luminary Limited against equivalenl charities of similai size. The decision is Ihen subsequently approved by the Trustee Board. Luminary Bakery Ltd Luminary Limited has a Sislor organisalion in Luminary Bakery Ltd, which is a so¢ial enlerprise creating employment and work experience opwtunities for women graduating from the charity's training programme. The leadership and governance of each organisalion is separate, bul we have a joint Inlercompany Board compiising represenlaliv6s from each enlily, lo alk)w for coordination and joint strategic decisions. Operationally the two entities have a close relationship, sharing key slalf lincludin9 HR and admin functions), premises. website and social media and Certain costs and expenses such as ulililies. Luminary Limited has a significant minority shaweholding in Luminary Bakery Ltd. At the year @nd, Luminary Limilecl owned 390A of the lolal share Capital of Luminary Bakery Ltd. Additionally. 100/0 of the total share capital is held in a quasi-treasury structure intended for further investment in Luminary Bakèry Ltd. Lvminary Limited is a Corporat8 Direcloi of LumiJ8ry Bakery Lld. with this role taken by 8 nominated Iruslee on a rotating basis. Luminary Bakery Ltd also has the righl lo nominate a Diiecloi lo join Luminary Limited Iruslee meetings as an obseNer member.
Lumlnary Llmlted Trustees, Annual Report Year Ended 31 October 2023 Tru$tees' responslbllllles The Iruslees Iwho are also directors of Luminary Limited for the purposes of company lawl are responsible for preparing Ihe Trustees. Annual Report and th8 financial statements in accordance with applicab16 law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Iruslees lo piepare financial slalemenls for each financial year. which give a Iru@ and fair view of the stale of affairs of the charitable company and ol the incoming resources and application of resources. including Ihe income and expenditure, of the ¢h81ilable company for that period. In prepaflng these linancial slalements, the Iruslees are required lo.. selecl suitable accounting policies and then apply them consistently., observe the melhods and principles in the Charities SORP {FRS 1021., make judgements and eslimales Ihal are reason8ble and prudent.. slate whether applicable UK Accounting Standards have been folbwed, subject lo any material departures disclosed and explained in the financial 8lalemenls', prepare the financial slalements on the going concern basis unless it is inappropriate to presume that the chafilable company will continue in operation. The Iruslees are responsible for keeping adequate accounting records Ihal disclose with reasonable accuracy al any lime the financial p0511ion of the charitable company and enable them lo ensure that the financial slalemenls eomply with the Companies Act 2(M)6. They are also iesponsible for safeguardino the assets of the charilable company and hence for taking reasonable steps foi the prevention and deleclion of fraud and olhei irregularilias. This feport was approved by the Iruslees on Jul 26, 2024 and slgned on their behalf by.. On behalf of the board LQUY TrL*slee
Luminary Llmlted Independent Examiney's Report to the Trustees of Lumlnary Llmlted Year Ended 31 October 2023 I report to the chaiily Iruslees on my examination of the accounts of Ihe company for the year ended 31 October 2023 which ate sel out on pages 1 Ct lo 22. Responslbllities and basis of report As the charity Iruslees of the company (and also ils directors for the purposes of company lawl you are responsible for the preparation of the account8 in accordance with the iequirements of the Ctsmpanles Act 20QS I'lhe 2006 Acl'l. Having satisfied myself that the accovnls of the company are not requiied to be audiled under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examin81ion of your company's accounts as carried out under section 145 of the Ch8rilies Act 2011 {'Ihe 2011 Act'l. In earrying out my examination I have followed the Directions given by the Charity Commission vnder section 14515llbl of the 2011 A¢t. Independent examlner's statement Since the