ST LUHES cofflffluniTY CEnTR£ Annual Report and Accounts of St Luke's Parochial Trust For the year ended 31 December 2021 Registered Charity 207497 Moking south Islington a better place to live, work, learn and play. St Luke's Community Centre. 90 Central Street, Islington, London ECIV 8Ai St Luke's Parochial Trust Trustees, annual report For tho yoar ondèd 31 Docember 2021 TABLE OF CONTENTS Page St Luke's Trust and area Referencè and admlnlstrative details From the Chair Truste￿ Report Objectives Strate8i¢ plan Plan for the future Strutture, governance and management Public benefit Activitie5- aims and achievements io Financial revlew 15 Investment policies, objectives and performance 15 Reserves policy 16 Principal risks and uncertaintles 17 Statement of Trustees, responsibilities 19 Independent Auditorfs ￿pOrt 20 Annual Accounts Consolidated statement of financlal activrtles 24 Balance sheets 25 Consolidated statement of cash flows 26 Notes to the accounts 27 Employees 47 Acknowledgements and thanks 48 St Luke's Parochial Trust Trustees. annual report For the year endod 31 Decembor 2021 ABoiJf ST LUKE'S TRUST AND AREA ST WKVS OBJEcfivES AND AcfiviTIES St Luke's is an Islington charity that has been playiftE a vital role in people's live5 for many hundreds of yeais. Today we are a modern community charity that is engaged with the thousands of people who live. worL learn or play in our v￿brant 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 modein large and busy community centre at the heart of the neighbouihood. The centre has many uses.. tt provides a base from which we run our own wide range of services, a place for local people to meet, and a ￿SOurce for other organisations to delwer their 5eNices to the local community- Additionally, room lettings provlde a useful source of income. What we do • Provide a ttjmmunity centre that is a hub for local people and organisations to worl play and learn in south 151in8ton. 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 serylces they ident as required are provided to meet their needs. CHARAcfERisfics OF THE LOCAL AREA The St Luke's area of beneflt is a densely tK)pulated inner-city neighbourhood in London comprising approximately 24,000 residents. The majority of resident5 live in social housing. The neighbourhood Slrffers significant deprivation typical of many inner cities, with child povetty, unemploymenL premature death, poor health and isolatron of older people. HisfoRY AND THE ST LUKVS 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. 51. Lyke's is requlred to spend its money helping improve the conditions of lrfe 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 Parochlal Trusl Trustees, annual report For the year ended 31 D•cembèr 2021 REFERENCE AND ADMINISTRATIVE DEfAILS Trustees The Trust is govemed by a sole Corporate Trustee, St Luke's Trustee Limtted. itself granted charitable status in March 2011 (Reg Charty 11413341. The Directors (Trusteesl of the Corporate Trustee are the governlng body of St Luke's Parochial Trust. Throughout thls report, reference to the trustees/directors is to ihe trusteesldlrectors of St Luke's Trustee Limited. Identical to the perlod prior to incorporation. the Directors are made up of nominative, co-OPtative and one ex￿￿1¢10 Trustee. The Articles of Association allow for 3 BoarLI of 18 and, in 2022, the Directors agreed to appoint to all 18 places. Those who seThed during the year and at the time of the report's approval- Revd David Allen Ex offic￿ by nominatitin of the Rector of St Giles, CrlppleBate with St Luke's Old St. Josle Cochrane Co-optative ￿sIgned on March 11 2022 Co-optative Co-optative Nominated by PCC St Giles, Cripplegate wrth St Luke's Old Street. resigned as of 8 June 2022 Don Kehoe Debra Mende5 Alex Norri Ray O'Halloran Crispin Raplrnet Penny Seal Joe Trotter Co-optative Co-QPtatlve Co-QPtatlve reslgned on De￿mber 31 2021 Co-optative resigned on December 31 2021 Co-optatlve Co-optative Nominated by L.B of Islington.. resigned on November 24 2021 Nominated bythe City of London Nominated by the L.B. of Islington Nominated by L.B. of Islington: resigned on August 13 2021 Nominated by LB. of151ington appointed on August 13, 2021 David Vasserman Kieran Wadia Cllr Phil Graham Mary Durcan Cllr Troy Gallagher Cllr Matt Nathan Cllr Valerie Bos5man- Quarshie Wee Kii Teh Nominative.. appointed on June 8 2022 Nominative.. appointed on June 8 2022 Nominative.. appointed on June 8, 2002 Nominative.. appointed on June 8, 2022 Co-optative: appointed on June 8 2022 Nominated on June 8 2022 by PCC St Giles, Cripplegate with St Luke's Old Street TolEa Kizil Charmaine Yap Gemma Pimlott Joseph Pak Fr Jack Noble Principal Office 90 Central Street, London ECIV 8A1 Itel.. 020 7549 81811 Charlty Reg15tratlon No. 207497 St Luke's Parochial Trust Trustees, annual report For tho yoar •nded 31 Decembor 2021 Audltors PKF Littlejohn LLP, 15 WestFerry Clrcus, Canary Wharf. London E14 4HD Investment Advlwrs Investment