2020-12-31-accounts - St Luke's Parochial Trust

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Annual Report and Accounts of

St Luke’s Parochial Trust

For the year ended 31 December 2020

Registered Charity 207497

Making south Islington a better place to live, work, learn and play.

St Luke’s Community Centre, 90 Central Street, Islington, London EC1V 8AJ

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

ABOUT ST LUKE’S TRUST AND AREA

ST LUKE’S OBJECTIVES AND ACTIVITIES

St Luke’s is an Islington charity that has been playing a vital role in people’s lives for many hundreds of years. Today we are a modern community charity that is engaged with the thousands of people who live, work, learn or play in our vibrant neighbourhood. Through our varied services, activities and community building we aim to improve the quality of life of those disadvantaged by poverty, poor health, social isolation and limited prospects.

We own and run a modern large and busy Community Centre at the heart of the neighbourhood. The Centre has many uses: it provides a base from which we run our own wide range of services, a place for local people to meet, and a resource for other organisations to deliver their services to the local community. Additionally, room lettings provide a useful source of income.

What we do

Provide a Community Centre that is a hub for local people and organisations to work, play and learn in south Islington.
Provide and enable services that are delivered to a high standard and are open to all.
Provide a direct voice for, and on behalf of, residents to ensure that the local services they identify as required are provided to meet their needs.

CHARACTERISTICS OF THE LOCAL AREA

The St Luke’s area of benefit is a densely populated inner-city neighbourhood in London comprising approximately 24,000 residents. The majority of residents live in social housing. The neighbourhood suffers significant deprivation typical of many inner cities, with child poverty, unemployment, premature death, poor health and isolation of older people.

HISTORY AND THE ST LUKE’S AREA OF BENEFIT

St Luke’s Parochial Trust was formed many centuries ago from various donations given to the parish by generous benefactors, the earliest of which date back to the sixteenth century. St. Luke’s is required to spend its money helping improve the conditions of life of those resident in the area of benefit, which is the ancient parish of St Luke’s, Old Street. This area now comprises the south Islington ward of Bunhill and other small pockets of the City of London, Clerkenwell and Hackney.

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

TABLE OF CONTENTS
	Page
St Luke’s Trust and area	1
Reference and administrative details	3
From the Chair	4
From the Senior Management Team	5
Trustees’ Report
Objectives	6
Strategic plan	6
Plan for the future	7
Structure, governance and management	8
Public benefit	9
Activities: aims and achievements	10
Financial review	15
Investment policies, objectives and performance	16
Reserves policy	17
Principal risks and uncertainties	18
Statement of Trustees’ responsibilities	19
Independent Auditor’s report	21
Annual Accounts
Consolidated statement of financial activities	25
Balance sheets	26
Consolidated statement of cash flows	27
Notes to the accounts	28
Employees	47
Acknowledgements and thanks	48

REFERENCE AND ADMINISTRATIVE DETAILS

TRUSTEES

The Trust is governed by a sole Corporate Trustee, St Luke’s Trustee Limited, itself granted charitable status in March 2011 (Reg Charity 1141334). The Directors (Trustees) of the Corporate Trustee are the governing body of St Luke’s Parochial Trust. Throughout this report, reference to the trustees/directors is to the trustees/directors of St Luke’s Trustee Limited. Identical to the period prior to incorporation, the Directors are made up of nominative, co-optative and one ex-officio Trustee. The Articles of Association allow for a Board of 20 but the Directors have agreed to limit themselves to 16 for now. Those who served during the year and at the time of the report’s approval:

Revd David Allen Ex Officio by nomination of the Rector of St Giles’ Cripplegate with St Luke’s Old St. Josie Cochrane Co-optative Don Kehoe Co-optative Debra Mendes Co-optative Alex Norris Nominated by PCC St Giles' Cripplegate with St Luke's Old Street Ray O'Halloran Co-optative Crispin Rapinet Co-optative Penny Seal Co-optative John Thirlwell Nominated by PCC St Giles’ Cripplegate with St Luke’s Old St: resigned on April 6[th] 2020. Joe Trotter Co-optative David Vasserman Co-optative Kieran Wadia Co-optative Cllr Claudia Webbe Nominated by L.B. of Islington: resigned on September 24[th] 2020 Cllr Phil Graham Nominated by L.B of Islington Mary Durcan Nominated by the City of London Cllr Troy Gallagher Nominated by the L.B. of Islington Cllr Matt Nathan Nominated by L.B. of Islington: joined the board on November 12[th] 2020 Principal Office 90 Central Street, London EC1V 8AJ (tel: 020 7549 8181) Charity Registration No. 207497 Auditors PKF Littlejohn LLP, 15 Westferry Circus, Canary Wharf, London E14 4HD Investment Advisors Investment Quorum Limited, Guildhall House, 85 Gresham Street, London EC2V 7NQ Bankers HSBC plc, The Helicon, 1 South Place, London EC2M 2UP Solicitors Kingsley Napley LLP, 14 St John’s Lane, London EC1M 4AJ

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

FROM THE CHAIR

This being my first report as Chair of Trustees for St. Luke’s Community Centre for the year to December 31[st] 2020, I can only reflect on the events of the past 12 months. 2020 can only be described as one of the most challenging and difficult periods of time faced by the St. Luke’s Community. We have seen an unprecedented sequence of events which has impacted on the very fabric of St. Luke’s from our operational team resilience, the local community engagement program, to the incredible increase in the need to support our community and local residents in any way we can.

Once again though, St. Luke’s has risen to the challenge put before it and I am so proud of all the hard work and effort that has gone into challenging our operational goals and objectives to support the local area during Covid-19. To have the foresight to release funds to support this change in our direction has also been remarkable. St. Luke’s has provided a central support hub to the people within our catchment area. Even with the national lockdown restrictions in place St. Luke’s has managed to operate a food hub throughout 2020, provide hot meals service to those of our customers who need it, provided a help desk for people to call for advice and been actively involved with the local Council and other charitable organisations to provide advice and guidance for the coordinated borough wide program of support. All this was achieved effectively whilst having the added responsibility of providing a safe environment for staff and visitors to the Centre when the Centre was opened.

It has been a traumatic year but I have had the honour to be working alongside a dedicated and professional team of Trustees who have supported St. Luke’s in every aspect of the charity from the committees to volunteering for additional services as required. Without this level of support from Trustees the team at St. Luke’s would have found it difficult to provide the front line services required through this crisis. A special mention must be given to Michael and the team at St. Luke’s, no matter what problem or issue was thrown at them they managed it in a professional and measured manner and I can only say that without this type of leadership and dedication we would not be where we are.

Throughout 2020, we as an organisation have looked at what we needed to focus on to maximise the benefits to our community. In March 2020 Trustees agreed that we would look to expand our outreach program rather than our capital development program for 2020. This was based on the pending pandemic and on reflection this was a very good decision from the Trustees. We have not been able to fully engage the all age approach in 2020 but once we are in a position to reopen fully we will look to push this forward as agreed and reported on last year.

One of the most worrying developments in 2020 has been our need to introduce a community food hub. From March 2020 until December 2020, we have seen a significant increase in customers, registering over 200 families, supporting over 600 residents in total. This service has been so effective that going forward I see this resource remaining in place until we can confidently say our customers are selfsufficient once more. I also have to say that the support from Islington Council and other charitable organisations has been exceptional and we are indebted to them for their support.

Finally, I would like to thank everyone involved with St. Luke’s Community Centre for their hard work and dedication to our community over 2020. We are not through this pandemic yet and still need to show further resilience throughout 2021, but with the team involved, I am confident that we will get through this and come out stronger than before. Maybe then we can all gather and celebrate the extraordinary work St. Luke’s has achieved over the past 12 months for our community.

Raymond O’Halloran, Chair of the board

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

FROM THE SENIOR MANAGEMENT TEAM

2020 has been the most challenging of years for St Luke’s, and the world, with the global Covid-19 pandemic. There is no doubt life has been difficult for our local residents and members over the past year, but it has also been heartening to see the huge levels of support and generosity towards St Luke’s and the coming together of our wonderful community.

In March 2020, the Centre had to close its doors to the public but it was hugely important that we continued to support our members. Even with our doors closed in March, we were still able to cook a meal every day for our older vulnerable members or for those who were shielding and could not leave their homes. We were able to deliver those meals to the homes of people. We were also able to support households with food almost on a daily basis. It was wonderful to be able to support people in this manner but it was also very sad to see how people were impacted by the pandemic.

At the same time, our over 55s team and some of our corporate volunteers provided telephone support to those who were isolating, living on their own and were vulnerable. People still felt incredibly lonely and, in some cases, very afraid, but the telephone contact from St Luke’s was a life-line to many of them.

We opened the Centre as soon as we were able, on July 6[th] 2020. The services were restricted to what was allowed by Government restrictions at that time. We had to close services again at the beginning of November and then went through an unusual time in responding to changes introduced by Government. However, staff and volunteers were wonderfully flexible in their response to these changes, some of which were introduced with very little notice.

Despite these changes, St Luke’s continued to respond to the needs of local people and continued to adapt our services accordingly. December arrived and staff began to arrange appointments for people to be vaccinated, took people to the vaccination Centres, remained with them after the vaccination and took them home afterwards. It was heartening to see and experience.

However, the most important aspect to St Luke’s being able to continue to support people, came from the support received from so many different sources. Large quantities of food were delivered for distribution to service users and other charities within Islington. Our corporate partners rallied to our side without us even having to ask them. Our funders provided much needed finances to provide our services. Volunteer applications trebled (but unfortunately, we could only engage a small proportion due to social distancing). Local residents appeared on our doorstep with food donations. The Local Authority, and particularly the VCS team, were hugely supportive on so many different levels. They responded quickly, comprehensively and had a real ‘can do’ approach to everything.

Finally, proper acknowledgement needs to go to our staff for the way each one responded. They were responsive, flexible, understanding and hard-working. Even though we were in the middle of a pandemic, people wanted to help as much as they could and wanted to support our local community. It was so uplifting to experience.

We were very careful when services operated from St Luke’s. As a result, we are delighted to report that we are not aware of any of our service users having contracted Covid-19. We were always so careful in ensuring the Centre was Covid-safe, that we feel genuinely happy that we were able to protect our service users in this important way enabling them to participate in face-to-face interaction.

