Luminary Limited Unaudited Trustee's Report and Financial Statements Year Ended 31 October 2024 Charity registration number.. 1181835 Company registration number. 11651624 111 AE6WRBOB le0712025 COMPANIES HOUSE 04
Luminary Limited Unaudited Trustee's Report and Financial Statements Year Ended 31 October 2024 Contents Page Charty Reference and Administrative Detaits Trustees. Annual Report Independent Examinerfs Report Statement of Financial Activittes Ilnduding Income and Expervjiture AuntI Balance Sheet 10 12 Slalemenl of Cash Flows Notes to the Financial Ststements 14-24
Luminary Limited Charlty Reference and Administrative Detalls Year Ended 31 October 2024 Charity regl$tratlon number 1181835 Company registration number 11651624 TnBlees and directors A V Sheppard L Quy IResvJned 05109r21Y24) D Feeney C Forde R Millar J Milton F Moodie {ResNJned 2010212024} C Paton IResvJned 091C6120241 T Piiani R Thynne K Tumei IApp)inted 16109120241 Chlef exe¢utlve officer R Oglesby (Resigned January 2025) A Wilson- Interim CEO IApw)inted January 20251 Registered office 71-73 Aln Road Stoke Newington Hackney London N16 8RY Accountants and Independent Examiners Barnes Roffe Advisory Limited Charles Lake House clai Causeway Crossways BU$e$S Park Darttord Kenl DA2 6QA Bankers Natwest Slc*e Newinglon (A) 198 Stoke Newinglon Hpah Street London N167GA
Luminary Limited Trustees, Annual Report Year Ended 31 October 2024 The Trustees present their annual report and the financial stslemenls of the charty for the year ended 31 October 2024. The trustees have adopted the provisions of the Staiernent of Recommended Practs"ce ISORP) "Accounting and Reporting by Charrties" in preparing the annual report and financial statements of the charty. The financial ststemenls have been prepad in accordance WTth the accounting policies sel out in the notes lo the accounts and Cornp wrth the charS governing document. the Charrties Act 2011 and Accounting and Reporting by Chaiil*s." Statement of Recommended Practice applicable to eharilies preparing their aceounls in accordance wth the Financol Reporting Standard appltsble in the UK and Republic of Ireland published in October 2019. Trustees of the charity The directors of the charitable company are its trustees for the purposes of chartty law. The trustees who have served dvring the year and since the year end were as follows-. K A Gbert IResNJned 07112r20231 E K Nomian (Resigned 27111r2023} A V Sheppard L Quy (Resigned 0510912024) D Feeney C Forde R Millar J Milton F Moodie (Resigned 2010212024) C Paton (Resigned 0910612024) T Pilani R Thynne K Turner {Appointed"1610912024) The Trustee resignations in 2023 were due to their term ending. The Trusteg resignatr&S in 2024 were for personal reasons. Luminary Limited I'Luminarf} was stsrted in 2014 and Initial incubated under Kahai18 Lld. becoming an independent enlty. Luminary Limrted. on 31 May 2019. Thi% the sixth independent report of accounts. This report is a cornbin8J directo¢s report and trustee's annual report, and contains a directoffs report as required by company law. Public 8engfit statem8nt In setting our objeCtr and plannin9 our activities the tiuslees have grven careful consbjeration lo the Charity CommTssion's public berhefit guidance. The twslees conSKler how planned aclivrties wll contribute lo the aims and O.ecteS they have sel. Objectives and a¢tivitigS The objecls for whth the charity was estsbli8hed are.. "The ller of women who a in need by asOn of I1r s£181 or economic dvsadvantage including homelessness." or who h8ve expeiienced or 8Tr al risk of expeiiencing domeslic or other forms of violence, by the provision of educat. training and support including develoKwng Iheircapabilities, competencies and skills to be caniedout in COrdanCe with Chiistn values andpnncples."
Lumlnary Llmlted Trustees, Annual Report Year Ended 31 October 2024 To achieve this purpose. Luminary pwdes a two-year emptyabilty and independence programme. We Work with some of the most dtsadvantaged women from across London. Women who have experienced gender-based VIOnCe and Iwe wrth 'm(Jltiple disadvantage, _ a temi that describes the interlinked social and economic challenges women on the Luminary Progiamme experience. whth reinforce and drive a cycle of deprivation. Luminary works alongside these women to buikj confidence and skills helping them move towards empbyment, which uttimalety enables them to strengthen financ1 independence. self esteem and social netsvorks- breaking the cycle of disadvantage. "When I slarted at Luminary I neverlhLxWI I'd last Iwo years the course, let alone get a job. I never really stuck to anythin9 much befo. so I feel pffjud that I completed the pnramMe. Luminary has built my s¢ability, my communily, my confnCe. I wouldn't h8ve Ihought I coukl bUild the relationshAP With my famity - but this is now at a better stage than it has been for 30 Yea.. Luminary Graduate (exttsct from LUminaS Impacl Report 2024) To ensure our programme reaches the mosl marginalised women in London, women are referred lo us from ovei 1 LXI referral partners- these are charities. organisabons and local authorities that provide crisi5 services. They refer women to Luminary who have receNetS crisis support and have the potential lo stsrt building their independence and find empbymenl. Following a $eledn PresS - whKh includes an interview to assess eligibility and delemiine whether the programme is the rghl frt al this stage in her life, she embarks on Luminary's four phase trauma- inftymed pro3ramme". PHASE ONE: (6 months) - Fccuses on leaming lo bake and gaining transferable life skills. including teamwork and lime management. Women attend weekty sessions during school hours. We gently start preparing women for work eXpernCe and they gain a Level 2 Food Safety & Hygiene for Catering qualification. PHASE TWO: 16 months) Women attend weekty interactwe seminars. in addTtNJn to seeing their ProgreSsn Support Worker, wth the focus shffting lo employability skills. Topics include.. exploring career aspirations, identifying and overcoming barriers to work and