Quorum Limf(ed. Gulldh311 House, 85 Gresham Street, London EC2V 7NQ Bankers HSBC plc, The Helicon, I South Place. London EC2M 2UP Soficltors Kingsley Napley LLP. 14 St John's Lane, London ECIM 4AJ St Luke's Paro¢hlal Trust Trustees. annual report For the year ended 31 December 2021 FROM THE CHAIR For me, St. Luke's community centre can onty be described as an oasis in a Sea of constant change in south Islington. We provide so many important community services to all our member5 and local community with events r3nginÈ from kids, club5 to mindful Mondays. from Art for Everyone to LGBTQ+ Cooking with Pride. As Chair of the wonderful community centre providing actiVTties and servlces at the heart of the south Islington Communlty, to me is both a privilege and a pleasure. 2021 has once agaln turned into a year of 'fits and starts. for the whole of the UK, but St. Luke'5 has been a beacon within this community, alway5 providing the necessary support to the people of south Islington and a wonderful refuge to those who need community interaction to improve their qualr(v of life. We now look forward to a hopeful future where we will all be able to get back to some semblance of normality and safety where we can meet and Breet each other wrth the freedom we once had before the pandemlc. Thls must be done in a controlled and measured way and, as always, St Luke's has proviiled this route for most of the last 12 months and is ready, willing and able to support our local community in moving forward. Tomorrow looks to be bright and joyful and l am excited to be part of this journey. I want to pay special tribute to our many donor5 and corporate sponsors. As ever, they have been truly remarkable durln8 a difflcult time. It is through their support that we have been able to achleve a heafthy financial position ai the end of the year as we expected to have a larger operatlng deficit. In view of the stresses on the local area which the pandemic has increased, and the Current macroeconomic outlook, the trustees have taken a deliberate declsion to commit to fund a large deficit from reserves for the nexi three years. This is to support the community through the immediate anxious period and to assure donors that all external funds received will go to front line services for those in greatest need. From an organisational point of view, my co-Trustees and I have provided the support. guidance and experience to allow the leadership team of St. Luke's to deliver the best-in-class 5eTvices we expect from them. At our Away Day in September, we were able to set a clear vision going forward to continue to offer e55ential support and assistance to our local community. As a Trustee Board. we will continue to support St. Luke's and look to improve where possible, adapt where necessary and resume rf required. oll the support that St. Luke's and the team want to offer. I would like to take this opportunity to thank everyone involved with St. Luke's community centre for their hard work and dedication to our community over 2021. 1 would like to say a special Yhank you, to my colleagues on the Trustee Board who gave so much tlme to the Cent￿ during the year. We could not have achleved our goals wrthout their enthusiasm, motivation and prartical support. l express particular gratitude to those colleagues whose terms of office came to an end in 2021- Penny Seal and Joe Trotter. l am confident that we have an excellent and dedicated group of individuals who will continue to make a difference to our local communty in 2022. J oIHallLrpa Raymond O'Halbran. Chair of the board St LLAke's Parochial Trust Trustees, annual report For tho yoar ended 31 Dec•mbor 2021 TRUSTEES, REPORT OBJEcfivES 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 it5 income, after ensuring that the communtty 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 assi5tin8 in providing facilities for recreation and other leisure time occupation with the object of improving conditions of life. Strats8ic plan In 2017, the board adopted a new three year'rolllng, 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 revlewed the local demographics and as a result, set out a new plan for 2020. The agreed strategic plan has three main objective5 which are detailed below. The arrival of a global pandemic during 2020 only re*nforced the main objectwes and continued right through 2021. Future plans are based on this strateglc plan and these objectives. ion: The trustees, overall vision rs that the St Luke's neighbourhood 15.. welcoming, living, neighbourly community in south Islington for all people to contribute to workingi playing and learning together for their mutual benefit and well-bein8.' Mlssion.. In pursuit of Its vlslon, 5t Luke's identified three mission priorities: The need to tackle disadvantage, including supporting people with employment skills The need to impiove the Health and Wellbeing of local people The need to build a sense of community Ob'ectives.. The board