Michael Ryan, Chief Executive, Keren Wiltshire, Director of Services and Thomas Lans, Director of Operations

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

TRUSTEES’ REPORT

OBJECTIVES

The legal objective of the charity is to improve the conditions of life for the people living in the area of benefit. St. Luke’s fulfils the objective of the charity by using its income, after ensuring that the community centre building is maintained and insured and paying management expenses, in the payment of pensions, in relief-in-need grants and in the interests of social welfare, providing or assisting in providing facilities for recreation and other leisure time occupation with the object of improving conditions of life.

Strategic plan

In 2017, the board adopted a new three year ‘rolling’ strategic plan from January 2018. This means that each year St Luke’s previews the next three-year period in setting the plan and budget for the forthcoming year. During 2019, the charity reviewed the local demographics and as a result, set out a new plan for 2020. The agreed strategic plan has three main objectives which are detailed below. The arrival of a global pandemic during 2020 only re-enforced the main objectives. Future plans are based on this strategic plan and these objectives.

Vision: The trustees’ overall vision is that the St Luke’s neighbourhood is:

‘a welcoming, living, neighbourly community in South Islington for all people to contribute to working, playing and learning together for their mutual benefit and well-being.’

Mission: In pursuit of its vision, St Luke’s identified three mission priorities:

The need to tackle disadvantage, including supporting people with employment skills
The need to improve the Health and Wellbeing of local people
The need to build a sense of community

Objectives: The board has set the following eight strategic objectives:

Disadvantage

Become the preferred first point of call for local people seeking advice and front-line support
Increase closer working relationships with corporate partners, support for people into employment and accredited training courses to assist people with skills
Address the causes and effects of local poverty

Health & wellbeing

Put better health (and mental health) at the heart of services
Ensure a programme of support for people on a preventative level and condition management level

Community

Embed St Luke’s community centre as the hub of neighbourhood activity

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

Develop partnerships with, and between, local groups and providers
Give local people a sense of where they live, work, learn and play

Plan for the future

During 2020, the charity implemented its action points under a work plan based on its strategic plan developed during 2017 and implemented in 2018. In June 2019, staff and trustees held a facilitated away day and agreed further proposals to the plan. A similar away day scheduled for 2020 was cancelled due to Government directives on gatherings. However, the strategic direction agreed between 2017 and 2019 is as relevant to the charity as it emerges from the pandemic and plans its services, activities and events for 2021. St Luke’s continues to build upon strong foundations and built-up knowledge.

The services and activities of the charity will continue to be front-line and multi-dimensional in nature. The scope and reach of services continues to be broad. The Trust strives to build its profile and strengthen links among other groups and service providers locally, cementing its role as a community hub.

In May 2019, the charity opened the membership to everyone in the area of benefit (as opposed to people who are over 55 years of age). From that time until March 2020, the Centre provided services and activities for people of all ages during the day, evening and weekends. Thus, for that ten-month period, the Centre was a seven-day week enterprise with longer opening hours in the evenings. During March 2020, the Centre had to adapt its services to ensure compliance with Government legislation and requirements. The health and wellbeing officer, who was recruited in 2019, has supported local residents with health related issues, particularly mental health issues. This role has been particularly relevant during the pandemic.

The community engagement officer, recruited in 2018, has helped build significant partnerships in the community. During 2019, a community engagement strategy was put in place to build on the partnerships already in place and to reach out to other key players in the area. During 2020, this role and these partnerships were crucial in ensuring the Centre was responding to the needs of local people in light of Covid-19.

The charity continues to expand on improving the green credentials of the organisation. In July 2019, the organisation engaged a firm to carry out an Eco audit. A report was received in late 2019, which was then disseminated amongst staff. An action plan and environmental policy was drawn up and agreed by the board in early March 2020. However, the action plan was re-adapted during 2020. The board has stated its ongoing commitment to ensure St Luke’s prioritises this action plan.

St Luke’s had been looking carefully at the building and how best it can provide added green space to the local community. Architectural plans were considered and the board decided to defer any building work in order to focus its resources on providing support to the local community. This was a decision taken by the board prior to the advent of Covid-19, but has proved to be a fundamental sound decision in the circumstances in order to support local residents.

In December 2019, the unit at 80 Central Street was taken back by St Luke’s and transformed into a new employment hub. The team took up occupation in February 2020. However, services were suspended at the end of March 2020 and the space was transformed into a Food Hub in order to support our members.

As a London Living Wage Employer since October 2019, the Centre has continued to explore further avenues for supporting staff and maintaining a positive, healthy, environment in which to work.

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

As we are all too aware now, in February 2020, Covid-19 began to impact on the UK. By mid-March 2020, the country, along with the rest of the world, had ground to a halt. The financial markets were hugely volatile impacting the charity’s investments. It was expected that, by the end of 2020, we would be back on a more even keel. However, this was not to be the case and the Centre was still focusing on practical solutions to ensure the continuation of its services. This will continue well into 2021 and may include reviewing services and staffing levels as well as exploring even more varied income streams.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Nature of governing documents and corporate structure

St Luke’s Parochial Trust is constituted as an unincorporated trust, and is governed by four schemes issued by the Charity Commissioners dated 17[th] June 1983, 30[th] December 1983, 29[th] November 1994 and 29[th] April 1998, as amended by Section 74D Charities Act 2006 Resolution of 17[th] June 2010.

Despite St Luke’s Parochial Trust having one corporate trustee, the directors of this incorporated charity are the board and still remain known as trustees of St Luke’s Parochial Trust. They are referred to as the charity’s trustees throughout the report and accounts.

A trading company called St Luke’s Trading Limited was incorporated on the 17[th] December 2014 and began trading on the 1[st] January 2015. St Luke's Trading Limited (a company limited by share capital, company no. 9358692 [England and Wales]) is a wholly owned subsidiary of St Luke's Parochial Trust and pays all of its profits to the Trust under the gift aid scheme. The company's activities are trading operations which relate to catering, rental, room and other facility hire at St Luke’s community centre which were previously carried out by the charity.

Recruitment and appointment of trustees

There are currently 15 directors of St Luke’s Trustee Limited (the trustees) who have been selected for their perspective of the local area and specific skills they can offer the board. All present trustees either live, or have a keen interest in, the area of benefit and immediate surrounding areas.

Six trustees are described as nominative (one is ex-officio) and are external appointments by bodies such as the Local Authority or Parochial Church Council of St Giles’ Cripplegate. The governing documents allow for a further four nominative places, but the right to appoint them was waived by mutual agreement with the appointing bodies in 2006, and these places remain vacant.

Nine trustees are described as co-optative and selected for the specific skills they can bring to the board, or for a local perspective. All terms of office are four years, and the Chair holds office for four years. Vacancies are advertised locally and open to all.

New trustees are given an induction pack comprising Charity Commission publications on the obligations of trustees, internal documents such as governance documents, meetings’ minutes and strategic plans as well as up-to-date statutory accounts, budgets and management accounts. New trustees meet with the Chair and chief executive and are given a comprehensive tour of services. Trustees are offered ongoing training by the charity, with regular circulars of specific training courses facilitated by outside organisations.

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

In 2020, a nominative trustee, John Thirlwell, appointed by the parish council of St Giles’ Cripplegate, left the board. This role is still vacant. Cllr Claudia Webbe, a nominative trustee, appointed by the London Borough of Islington, left the board in September 2020 and was replaced with Cllr Matt Nathan.

Organisation structure, committees, and decision-making

During 2020, the board of trustees held four meetings. Unfortunately, due to the Covid-19 pandemic, the Trustees’ Away Day which had been scheduled for June 2020, was cancelled. The role of the board is to take decisions to govern and guide the charity’s future strategy, and keep the regular activities of St. Luke’s under review. Executive powers are delegated to the chief executive and the senior management team.

The sub-committee structure of the board consists of three committees, each of which meets on a regular basis. The three committees are: i) Finance, Risk and Audit Committee, ii) Quality and Governance Committee and iii) the Remuneration Committee. The chair of each committee is ratified by the board each year.

Senior staff

The trustees consider that the senior management team of the charity, being the chief executive, the director of services and the director of operations, comprise the key management personnel of the charity, in charge of directing, controlling, running and operating the charity on a day to day basis.

The pay of the senior management team of the charity, as well as all staff, is reviewed annually by the Remuneration Committee which makes recommendations to the board of trustees, who then consider whether or not to approve the proposals. In view of the nature of operations of the charity, the trustees benchmark pay rates against pay levels in other similar charities. The remuneration benchmark is based on published pay grades for senior staff within similar sized charities and ensures that the remuneration paid is fair and not out of line with that paid for similar roles in other charities.

PUBLIC BENEFIT

The trustees confirm that they have complied with their duty under the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.

St Luke’s provides a public benefit to local residents by being a place where community activities and services take place, which improve the quality of life for local people. This is done in a variety of ways: through reducing isolation and social exclusion, being a space for public gathering, and providing services which improve lives. With Covid-19 restrictions in place during the year, St Luke’s has had to completely adapt its activities. However, the public benefit principle is at the core of these adaptations. St Luke’s is also in active partnership with other organisations and individuals to deliver their own services which have a direct or indirect benefit to the local neighbourhood. The detail of how this is carried out can be found on pages 10-14 of this report.

Beneficiaries

Feedback is received from beneficiaries through suggestion boxes, user committee meetings, surveys, written compliments, complaints and informal comments. St Luke’s is committed to maintaining services that will maximise impact on service users. Since 2016, St Luke’s has implemented a system to measure

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

the impact of services on its members and service users. Impact reports were produced for the trustees during 2019 and 2020.

Wider society

St Luke’s area of benefit lies principally in the Bunhill ward of Islington. Statistics collated by the Oxford Consultants for Social Inclusion in 2019 show that employment for people in the area improved in the previous five years. However, statistics from Job Centre Plus in December 2020 shows a marked increase in unemployment levels in the area with applications for Universal Credit increasing by 100%. Furthermore, the number of people receiving health-related benefits has increased; the number of single parent families has increased and the area has a high level of residents renting properties from the Local Authority and Registered Social Landlords. The area continues to be affected by high child poverty rates and, even though the percentage of people who are over 65 years of age is lower compared to other areas of Islington and England as a whole, there is still a high proportion of people over 65 years who live alone. The highest demographic in the area is females between the ages of 24 and 35 years of age.

St Luke’s provides services which have positive effects on the issues faced by the local community as a whole. Over 68,000 visitors came to the centre in 2019 but with the arrival of the global pandemic, access to public buildings has been completely restricted by Government guidance and legislation. During 2020, the number of visitors to the Centre was in the region of 20,000. A small number of companies and firms hired rooms from the Centre and brought some much needed business into the area in the form of local employment and use of catering services. Other local firms joined in partnership with St Luke’s and provided direct funding, volunteers, gifts and services in kind. Some of these firms jumped to St Luke’s assistance during the year without even being approached. This shows an uplifting attitude from those particular firms. We acknowledge their support at the end of this report.