building healthy relationships al work. Partner organatiOnS deliver sessions for example, "Managing mon falItated by CAP UK and 'lntervMv Skills., facilitated by Smart Works. PHASE THREE AND FOUR: MENTORING AND HOUSTIC SUPPORT {12 months) After graduating from our structured prcvJramme (with a 9radvation ceremony al the Roundhouse, Camden), we 5UPPOrt women lo continue meeting their ProgiessKJn Support W0e[. take part in work experience and attend counselling, rf required. PHASE THREE- We mateh graduates with a volunteer mentor foi six slruclured sessions. Mentors are piofessv)nal women, coming from drfferent flds of wo. equipped by Luminary to challenge and encourage graduates as they lake further steps lo devebp their caer goals and skills for future work. This could include working on her CV. identifyg and apptying forjobs. or practical support such as g&ning confidence in using public transport. PHASE FOUR: Graduates take part in work experience and can appty for paid apprenticeships or empk)yment. either wrth the Luminary Bakery or with one of our workplace partners - providing women wf(h further opportunities to put into practice what they have leaml in a commercial environment. However, our programme goes far beyorbd job skills. We offer attess to two hNJhly-Irained tounsellors, providing up to 16 weeks of therapy. and throughout the hvo-year programme each woman works closely with her dedi¢ed Luminary PIC•39$1)n Support Worker. who supports her moving towards employment, as well as providing practical assistsnce around housing. money, relalionshps and health (all intrinsiG4lly linked lo employment outcomes). Prc•Jression Support Workers assist women to grow in mana9ing situations independently, and identfy where they need sFecialist support. "Luminary changed my Ime a1 gav8 t1 sknlls and opportunty lo grow as an indpiidual. As well as it being an employabtilrfy c¢)utse. Luminary is a way of life. a safe space for all women to become successful. What we love the most about the Luminary pffjgramme is fhal you a supported and mentored thmughout. in whateveryou would like to hVe.° Luminary Graduate fexfracl frnrn Luminary's Impact Report 2024)
Luminary Limited Trustees, Annual Report Year Ended 31 October 2024 In financial year 2023-2024 ovr key activities and outpvls induded.. 47 women enrolled onto Phase 1 of the programme, against a largel of 56. 37 women CoMpted Phase 1, a completion rate of 79%. against a largel of 80%. 33 women obtained a Level 2 Fwd Safety and Hygiene for Catering qual"rfication. 25 women started Phase 2 of Ihe programm8, and 24 completed rt, a completion rate of 96% against a target of 80%. 158 training days were delivered. 100% of Luminary graduates were matched wf(h a volunteer Trn10r. 71% of w0nn met their mentor five ts'mes or more, against a target of 80%. 98 mentoring meetings were held with Ouf volunteer menlofs. 3276 houfs of 1 to 1 support delivered by our Progression Support Vlotkers. 21 women wofked wth our in- house Iherapists. 14 wellbeing workshops were delNered. Our valued volunteor5 Luminary values the vital contributn$ of Volunteers in delNering our programme. In parttcular, our volunteer mentors play a key role in supporting graduates lo set and work on their personal goals for employment and independence. Our Advisory Panel. composed of volunteers from Luminary trainees. graduates and alumni provide valuable insights and gukjance lo our leadership team and Trustee Board. ensuring that the voices of Luminary women are central lo our planning and devebpment. In this rewrting period we also wekomed into the lrnining room volunteers from ELBA (Easl London Business Alliance) who ran Speaking with ConfKlence workshops. as well as focxl stylist, writer and Great British Bake Off quarter lin81isl, Benjamina and Luminary'5 preVu5 Head Baker and now Pastry Chef al the Rits, Camen who ran pastry masterdasses foi OUT tr8inees. In add((n. an HR specialist ran a workshop on Knowing your Rights at Work. This lotalled 35 volunteers who contributed their time and exFertise, making meaningful impact on our work and the women we support. 'My Luminary mentor brnught out the best in me and helped bcwt my confidence and self-esteem. always helping believe in myself. WOlg togelher she helped me clpale a great CV. sef and meet goals, and wort( towards what I wanted lo achieve. I have leamt to always believe in myself and that l am capable of whal I put mysemfonyard Yor in lrfe." Luminary Graduate (exlracÈ Irom Luminary's Impad Rept7rt 2024) Achievements and pgrlorrnance Our aim for each woman is that she reaches 'lndependen¢e' emp(rwering her to break the ¢y¢le of violence and disadvantage in her lrfe_ We measure Independen using five categories.. work, housing, money, relationships and heatth all intrinsKally linked lo employment outcomes, and we have idenliffied outcome indKalots under each eategory. Together the woman and her Prog$S1on Support Worker track Independen outcornes every six months using a Red, Arnber, Green (RAG) rating. The independence oulcomes are rneasured against a Ihreshokl of 70% on each category which we define as "reaching independence In 2023-2024.. After completing the Luminary programme, women had an average independence score of 85%. 100DA of women reached the independence threshold by the end of the 0-year programme. against a targel of 80%. Of the women who completed the two-year pr()3ramme in this year. 65% were in Ernploymenl. Education. Volunteering or Training by the end of the prtraramme. aga$t a target of 70%. During the financial year ended 31 October 2023, 89% 01 graduates who Completed the programme achieved posrtive oulcowes in Empbymenl, Edu¢*ion, Volunteering. or Training. This financial year, we achieved a lower rate than our largel of 700A, prompting us lo examine the Undering reasons. The data veals that this year's cohort faced sLqnrfuntty higher barriets lo work than average. For instance, 700A of the group encountered ¢)ver three barriets to emptyment. 40% eXperneed three types of gender-based vtr)lence, and 43% eThJured sexual VKkn7.