has set the following eight strateglc objertlves: Disadvanta l. Become the preferred first point of call for local people seeking advice and front-line support 2. Increase c105er working relationshlps wtth corporate partners, support for people into employment and accredited training course5 to assist people with skills 3. Address the causes and effetts of local poverty Heahh & wellbein 4. Put better health land mental hea￿h) at the heart of services 5. Ensure a piogramme of support for people on a preventative level and condition management level St Luke's Parochlal Trust Trustees. annual report For the yoar ended 31 December 2021 ommuni 6. Embed St Luke's communoty centre as the hub of neighbourhood activity 7. Develop p3rtnership5 With, and between, local groups and provider5 8. Give local people a sense of where they live, worl learn and play Plan for the fulure During 2021, the charity implemented its action points under a work plan based on ris strategic plan Implemented in 2018. These actions were implemented at a time of continuing uncertainty due to the Covltl-19 pandemic. A number of action points were dropped as we responded to the ever-changing environment of lockdowns, restrictions and new varlants. However, those artions which were dropped. were replaced by other, more pressing priorities which arose as a result of the pandemic. Looking forward to 2022 and beyond. we are hopeful of a return to a pre-pandemic envlronment. In relation to this, we a￿ plannin8 on a restoration of full services once again. From May 2022, the ¢entre will open seven days per week and with longer weekday openin8 times. A5 a re5utt of our Away Day in September 2021, we have also some ambitlous plans. Our focu5 will be a Simple vision of contlnuing to support our local communlty. Thb will invofve organising more service5 and activSties for all our residents. It will invofve offering assistance in areas such as poverty, isolatron, mental health and employment. Our business plan and activrÉies reflect thrs renewed focus, as well as our longer opening hours as the year progresses. During 2022, we will Continue with our plans for the centre to become more carbon neutral. Successful steps in this regard have been taking place sTrnce 2019 resulting in a reduction of our carbon footprint bv an impressive 58%. We will build on thi5 and will do everything we can to achieve a near neutral carbon footprint by the end of 2022. Beyond 2022. we aim to make further changes to our operation5 to build on this achievement. St Luke's will recruri new trustees to flll the four vacancies existin8 at the end of 2021. The board will appeal for as diverse a trustee bo?rd as possible in order to reflect the local demographics of the area. Potential candidates will be souBhi from local community groups, organisations and individuals. priority will be to appeal to candidates who will be a voice for people from minority groups. St Luke's is over six hundred year5 old and its continued success in supporting local people is paramount to the organisation and to the community. However, during 2022, we will celebrate another annivefsary the opening of our community centre on Central Street in 1982, by her Majesty, the Queen. We intend to hold a number of events to mark this wonderful occasion and landmark for the Trust. From an organisational point of vlew, St Luke's will continue to support its Staff who have been a lifeline to the local community during the past year. Staff have given one hundred perceht of themselves in 'journeying' with our service users. At times, staff have been faced with 5ignrficant challenges in their owt) Ilves because of ill health due to the virus, family concerns, uncertainty and bravely facing the unknown in the future. They have responded brilliantly and St Luke's is committed to ensure the working environment is supportive. helpful and empowering. We will continue to be a London Livin8 Wage accredited organisation to ensure staff receive an appropriate wage in order to live in a vibrant and diverse city. St Luke's Parochial Trust Trustees, annual report For the year ond•d 31 December 2021 By the end of 2022, we will have completed the Greater London Authorlty 8ood work practlce to benefrt our staff. We will zlso complete the Trusted Charity quality mark whlch wlll provlde added value to our servlces benefitting service users, volunteer5 and members of staff. We will take forward a number of new initiatwes raised at our Away Day in September 2021. This will involve providing support to local entrepreneurs in starting up their own businesses, providing welfare 8rants for families In need, and exploring the possibility of setting up Independent charities to ensure some of our services are sustainable. We will investigate the benefrts of thi5 approach in relation to our Heakh and Wellbeing hub and our Cookery School. User involvement is crucial to the workin85 of St Luke's and during 2022, we will set up a new users, committee