The achievements of the business engagement team in supporting people to become ‘job ready’ is reported on page 13 of this report.

The Centre provides information and support on issues such as managing health conditions, in order to minimise attendance at GP surgeries or contacting the authorities. Whilst no specific monitoring currently takes place on this, it is evident that more people would be unemployed, suffering from isolation and feeling socially excluded if they did not have the services at the Centre, particularly in light of what the area, and the world, has experienced during 2020.

ACTIVITIES

Community Centre

St Luke’s Community Centre Building

St Luke’s is based around a historic building, a 17,000 square foot community centre that is vibrant and welcoming and offers a wealth of activities and services for the benefit of people living in the area. The charity’s measurable objectives for providing, managing and maintaining the community space are that the building remains well-used, safe, inviting and accessible to everyone in the community. In addition, St Luke’s is now also occupying a 1,600 square foot annex located next door to the centre, which during 2020 became the base for St Luke’s Food Hub.

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

During this year the building was underused due to the various restrictions in place, but this turned out to be a golden opportunity to paint all our spaces, declutter and deep clean, to be ready to welcome the community back to the centre again. Normally the building would be used for a very wide range of activities, from children’s activities to early dementia care, hire of our meeting room spaces and a cookery school. It has also been used by local organisations putting on services for local residents.

Footfall 2020

St Luke’s started the year very strongly with around 14,000 visits to the centre in January and February. During a “normal year” St Luke’s would welcome around 70,000 visitors to the centre, in addition to many tens of thousands of customers to our cafe. However, due to lockdown and restrictions, the final number for the year was around 20,000 visits.

St Luke’s catering service

The year started strongly for the catering service. From the end of March the café closed and the hospitality catering stopped due to cancellation of room hire bookings. However, from the first day of lockdown the over 55s Lunch Club developed into a home-delivery Lunch Club service, delivering homecooked fresh food to many of our vulnerable residents, this continued for the rest of the year. The café and Lunch Club opened again from July, but had to close down again later on in the year like everywhere else. However, both café and Lunch Club continued to offer a ‘takeaway’ service for the remainder of the year.

Keeping the building, staff, tenants and visitors Covid-19 safe

St Luke’s has worked hard to make the building Covid-19 safe and implemented safety measures very early in 2020, such as purchasing PPE equipment as early as the end of January 2020. Then, introducing systems we now take for granted, such as arrows showing people where to walk, stickers to show where to stand, and protective screens for front line staff on reception, Lunch Club, Café and Food Hub. Early on, we also installed hand sanitizer dispensers at entry/exit points throughout the centre and arranged the furniture to allow for best social distancing practice. We engaged a dedicated daytime cleaner to help keep the building Covid-safe.

Environmental

An Eco Audit of St Luke’s took place at the end of 2019. Many of the recommendations from the report were actioned during 2020, such as switching to a green energy supplier, changing to smart and LED lighting, reviewing our catering offer to be more environmentally friendly and encourage staff to walk and cycle to work. This year has also seen the narrative and awareness of climate change undergo a significant positive shift. This has been incredibly encouraging and something St Luke’s will continue to build on over the coming years.

Community Services

St Luke’s continues to be a thriving and inspiring community organisation delivering a range of innovative services that make a real difference to the lives of residents living in south Islington. This was all the more important during 2020 when the community was impacted by the Covid-19 pandemic. Facilities are accessible, contemporary and of a high quality. Service users and customers remark on the friendliness of the Centre, and it is very satisfying to be recognised as a place that truly responds to the

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

needs of the community. The following headings provide highlights for some of the more significant services delivered during 2020:

Over 55s Service

St Luke’s has almost 900+ registered older members aged 55+ and the majority of those are aged 70+ and living by themselves with long-term health conditions. The needs of our vulnerable older community was an immediate priority when the pandemic started in 2020 and continue to be so. Despite the financial uncertainties, St Luke’s retained its Over 55s team as key workers, providing older residents with emotional support and practical assistance they needed to stay safely at home.

Initially, three course lunches were delivered to the doorsteps of members who struggled with shopping and cooking. We kept in touch with our regulars and their families with wellbeing calls, and the team helped with shopping, delivered donated food and popped ‘outside’ to chat with members who were experiencing difficulties. We also began posting monthly ‘Lockdown Lowdown’ newsletters to stay connected with older members and on Fridays we supported local restaurant, Fish Central, and volunteers to help deliver free fish and chip dinners to the homes of isolated members.

As lockdown eased in July we were pleased to open the community centre, Covid-secure, and offer a limited over 55s programme including a socially distanced lunch cub, a transport service, park picnic and small activity groups. This came to an end in mid-December with the second lockdown when we resumed our lunch deliveries, as well as offering a take-away service, and we were happy to begin supporting frailer members with transport to their vaccination appointments. Finally, despite the lockdown restrictions, we were able to deliver a traditional Christmas day lunch and gift to those who would otherwise spend the day by themselves.

Health and Well-Being

Promoting good health and wellbeing is a priority for St Luke’s and never more so than during 2020. The pandemic created a lot of fear, confusion and loneliness for local residents and our Health & Wellbeing officer , Tsedal Menghistu, worked from the community centre throughout the year offering information, signposting and a listening ear to those in need.

During the first lockdown, in addition to developing a new telephone befriending service, we introduced a daily information helpline and regular wellbeing calls to meet the needs of what was often a very anxious local community. Since March we supported 309 residents to cope with the emotional and practical repercussions of the pandemic. We connected residents of all ages to St Luke’s other Covid-19 emergency services and also made referrals to our partner agencies, ensuring residents received the support they needed to apply for welfare benefits and crisis grants, obtain debt advice, and receive appropriate health care guidance etc.

As lockdown eased during the summer we celebrated World Mental Health Day with a much needed and very successful older people’s relaxation workshop and we held popular stress busting and wellbeing workshops for the EC1 Women’s Multicultural Group with local mental health project, Direct Action Project. St Luke’s staff returning to work from furlough appreciated a self-care workshop delivered by our key partner and promoting positive mental health charity, Key Changes. Key Changes also delivered a wellbeing session for key workers who found it useful to share their experiences of working through the pandemic.

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

Central Street Cookery School

The New Year started with a fabulous community feast enjoyed by residents and staff which was cooked by celebrity chef, Melissa Hemsley, with volunteers from both St Luke’s and our food waste charity partner, the Felix Project. Our Cookery School Manager, Sofia Craxton, left in February and all our popular community cookery classes and cookery school hire came to a sudden halt in March.

The social distancing regulations that have been in place since March made the re-opening of the cookery school for community classes unviable for the remainder of 2020. However, in October, we were very pleased to deliver our first virtual cooking class for the Old Street District Partnership and this successful experience will inform our future delivery of community classes in 2021.

Growing Connections

Although the winter months are often quieter in gardens, our regular community sessions continued to have a steady footfall in early 2020 giving us time to focus on indoor plants, winter tasks and to enjoy our flourishing new greenhouse. In February, we completed a successful community project with our volunteer gardeners and the Hackney Mosaic Project to create an insect mosaic trail along with mosaic garden signs, and a map for visitors to the Edible Yard.

Despite the lockdown, all St Luke’s outdoor spaces continued to grow and thrive throughout the year and special thanks goes to our volunteer gardeners, particularly Andrew Nolan, who was an almost daily visitor. These efforts were recognised when we proudly received Gold for community gardens in the London in Bloom 2020 Awards.

As lockdown restrictions ease and the weather improves we look forward to resuming delivery of our gardening and food growing groups and moving forward with new community sustainability programmes.

Business Engagement

2020 had an exciting and prestigious start for the Business Engagement Team when manager, John Garces, was invited to speak and represent St Luke’s and the work with our business partners at the United Nations Headquarters in New York in February. At the three day event to celebrate the 5[th] International Day of Women and Girls in Science, John promoted our corporate sector responsibility programmes to around 2,000 international attendees. We are very grateful to Hogan Lovells for making this incredible trip possible by contributing towards the cost.

Sadly, the subsequent lockdown from March to September saw the temporary closure of our business engagement programmes. However, support from our corporate partners continued as strong as ever and we were delighted to receive so many generous offers of support and messages of goodwill. Regular supporters came forward with considerate offers to accelerate payment of membership renewals and 2021 donations to assist our cash flow at this difficult time and a range of pro bono support helped us make cost savings while improving our governance. During this time, with support from corporate volunteers, we were also able to deliver a new telephone befriending service. This popular service matched volunteers with vulnerable members who were feeling lonely or anxious and, at the height of the lockdown, was supporting 60 residents each week.

Since September we have successfully moved our employability support and Firm Futures, business startup programme, to online delivery. We have also been extending our digital inclusion programme

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

supporting isolated older people, families and job seekers to connect online with donated equipment and training. Despite the challenges, in 2020 we supported 94 unemployed residents to find work, we worked with 33 new business start-ups and corporate volunteers donated a total of 746 voluntary hours.

Finally, our traditional Christmas appeal brought the year to an impressive end as we exceeded our funding target with generous support from corporate partners and individual donors who bought community gifts to the value of £6k, donated over £7k to Just Giving and supported the Food Hub with festive food and treats.

Community Engagement

At the beginning of 2020, Community Engagement Manager, Carol-Ann McArdle, was focussed on improving the diversity of engagement and the promotion of St Luke’s All Age Approach. In January we introduced monthly ‘Pop-Ups’ at different community venues including Clerkenwell Medical Practice and Ironmonger Row Baths. In February we held our first All User Committee attended by 12 local residents and staff and, in partnership with Forum+, we successfully introduced Cooking with Pride and an LGBTQ monthly Film Club and, as always, our celebration of International Women’s Day in early March proved very popular. Since mid-March, our focus has been to support the community through the new St Luke’s Food Hub and in building relationships with food suppliers and partners in order to meet the increasing needs arising from local food poverty.

St Luke’s Food Hub

The newly created Food Hub was led by the Community Engagement Manager and supported by colleagues and volunteers during the first lockdown with the majority of referrals coming through our members, Help on Your Doorstep, Bright Start and local schools. Food Connections was successfully launched in mid-September with 47 households (133 beneficiaries) collecting essential food supplies once a week by appointment with a referral system introduced and gateways provided to other longer-term support.