Lumlnary Llmited Trustees, Annual Report Year Ended 31 October 2024 In response, we a mowng forwrdrd th a deeper understanding of the addrtw)nal support reqUed. We've already implemented changes to our approach and made strategic investment in our team, including increasing the Progression Supp)rt Worker team. This expansion wll reduce caseloads. with the aim that more women slay on the Luminary programme, find employment and 8chieve independence. We are ow'mislic that these efforts wll have a positive wnpact on our current trainees and future gradu8les. Conlinualty improving our progfamme ts an ongoing mission foi LFS al Luminary, this year we embarked on our Employability Research projeet as part of oui Theory of Change. Key learnings induded.. Fiom the data Sample of 92 women. we found that of those who completed the programme, 82% were in Employment, EducatKsn, Volunteering or Training. However the relentk)n rate across the phases wa$ lower Ihan our larg81 over the L4st fNe years. Adverse mental heatih was the Largest factor uled by women for Seaving the progrnmme early. We found that wotrn vtho had ts¥o or fewer barriers lo enwloyment were 1.5 Iwnes more likety to be employed comparetl lo those with three Of more barrrs. We also found from our sample group that 60% of women who had experienced kn or fewer types of gender-based violence IGBV) were employed eompared lo 30% of womèn who expeiienced three or more types of GBV. HvJhlighling that the more layered and complex the abuse in instances and type, the more the complex the trauma resFonses and the bLqger the barrier lo employment. Emphasising how important it is to understand Multip disadvantage and lo worf( with women holisticalty. During this reporting period some additional key highlights and developments Included: In January we were de1hted to be include(l in the Big Issue's Top 100 Changemakers of 2024. The team led four new Tasler Workshops. welcoming referral partners and potential trainees from 14 drfferent services auoss London. Referrals to our programme were oversubscribed for both the sprirkg and autumn intakes, a testament to the respecl offered to Luminary wrthin the sector, the efforts of our training team bul also a reminder of the growing need for our work. We made changes to our referral crrterk4 and now wekome women over the age of 50. Four or 25% of staff posts in the charity team were filled by Luminary graduates. Financial revlgw This has been another strong year for fvndraising where we have seen a very positive return in our investment in fundraising. We have secured a mix of repeat and new funders, prowding both restricted and unles1rted grants. Our funding profile is more balancethe we were once reliant on a single funder, we now have a diverse group of supporters. many of whom provide murti-year commitments. Looking ahead to 2024-2025. we aim to further strengthen our financial reSi1nCe and expand our fvnding streams to drive further impact. Reserve5 policy Luminary defines reserves as . allotment of untricted funds which can be spent on any purpose of the charty.. It is the poIY of the charity that reseryes should be Maintsin at a level equNalenl to three monlh's core expenditure. The Iruslees consider that reserves al this Ve1 will ensure that Luminary can continue the charity's core aclMIEs in the event of a drop in funding. whilst consideration is given to ways in which additional funds can be raised. In the unlikety event of the charty having to be wound down Ihe reserves wouhj allow this lo be done in an orderty manner th the tharty's obltgalions being met.
Lurninary Limited Trustees, Annual Report Year Ended 31 October 2024 Future plans In the next reporting per, the key output and impact largels for the charity are". To recruit up to 56 women onto the hvo-year Luminary Programme. 80°A of women compkte Phase 1 of our Employabilty and Independence PrograMn. 80°h of women who start Phase 2 of our Employability and Independence Programme compte the training. 80% of women who start Phase 3 engage in our mentoring schetr for wx months. as part of their prO9Ssion support. Impact targets 70Yo of women who complete our ts¥o- year programme are in Empbyment, Education, Volunteering or Training. 80% of women who complete our 0-year programme reach independence. measured through our independence indicalors As part of developing LumFnary's new fve-yeai strategy. we have pkg¢ed a strong emphasis on refining our Theory of Change this financk31 year. A key component of this has been our Employability Research project Ikey findings above). whKh has Pfovidet1 valuable insbJhts into the impact of multiple disadvantages and reinforced the importance of our trauma-infomied. holist approach to supwrting women on the Luminary Pfogramme. We plan to strengthen our empkjyabli ty focus. including expanding opportunities for women to gain work experience and ensure approprvate holistic support as they transition into workplace settings. To achieve this. we are veSting in our ProgressK)n Supwl Vlorker Team and planning further growth, specrficalty to devekjp more empbyment pathways and work experience opportunities. Our aim is to ensure that women on the piogramme are equipped with the opportunities and support they need to secure SLTrStainable. fulfilling employment by the end of the Iwo-year programn. We will continue to invest in fvndraising to further strengthen our financial S111enCe, and to enable us lo continue providing an excellent level of support lo mre women. The trustees will also prioritise continuing to leam from our grthwng Luminary community of women. and to invest in staff developffnt. training and wdlbeing to ensu we have a team who can delrver lo the best of their ability- Structure. govemance and management Structure and governing documents Luminary Limited is a private company limited by guarantee incorporated and registered in England and Wales with company numbei 11651624, and is approved and gIStered wtth the Charty Commission with charity number 1181835. and whose lstere(j office is at 71-73 Aln Road, Lonth)n N16 8RY. The goveming documents Imerrnrandum and artleS of assrt*lionl are avaikble lo view on thè Companies House websrte. Trustees Luminary Limr¢ed has a boafd of truslees. and at Ihe year el the boafd consisted of efvJht trustees. During the reporting period, five Iruslees resigned. One new trustee was recrurted lo the board as treasurer lo replace the treasurer who had eome lo the end of her term. Trustee vaeaneies are advertised externally and applicants are shortlisted and interviewed by a panel of trustees and organisation leadership. Trustee appoinlnEnts are Confirmed at a 8rd meeting of truslees.