whereby our service users from all age rdnges, will have a direct influence in planning, implementing and organising the se￿iceS bein8 provided at the centre. The servlces and ictivities of the charlty wlll continue to be front-line and multi-dimensional in nature. The scope and reach of services continues to be broad. The Trust strwes to build its profile and strengthen links among other groups and service providers locally, cementing its role as a communlty hub. During 2020, we believed that the pandemlc would end by the end of the year. This did not happen and, in 2D21, we hoped that we would see the end of the pandemic by the end of 2021. We are more hopeful now that this 15 the case and we look forward in anticipation and hope as we go into 2022. STRucfuRE. GOVERNANCE AND MANAGEMENT Nature of giwernlng documents and corporate strurture St Luke'5 Parochlal Trust Is constituted as an unlncorporated trust, and is governed by four schemes issued by the Charity Commissioners dated 17 June 1983, 30, December 1983, 29 November 1994 and 29 April 1998. a5 amended by Section 74D Charltles Act 2￿6 Resolution of 17, June 2010. Despfte St Luke's Par¢xhial Trust having one corporate trustee, the dirertors of this incorporated charlty are the board and still remain known as trustees of 5t Luke's Parochial Trust. They are referred to as the charttls trustees throughout the report and accounts. A trailing company called St Luke's Trading Limited was incorporated on the 17, December 2014 and began trading on the I" January 2015. St Luke's Tradirhg Limited la company limited by share capital, company no. 9358692 IEngland and Wales11 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 operatK)ns which relate to caterin& rental, room and other facility hire at St Luke's community centre which were previously carried out by the charity. Recrultment and appolntment of trustees There are currently 16 directors of St Luke's Trustee Limited Ithe 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 benefrt and immediate surrounding areas. St Luke's Parochial Trust Trustees, annual report For tho yoar ondod 31 Decornber 2021 One trustee is ex-officio. Eight trustees are described as nominative 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 and even though the right to appoint was waived by mutual agreement with the appointing bodies In 2C(JG, the trustees agreed to appoint to these P05ttions in early 2022 in order to increase the resilience of the board going forward. Seven trustees are described as Co-optative and selected for the specific skills they can bring to the board, or for a local perspectlve. All terms of office are four years, and the Chair holds office for four vears. Vacancies are advertised locally and open to all. New trustees are given an induction pack comprising Charity Commission publications on the obligations of trustees, Intern31 documents such as governance documents, meetings, mlnutes and strateglc plans as well as up-to-date statutory accounts, budgets and management accounts. New trustees meet wkth the Chair and chief executive and are given a comprehensive tour of services. Trustees are offered on80ing tralning by the charity, with regular circular5 of specific trainin8 courses facllitsted by outside organisations. During 2021, one nominative position remain5 vacant. The appointinB body to this role is the parish council of St Giles, Cripplegate. Cllr Matt Nathan and Cllr Phil Graham, both nominative trustees, appointed by the London Borough of Islington, resigned from the board. Cllr Nathan was replaced by Cllr Valerie Bossman-Quarshie in August 2021. One nominative role with the appointing body of the London Borough of Islington, remains vacant. Two co-optative trustees, Penny Seal and Joe Trotter, came to the end of their terms of office in December 2021. Or8anisation structure, commlttees, and de¢ision-makin8 During 2021. the board of trustees held four meetings and an Away Day with staff. The role of the board is to take decisions to govern and gulde the charlty's future strategy, and keep the regular activf(ies 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 commf(tees are.. il Finance, Risk and Audit Committee, ill Quality and Governance Committee and iiil the Remuneration Commlttee. The chair of each commrttee is ratrfied by the board on an annual basis. Senlor staff The trustee5 Consider that the Senior management team of the charity, being the chief executive, the director of Se￿I(e5 and the director of operations, comprise the key management personnel of the charity, in charge of dirertin& controllin& 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 Remuneratlon Committee which makes recommendations to the board of trustees, who then consider whether OT 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 15 based on published pay grades for senior staff within similar sized charities and ensures that the remuneration paid is fair and in line with that paid for similar