Since the introduction of the second lockdown, the food distribution continued to be managed by the Community Engagement Manager and our Health & Wellbeing Co-ordinator supported beneficiaries with sign-posting to support services meeting individual needs. Opening times increased to meet increasing demands with 213 households (617 beneficiaries) registered by the end of 2020. King Square Nursery and Toffee Park Adventure Playground also made twice weekly collections to give food to families directly and The People’s Army made collections to distribute through their own food bank.

Grant funding enabled us to purchase good quality and culturally appropriate food and other essential household items such as nappies, toiletries and cleaning products. We are very grateful to our partners for their regular weekly food donations including London Borough of Islington, Felix Project, Fareshare and City Harvest. We are also hugely appreciative of all the local residents who supported the Food Hub with their time, commitment and their own donations. In 2020 St Luke’s distributed over 50 tonnes of donated food and supplies to families and residents in need.

A Christmas Toy appeal was launched in December and over 400 new toys were donated or purchased with money that was gifted. We were able to provide over 100 children registered through the Food Hub with good quality gifts. Christmas hampers donated by Slaughter and May were given to beneficiaries who were spending the festive period alone.

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

Children and Families

St Luke’s weekly children’s after school clubs that took place at the beginning of the year included table tennis, arts & craft and family cook and eat. The new Saturday Community Hub which offered free refreshments, craft and games in a friendly ‘drop-in’ environment proved to be popular with families and partners including Finsbury Library who delivered free workshops. Unfortunately, at the end of March our programme of activities and events for children and families was put on hold.

During the relaxation of lockdown in August, families attending the Food Hub were invited to join family bubble art sessions on our roof terrace and Islington Boat Club also provided free socially distanced summer boat trips. In October we produced activity collection packs including Pumpkin Making and Black History Month Arts & Craft. Despite the lockdown difficulties, the Parent Forum WhatsApp group continued to welcome new members and send messages of support within their network.

Volunteering

Volunteers make an enormous contribution to the delivery of St Luke’s key services and events and volunteering offers local people the opportunity to socialise, share skills and gain confidence and experience. In 2020 we had our highest ever number of volunteers donating their time with almost 3,000 hours recorded and this was despite making the difficult decision to temporarily stop all volunteer support in December because of the increasingly high Covid-19 infection rates. We are grateful to everybody who came forward to offer their support to our community during what was a very challenging year.

South Islington employment cluster

The Centre continued to be the lead organisation in the south of the Borough, for the employment cluster. However, no meetings took place during the year and a new initiative from ‘We are Islington’ has been formed to address the issues in relation to employment. This is expected to expand during 2021 as the effects of the pandemic will be even more pronounced. Up to fifteen partners who were part of the Employment Cluster, and who worked collaboratively with St Luke’s, are all part of the new initiative. These include Adult Community Learning, Iwork, City University, and other voluntary organisations and groups.

Finsbury Wards’ partnership

St Luke’s works with the local Wards’ partnership on hosting and publicising quarterly meetings on a variety of themes. One meeting took place, in person, at the beginning of the year, and a second meeting took place, online, in July 2020.

FINANCIAL REVIEW

The Covid-19 pandemic had a major impact on St Luke’s ability to generate income through its trading subsidiary with the result that total income decreased by £508,815 from £2,162,397 in 2019 to £1,653,582 in 2020.

The principal sources of income, at 86% of the total, were dividends from investments, grants from central and local government and trading income from facility hire and catering.

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

Despite the reduced income trustees, recognising the continuing and often newly different needs of the local community, resolved to maintain as many services as possible with the result that, although expenditure was reduced from £2.4m to £ 2.1m a net loss of £404,608 was made before gains on investments (2019: 276k loss). That was the loss resulting from operational activity.

The overall results were significantly impacted on by 2 further factors – gains on investments of £1.5m and a £109k loss resulting from the triannual pension deficit revaluation. Together those turned the £405k loss from operating activity into a £1m positive movement in all funds and, importantly for SLPT’s sustainability, a £128k increase in unrestricted funds.

The ultimate surplus on unrestricted funds was in no small part due to the adoption of total return accounting for the endowment funds which allowed for £584k of the return on endowment investments being taken to general funds to provide vital working capital for operations

At the year end, all funds totalled £28,724,824 (2019: £27,717,436) of which £5,140,500 (2019: £5,304,641) took the form of tangible fixed assets (St Luke’s premises and equipment) and £23,997,470 were investments (2019: £23,016,259). Of the investments, £15,974,310 (2019: £15,118,284) were permanent endowment funds. Net current assets (including cash), being St Luke’s funds available for spending, totalled £372,315 (2019: £238,328).

INVESTMENT POLICIES, OBJECTIVES AND PERFORMANCE

In accordance with the charity’s governing instruments and the Trustee Act 2000, the trustees have the power to invest in such stocks, shares, investments and property as they see fit. The trustees’ investment policy was reviewed in 2018 and again in 2019 when the decision was made to adopt a total return approach from 1 January 2020. The decision by the trustees to move to a total return policy, whereby they seek to maximise total returns regardless of whether those returns accrue by way of income or capital growth, gave much needed stability to the finances, and specifically the cash flow, of the organisation throughout the year.

The policy applying in 2020 was as follows:

St Luke’s trustees hold investments to maintain their permanent endowment and to produce income to fund its operations. As a means of adhering to the general principles of trust law, and ensuring that the charity maximises its effectiveness, the trustees seek to maximise returns on investments whilst maintaining capital values over time.
The trustees wish to ensure that: a) the capital values of investments maintain their real values against inflation as measured by the Retail Price Index on the average value over 3 previous years and b) the investment portfolio yields a minimum 4% p.a.

During 2020, the aims of the investment policy were adhered to and achieved. In 2015, the trustees appointed Investment Quorum, independent financial advisers, to oversee and advise on the Trust’s investment portfolio in order to continue to achieve its policy aims. In 2019, the trustees gave Investment Quorum discretionary powers to invest in the best interests of the organisation.

Total return investment

The trustees considered a valuation of £8.294m on 31 December 2008 to be the earliest reliable valuation on which to base the value of the original endowment. In order to maintain the real value of the core

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

endowment, an annual uplift in line with increases in the Consumer Price Index is made to it from income and gains generated by the endowment investments, otherwise referred to as the unapplied total return.

As permitted under the Charity Commission’s total return regulations, an annual transfer has and will in future years be made from the unapplied total return to general funds in order to provide working capital for the Trust. From 2019 to 2021 the transfer is anticipated to average £600,000 per annum.

Ethical investment policy

St Luke’s portfolio is invested in collective funds, not direct equities. Whilst there is no formal exclusion policy in place, the Trustees are in regular communication with their investment managers and encourages them to give due consideration to the environmental, social or governance (ESG) credentials of the underlying holdings and to consider investing in funds and managers which display, promote or integrate ESG characteristics..

RESERVES POLICY

The charity funds comprise a mixture of permanent endowment (£15.97m), restricted funds (£107k) and unrestricted funds (£12.64m). Of the unrestricted funds, £5.14m are represented by fixed assets comprising mostly the community centre.

The majority of the remainder has been designated as follows:

Cyclical Maintenance Fund (£1.16m). This fund is formed to fund community centre lifecycle costs of items with a lifespan of less than 10 years. The trustees took professional advice to ascertain the correct size of this fund over an expected 30 year building lifecycle, and are augmenting the fund with annual ‘sinking fund’ transfers from the general fund. The fund will be used to pay for forecast building lifecycle expenditure. During the year, £18,863 was spent from the fund on essential maintenance works (2019 balance = £1.13m).

Extraordinary Repair Fund (£0.75m). This fund is formed to fund community centre lifecycle costs of items with a lifespan of greater than 10 years. The trustees took professional advice to ascertain the correct size of this fund over an expected 30 year building lifecycle, and are augmenting the fund with annual ‘sinking fund’ transfers from the general fund. They utilise the fund to pay for forecast building lifecycle expenditure. Exceptionally, nothing was spent from the fund during the year (2019 balance = £721k).

Planning Deed Fund (£1.96m). This fund will meet an obligation to pay a commuted housing sum to Islington Council over the next 22 years if trustees decide not to operate as a community centre of similar scale and function in the immediate vicinity. This commitment is part of Town and Country Planning Act 1990 Section 106 deed of planning agreement dated 1[st] November 2013, which stipulated an obligation for a 30 year period from 2013. The full amount repayable in this scenario would now be £2.8m (index linked), annually reduced by £0.10m (index linked) so that in 22 years the commitment is zero. The trustees have, therefore, created a designated fund for the last 20 years of this commitment, as there are no foreseeable plans for change for at least 10 years.

Care and Grant Fund (£0.41m). This fund has been set aside to ensure that the charity can always meet the long‐term commitment it makes to a number of the most vulnerable older users of the charity’s services – about 80 individuals. These individuals would suffer the most if the charity was suddenly forced to withdraw its services to them. The support is given in the form of pensions, grants and help with care

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

costs. The amount has been calculated on the basis of 10 years’ annual present‐day costs. During the year, £64k was spent on maintaining services to vulnerable clients (2019 balance = £0.48m).

General Fund. This fund, totalling £3.22 million (2019: £2.92m), is the balance of the charity’s unrestricted funds after the above designations, and is considered to be the free reserves of the charity. Of these funds, £366,252 (2019: £271,409) is held in cash. It is the trustees’ intention to maintain the general fund between 6 and 9 months of annual budgeted unrestricted expenditure in order that it might be able to meet volatility in income and expenditure, as well as take advantage of opportunities. The current balance represents 15 (2019: 14) months of unrestricted expenditure in normal operating conditions (£210k pm), the balance having risen as a result of gains in the value of investments through the year. For the main part those gains were unrealised gains which cannot be guaranteed to be realised.

Fundraising for St Luke’s is carried out by its staff members who abide by the Code of Conduct as set out by the regulator. St Luke’s does not use paid professional fundraisers and the organisation directs its fundraising activities towards charitable trusts and funders. St Luke’s does not solicit funds from its members, particularly those who may be vulnerable people.

PRINCIPAL RISKS AND UNCERTAINTIES

The trustees receive reports and examine the major risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to manage these risks. The board considers the major risks at meetings, whilst other risks are considered as part of normal day to day management processes.

During the year, the trustees regularly considered over 40 risks to the charity. Having reviewed these risks during 2020, the trustees consider the risks listed below as the main risks faced by the charity. However, the overriding risk during 2020 has been the potential impact of Covid‐19. The other risks are similar to previous years, but they are still major considerations. As part of the management of all risks, trustees have put in place control measures to ensure the mitigated risks are at acceptable levels.