Luminary Limitsd Trustees, Annual Report Year Ended 31 October 2024 The T¥uslee Board meets a minimum of four times a year. Agendas and minutes are circulated lor discusshjn and when appropriate voles are taken. De5nS can be taken between meetings by email where appropriate. prOved the group is quorate. New trustees are provbjed an induction covering. an ovemew of the organisatn and our work, safeguarding, tru51ee5' governance Tesponsibilitie5. Tnjslees are also require(I to attend an online safeguarding training. Trustees are encouraged lo make use of training available to Luminary as an NCVO member and a small al1¢xaln of funds exist to support Iwstees in any appropriate development or training. Trustees are encouraged to share their skills and to path"cipate in training one another for the benefrt of govemance of the charty. Trustees are required to read and abide by organisalkjnal policies. and to declare cOnft5 of interest on recruitment and al each board meeting. The trustee 8rd is responsible for selting and guiding the overall strategic direct of the organisation. including approving the strategy and annual budget, wruiting senior leadership ICEOI and ensuring compliance with our al and govemance Tequirements. Responsibilty for operational management decisions are delegated lo the CEO. wrth accountability through quarterty board reports and meetings including.. finanee and fundraising, safeguarding. programmes. staffing. Pay and remuneration of key leadership and management personnel 15 reviewed each autumn by a 51affing sub group of the Trustees, taking into account an annual benchmarking exercise conducted to benchmark Luminary Limited against equNalenl tharities of similar size. The decision is then subsequently approved by the Trustee Board. Luminary Bakery Ltd Luminary Limrted has a $er organisalKJn. Luminary Bakery Ltd, which is a social enterprise creating empbyment and work experience opportunits for the trainees and graduates of the charty's programme. During this reporting period 681 hours of apprent PLacernts and 2.483 hours.of paid employment were hosted by Luminary Bakery for our graduales. The leadership and govemance of each onJanisation is separate, but we have a joint Intercompany commrttee comprising representalNes from each entity. to allow for coordinatson and joint strategic decisions. Operationalty the enti(ies maintsin a ck)se relationship shanng HR resources, premises, a website, social media, and certain costs and expenses. including Utilit$. Luminary Limited has a signfficant minority sharehokling in Luminary Bakery Ltd. At the year end. Luminary Limited owned 39% of the total share caprtal of Luminary Bakery Ltd. A¢Jdrtionally, 100A of the totsl share caprtal is he in a quasi4reasury structure intended for lurther ¥iveslmenl in Luminary Bakery Ltd. Luminary Limited is a Corporate Director of Luminary Bakery Ltd. wrth this role taken by a nominated trustee. From time to time Luminary Limr¢ed invites Luminary Bakery Ltd lo nomin*e a Dire0[ to join Luminary Limrted trustee meetings as an ObSeer.
Luminary Limited Truslees, Annual Report Year Ended 31 October 2024 Trustees. responsibililies The trustees {who are also directors of Luminary Limited for Ihe purposes of Company lawl are responsible for preparing the TnJstees' Annual ReKX)rt and the financial stalements in accofdance with applicable law. and Unrted Kingdom Accounting Standards {Unf(ed Kingd¢)m Generalty Accepted Accounting Praclicel. Company law reqvires the trustees to prepare financial Stateffnts for each financial year. whieh gNe a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitabk company for that perM?d. In preparing these financial slalements. the trustees are required to.. select Surtable aceovnling and then appty them eonsistenlty". obselve the methods and prinaples in the Charit*s SORP IFRS 102}- make judgements and estimates thal are asonable and prudent., stsle whether appIable UK Accounting Standards have been folh)wed, subject to any material departu$ ¢Jiscbsed an¢J explained in the financk81 slalements", prepare the financial statements on the going concem basis unless il 15 inappropriate lo presume that the charrtable company will continue in operation. The trvslees are responsible for keetyng adequate accounting records that discknse with aSOnable accuracy at any time the finaneial p05rtn of the charrtab company and enable them to ensure that the financial statements compty wrth the Cornpanies Act 2006. They are a150 responsible for safeguarding the assets of the charrtable company and hence for taking reason8ble steps for the prevention and detection of fraud and other irregularilies. This report was approved by the trustees on l&J2025 and suned on their behall by.. On behalf of the board K Tufner Trustee