company's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 01 the 2011 Act. I conliim Ihal l am qualified lo undertake the examination because l am a member of Inslilule of Chartered Accounlanls in England and Wales, which one of the lisled bodies. I have completed my examination. l confirm that no mallers have come lo my allenlK)n in connection with the examinalion giving me cause to believe that in any material respect.. Accounting records were not kepl in respect of the company as required by section 386 of the 2006 Ael. or The aountS do not accord with those records., or The accounts do not comply wth the aeeounting requirements of section 396 of the 2006 Act other Ih8n any requirement that the accounts give a 'lrue and fair view which is not a maller considered as part of an independent examin8lion', or The awounls have not been prepaled in accordance with the methods and principles of the Statement of R8comm8nded Practice for actsounling and reporting by charities applieable lo charities preparing their accounts in accordance with the Financial Reporting S18nd8rd applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other mallers in connedion with the examination lo whi¢h allenlion should be drawn in Ihis report in order lo enablo 8 prop8r understanding of the accounts lo be reached. Ben Br Barnes Roffe LLP Charles Lake House Claire Causoway Crossways Business Park Dartford Kent DA2 6QA Dale. 19 lu? bc4
Lumlnary Llmlted statement of Flnanclal Actlvltles (In¢ludlng Income and Expenditure Account) Year Ended 31 October 2023 2023 2022 Unreslfieled funds Reslricled funds Unreslricled Restricted funds lunds Total Total Note Incomg and endowments from: Donations and legacies 328.108 214,681 542,789 122,599 166,316 288.915 Total income and endowments 328,108 214,681 542,789 122,599 166,316 288,915 Expendllure on- Raising fund8 5,924 7,000 12,924 11,835 11,835 Charilable activities 295.959 144,911 440.870 227.366 196,267 423,633 Total oxpenditure 301.883 151,911 453.794 239.201 196,267 435,468 Nèt incomelloutflowl 26.225 62,770 88,995 1116,6021 {29,951} 1146,5531 Transfers betweèn funds {4.2091 4.209 Net movement In funds 13 26.225 62,770 88,995 1120,8111 (25.7421 {146,5531 Reconclliatlon of lunds: Total funds brought forward 14 49,604 30,872 80,476 170,415 56,614 227,029 Total funds carrled forward 14 75,829 93,642 169,471 49,804 30,872 80,476 All ineome and expenditure has arisen from continuing activities. The slalement of financial activities includ8s all gains and losses reeogntsed durlno the period. The notes on pages 13- 22 form part of these financial slalemenls. 10
Luminary Llmlted Balance sheet Year Ended 31 October 2023 2023 2022 Note Fixed assets Tangible fixed assels Investments 48.204 30.001 56,293 30,000 78.205 86,293 Current assets Slock Debtors Cash al bank and in hand 10 4.137 150.378 14,674 57,175 154,599 71,849 Creditors: amounts falling duo w5thln one year 148,2191 159.5291 Net current assets 106.381 12,320 Total assets less current1Sabllltles 184,585 98.613 CredStors'. amounts falllng due after more than one year 12 115,1141 (18.1371 Net assets 189,471 80,476 Charlty Funds Restricted lunds Unreslricled funds 14 14 93,642 75,829 30.872 49.604 Total charlty funds 14 169,471 80,476 The ¢harilable company'g financi81 $181emenls have been prepared in accordan¢e with the provisions applicable to companies subject lo the small companies regime. The trustees conslder Ihat Ihe company is enlilled lo exemption Irom the requirement to have an audit under the provisions of section 477 of Ihe Companies Act 2006 ('Ihe Act'l and members have not required Ihe company lo obtain an audit for the period in question in attordance with section 476 ot the Act. The Irustees acknowledge their responsibilities for Complying with thè requiremenls of the Companies Act 2006 with respect lo accounting records and the preparation of financial slalemenls. The financial slalements were approved and aulhorised for issue by the Iruslees on Jul 26, 2024 signed on their behalf, by.. and LQUY Trustee The note8 on pages 13 10 22 form p8rt of these financial slalemenls.