1) Covid‐19 has affected every aspect of society and every country throughout the world. St Luke’s is in a fortunate position with regard to its income. However, there is still a vast amount of uncertainty in looking towards the future. St Luke’s moved to a Total Return approach on its investments from January 2020 which has helped to ensure the consistency of income throughout the year. St Luke’s has also benefited from the Government’s Work Retention Scheme. The closure of services has reduced the income but it has also reduced expenditure. On a non‐financial level, the Centre focused very carefully on keeping the space safe for staff and service users in order to minimise the transmission of the virus. By the end of the year, the steps taken by the Centre proved effective in this aim. However, the organisation, like every other organisation in the world, will have a challenging time as we move forward.
2) Income from investments is seen as a key risk, particularly in light of the changed world since March 2020. In order to advise the board on this risk, in 2015, St Luke’s engaged a firm of independent financial advisers, Investment Quorum, on an ongoing basis. They review and monitor our investments and follow the investment policy as agreed by trustees. During 2019 Investment Quorum were given discretionary powers over the portfolio on the allocation of investment assets and the income from them. During 2020, the global markets have been extremely volatile and it is expected that they will settle down in the coming year. However, unrealised gains during 2020 must be understood in the context of the volatility of the markets.

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

3) Trustees continue to regard safeguarding as one of the main risks within an open public building. To this end, trustees have put in place comprehensive policies on child protection and safeguarding adults. Staff are trained in safeguarding and safer recruitment. Service users are made aware of the issues. CCTV has been installed in various parts of the Centre, and all staff are vigilant in respect of protecting children and adults who are vulnerable.
4) Trustees continue to monitor the level of resources being expended on the café which opened in 2015. After a difficult start, the business at the café improved greatly. However, during 2019, the café was affected by the general slow‐down in the hospitality industry and did not meet set sales’ goals. During 2020, this was even more pronounced. Income from the café was less than a quarter of that which had been in the budget for the year. The café had to close for three months as a result of Government restrictions. However, curbs on expenditure went some way to reduce the deficit on the service. Trustees continue to ensure resources are closely monitored.
5) Trustees are conscious of the need to retain and develop high quality staff. To ensure this happens, they regularly review terms and conditions and remuneration of staff. Staff are offered personal development as part of their annual appraisal and are encouraged to develop their skills. Trustees benchmark staff remuneration with similar roles in other similar sized charities.
6) The liability arising from deficit payments to the defined benefit pension scheme (addressed in note 15 to the accounts) is subject to revaluation on a triennial basis. The most recent revaluation took place during 2020 and it was agreed with all parties that St Luke’s contribution will continue at the same level as in the past three years. Revaluations can impact materially on the accounts – either to increase or reduce the liability. The Trustees are confident in St Luke’s ability to afford future payments under the current deficit recovery plan, whose end date has been extended from January 2025 to August 2025.
7) Cyber Attacks: with the ongoing awareness of cyber attacks on all organisations, the trustees have put in place a robust strategy on IT and cyber attacks. In previous years, the charity had penetrative testing carried out by an external IT company who reported back that, apart from some minor licencing issues, the processes in place are adequate to combat such cyber attacks. However, trustees continue to ensure the organisation is fully aware of the need to be cautious in all transactions.

STATEMENT OF TRUSTEE’S RESPONSIBILITIES IN RELATION TO THE ACCOUNTS

The Trustee is responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustee to prepare accounts for each financial year which give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources of the group for that period. In preparing these accounts, the Trustee is required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in accounting and reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);

St Luke's Parochial Trusl Trustges, annual report For the year ended 31 December 2020 make judgements and estimates that are reasorhable and prudent,. State whether applicable United Kingdom ActDunting Standards have been followed, subject to anv material departures disclosed and explained in the accounts,. and prepare the accounts on the going concern ba515 unle55 It 15 inappropriate to presume that the charity will continue in operation. The Trustee is responslble for keeping proper accounting record5 that are suffitient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the accounts comply with the Charities Act 2011, the Charitv (Aicouiits aiid R¥pur Lsl Re¥ul¢1Lions 2008 and the pruvisiDn¥ Df the Trust Deed. It Is also respurisible lor Safeguarding the assets of the group and charity and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularltles. Approved by the trustees on.. 9, June 2021 Raymond O'Halloran, Chalr of the Board of Trustee 20

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

Opinion

We have audited the financial statements of St Luke’s Parochial Trust (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31 December 2020 which comprise the Consolidated and Parent Charity Statements of Financial Activities, the Consolidated and Parent Charity Balance Sheets, the Consolidated and Parent Charity Cash Flow Statements and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 31 December 2020 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the trustees’ annual report. Our opinion on the group and parent charity financial statements does not cover the other information and we do not express any form of

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
sufficient accounting records have not been kept; or
the parent charity financial statements are not in agreement with the accounting records; or
• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the group and parent charity financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the group and parent charity financial statements, the trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and the relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the group and parent charity and the sector in which they operate to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, application of cumulative audit knowledge and experience of the sector.
We determined the principal laws and regulations relevant to the group and parent charity in this regard to be those arising from the Charities Act 2011, Charities (Accounts and Reports) Regulations 2008, and Companies Act 2006.
We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the group and parent charity with those laws and regulations. These procedures included, but were not limited to:
enquiries of management
review of minutes
review of legal correspondence
We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that accounting estimates such as the pensions liability provision were also subject to this risk. We reviewed the actuarial report and considered the assumptions within it. No issues were noted with regards to management override.
As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

St Luke’s Parochial Trust Trustees’ annual report For the year ended 31 December 2020

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

15 Westferry Circus

PKF Littlejohn LLP

Statutory Auditor

Canary Wharf London E14 4HD

16 June 2021

PKF Littlejohn LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006

St Luke's Parochial Trust Consolidated statement of financial activities (including consolidated income and expenditure account) For the year ended 31 December 2020

Notes Unrestricted Funds £ Income from: Donations and legacies 2 29,419 Charitable activities 3 Community centre 20,200 Community services 65,874 Other trading activities 4 391,072 St Luke's Trading Limited Rental income - Investment income 5 222,605 Other income 6 286,697 Total income 1,015,867 Expenditure on: Raising funds 7 St Luke's Trading Limited 287,883 Investment management costs 22,453 Fundraising 47,085 Charitable activities 7 Community centre 765,298 Community services 717,908 Total expenditure 1,840,627 Net (expenditure) income before net gains on investments 8 (824,760) Net gains on investments 11 478,026 Net (expenditure) income for the year (346,734) Transfers between funds 12 583,651 Net income before other recognised gains and losses 236,917 Actuarial losses on defined benefit pension scheme 16 (109,028) Net movement in funds 127,889 Reconciliation of funds Total funds brought forward 19 12,515,825 Total funds carried forward 12,643,714	Restricted Funds £ 13,460 - 182,571 - - - -	Endowment Funds £ - - - - - 441,684 -	2020 Total £ 42,879 20,200 248,445 391,072 - 664,289 286,697	2019 Total £ 27,017 21,280 262,130 940,976 60,981 850,013 -
1,015,867	196,031	441,684	1,653,582	2,162,397
287,883 22,453 47,085 765,298 717,908	- - - - 172,558	- 45,005 - - -	287,883 67,458 47,085 765,298 890,466	717,033 57,669 43,412 714,304 906,077
1,840,627	172,558	45,005	2,058,190	2,438,495
(824,760) 478,026	23,473 -	396,679 1,042,998	(404,608) 1,521,024	(276,098) 2,802,183
(346,734) 583,651	23,473 -	1,439,677 (583,651)	1,116,416 -	2,526,085 -
236,917 (109,028)	23,473 ‐	856,026 -	1,116,416 (109,028)	2,526,085 -
127,889 12,515,825	23,473 83,327	856,026 15,118,284	1,007,388 27,717,436	2,526,085 25,191,351
12,643,714	106,800	15,974,310	28,724,824	27,717,436

All of the above results are derived from continuing activities. There are no other recognised gains or losses other than those stated above.

The notes on pages 28 to 46 form part of these financial statements.

St Luke's Parochial Trust Balance sheets For the year ended 31 December 2020 Group 2020 Group 2019 Charoty 2020 Charity 2019 Notes Fixad assats Tangible assets Investments 10 5.140,500 23.997,469 29.137.969 5,304,641 23,016,259 28,320,900 5.140,SOO 5,304,641 23,997,470 23,016,260 29.137.970 28,320,901 Current assets Debtors Cash al bank and in hand 13 181,607 473,052 654,659 31 Q,952 354,736 665,68e 200,830 363,475 564,305 371,642 203.199 574,841 Llabllltlgs Creditors". amounts falling due within one year 14 282,344 427,360 191.991 1336,514 Not current a$$ot8 372,315 238,328 372.314 238,327 Total assets 5$ current Ilabllltles 29.510.284 28,559.228 29.510.284 28,559,228 Defined benefit pension Scheme liabilty 16 785,4601 841,792 785,460 841.792 Net assets 28,724,824 27,717,436 28.724.824 27,717.436 Repr•$ontsd by: Funds and reserves Endowment fund Restrided funds Unrestricted funds Designated tangible fixed assets fund Designated revenue fijnds General fijnds 19 15.974,310 106,800 15.118,284 83,327 15.974.310 15, 118,284 106,800 83,327 5,140.500 4,285,883 3,217,331 5.304.641 4.295,388 2,915,798 5.140.500 4.285.883 3,217,331 5,304,641 4,295,388 2,915,796 12,643,714 12,515,825 12.643.714 12,515,825 28,724,824 27,717,436 28.724,824 27,717,436 Approved by the Trustees on 9 June 2021 and signed on their behalf by.. Raymgnd O'Halloran Chaimian of the Board of Trustees The notes on pages 28 to 46 fom) part ofthese financial Statements. 26

St Luke's Parochial Trust Consolidated statement of cash flows For the year ended 31 December 2020

Notes 2020 £ 20 (1,085,787) Cash flows from investing activities: Interest, rent and dividends from investments 664,289 Purchase of tangible fixed assets - Proceeds from the sale of tangible fixed assets - Purchase of investments (4,250,931) Proceeds from the disposal of investments 4,829,779 Cash provided by investing activities 1,243,137 Change in cash and cash equivalents in the year 157,350 Cash and cash equivalents at the beginning of the year 538,236 Cash and cash equivalents at the end of the year 21 695,586 Net cash (used in) provided by operating activities	2019 £ (1,090,044) 850,013 (129,392) - (1,877,422) 2,114,637
	957,836
	(132,208) 670,444
	538,236

The notes on pages 28 to 46 form part of these financial statements.