Luminary Limlted Independent ExamineVs Report to the Ttee$ of Lumlnary Llmlted Year Ended 31 October 2024 I report lo the charity trustees on my examinatn of ihe accounts the company for the year ended 31 October 2024 whKh are set out on pages 11 to 24. Responsibililies and basis of report AS the ¢harty trustees of the wmpany {and also its directors lor the purposes of Company lawl you are responsible for the preparab.on of the a¢Unts in accordance wtth the requirements of Ihe Companies Acl 2006 I'lhe 2006 ACYI. Hawng satisfied mysell that the accounts ol the cnpanY are not qUired to be audrted under Part 16 of the 2006 Act and are elKJible for independent examinalton. l pOrt in respect of my examination of your company's accounts a5 carried oul under sect 145 of the Charilie5 Act 2011 ('the 2011 Act.). In carrying out my examination I have folk)wed the Directions given by the Charty CoMmiss)n under section 14515llb} of the 2011 Act. Indep9ndent examlnorfs slalemgnl Since the company's gross income exceeded £250,000 your examiner must be a member of a body lisled in seclign 145 of the 2011 Act. I confimi that l am quaIrfd to undertake the examinalton because l am a member of Instrtute of Chartered Awunlants in England and Wales, whh is one of the listed bodies. I h8ve C)le my examination. I conffim that no mattern have c¢yne to my attention in conneth'on with the examinatK)n giving me cause to believe that in any material respect". Accounting records were not kept in $[Ct of the company as required by SeCtn 386 of the 20C6 Act.. or The accounts do not 8ccord with those records." or The accounts do not comply wrth the accounting requirements of se¢tion 396 of the 2006 Act other than any requirement that the accounts give a 'true and fa¥ Vie4•1 whth 15 not a matter conshlered a5 part of an independent examination.. or The 8ecounls have not been prepared in aecordanee the methods and principles of the Slalement of Reeommended PraCte for accounting and reporting by charrties applicable lo charities preparing their accounts in accordance with the Financval Reporting Standard aPpIable in the UK and Republic of Ireland IFRS 1021. I have no concefns and have come across no ¢)ther matters in connection with the examination to which attention shouhd be drawn in this report in order to enable a proper understanding of the accounts to be reached. Ben Brad Barnes Roffe Advisory Limited Charles Lake House Claire Causeway Crossways Business Park Dartford Kent Date. i)1.712• L) 10
Luminary Limited Statement of Financial Activities Ilncluding Income and Expendllure Account) Year Ended 31 October 2024 2024 2023 Unrestrted fvnds ReStrted funds Unreslitted Reslricled funds funds Total Totsl Nole Income and endowments from: Oonations and gacies Other income 384.058 347.679 731,737 328.108 214,681 542,789 979 979 Total income and endowments 385,037 347.679 732.716 328.108 214,681 542.789 Expenditure on: Raising funds 46.765 53 46.818 5.924 7,0 12.924 Charitable activil 253.134 360.8 613.734 295.959 144.911 440.870 Total expenditure 299.899 360,653 660.552 301,883 151.911 453.794 Net incomelloufflow) 85.138 (12,974) 72.164 26,225 62.770 88.995 Transfers between funds (7) Net movement in funds 15 85.131 (12.96n 72.164 26.225 62.770 88,995 Reconciliation of funds- Total funds brought forward 16 75,829 93.642 169.471 49.604 30,872 80,476 Total funds Carrled fovward 16 160.960 80.675 241.635 75,829 93.642 169.471 All incom and expenditu has arisen from continuing activities. The stslemenl of financial adNrties includes all gains arKI I($ recc¥nised during the perd. The notes on pages 14- 24 form part ofthese financial StatnIS.
Lumlnary Limited Balance sheet Year Ended 31 October 2024 2024 2023 Fixed asset5 Tangible fixed assets Investments 10 11 40.204 30.001 48,204 30,001 70,205 78,205 Current assets Stock Debtors Cash at bank and in hand 12 3.213 239,584 4.137 150.378 242.797 154.599 Creditor5: arnounts lalling due within one year 13 (59.274) 148,219) Not current assets 183,523 1(6,381 Total assets less current liabilities 253,728 184,585 Credltors: amounts fallin9 due after morn than one year 14 112.0931 115.114} Net assets 241.635 169,471 Charity Funds Restricted funds Unrestricted fvnds 16 16 80,675 160,%0 93.642 75,829 Totsl charity funts 16 241,635 169.471 The charitable CoMpanS financial slateffnts have been prepared in acccKdance wrth the provIsn$ applicab lo MpanieS subject to the small companies regirrE_ The trustees consider that the company is enlrtled lo exemptK)n from the requirnent lo have an audit under the provisions of section 477 of the Compans Ad 2006 rthe Acri and membets have not required the company lo obtain an audit for the perKyJ in questK>n in accordance Nsith section 476 of Ihe Act. The Injstees acknovAedge Ihar resFKJnsibilrtie5 for cornptying w*h the requiremenls of the Companies Act 2006 with respect to aecounling records and the preparatn of financial statements. The financral slalemenls were approved and authorised for i55ue by Ihe trustees on 14-Jul-2025 swJned on their behaw. ty= and K Tufner Trustee The notes on pages 14 to 24 fomi part of these finanaal statements. 12
Luminary Llmited Statement of Cash Flows Year Ended 31 October 2024 2024 2023 Cash flow from operating activities Nel income I 1expendf(uI for year I perTrod Depciall0n and impaim)ent of tangible fixed assets Ilncreasel I deerease in stock {Inere8sel I deerease in debtors Increase I (decrease) in credrtors 72,164 8,000 88,995 8,089 1841 10,537 (14.3331 924 8,034 Net cash flow from operating activities 89,206 93,204 Cash flow from investing activities Payments to acquire investments Net cash flim from investing activities Net increase l (decrease) in cash and cash equivalents 89.206 93.203 Cash and cash equivalents at beginning of year 150.378 57.175 Cash and cash equivalents at end of year 239.584 150.378