Lumlnary Limlted Statement of Cash Flows Year Ended 31 October 2023 2023 2022 Cash flow from operatlng actlvities Net income I lexpèndiluiel for year I period Depreciation and impairn)enl of tangible fixed assets Ilncieasel I decrease in stock Ilncreasel I decrease in debtors Increase l {decreasel In credbtors 88,995 8,089 1841 10,537 (14,3331 1146,5531 7,918 6,582 23,141 Net cash flow from operating activities 93.204 {108.9121 Cash flow from investing actlvltles Payments lo acquire tangible fixed assets Receipts from sales of tangible fixed assets Payments lo acquire investments 11,021) (i) Net cash flow from Investing actlvllles 11.0211 Cash flow from financing activities Receipts from issue of new long term loans Repayment of long term loans Repayment of finance lease liabilities Net cash flow from financlng activities Nel Increase I Idècrèasel In cash and cash equivalents 93.203 1109,9331 Cash and cash equivalents at beginning of year 57,175 167,108 Cash and cash equivalents at end of year 150,378 57,175 12
Lumlnary Llmlted Notes to the Financlal Statements Year Ended 31 October 2023 Summary of signlflcant accounllng pollcles lal Gèneral Informatlon and basis of preparatlon Luminary Limited is a chatilable company limited by guarantee incorporated in England. The addr6S8 of the registered office is given in the charity information on page 2 of these financial stalemenls. The nalure of the charily's operations and princip81 activities is the provision of bakery programmes to disadvantaged women. The charity conslitules a public benefit 8nlily as defined by FRS 102. The financial slalèments have been prepared in accordance with Accounting and Reporting by Chaiiliès.. Statement of Recommended Pfaclice applicable to chafilies preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republie of Ireland issued in Oclobei 2019, the Flnancial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011. the Companies Act 2006 and UK Geneially Accepted Accounling Practice. The financial slalemenls are prepared on a going concern basis under the historical co81 convention. The financial slalemenls are presented in sterling which is thè functional currency of the charily. The significant accounting policies applied in the preparalion of these financial statements are set Dut below. These policies have been Consistently applied to all years presented unless othe186 slated. Ib} Funds Unreslricled funds are avai18ble for use al the discretion of the Iruslees in furtherance of the gBneral objectives of th8 charity and which have not been designated for olhgr purposes. Restricted funds are funds which ale lo be used in accordanc8 wllh speclC reslriclions imposed by donors or which have been raised by the charity for particular purposes. The co81 ol raising and adminislering such funds are charged against Ihe specific fund. Th8 aim and use of each reslricled fund is sel out in the notes to the linancial slalemenls. Ic} Income recognition All incoming fesouices are included in the St8temenl of Financial Aclivilies {SoFAI when the charily 18 legally enlilled lo the income after any performance conditions have been met, th8 amount can be measured Teliably and il is probable that the income will be received. Donations are recognised when receivable. If there are conditions attached lo the donation and this requires a level of performance before enlillement can be obtained then incom8 is deferred until those conditions are fully met or the fu5filmenl of thos& conditions is within the control of the charity and il is probable thal Ihey will bè fulfilled. Donations relating to expendilure on tangible fixed assets are credited lo profil or loss al the same rale as the depreciation on the assels lo which Ihe donation relates. The defeired element of donations is included in creditors as deferred income. Gift Aid receivable is included in income when there is a valid daclaralion ffom the donor. Any Gift Aid amount recovered on a donation Is considered lo be part of that gift and is Irealed as an addilion lo the same fund as the inili81 donation unless Ihe donor or the lerms of the appeal have specified otheISe. 13