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

1 Accounting policies

a Basis of accounting

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102).

St Luke's Parochial Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) as applicable from 1 January 2019.

b Group accounts

The accounts consolidate the results of the charity and its wholly owned trading subsidiary, St Luke's Trading Limited, on a line by line basis. Total income for the unconsolidated charity for 2020 was £1,646,465 (2019: £2,152,250) and net income, after gains on investments, was £1,007,388 (2019: net income, after gains on investments, of £2,526,085).

c Going concern and significant estimates

The trustees consider that there are no material uncertainties regarding the Trust's ability to continue as a going concern. In reaching that conclusion the trustees have considered the ongoing impact of COVID -19 on activities and cash flows for a period of at least one year from the date of approval of the financial statements. The trustees have considered a number of scenarios that could occur over that period. It remains uncertain when St Luke’s will be able to resume normal operations and until it can do so it will certainly generate negative cash flows through predicted loss of room hire, catering operations and reduced investment income, offset by some cost savings. The trustees are confident that the strength of the Trust’s balance sheet - specifically the level of its unrestricted funds - and the various economies it has put in place will ensure its ability to continue as a going concern for a period in excess of 12 months from the reporting date. Changes to St Luke’s service delivery model have also been required to ensure it continues to provide for the most vulnerable.

Key judgements that the trustees have made which have a significant effect on the accounts include the estimation of the pension scheme liability as being equal to the value of all future payments, as calculated by the scheme actuary, under the current recovery plan. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d Funds structure

The endowment fund comprises monies which must be held indefinitely as capital and is therefore a permanent endowment. Realised and unrealised gains from investment of the funds are retained in the endowment fund. Income generated from investment of the funds is unrestricted and applied for general charitable purposes within the charity’s objects.

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

1 Accounting policies (continued)

d Funds structure (continued)

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor-imposed conditions.

The unrestricted funds comprise funds designated for specific purposes by the trustees (and under Scheme direction), and the general fund which represents the working capital required for the efficient running of the Trust’s activities.

e Income

Donations and the £5 fee for life membership of St Luke’s are credited to the statement of financial activities in the year in which they are received. Distributions from investments are credited to income on the dates on which the holdings are first quoted ex dividend. Grants received as income from charitable activities are credited to income when they are receivable, unless they are for activities that relate to a specific future period, in which case they are deferred to that period. All other income is accounted for on an accruals basis. The value of goods donated for use by the charity, such as foodstuffs for redistribution, is not recognised in the accounts due to the impracticality of reliably measuring their fair value.

f Expenditure and irrecoverable VAT

Expenditure, and the recognition of a liability, is included in the statement of financial activities when incurred and includes any attributable VAT which cannot be recovered.

Expenditure is classified as follows:

Expenditure on raising funds comprises the fees charged by the investment managers and expenditure of St Luke's Trading Limited, the wholly owned trading subsidiary.

Expenditure on charitable activities comprises costs of the community centre, community services and grants and pensions to individuals. Associated support costs are included (note 7).

g Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include the cost of the Chief Executive, Director of Services, Executive Assistant and Finance Staff as well as governance and general office costs. Support costs relating to Charitable Activities have been apportioned based on staff time expended. The allocation of support costs is analysed in note 7.

h Provision of space

The Trust does not include in the accounts the value of community room space donated to other organisations delivering their services to local residents.
i Volunteers and placement students The Trust does not show in the accounts the value of the time volunteers and Placement Students give to community services.

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

1 Accounting policies (continued)

j Staff pension commitments Under the definition set out in Financial Reporting Standard 102, the Cripplegate Foundation Pension and Assurance Scheme is a multi-employer, defined benefit plan. However, the Trust is unable to identify its share of the underlying assets and liabilities of the scheme on a reasonable and consistent basis and so, in compliance with FRS 102, is accounted for as if it were a defined contribution plan. A ten year recovery plan to fund the scheme deficit has been entered into by the participating employers and the liability arising from St Luke's payments under that plan is recognised in full in the accounts.

k Fixed assets - property, equipment and vehicles

Fixed assets are included at cost. All assets costing more than £5,000 and with an expected useful life exceeding one year are capitalised. Depreciation has been calculated on a straight-line basis on cost in order to write off each asset over its estimated useful life which is shown below.

-- Freehold buildings -- Leasehold property -- Fixtures, fittings and equipment -- Minibus
50 years 50 years
3-10 years 5 years

Freehold land is not depreciated.

Depreciation is charged on building works from the date of completion, being the point at which they are fully available for use.

l Fixed asset investments

Freely tradable investment assets are included on the balance sheet at their market value at the end of the financial period. Unrealised gains and losses are credited, or debited, to the statement of financial activities in the year in which they arise.

Until 31 Dec 2019 trustees pooled the investments across unrestricted and permanent endowment funds rather than holding separate investments in each. Investment managers’ fees and gains upon revaluation at the year end were allocated to each fund in proportion to the split in holdings between each fund.

From 1 January 2020 trustees adopted total return accounting, ceased the pooling of funds and identified unrestricted and endowment funds separately. Investment managers’ fees and revaluation gains were subsequently attributed directly to the relevant funds.

m Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

2 Income from donations and legacies

£ 29,419 Unrestricted	£ 13,460 Restricted	2020 Total £ 42,879	2019 Total £ 27,017
29,419	13,460	42,879	27,017
15,017	12,000	2020 Total £ 200 20,000	2019 Total £ 1,280 20,000
Unrestricted £ 200 20,000	£ - - Restricted
20,200	-	20,200	21,280
21,280	-	30,503 92,434 89,250 503 262 - 5,493 10,000 10,000 10,000	66,386 27,333 100,979 41,717 12,164 (10,154) 3,705 - 10,000 10,000
11,003 9,849 33,764 503 262 - 493 - 10,000 -	19,500 82,585 55,486 - - - 5,000 10,000 - 10,000
65,874	182,571	248,445	262,130
81,774	180,356

86,074	182,571	268,645	283,410
103,054	180,356

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

4 Income from other trading activities

Income from other trading activities
St Luke's Trading Limited Rental income Total income from other trading activities Total income from other trading activities 2019	Unrestricted £ 391,072 -	£ - - Restricted	2020 Total £ 391,072 -	2019 Total £ 940,976 60,981
	391,072	-	391,072	1,001,957
	1,001,957	-

St Luke's Trading Limited (a company limited by share capital, company no. 9358692 (England and Wales) is a wholly owned subsidiary of St Luke’s Trustee Limited (the sole corporate trustee of St Luke’s Parochial Trust). As such it constitutes a wholly owned subsidiary of St Luke's Parochial Trust and pays all of its taxable profits to the Trust under a deed of covenant. The company's activities comprise those operations of a trading nature which relate to catering, rental, room and other facility hire at St Luke’s Community Centre. The summary financial performance of the subsidiary company is:

Unrestricted £ 222,605	Endowment £ 441,684	2020 £ 391,072 (36,362)	2019 £ 940,976 (132,955)
		354,710 (251,521)	808,021 (584,077)
		103,189 (103,189)	223,944 (223,944)
		-	-
		120,809 (120,808)	289,854 (289,853)
		1	1
		1	1
		2020 Total £ 664,289	2019 Total £ 850,013
222,605	441,684	664,289	850,013
850,013	-

5 Income from investments

6 Other income

The Trust received £286,697 under the government's Coronavirus Job Retention Scheme in the year (2019: £nil).

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

7 Analysis of expenditure

Cost of raising funds	Cost of raising funds	Cost of raising funds	Charitable activities	Charitable activities	Governance costs £ - - - - - - - - - 12,210 1,136 - 3,232	Support costs £ 341,033 22,178 21,580 8,628 - 42,018 14,770 - - - - - -	2020 Total £ 1,343,358 41,708 23,849 46,729 6,463 56,675 188,143 164,141 99,828 15,470 1,136 67,458 3,232	2019 Total £ 1,435,008 52,558 53,782 147,305 7,868 81,994 234,597 164,141 177,283 17,030 4,497 57,669 4,763
	Investment management £ - - - - - - - - - - - 67,458 -	Fundraising £ 47,085 - - - - - - - - - - - -	Community Centre £ 250,389 12,550 - 922 - 4,396 136,821 158,155 - - - - -	Community services £ 502,221 3,203 2,269 37,018 6,463 5,854 854 5,986 61,878 - - - -
287,883 - -	67,458 - -	47,085 - -	563,233 180,892 21,173	625,746 243,547 21,173	16,578 25,768 (42,346)	450,207 (450,207) -	2,058,190 - -	2,438,495 - -
287,883	67,458	47,085	765,298	890,466	-	-	2,058,190	2,438,495
717,033 - -	16,380 - 41,289	43,412 - -	713,961 343 -	711,009 195,068 -	Total 2,201,795 195,411 41,289
717,033	57,669	43,412	714,304	906,077	2,438,495

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

8 Net income/(expenditure) before net gains on investments

This is stated after charging Depreciation Auditor's remuneration: Audit fees Other	2020 £ 164,141 15,380 -	2019 £ 164,142 15,175 1,700

9 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows: Salaries and wages Social security costs Employer’s contribution to defined contribution pension schemes Redundancy and termination costs Life assurance Agency costs	2020 £ 1,143,234 100,549 76,992 6,402 16,181	2019 £ 1,250,360 92,572 78,194 - 13,882
	1,343,358 41,708	1,435,008 52,558
	1,385,066	1,487,566

The following number of employees received employee benefits (excluding employer pension) during the year between:

£60,000 - £69,999 £80,000 - £89,999	2020 No. 2 1	2019 No. 1 1

The total employee benefits including employers' national insurance and pension contributions of the key management personnel were £252,709 (2019: £231,327).

The charity trustees were not paid and did not receive any other benefits from employment with the Trust or its subsidiary in the year (2019: £nil). No trustees were reimbursed expenses during the year (2019: one trustee was reimbursed expenses of £125). No charity trustee received payment for professional or other services supplied to the charity (2019: £nil).

Professional Indemnity insurance was taken out, at a cost of £1,024 (2019: £1,024), to protect the Trust from loss arising from claims made against it by reason of any negligent act, error or omission committed by the charity, its employees or any other person, firm or company director appointed by and acting on behalf of the charity. It includes Executive Liability, providing cover for Trustees. The limit of indemnity is £1,000,000 per claim.

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 57 (2019: 61).