roles in other charities. St Luke's Partthial Trust Trustees. annual report For the year ended 31 December 2021 PUBLIC BENEFIT The tnjstees Confirm that they have Complied with their duty under the Charities Att 2011 to have due regard to the Charity Commlssion's general Buidance on public benefit. St Luke's provides a public benefit to local residents by being a place where communlty actlvities and services take place. which improve the quality of life for local people. This is done Sn a varlety of ways.. through reducing isolation and social exclusion. being a space for public gatherin& and providin8 services which improve lives. With Covid-19 restrictions In place durin8 the year, St Luke's has, once again, a(lapted its activlties to 5UPPOrt the local community. However, the public benefit principle continues to be at the core of these adaptations. St Luke's is a150 in active partnership wtth other organisations and individuals to deliver their own services which have a direct or indirert benefft to the local neighbourhood. The detail of how this is carried out can be found on pages 10-14 of this report. Benefidarles Feedback is ￿CeIved from beneficiaries through suggestion boxes, user commrttee meetings, surveys, written compllments, tomplaints and informal comments. St Luke's is committed to maintaining services that will maximise impact on service users. Slnce 2016. St Luke'5 ha5 implemented a system to measure the impart of services on its members and service users. Impact reports have continued to be produced fortrustees through 2021. Wlder soclety St Luke's a￿8 of benefit lies prlncipalty in the Bunhill ward of Islingron. StatlstlGs collated by the Oxford Consultant5 for Social Inclusion in 2021 show that 38% of people aged 16-74 are in full-time employment compared with 42% across Islington. 3.9% of the Bunhill ward clalm Job Seekers. allowance or Universal Credit. Thi5 is compared to 5% of people claiming these benefits across Islington IsouTce'. Depèrtment for Work and Pensions - DWPI. In December 2020, applications for Universal Credit increased by lOO%. Furthermore, the number of people receiving health-related benefits in October 2021 wa5 4.7% compared wrih an Isllngton average of 5.8% (source: DWPI. 46.1% of families with dependent children are lone parent families Ilslin8ton average is 41.1%l. There is a high level of residents rentiTrg properties from the Local Authority and Registered Social Landlords146.9%1. The area continue5 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 Ilve alone. The highest demographic in the area is female5 between the ages of 24 and 35 years of age. St Luke's provides services which have positNe effects on the i55ues faced by the local community as a whole. Over 68.000 visitors came to the centre in 2019,. 20,000 vistted in 2020 Idue to the eoronavirusl and 16,OLIJ visited during 2021. A number of companies arid firms hired room5 from the centre and brought much needed bu5ine5s into the area In the form of local employment and use of catering service5. Other local firms joined In partnership with St Luke's and provided direct fundin& volunteers, gifts and services in kind. This made an important difference to our income. We acknowledge their support at the end of thi5 report. The achievements of the buslness engagement team In supporting people to become job readl Is reported on page 13 of this report. St Luke's Parochlal Trust Trustees, annual report For tho yoar ondod 31 December 2021 The Cent￿ provides infrjrmation and support on issues such as managing health conditions, in order to minimise attendance at GP surgerie5 Qr contarting the authorities. Whilst no specific monitoring takes place on this, it is evident that more people would be unemployed, suffering from isolation and feeling socially excluded rf they did not have the services at the centre, particularly in light of what the area, and the world, has experienced durlng 2020 and 2021. ACTIVITIES Communlty Cenlre St Luke's Communlty Centre Buildin8 St Luke's is based around a hlstorlc bulldln& a 17,C(JO square foot communlty centre that is vibrant and welcoming and offers a wealth of activrties and services for the benefrt of people living in the area. The charitvs measurable objectives for providing, managing and maintaining the community space are that the building ￿MaInS well-used, safe. inviting and accessible to everyone in the community. In addition, St Luke's also occupies a 1,6111 square foot modern annex located next door which, in 2021, became the base for St Luke'5 Wellbeing Hub. During 2021, the community centre was underused due to the various restrictions in place, but this turned out to be an 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 actlvlties, from children's actwities to early dementia care, hire of our meeting room spaces and cookery school. It ha5 a150 been used by local organisation5 providin8 Services for local residents. Footfall 20 Due to a third lockdown