Luminary Limited Note5 to the Flnanclal Statements Year Ended 31 October 2023 Idl Exp&ndltLFre recognition All exptsnditure is 8ccounl8d for on an accruals basis and has beon classified under headings that aggregate all costs related lo th& category. Expenditure is recognised where there is a legal or consliuclivp obligation to make payments lo third partl8S, it is probable that the selllemenl will be required and the amount of the obligation can be measured reliably. 11 is categorised under the following headings.. Costs of raising lunds includes 811 expenditure associated with raising funds for the charily. This includes the costs of fundraising events. staff eosls associated with fundraising arbd support costs., Expendilure on ¢harilable a¢livilies includes 811 costs associated with furthering the Charitable purposes of the charity through the provision of ils chaiilable aclivilies. This includes staff costs and support costs,, and Other èxpenditure represen18 those items not falling into the categories above. Iriecoverable VAT is charged as an expense against the activity for which expenditure arose. Support costs are those Ihal assist the work of the charity bul do not directly represent charitable activities and include premises costs, goveinance costs and adminislralive payroll eosls. They are incurred directly in support of expenditure on the objects of th& charily and includ8 project management carried out by the charity. Where support costs Cannot be directly allribuled lo particular he8dings they have been allocated lo cost of raising funds and expendilure on charitable activities on a basis consistenl with use of the resources. The analysis of these costs is included in note 4. lel Tanglblg flxed assets Tangible fixed assets under the cost model afe slgled al historical costlgss accumulated depreciation and any accumulated impairm&nl losses. Histoli1 cost includes expendilur@ that is direc15y allribulable lo b¥in9ing the asset to the location and condition necessary for bt to be capable of operating in th@ manner intended by management. Depreciation 15 charged so as lo allo(31e the Gosl of assets less their residual value over their eslimaled useful lives, on a sliaighl line basis. Deprecialioii Is Pfovided on the following basis.. Leasehold property- over the life of the lease Olher fixed as8els- over 10 years The assets, SidUal values, useful lives and depfecialion methods 8re r8viewed, and adju51e prospectively if appropriate, or il there is an indication of a significant change since the last repDriing dale. Gains and losses on disposals ate determined by comparing tho proceeds with Ihe carrying amount and are recognised in profil or loss. (Q Investments in assoclates Investments in associates are measuied at cost less accumulated impaiment. (g} Dobtors Short term debtors are measured at transaction price, less any impairment. Any losses arising from impairment are recognised in expendilufe. 14
Lumlnary LimSted Notes to the Flnanclal Statements Year Ended 31 October 2023 (h} Cash at bank and in hand C8sh at bank and in hand includ68 cash and short term highly liquid inveslmènls wllh a short term malurily ol three months or less from the dale of acquisition or opening the deposit or similar account. lil Credilors Creditors and provisions ale recognised when there is an obligation at the bal8nce sheet dale as the result of a past 8venl, il is probable that a transfer of ewnomic benefit will be required in selllemenl. and the amount of the settlement can bè eslimaled reasonably. Creditors and piovisions are re¢ognised al the arfKsunl the chaiily anlicipales il wll pay lo $8llle the debt. They have been discounted lo the PTesent value of Ihg future cash payment where such discounting is material, Ul Operating leases Rentals payable undef operating leases are charged lo the SOFA on a straight line basis over the period ol the lease. Ikl Penslons Th& charity operates a delined contribution plan for ils employees. A defined contribution plan is a pension plan under which the charity pays fixed conlribulions into a separate entity. Once the contributions have btsen paid the charity has no further payment obligallons. The contributions are recognised as an expense in the SOFA when they fall due. Amounts not paid ar6 shown in other ciedilors as a liabilily in the Balance sheet. The assets of the plan are held separately from the charity in an independgnlly adminisleied fund. (l) Tax The charity is an exempl ehaiily wthin Ihe meaning of schedu18 3 of Ihe Charities Act 2011 