Luminary Limited
Unaudited Trustee's Report and Financial Statements
Year Ended 31 October 2024
Charity registration number.. 1181835
Company registration number. 11651624
111
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le￿0712025
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 A￿untI
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$tratlon number
1181835
Company registration number
11651624
TnBlees and directors
A V Sheppard
L Quy IResvJned 05109r21Y24)
D Feeney
C Forde
R Millar
J Milton
F Moodie {ResNJned 2010212024}
C Paton IResvJned 091C6120241
T Piiani
R Thynne
K Tumei IApp)inted 16109120241
Chlef exe¢utlve officer
R Oglesby (Resigned January 2025)
A Wilson- Interim CEO IApw)inted January
20251
Registered office
71-73 Al￿n Road
Stoke Newington
Hackney
London
N16 8RY
Accountants and Independent Examiners
Barnes Roffe Advisory Limited
Charles Lake House
clai￿ Causeway
Crossways BU$￿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 prepa￿d in accordance WTth the accounting policies sel out in the notes
lo the accounts and Cornp￿ wrth the char￿S 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 G￿bert 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 resignat￿r&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￿.ect￿eS 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 I￿1r 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 Chiist￿n 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 VIO￿nCe 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 financ￿1 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 pn￿ramMe. Luminary has built my
s¢ability, my communily, my conf￿nCe. 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
LUmina￿S 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 $eled￿n Pr￿esS - 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 eXper￿nCe 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
ProgreSs￿n 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
organ￿atiOnS deliver sessions for example, "Managing mon￿ fa￿lItated 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 W0￿e[. 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 f*lds of wo￿. equipped by Luminary to challenge and encourage
graduates as they lake further steps lo devebp their ca￿er goals and skills for future work. This could
include working on her CV. identify￿g 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•3￿9$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 a￿1 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 ￿h￿Ve.° 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 CoMp￿ted 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 Tr￿n10r. 71% of w0n￿n 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 contribut￿n$ 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 preV￿u5 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. WO￿l￿g 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 Under￿ing 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% eXper￿need 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 reqU￿ed. 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 wotr*n 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 barr*rs.
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 de1￿hted 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
unles1r￿ted grants. Our funding profile is more balance￿the￿ 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 reSi1￿nCe and expand our fvnding streams to drive
further impact.
Reserve5 policy
Luminary defines reserves as .￿ allotment of un￿tricted funds which can be spent on any purpose of the
charty.. It is the poI￿Y 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 comp￿te the
training.
80% of women who start Phase 3 engage in our mentoring schetr* for wx months. as part of their
prO9￿Ssion 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 developff*nt. 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 Al￿n Road, Lonth)n N16 8RY. The
goveming documents Imerrnrandum and art￿leS 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. De￿5￿nS can be taken between meetings by email where
appropriate. prOv￿ed the group is quorate.
New trustees are provbjed an induction covering. an ovemew of the organisat￿n 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¢xal￿n 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 cOnft￿5 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 $￿er organisalKJn. Luminary Bakery Ltd, which is a social enterprise creating
empbyment and work experience opportunit*s for the trainees and graduates of the charty's programme.
During this reporting period 681 hours of apprent￿ PLacer￿nts and 2.483 hours.of paid employment were
hosted by Luminary Bakery for our graduales.
The leadership and govemance of each onJanisation is separate, but we have a joint Intercompany
commrttee comprising representalNes from each entity. to allow for coordinatson and joint strategic
decisions. Operationalty the enti(ies maintsin a ck)se relationship shanng HR resources, premises, a
website, social media, and certain costs and expenses. including Utilit￿$.
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 Dire￿0[ to join Luminary
Limrted trustee meetings as an ObSe￿er.

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 Stateff￿nts 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 appI￿able 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 p05rt￿n 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&J￿2025
and suned on their behall by..
On behalf of the board
K Tufner
Trustee

Luminary Limlted
Independent ExamineVs Report to the T￿￿tee$ of Lumlnary Llmlted
Year Ended 31 October 2024
I report lo the charity trustees on my examinat￿n 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 c￿npanY 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 quaIrf￿d to undertake the examinalton because l am a
member of Instrtute of Chartered Awunlants in England and Wales, wh￿h 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 SeCt￿n 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 PraCt￿e for accounting and reporting by charrties applicable lo charities preparing
their accounts in accordance with the Financval Reporting Standard aPpI￿able 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
Unrestr￿ted
fvnds
ReStr￿ted
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 per￿d.
The notes on pages 14- 24 form part ofthese financial Stat￿nIS.

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 CoMpan￿S financial slateff*nts have been prepared in acccKdance wrth the provIs￿n$
applicab￿ lo ￿MpanieS subject to the small companies regirrE_
The trustees consider that the company is enlrtled lo exemptK)n from the requi￿rnent lo have an audit under
the provisions of section 477 of the Compan*s 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 preparat￿n 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(u￿I for year I perTrod
Dep￿ciall0n 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 regISte￿d office is given in the charty infomwlK)n on page 2 of these financial statements. The
nature of the charty's operations and prin￿p￿ acl¢vti*s is the provision of bakery programmes to
disadvantaged w(Mi*n.
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 PraCt￿e applicable to charrties preparing their aecounls in accordance with the
Financol Reporting Standard appl￿ble 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 histor￿al 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 otherV￿Se 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 wh￿h are lo be used in accordance ￿th sp￿lfi¢ 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 Act￿rt￿ {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 dOnat￿n is Con5•je￿￿ lo be part of that gift and is treated as an addition to the
same fund as the inrtial dOnat￿n 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 ¢L4Ssrf￿d 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 Sett￿ment 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 wh￿h 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 I￿alK)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 deweckq1￿n 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 accUMu￿ed impaimienl.
(g) Debto
Short term debt¢ys are rneasured al transad￿n prv. 18s5 any impaimienl. Any losses arising from
impairment are reC￿niSed 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 provis￿n5 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 Contribut￿ll 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 COff￿any for UK eorporalion tax purposes.
Im) Fina￿181 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 effe￿ive 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- Intemat￿naI
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*comMun￿aIions
Other miscellaneous fund¥atsing costs
7,000
53
53
7,000
Unrestrictgd
Fundraiser
Social Med￿coMmun￿al￿nS
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
DepreCiat￿n
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 ingred￿nIS and ffraterials
Women's twel
Couise resources
Cleaning
Apprent￿eShip funding
Alumni events and graduatK
Dep￿1*￿n
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 ingred*nts 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 acc￿r￿antY 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￿ EX￿￿tIve r￿e1Ve￿ 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 penS￿n 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$S￿lateS
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 S1gnrf￿nl 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 (dOnat￿nS
£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. Br￿ge House Estates), the Aesop Foundation, the Henry Sniith Charrty. the
Eureka Charitable Trust, Lloyds Bank Foundation for England & Wa￿s. 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
s￿131 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 wh￿h
Luminary Limited hoKls a partbcipating interesl.
24