and Covid-19 restrictions, St Luke's operated well below capacity forthe first five months of the year. From June. servltes began to open up (although with limlted numbers of people in order to contain any spread of the viru51 and between June and December St Luke'5 recorded over 16,000 vislts. Durlng a "normal yearf, St Luke's would welcome over 70,OW vlsitors to the centre. st Luws caterlng 5ervke During the first part of 2021, St Luke's caterlng seryices We￿ seriousW affected by Government imposed restrictions and lockdown. This impacted sIBnrficantly on our catering services and, by May 2021, it was necessary to close the community café due to the level of losses it was producing. Our in-house catering service was also affected as room bookings plummeted. However. a revival of the lunch club began towards to the end of the year with almost pre-pandemic levels of customers. Keeplng the bulklln& staff, tenants and vlsltors Covld-19 safe A main priority for St Luke's during 2021, has been to keep service users, voluftteers, staff and vlsitor5 safe. The centre has continued to encourage use of facemasks, dividing screens. hand washing and hand sanitiser, social ￿￿tanting and ventilation. A dedicated daytime cleaner continue5 to be engaged to help keep the buildin8 Covid-safe and to ensure a safe environment for people attending artivities and servl¢es. 10 St Luke's Paro¢hTal Trust Trustees. annual report For the year ended 31 Do¢ember 2021 Envlronmentsl A lot of work has been spent on helplng St Luke's become a more eco-sustainable or8anisation Iplease also see reference to St Luke's ESG investment policy on page 16 of this report). In 2019, the centre was fortunate to be awarded a Brant to have two external Eco-Audits conducted by an external consultant. The first one took place in September 2019, which concluded that the St Luke's was doing well as an organisation to address 5UStainability. The report also provided a list of further improvements that could be consrdered. Most of these recommendations were Implemented durlng 2020 and 2021. A second audit compared the i55ues raised in the 2019 audit and the report states.. We a￿ pleased to see the positive progress ocross o rort9e offronts ot the cent￿ ond we ore eSpeC￿llY delighted to see the depth of enthu5105m fvr not only radict711y reducing the cerptre'5 own corbon (Ind ecologicol impoct but olsoAor tokir)g this out into the community with various new projects.. Acorn Eco- Audits. The report found that St Luke's had reduced the headline reduction in C02 emissions by 58% between 2019 and the end of 2021. Even when considering the Covid-19 pandemic, when the centre has been less busy. this is still a laudable Improvement. Going forward, St Luke's is going to continue looking into potential solution5 to reduce its carbon footprint. For example, research will be done to explore alternatives to cooking facilities and heating. The plan will be to change gas ovens, boilers artd radiators. The Cent￿ will research the alternatives to its die5el-run minibus. Communlty Servl¢es St Luke's continues to be a thriving and inspiring cornmunity organisation delivering a range of Innovative services that make a re31 drfference to the Irves of residents living in 50Uth Islington. This was all the more important during the past two years when the community wa5 impacted by the Covid-19 pandemic. Facilities are accessible, contemporary and of a high quality. Service user5 and customer5 remark on the friendliness of the centre, and tt is very sat15fving to be recogni5ed as a place that truly respond5 to the needs of the communlty. The following heading5 provide highlights for some of the more significant servites delivered during 2021.. Over 555 Service St Luke's has 935 registered members aged 55+ who have access to an extenslve programme of support and activities impTovill8 health and wellbeing and building social connections includin8 Classes, outing5 and social events. We also provide an escorted transport service and a helping hand around the centre for frailer members ensurlnE those afferted by age or health conditions remain active and engaged in their community. We continued to priorriise the needs of vulnerable older residents during the 2021 lockdown with daily lunch deliveries, a take-away service, re8ular wellbeing ca115, telephone befriendin8, assistance with shopping and lifts to attend vaccination appointments. As restrictions began to ease in April we introduced daily outdoor gatherin85 for groups of six and, in july, we welcomed back all fvrloughed staff to resume a fuller. Covid4afe, programme of activities and support. Since July we have engaged in some particularly successful older people's partnerships including a c￿atIve inter-generational music project with LSO St Luke's, a men's art project with the British Museum St Luke's Paro¢hlal Trust Trustees. annual report For the year ended 31 December 2021 and a lunch event with Islington UK. In September we