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

Freehold land and buildings £ 6,623,581 -	Leasehold £ 280,303 -	Fixtures, fittings and equipment £ 201,881 -	Motor vehicles £ 29,930 -	Total £ 7,135,695 -
6,623,581	280,303	201,881	29,930	7,135,695
1,753,394 132,471	18,686 5,606	52,988 20,078	5,986 5,986	1,831,054 164,141
1,885,865	24,292	73,066	11,972	1,995,195
4,737,716	256,011	128,815	17,958	5,140,500
4,870,187	261,617	148,893	23,944	5,304,641

The freehold buildings consist of the St Luke’s site at 90 Central Street, London EC1. Freehold land and buildings are shown at cost.

The leasehold asset is a 150 year leasehold on a unit adjacent to the community centre completed in October 2016.

All tangible fixed assets are used for charitable purposes.

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

11 Fixed asset investments

Fixed asset investments
Listed investments (note a) Social investment (note b) Investment in subsidiary company (note c) a Listed investments Analysis of movement of investments Opening market value at start of year Additions at cost Disposals at market value Realised (losses) gains Unrealised gains (losses) Cash instruments and cash held for reinvestment Historical cost	2020 2019 £ £ 23,947,469 22,966,259 50,000 50,000 - - 23,997,469 23,016,259 Unrestricted Endowment £ £ 7,746,135 15,036,624 1,317,307 2,933,624 (1,709,863) (3,119,916) (121,129) (225,463) 599,155 1,268,461 7,831,605 15,893,330 222,534 - 8,054,139 15,893,330 Group		2020 2019 £ £ 23,947,469 22,966,259 50,000 50,000 1 1 23,997,470 23,016,260 2020 2019 £ £ 22,782,759 20,217,791 4,250,931 1,877,422 (4,829,779) (2,114,637) (346,592) 167,563 1,867,616 2,634,620 23,724,935 22,782,759 222,534 183,500 23,947,469 22,966,259 17,959,279 18,229,978 Charity
	23,997,469	23,016,259	23,997,470	23,016,260
	Unrestricted £ 7,746,135 1,317,307 (1,709,863) (121,129) 599,155	Endowment £ 15,036,624 2,933,624 (3,119,916) (225,463) 1,268,461	2020 £ 22,782,759 4,250,931 (4,829,779) (346,592) 1,867,616	2019 £ 20,217,791 1,877,422 (2,114,637) 167,563 2,634,620
	7,831,605 222,534	15,893,330 -	23,724,935 222,534	22,782,759 183,500
	8,054,139	15,893,330	23,947,469	22,966,259
			17,959,279	18,229,978

Historical cost 17,959,279 18,229,978	Historical cost 17,959,279 18,229,978	Historical cost 17,959,279 18,229,978	Historical cost 17,959,279 18,229,978	Historical cost 17,959,279 18,229,978
Unrestricted Endowment 2020 2019 £ £ £ £ Opening balance 98,051 85,449 183,500 228,776 Net additions (withdrawals) 146,908 (40,674) 106,234 11,730 Investment management fees (22,425) (44,775) (67,200) (57,006) 222,534 - 222,534 183,500 Movement in cash instruments and cash held for reinvestment The investments comprise twenty UK mutual funds and one UK exchange traded fund (2019: sixteen mutual funds).
	222,534	-	222,534	183,500

b Social investment

On 26 September 2018 the charity invested £50,000 in the London Capital Credit Union (LCCU) in the form of a 10 year interest free loan. The loan was made in order to support the work of LCCU in providing affordable finance to financially disadvantaged people .

c Investment in subsidiary company

The charity beneficially owns the entire share capital, being 1 share of £1, of St Luke's Trading Limited, its trading subsidiary. The holding was acquired on incorporation of the company on 17 December 2014. Relevant financial information regarding St Luke's Trading Limited is summarised in note 4.

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

12 Permanent endowment fund

Core endowment £ 10,678,000 - - - -	Unapplied total return £ 4,440,284 441,684 (225,463) 1,268,461 (45,005)	Total £ 15,118,284 441,684 (225,463) 1,268,461 (45,005)
- - 68,890	1,439,677 (583,651) (68,890)	1,439,677 (583,651) -
68,890	787,136	856,026
10,746,890	5,227,420	15,974,310
10,746,890 -	5,146,440 80,980	15,893,330 80,980
10,746,890	5,227,420	15,974,310

The trustees adopted total return accounting for the permanent endowment from 1 January 2020. The core endowment element represents the best estimate of the real value of the original endowment, based on a valuation of £8.294m on 31 December 2008 uplifted in line with subsequent increases in the Consumer Price Index. In 2020 a transfer of £68,890 was made from the unapplied total return to the core endowment to maintain its real value.

£583,651 was transferred to general funds from the unapplied total return in the year.

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

13 Debtors

Trade debtors Prepayments and accrued income Other debtors Amount owed by trading subsidiary	2020 2019 £ £ 11,637 68,822 169,319 170,669 651 71,461 - - 181,607 310,952 Group	2020 2019 £ £ 405 1,302 169,319 170,669 651 664 30,455 199,007 200,830 371,642 Charity	2020 2019 £ £ 405 1,302 169,319 170,669 651 664 30,455 199,007 200,830 371,642 Charity
	181,607	200,830	371,642

14 Creditors: amounts falling due within one year

Trade creditors Taxation and social security Accruals and deferred income Other creditors	2020 2019 £ £ 138,327 168,591 25,209 34,408 89,447 181,490 29,361 42,871 282,344 427,360 Group	2020 2019 £ £ 62,354 168,153 25,209 34,408 75,567 92,790 28,861 41,163 191,991 336,514 Charity	2020 2019 £ £ 62,354 168,153 25,209 34,408 75,567 92,790 28,861 41,163 191,991 336,514 Charity
	282,344	191,991	336,514

15 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

16 Pension scheme

Up until the time when the scheme was closed, the Trust participated in a multi-employer final salary pension scheme, the Cripplegate Foundation Pension and Assurance Scheme. The assets of the scheme are held separately from the Trust. The scheme was funded by contributions from the employees and participating employers in accordance with the recommendations of independent qualified actuaries on the basis of triennial valuations.

Based on the results of the 2006 interim valuation, the Participating Employers decided in March 2006 to close the Scheme to new members and to cease accrual for existing members. The effective date for both events was 31 August 2006. The accrued pensions of existing members are now treated as deferred until their normal retirement date, or earlier if qualified under the scheme rules. The fund continues to be administered and valued on a triennial basis.

The most recent full actuarial valuation was carried out with an effective date of 5 April 2020. On the basis of solvency of the scheme, the valuation indicated the assets covered 64% of the scheme liabilities (2017: 60%). On an on-going basis, the valuation indicated the assets covered 85% (2017: 83%) of the scheme liabilities. The actuaries have confirmed that the different employers’ share of the underlying assets and liabilities cannot be identified on a consistent and reasonable basis. In compliance with FRS 102 the assets and liabilities are not included as part of St Luke’s Trust’s accounts. The valuation indicated that no change was required to the monthly amount payable by the participating employers but that payments should be extended by an additional 7 months from 31 January to 31 August 2025. The actuary calculated the deficit at £1.9m (2017: £2.0m) and St Luke’s annual deficit payment remains at £165,360 per annum. The total payable by St Luke's under the recovery plan is £895,700 and at 31 December 2020, the remaining balance payable was £785,460 (2019: £841,792). The liability is included in full in the accounts.

The Trustees of St Luke’s are confident that the charity’s strength of covenant is adequate to meet this ongoing revenue liability. To replace the old scheme, St Luke’s introduced a Legal & General Group Stakeholder pension scheme for staff.

17 Analysis of group net assets between funds

General funds £ - 3,818,256 366,252 (181,717) (785,460)	Designated funds £ 5,140,500 4,285,883 - - -	Restricted funds £ - - 106,800 - -	Endowment funds £ - 15,893,330 - 80,980 -	Total funds £ 5,140,500 23,997,469 473,052 (100,737) (785,460)
3,217,331	9,426,383	106,800	15,974,310	28,724,824
General £ 3,598,798 271,409 (112,619) (841,792)	Designated £ 5,304,641 4,295,388 - - -	Restricted £ - - 83,327 - -	Endowment £ - 15,122,073 - (3,789) -	Total £ 5,304,641 23,016,259 354,736 (116,408) (841,792)
2,915,796	9,600,029	83,327	15,118,284	27,717,436

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

18 Unrealised gains

The total unrealised gains (losses) as at 31 December 2020 and included in note 11 constitutes movements on revaluation and are as follows:

Unrealised gains included above: On investments Total unrealised gains at 31 December Reconciliation of movements in unrealised gains (losses) Unrealised gains at 1 January Less: in respect to disposals in the year Add: net gains arising on revaluation arising in the year Total unrealised gains at 31 December	2020 £ 5,765,656	2019 £ 4,552,781
	5,765,656	4,552,781
	4,552,781 (654,741)	2,016,486 (98,325)
	3,898,040 1,867,616	1,918,161 2,634,620
	5,765,656	4,552,781

St Luke's Parochial Trust Notes to the accounts

For the year ended 31 December 2020

19 Movements in funds

19 a Movements in funds (current year)

Permanent Endowment Restricted funds Community Services Over 55s services Meals and food hub Lunch service Food Connections Food hub Women's activities Business Engagement Business Engagement team Business Engagement hub Firm Futures Steps to Success Cookery School Community cooks Horticulture/Gardening Engaging gardens Community Events Welfare grants Total restricted funds	Balance at 1 Jan 2020 £ 15,118,284	Incoming resources £ 441,684	Resources expended £ (45,005)	Transfers £ (583,651)	Gains and losses £ 1,042,998	Balance at 31 Dec 2020 £ 15,974,310
	19,490 - - - 1,380 9,332 - 2,600 - 8,497 36,000 5,000 1,028	47,960 19,900 49,985 12,700 - 44,000 7,736 - 3,750 - - - 10,000	(59,950) (19,900) (21,696) (11,000) (800) (43,131) (2,141) (600) (3,750) (1,590) - - (8,000)	- - - - - - - - - - 5,000 (5,000) -	- - - - - - - - - - - - - - - -	7,500 - 28,289 1,700 580 10,201 5,595 2,000 - 6,907 41,000 - 3,028
	83,327	196,031	(172,558)	-	-	106,800

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

19 a Movements in funds (current year, continued)

Balance at 1 Jan 2020 £ 5,304,641	Incoming resources £ -	Resources expended £ (164,141)	Transfers £ -	Gains and losses £ -	Balance at 31 Dec 2020 £ 5,140,500
1,134,826 720,562 1,964,000 476,000	- - - -	(18,863) - - (64,206)	45,339 28,225 - -	- - - -	1,161,302 748,787 1,964,000 411,794
4,295,388	-	(83,069)	73,564	-	4,285,883
2,915,796 -	624,795 391,072	(1,202,345) (391,072)	510,087 -	368,998 -	3,217,331 -
2,915,796	1,015,867	(1,593,417)	510,087	368,998	3,217,331
12,515,825	1,015,867	(1,840,627)	583,651	368,998	12,643,714
27,717,436	1,653,582	(2,058,190)	-	1,411,996	28,724,824

Purpose of endowment funds

The endowment fund represents endowments made to the fund since its inception together with the unapplied total return on those funds. The endowments were permanent endowments and their core value is to be retained indefinitely in the fund. The unapplied total return comprises income and gains generated by investment of the funds that the trustees have chosen to retain in the fund. A transfer of £583,651 was made from the unapplied total return to general funds to provide working capital for St Luke's charitable activities.