Luminary Limited Notes lo the Flnancial Statements Year Ended 31 October 2024 Summary of significant accounting policies lal General Infommllon and basls of preparatlon Luminary Limited is a charitable company Imiied by guarantee incorporated England. The address of the regISted office is given in the charty infomwlK)n on page 2 of these financial statements. The nature of the charty's operations and prinp acl¢vtis is the provision of bakery programmes to disadvantaged w(Min. The chanty constitutes a public benefit entity as defined by FRS 102. The financial slalements have been prepared in accordance wrth Accounting and Reporting by Charities.. Statement of Recommended PraCte applicable to charrties preparing their aecounls in accordance with the Financol Reporting Standard applble in the UK and Republic of Ireland issued in October 2019, the FinancBI Reporting Stsndard applicable in the United KJ'ng(Jom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 20¢% and UK Generally Accepted Accounting Practice. The finanu81 statements are prepared on a going concem basis under the historal cost convention. The financial Statements are presented in sterling which 15 the functional currency of the eharity. The signrfieant accounting pol$ appl*d in the preparats.on of these financial ststemenls are sel out below. These polieies have been e¢$1$tentty app"ed to all yeafs presented unless otherVSe stated. Ibl Funds Unrestri¢led funds are availabk for use at Ihe d¢re1)n of the twstees in furtherance of Ihe general objectives of the Charty arKI whth have nol been designaled for other purposes. Restricted funds are funds whh are lo be used in accordance th splfi¢ restrictions imposed by donors or which have been raised by the charty for particular purposes. The cost of raising and administering such funds a charged against the specffjt fvnd_ The aim and use of each restricted fund is set tyjt in the notes to the financkql ststements. Icl Income recognition All incoming resources are included in the Statement of Financial Actrt {SoFAI when the charty is legally entrtled to the inco after any performance conditKJns have been met. the amount can be measured reliabty and rt is probable that the income will be receNed. Donations are rewgnised receNabk. If there are condrtK)ns attached to the donation and this requires a level of performance befo entitlement can be obtained then income is deferred until those condrtions are lully mel or the fuffilment of those condrtions is within the control of the charity and rt is probable that they will be fuffilled. Donations relating to expendrture on tangible fixed assets are credited lo profit or loss at the same rale as the depreciation on the assets lo which the donation relates. The deferred element of donations is included in credf(ors as defefred income. Gift AKI receivab is included in income when there i8 8 valid decJaralKin from the ¢Jonor. Any Gift Aid amount recovered on a dOnatn is Con5•je lo be part of that gift and is treated as an addition to the same fund as the inrtial dOnatn unkss the donor or the terms of the appeal have specrhed otherwise. 14
Lumlnary Llmited Notes to the Financial Statements Year Ended 31 October 2024 Idl Expenditure recognition All expenditure 1$ a¢VnIed for on an a[ual$ basis and has been ¢L4Ssrfd under headings that aggregate all costs related lo the category_ Expenditure is recognised where there is a legal or constructive obloation to make payments lo third parties. tt is probable that the Settment will be required and the amcNJnl of the oblvJth"on can be measured reliabty. It is &egon¥ed undef the following headings.. Costs of raising funds includes all expenditure associated with raising funds for the charity. This includes the costs of fundraising events, staff costs assockqled wth fundr8isin9 and support costs., Expenditure on ChaIrtab activrtEs includes al costs associated wilh furthering the Charitable purposes of the charity Ihrough the provision of its chantable activities. This includes staff wsl$ and support costs,. and Other expendituie Presents those items nol falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for whh expenditure arose. Support costs are those that assist the work of the charty but do not direetty represent charTtable aclivi(ies and include premises costs. governance costs and administratNe payroll costs. They are incurred diieclty in support of expendrture on the obj.ects of the tharily and include project management carried out by the charity. Where support eosts eannot be directly attributed to particular heading5 they have been alhjcaled to cost of raising funds and expendrture on charitable activrties on basis conststent wrth use of the resources. The anatysis of these costs is included in note 6. lel Tangible fixed assets Tangible fixed assets under Ihe cost rThyJel are ststed at historical cost less accumulated depreciation and any accumulated impairment k)sses. HK8torul cost indudes expendiliife that is directly aitribulable lo bringing the asset to the IalK)n and condition necessary for il lo be Capable of operating in the manner intended by management. Depreciation is charged so as to allocate the eost of assels less their residual value over their estimated useful lives. on a strauht line ba$. DeprecialHJn is provided on the followng basis". Leasehold propety- over the lrfe of the the Other fixed assets- over 10 years The assets, fesklual values. useful lives arKI deweckq1n melhtsjs are reviewed, and adjusted prospeetivety if appropriate. or rf there is an indKat*)n of a signrfKanl change since the last reporting date. Gains and losses on disposals are detenrrfned by corryaring the proceeds with the carrying amount and are recognised in profft 01 loss. (n Investments in associates Investments in associates are ff£asured at cost less accUMued impaimienl. (g) Debto Short term debt¢ys are rneasured al transadn prv. 18s5 any impaimienl. Any losses arising from impairment are reCniSed in expenditure. 15