and is considered lo pass the tests sel oul in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definition of a ¢harilable company for UK corporation lax purposes. Im) Flnanclal instruments The charity only has financial assets and financial liabilities of a kind that qualify ag basic financial inslrumenls. Basic financial inslrEsmenls are initially recognised al transaction value and SLbsequenlly measured at their settlement value with the exception of108ns which are subsequently measured at amortised cost usin9 the effective interosl method. {n} Golng concern In this financial year significant progress has been made in fundraising. wilh a dedicated fundraiser within the team. Grants have been $6cured for the next financi81 year (YE October 20241 with income on track against lafgets. Mulli year funding has also been secured towards 2025 financial year budget and beyond, and a robust pipeline of future funding applicalions is in place. The trustees have considered the levels of funding held and the expeclad level ol income and expenditure lor the 12 months from aulhorising these financial slalemènls. The budgaled income and expenditure is sufficient for the charity to be able lo Continuè it8 opeTations for the next 12 months. On the basis of the above, the accounts have been p¥epared on the going concern basis. 15
Lumlnary Llmlted Notes to the Flnan¢lal Statements Year Ended 31 October 2023 Income from donatlons, grants and legacles 2023 2022 Restrlcted National Lollery grant Olher grant income 76,586 89,730 166,316 214,681 214.681 Unrestrlcted Donations and funding Other grant inwme Gift Aid 78,269 228,718 21,131 328,108 542,789 39,939 80,700 1.9SO 122 599 288 915 Analysis of èxpèndlture on charltable activities 2023 2022 Restrlctod St8ff costs {nole 7) Support costs Inole 4) Rent. rates and premises costs Women's support costs Course ingredients Women's trave5 Course resourc8s Apprenticeship funding Depreciation of leasehold improvements 77,414 7.503 18,677 2,216 9,391 7,161 12.027 7,500 3,022 144,911 132,466 23.710 20.088 995 5.357 3,943 6,685 3.023 196.267 Unrestiicted Staff costs Inolè 71 Support costs Inole 4) Rent. rates and premises costs Women's support costs Course ingredients Wtsmèn's travel Course resources Apprenticeship funding Depreciation of leasohold improvements 245,525 23,484 17,835 4.195 41 185,286 12,806 18.951 385 3,534 111 1,598 12 5.067 295,959 4,895 227,366 440.870 423.633 16
Lumlnary Limited Notes to the Flnanclal Statements Year Ended 31 October 2023 2023 2022 Total Staff cosls (note 71 Rent, rates and premisès costs Women's support costs Course ingredienls Women's travel Course resources Support costs Inole 41 Apprenticeship funding Depreciation of leasehold impTovemenls 322,939 38,312 8,411 9,432 7,161 12,039 30,987 7,500 8,089 440,870 317.752 39,039 1,380 8,891 4,054 8,283 26,316 7,918 423,633 Support costs 2023 2022 Legal, professional and a¢counlancy fees Insurance Firiance cosls Staff and Vol¥nleer expenses General offi¢8 6xpenses 20,436 4,253 567 1,519 21,792 2,982 99 2.852 8.591 36,316 30,987 Indepondènt examlners remuneratlon The independanl examiners remuneration amounts lo an independent examinalDn f8e of £2,220 (2022.. £1.994) and olher accounlaney fees of £2.316 (2022., £1, 732). Trustees. and key management personnel remunaralion and expenses No trustee received any remuneration during the pertod ended 31 October 2023. Exp&nses of £Nil (2022.. £Nil) were reimbursed to truste@s during the peiiod ended 31 October 2023. The rèmuneration received by the former Chief Ex8culive is split wilh 50% being borne by Luminary Bakery Ltd and 50°h12023-. £18,883 12022.. £22,867} by the charily. The new Chief Exaculivo received remuneration of £4,615 during Ihe year. Staff costs and employeg benefits The lolal staff costs and employee benelils were as foNows'. 2023 2022 Wages and salaries Nalional insurance Delined contribution pension costs Staff training eo$ls and supervislon Staff welfare and HR 285.412 7,051 9.855 8,625 11,996 322.939 258.816 18,158 6,779 11,097 22,902 317,752 17