Purpose of restricted funds

Over 55s services

Various grants and donations to support over 55s services and activities from the London Borough of Islington, Cloudesley, the Dulwich Almshouse Charity, the Henry Smith Foundation, Transport for London and other supporters of St Luke's.

St Luke's Parochial Trust Notes to the accounts

For the year ended 31 December 2020

19 a Movements in funds (current year, continued)

Lunch service

Grants from the London Borough of Islington, the London Community Response Fund and other supporters to provide a daily lunch club service for people over 55 years of age.

Food Connections

A grant from the Coronavirus Community Support Fund to provide food and meals for households experiencing disadvantage in the area. Food Hub

A grant from the London Community Response Fund and donations from other supporters to provide food for households living in poverty in the area.

Women's activities

Grants from the London Borough of Islington to support the work of the women's multicultural group and women's table tennis sessions. Business Engagement team

Donations from Hogan Lovell LLP, Slaughter and May and CMS Law to support the work of the Business Engagement Team. Business Engagement hub

Support from Kreston Reeves and Wagstaff for the fit-out of the new venue designated for the employment hub . Firm Futures

A grant from Slaughter and May to support budding local entrepreneurs through bursaries. Steps to Success

A grant from the Worrell & Fuller Exhibition Fund in support of young people.

Community cooks

A National Lottery Awards for All grant to support classes enabling local residents to learn cookery skills and gain a better understanding of healthy eating.

Engaging gardens

Grants from the London Borough of Islington and the Derwent London Community Fund to support work to engage and encourage residents to get involved in estate-based gardening and food growing activities.

Community events

A grant from the Derwent London Community Fund to create permanent public artwork in EC1. The unspent balance was transferred, with the funder's permission, to the Engaging gardens fund at year end.

Welfare grants

A grant from Cloudesley to provide welfare grants to Islington residents.

Purpose of designated funds

Funds have been designated for specific purposes by the trustees and under Scheme direction. The purpose of each fund is detailed in the Reserves Policy section of the Trustees' Report.

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

19 b Movements in funds (prior year)

Permanent Endowment Restricted funds Community Centre Premises development Community Services Over 55s services Women's activities Business Engagement Business Engagement team Firm Futures Steps to Success Cookery School Community cooks Horticulture/Gardening Engaging gardens Growing Connections Community Events Welfare grants Total restricted funds	Balance at 1 Jan 2019 £ 13,325,659	Incoming resources £ -	Resources expended £ (41,289)	Transfers £ -	Gains and losses £ 1,833,914	Balance at 31 Dec 2019 £ 15,118,284
	5,365 10,417 450 8,332 - - - - 47,410 17,430 2,000	- 87,800 1,500 44,000 20,000 3,500 9,710 36,000 - (10,154) -	(343) (78,727) (570) (43,000) (17,400) (3,500) (1,213) - (47,410) (2,276) (972)	(5,022) - - - - - - - - - -	- - - - - - - - - - -	- 19,490 1,380 9,332 2,600 - 8,497 36,000 - 5,000 1,028
	91,404	192,356	(195,411)	(5,022)	-	83,327

St Luke's Parochial Trust Notes to the accounts

For the year ended 31 December 2020

19 b Movements in funds (prior year, continued)

Balance at 1 Jan 2019 £ 5,339,391	Incoming resources £ -	Resources expended £ (164,142)	Transfers £ 129,392	Gains and losses £ -	Balance at 31 Dec 2019 £ 5,304,641
13,000 1,140,359 739,425 1,964,000 544,000 18,076 89,053	- - - - - - -	(13,000) (19,409) (1,455) - (68,000) - (57,367)	- 13,876 (17,408) - - (18,076) (31,686)	- - - - - - -	- 1,134,826 720,562 1,964,000 476,000 - -
4,507,913	-	(159,231)	(53,294)	-	4,295,388
1,926,984 -	1,029,065 940,976	(937,446) (940,976)	(71,076) -	968,269 -	2,915,796 -
1,926,984	1,970,041	(1,878,422)	(71,076)	968,269	2,915,796
11,774,288	1,970,041	(2,201,795)	5,022	968,269	12,515,825
25,191,351	2,162,397	(2,438,495)	-	2,802,183	27,717,436

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2020

20 Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds Depreciation Interest, rent and dividends from investments Gains on investments (Increase)/decrease in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operating activities	2020 £ 1,007,388 164,141 (664,289) (1,521,024) 129,345 (201,348)	2019 £ 2,526,085 164,142 (850,013) (2,802,183) (10,921) (117,154)
	(1,085,787)	(1,090,044)

21 Analysis of cash and cash equivalents

Cash at bank and in hand Cash held by investment managers Total cash and cash equivalents	2020 £ 473,052 222,534	2019 £ 354,736 183,500
	695,586	538,236

22 Connected charities

St Luke’s Parochial Trust is governed by a sole corporate Trustee - St Luke’s Trustee Limited (Reg Charity 1141334). The Directors of the latter are the Board of Trustees and governing body of this charity.

St Luke’s Parochial Trust has nomination rights to appoint 1 trustee to the Dulwich Almshouse Charity, which gave grants totalling £13,000 to the charity during the year (2019: £12,000).

23 Related party transactions

Don Kehoe is a trustee of St Luke's Parochial Trust and a director of London Capital Credit Union.

St Luke's holds investments totalling £50,877 in the London Capital Credit Union as follows:

Corporate share account: £877 is held in a corporate share account. No withdrawals or deposits were made in 2020 (2019: none).

Concessionary loan: £50,000 is held as a social investment in the form of a 10 year, interest free concessionary loan to support the provision of affordable finance to the financially disadvantaged. The loan matures on 27 September 2028.

Crispin Rapinet is a trustee of St Luke's Parochial Trust and a partner at Hogan Lovells.

Hogan Lovells donated £19,000 and provided volunteer support to the charity during the year (2019: £19,000).

Troy Gallagher, Phil Graham, Matt Natan and Claudia Webbe are London Borough of Islington (LBI) councillors.

St Luke’s received grant and contract income from LBI totalling £85,198 during the year (2019: £100,403).

EMPLOYEES (at date of publication)

Fiker Anliey (Care Support Worker) Paul Bambury (Reception and Facilities’ teams’ Manager) Deniz Bellikli (Reception Team Leader) Marco Bottignole (Community Gardening Project Manager) Lisa Burrell (Communications’ Manager) Kelley Byrne (Receptionist) Cathy Carpenter (Deputy Director of Services) Sarah Caldwell-Watson (Events and Activities Coordinator) Herschel Charles (Facilities Co-ordinator) Sarah Choudhury (Barista) Daniel Cseh (Café Supervisor) Amy Ennis (Catering Manager) Colleen Ettridge (Head of Corporate Partnerships) Marlo Fox (Care Support Worker) Kishor Gadhia (Minibus Driver/Care Assistant) John Garces (Business Engagement Manager) Fiona Holliday (Finance Manager – to Dec 31) Fiona Horigan (Deputy Director of Services)

Joanne King (Cookery School Co-ordinator) Thomas Lans (Director of Operations) Carol-Ann McCardle (Community Engagement Manager)

Tsedal Menghistu (Health & Wellbeing Officer) Jose Mendes (Kitchen Porter) Daniel Nitzani (Kitchen Porter) Graham Reeves (Older Men’s Development Officer) Michael Ryan (Chief Executive) Maiya Sabapathy-Andrews (Barista) Ben Saxon (Finance Manager – from Nov 9[th] ) Patrick Simpson (Facilities Assistant) Nezahat Simsek (Cookery School Assistant) Jane Spong (Business Engagement Officer) Gary Tregent (Driver/assistant) Lizzy Woods (Senior Communications’ Officer) Katherine Ulloa (Finance Assistant) Sarah Verrinder (Executive Assistant) Ying Wang (Finance Assistant) Aziz Watili (Chef) Keren Wiltshire (Director of Services)

THANK YOU

During the course of any year St Luke’s receives the support of hundreds of volunteers who donate their time freely. They may be local residents or people working for businesses based nearby. We also receive a wide range of generous grants and donations, ranging from gifts of food products for the cookery school and furniture to use in the centre, to sums of money, both small and large. We are grateful to the following organisations in particular for all their help in 2020.

Adparo Group

Allford, Hall, Monaghan, Morris Architects Allianz Global Investors APR Group Tod Arsenal Foundation Artwell Films B Consultancy Barbican Behavioural Architects Britannia Pub City University Cloudesley CMS Law Coronavirus Community Support Fund Cowcross Yards Culture Mile Dulwich Almshouses Charities East London Business Alliance (ELBA) Elixir Pictures Fareshare Felix Project Fireclad Ltd Haberdashers’ Company Helical PLC Henry Smith Charity Hogan Lovells LLP Hotel Beds Group Hy-Ten Group Ltd J Coffey Construction Kreston Reeves Laing O’Rourke

Leyland Paints Linklaters LLP London Borough of Islington London Community Response Fund Mace Group McCormacks Law Meals with Compassion Mer IT Muso TNT Ltd NMPi Digital by Incubea Nurnberg Gen Old Street District Partnership Partners Islington Pristine London Construction Group Quarterre studio Ltd Raphael Contracting RGA UK Services Limited Shearman and Sterling LLP Sir Robert McAlpine Limited Slaughter and May South London timber Co Ltd Spark 44 LDN Sport Islington St Sepulchre United Charities Tandem Property Asset Management LLP Tesco Bags of Help The National Lottery Community Fund Thirty Three Transport for London Volta Data Centres The Worrall and Fuller Exhibition Fund