Luminary Limited Notes to the Financial Statements Year Ended 31 October 2024 Ihl Cash at bank and in hand Cash at bank and in hand indudes cash and short lemi highty Iyuid investments wi(h a short term maturity of three months or from the date of acquisilion or opening the dep)srt oi similar &counL (11 Credltors Credrtors and provisn5 are rwnksed when there is an obligalion al Ihe balance sheet dale as the result of a past event. it is probable that a Iransfer of economic benefrt will be required in settlement. and the amounl of the settlement can be eslimaled reasonably. Creditors and prowsK)ns a rec£*3nised at the awvK)unt the charty anlicApates * will pay to settle the debt. They have been discounted lo the present value of the future cash payment Whe such discounting 1$ materol. IJ-} Operating leases Rentals payable under operaling leases are charged to the SOFA on 8 slrawJhl line basis over the period of the aSe. {k) Pgnsions The charity operates a defined Contributll plan for its employees. A defined contribution plan is a pension plan under wh the eharrty pays fixed contn"butions into a separate entty. Once th? conlribulions have been paid the charity has no further payment oblNJats"ons. The contributions are recognised as an expense in the SOFA when they fall due. Amounts not paid are shown in othef credrtors as a liabilrty in the Balan sheet. The assets of the plan are held separately from the charity an indeperbdentty administered fund. (l) Tax The charity is an exempl charity within the meaning of schedule 3 of the Charities Act 2011 and 15 considered lo pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definrtion of a charrtable COffany for UK eorporalion tax purposes. Im) Fina181 instruments The charty onty has financid assets and financial liabilit$ of a kind that qualfy as basic financial instruments. Basic financk41 instruments are initialty recognised al lTrns8Ction value and subsequently measured at Iheir settlement value wilh the except40n of loans which are subsequently measured at amortised cost using the effeive interest method. In) Going concem In Ihts finaneial year sNJnfficant progress has been mad8 in fvndraising. Grants have been secured for the next financial year (YE 31 October 20251 wrth income on track against targets. Muf(i-year funding has also been secured towards the 2024-2025 th'nancol year budget and beyond, and a robust pipeline of future funding applulions i% in pLqce. The trustees have eonspaered the thls of funding held and the expected level of income and expendiluie for the 12 months from authorising these financial statements. The budgeled income and expendiluie is suffioenl for the charty to be able to continue ils cperalions for the next 12 month5. On the basis of the above. the accounts have been prepared on the going eoncern basis. 16
Lumlnary Llmited Notes to the Financial Statements Year Ended 31 October 2024 Income frorn donations. grants and legacie5 2024 2023 Restricted Grant inco 347.679 347.679 214,681 214.681 Unrestricted Donations and funding Other grant income Grant income- IntematnaI Grft Aid 99,502 231.381 50.000 3.175 384,058 731 737 78,259 228,718 21,131 328,108 Other Income 2024 2023 UnrKlricled Bank Interest eNed Other finance income 529 450 979 979 Analysis of expenditure on raising funds 2024 2023 Restrieted Fundraiser Social medi*comMunaIions Other miscellaneous fund¥atsing costs 7,000 53 53 7,000 Unrestrictgd Fundraiser Social MedcoMmunalnS Other miscellaneous fundraising costs 43.000 2.181 4,500 46.765 17
Luminary Limited Notes to the Financial Ststements Year Ended 31 October 2024 Analysls of expendllure on charitsble activllles 2024 2023 Restricted Siaff costs (note 9) Support cosls (note 6) Rent, rates and premises costs Women's support costs Counselling Course ingredients and materials Women's travel Course resource5 Cleaning Apprenticeship funding Alumni events and graduation DepreCiatn 220.244 7,919 37,012 10,305 10,321 10,233 6.073 2.705 1.310 50.000 1,456 3,022 360,600 68,073 7.503 18,677 2,216 9,341 9,391 7,161 12,027 7,500 3,022 144.911 Unrestricted Staff costs (note 91 Support costs (note 6) Rent, rates and premises costs Women's support costs Counselling Course ingrednIS and ffraterials Women's twel Couise resources Cleaning ApprenteShip funding Alumni events and graduatK Dep1n 162,521 28.297 4,375 898 245,525 23,484 17,635 4.195 727 216 461 989 49.602 70 4.978 253.134 41 12 295.959 613.734 440.870 Total Staff c051s Inole 9) Support costs {nole 61 Rent. rates and premises costs Women's support Costs Counselling Course ingrednts arKI materials Women's travel Course SoUrceS Cleaning Apprenticeship funding Alumni events and graduation Depreciati( 382.765 36.216 41.387 11,203 10.321 10.960 6.289 3.166 2.299 99,602 1.526 8.000 613.734 313,598 30.987 36.312 6.411 9,341 9.432 7.161 12.039 7,500 8,089 440.870 18