Lumlnary Limlted Note$ to the Financlal Statements Year Ended 31 October 2023 No employees received lolal employee benefits lexcludin9 employer pensitin costs) of more than £60,000. Tho average monthly number of employees and full time eq*Jivalent {FTE} for the year to 31 October 2023 was 12 (2022.. 1 IJ. Tanglble flxed assets Leasehold improvements Other fixed assets Totsl Cost or valuation: Al l Novemb6r 2022 Additions Al 31 Qclober 2023 78.985 1,021 80.006 78,985 1.021 80,006 Depreclatlon: Al 1 November 2022 Chargg for the year At 31 Oclob612023 23,694 7.898 31,593 19 190 209 23,714 8.089 31,802 Carrylng amount: At 31 October 2022 55.291 1,002 56,293 Al 31 October 2023 47,392 812 48,204 Fixed asset Investm8nts Investments in associates Total Cost or valuatlon: Al 1 November 2022 Additions Al 31 October 2023 30,000 30,000 30,001 30.001 Carrying amount: At 31 October 2023 30,001 30.001 Luminary Limited has a significant minority shareholding in Luminary Bakery Limited. At th8 year end. Luminary Limiled owned 39Yo of the lolal share Capital of Luminary 88k8ry Limited. Additionally, 10tr of th8 total share capital is held in a qu8sI-Ireasury structure intended for fijrther investment in Luminary Bakery Limited. 18
Luminary Llmlted Notes to the Financlal Statements Year Ended 31 October 2023 10 Dèbtors 2023 2022 Amounts owed by unrl8rtakings in which the charity has a participating interest Prepayments 3,314 11.560 823 3.114 4.137 14,674 11 Credilors: amounts falling due within one y8ar 2023 2022 Trade Gredilors Other lax and social security Other creditors Accruals and defèrred income 5,731 12,385 22,753 7,350 $,587 2,578 42,242 5,122 48,219 59,529 12 Crèdltors: amounts falllng due after more than on8 y8ar 2023 2022 Accruals and defeired income 15,114 18,137 15.114 18,137
Luminary Limlted Notes to the Financial Statements Year Ended 31 October 2023 13 Fund reconciliatlon Balance at 1 November 2022 Balance at Transfers 31 October 2023 Incoma Expenditure Unrèstrlcted funds General funds 49,604 328,108 1301.8831 75,829 Restricted fund8 Programm8 costs Idonalions under £20k) 12,346 36,932 {43.4291 5,849 Programme costs Idonalions over £20k) 18.526 177,749 1108,4821 87,793 30,872 214,681 1151,9111 93,642 80.476 542,789 1453,794) 169,471 Funding comes from a variety of soure&s including grants and donation8. We are grateful lo all our funders, especially for the support of the Mercers. Charitable Foundation, the City Bridge Found81ion {Ihe funding arm of The City ol London Corporation's charity. Bridge House Estates). the Aesop Foundation and the Henry Smith Charity. 20
Luminary Llmlted Notes to the Financlal Statements Year Ended 31 October 2023 14 Analysls of net assets between funds Unreslricled Reslricled funds funds 2023 2023 Unreslricled funds 2022 Reslricled funds 2022 Total 2023 Total 2022 Tangible fixed assets 30,068 18,136 48,204 35,134 21,159 56.293 Investments 30,001 30,001 30.000 30,000 Stock 84 84 Debtors 4.137 4.137 14,674 14.674 Cash al bank and in hand 56,736 93,642 150,378 26.303 30,872 57.175 Trade crediloTs 15,731) 15,7311 19,587) 19.5871 Other lax and social security {12,3851 (12,3851 (2.578) 12.5781 Olher ¢r6dilors (22,7531 {22.753} (42.2421 142,242} Accruals and deferred income 14,3281 (18,1361 {22.464} (2.100) {21,159} 123,259} Total 75,829 93.642 169,471 49.604 30,872 80.476 15 Oporatlng lease commltmonts Total future minimum lea8e payments under non-cancellable opefating leases are as follows.. 2023 2022 Land and buildings Not later than one year Later than one and not later than five yoar$ More Ihan 5 years 66,750 232,104 37,500 336,354 66,750 82,188 148,938 The charity is the lassee of Iwo properties which il 8h8res usage and c081 wilh ils 8i8ler company Luminary Bakery Limited. 21
Luminary Limited Notes to the Flnanclal Statements Year Ended 31 October 2023 16 Penslons The charity operates 8 defined contribution pension scheme. The pÈn8ion cost charge represen18 employer contributions payable by th8 charity lo the fund and amounted lo £9,855 (2022.. £6, 779). Employee and employer conl¥ibulions lolalling £2.803 (2022.. £1,832) were payable lo Ihe fund al the balance sheet dale. 17 Related party transactions As al 31 Octobei 2023. a balance of £3,314 (2022.. £11,560) was owed by Luminary Bakery Limited, a company in which Luminary Limited holds a participating interest. During the year to 31 October 2023 individL*als employed by Luminary Bakery Limited undertook work on behalf of Luminary Limited. The tolal salaries including employer's nalional insurance and pension recharged in felalion to this work was £20,551 (2022.. £13. 790J. 22