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, I￿l￿Ang and support including d&veloping their capabilities. wmpetencios and
skills to be carr￿d 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. I￿e 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 a￿ountS do not accord with those records., or
The accounts do not comply w￿th 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 othe￿186 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 spec￿lC 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 othe￿ISe.
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. Histoli￿1 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 w*thin 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 SL*bsequenlly
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