Lumlnary Llmited Notes to the Financial Statements Year Ended 31 October 2024 Support costs 2024 2023 Legal, profession81 and accountancy fees Insuranee Finance costs Staff and Volunteer expenses General office expenses 23.414 5.309 436 557 6,500 36,216 20.436 4,253 567 1,519 30,987 Independent examinets remuneration The independent examiners remuneration am¢)unts to an independent examinalKJn fee of £2.220 f2023.. £2.220J and other accrantY fees of£3.302 (2023.. £2.316J Trustee5' and key managemgnt personnel remuneration and expenses No tru51ee received any rernuneralion during the peri(xl ended 31 O¢lober 2024. Expenses of £Nil (2023.. £Nil) were reimbursed lo trustees during the period ended 31 Oclober 2024. The ch EXtIve re1Ve remuneration of £45.IJOO (2023.. £4,615) during the year. Staff costs and employee benerts The total staff costs and employee beneffts We as follows.. 2024 2023 Wages and salaries National insurance Defined contribution penSn costs Staff training costs and supervision Staff weff0 and HR 317,919 23.092 8.828 7.192 25.734 382.765 285.412 7,051 9,855 8,625 2.655 313,598 No employees retsrved total employee beneffts lexcludiThJ employer pensk)n costs) of more than £60.000. The average monthly number of errployees and full time equivalent IFTE) foi the year to 31 October 2024 was 15 (2023. 12). 19
Luminary Limited Notes to the Financial Statements Year Ended 31 Oclober 2024 10 Tangible fixed assets Leasehold imwovements Other fixed assels Total Cost or valuation: At 1 November 2023 Addrtions At 31 Octrter 2024 78.985 1.021 80,006 78,985 1,021 80,006 Depreclation- Al 1 November 2023 Charge for the year At 31 October 2024 31.593 7,898 39.491 209 102 311 31.802 8,000 39.802 Carylng amounl: Al 31 October 2023 47.392 812 48.204 Al 31 October 2024 39,494 710 40.204 11 Flxed asset Investments Investments in a$SlateS Cost or valuation: At 1 November 2023 Additions At 31 October 2024 30.001 30.001 30.001 30.001 Carrying amount: At 31 O¢lober 2024 30.001 30.001 Luminary Lirnrted has a S1gnrfnl minorty shareholding in Luminary Bakery Limited. At the year end, Luminary Limrted owned 39% of the lolal share captsl of Luminary Bakery Lirnited. Addr(ionally, 10% of the total share capital is hehj in a quasi-treasury struclure intended for further inveslmenl in Luminary Bakery Limited. 20
Luminary Limited Notes to the Financial Statements Year Ended 31 October 2024 12 Debtors 2024 2023 Anv)unts owed by undertakings in which the charty has participating interest Prepayments 3,314 3,213 823 3.213 4,137 13 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other tax and social securty Other credr(ors Accruals and deferred income Arnounls due lo undertakings in whKh the charity has participating interest 6,343 11,541 27,099 12,440 1,851 5.731 12,385 22,753 7,350 59.274 48.219 14 Creditors: amounts falling due after more than one year 2024 2023 Accruals and deferred income 12,093 15.114 12,093 15.114 21
Luminary Limited Notes to the Financial Statements Year Ended 31 October 2024 15 Fund reconciliation Balance at 1 November 2023 Balance at ExpendTture Transfers 31 October 2024 Income Unrestrlcted funds General funds 75.829 385.037 1299.899) (71 160.960 Restrictgd funds Programme costs {donathJns under £20k) 5,849 47,153 {28.669} 24.334 programn costs (dOnatnS £20k and over} 87.793 300.526 (331.9841 56,341 Totsl restrict&J funds 93.642 347,679 (360,6531 80.675 Totsl funds 169.471 732.716 1660.5521 241.635 All restricted funds are e1ved to fund prograffffie costs in relation to the charities objectives and activities as described in the Trustees. Anntjal Report_ Funding comes from a variety of sources including grants and donations. INe are grateful to all our funders, especially for the support of the Mercers. Charitable Foundath)n, the Cty Bridge FoUnd*n {Ihe funding arm of The City of London Corporaliori's charity. Brge House Estates), the Aesop Foundation, the Henry Sniith Charrty. the Eureka Charitable Trust, Lloyds Bank Foundation for England & Was. the London Communty Foundation. Garfield Weston Foundathjn, Magp$ Fund. the Compas5 Group FoundatNJn, LSEG Foundatson and the Dr. Martens Foundatk?n. 22
Luminary Limited Notes to the Flnanclal Statements Year Ended 31 October 2024 16 Analysis of net assets ljelween funds Unrestricled RestrKted funds fijnds 2024 2024 UnrestrKted funds 2023 Restricted funds 2023 Total 2024 Total 2023 Tangible fixeil assels 25.089 15,115 30.C68 18.136 48,204 Investments 30.001 30.001 30,001 30,001 Stock Debtors 3.213 3213 4,137 4,137 Cash at bank and in hand 158.909 80,675 239. 56,736 93,642 1SO.378 Trade exedi(o (6.3431 (6.343) {5.731) 15.7311 Other tax and s131 security 111.5411 111.5411 112,3851 112.3851 Other creditors 128.9501 128.9501 (22,753) 122.7531 Acerua15 arKI deferred income 19,4181 115,115) 124.533) (4.3281 (18.1361 122.4641 Total 160.960 80.675 241,635 75.829 93,642 169.471 17 Operatln9 lease commilments Total future minimum lease payments un(ler non-cancellable operating leases are as follows.. 2024 2023 Land and buildin Not later than one year Later than one and not later than fNe years More than 5 years 66,750 202,854 66.750 232.104 37,500 336,354 269.604 The charity is the $see of ts¥o propertEs which rt shares usage and tosls with rtS Sister company Luminary Bakery Limrted. 23
Luminary Limited Notes to the Financial Statements Year Ended 31 October 2024 18 Pensions The charty operates a defined ¢onlribution nSIOn scheme. The pensKJn cost charge represents employer conlribultons payable by Ihe charity to the fund and amounted to £8.828 f2023.' £9,855). Empbyee and employer contributions totslling £4,069 (2023." £2.803J We Payab lo the fvnd at the balance sheet dale. 19 Related party traDsa¢tlons As at 31 October 2024, 8 baLgnce of £Nd (2023." £3.374) was Q4ved by Luminary Bakery Limited. At the year end a balance of £1,851 {2023." £Ni4 was owed to Lumin8ry Bakery Limited. a company in whh Luminary Limited hoKls a partbcipating interesl. 24