hosted farewell parties for the retirement of our driver, Kishor, and our lon8e5t serving TTU5tee, Joe Trotter. In addition. we were pleased to be able to go ahead with our tradwtional Christmas Celebrations and a Christmas Day lunch event and the greater social distsncin8 didn't detract from the great community spirit. ou hove been nothing short of a life-line to us during this difficultperiod ond lam really, reully gft7tefvl." Over 55s Lunch Cub Mernber Health and Well-Being The focus during the year has been to continue delivering a much-needed food donation Servi￿ ensuring residents living in poverty not only receive emergenry food supplies but a150 have acce55 to other fomis of support that address underlying issues including benefits advice. employment support and signposting. our Coronavirus Community Support funding for the Food Connections project came to an end in March. we were pleased to be awarded a grant from the London Borough of Islington in June to turn a trainlng spate into a Wellbeing Hub incorporating the food donation service. The Wellbeing Hub. officially opened by the Mayor of Islington in September, operates two days a week with an appointment system plus a separate drop in day. We also arrange for food to be collected from our local partners to distribute to their own seNicÈ users. In 2021 we distributed 64 tonnes of food to 177 local households which has benefrtted 472 residents. The Wellbeing Hub. supported by a very committed team of local volunteer5, hosts an Age UK Specialist Information and Advice Case Worker, It distrlbutes Cloudesley welfare Brants anij also delivers a ranBe of wellbeing activities and groups includlng mindfulness sesslons for older people and trio-bike rides for èll. "Every time I come to the centre I'm insplred by everyone thot works ond volunteers ond I'm 50 groteful I con be o part of it"_ Food Hub volunteer Central Street Cool¢ery School A highlight from the cookery school has been the development of a new after school club, 'Junior Chefs,, for local youn8 people aged 11-15 years old which started in May. This talented and commtied group of young people, under the leadership of their tutor. shared the skills they are learning when they volunteered to cook free meals for local residents as part of HIT TralnSng's ¢eEebratlon of HosPItal￿Y Day and made 150 pizzas at our ￿MMer Family Fun Day. As part of our celebratlon of Islington's Greener Together FestNal, the group also came together to prepare and Serve lunch for Wellbeing Hub families and representatives of the food waste organisations who donate food to us. During the year. the cookery School 5uccessfvlly completed a structural review and the private hi funrtion is now being led by St Luke's catering team and a community chef has been appointed to manage and deliver the community cookery programme. Communty groups who have engaged with cookery activities Sin￿ lockdown restrictions eased, Include St Luke's Older Men's Shed, Wellbeing Hub users and Key Changes. Despite the Covid-19 restrictions the cookery school completed delivery of our Community Cooks programme delivering a total of 24 classes and 2 day cookery workshops at the Whitecros5 Street Party with a total footfall of 330 participants from a diversity of ethnic groups and ages. 12 st Luke's Parochial Trust Trustees, annual report For tho yoar ended 31 Do¢ernb8r 2021 it was so lovely to see the great work you do ond the lunch cooked by yourJunior Chefs wos t7mozing. Very tulentedyoung people indeedl"_ a rep￿SentatIVe from City Harvest Communlty Gardenlng Despite lockdown restrirtions, all St Luke's outdoor spaces contlnued to Brow and thrive throughout the vear thanks to the continued support from local volunteer, Andrew Nolan. Special mention was made of Andre￿$ commf(ment from the London in Bloom judges who awarded us with Outstanding for'lt's your neighbourhood, awar(l and Gold for the 'Our Community. award. The 'Growin8 Gardeners,, our new after school gardening club, have been involved in a range of outdoor activities including plantillE, compostlng and nature erafts fun. The group has also taken the lead in looking after the chickens and have been very helpful in welcominB and caring for our rescued ex-battery hens who have very quickly settled and grown in confidence as well as feathersl Our new Community Gardener lolned In September and began work on an 'Engaging Communities, estates, gardening project, startlng wfth an uncared-for space next to temporary housing accommodation for local families. She also worked with older member5 who enjoyed table-top gardening activities and began deliverin8 weekty workshops and drop-in session5 in the Edible Yard for local residents with an interest in gardenin& food growing and staying active. "Ifirst judged thls project some yeors ago ond was very Nmpressed to see the chunges, especiolly to the lower garden. I wos omozed to leorn thot ONE VOLUNTEER ONL Y hod kept the gt7rdens going throughout lockdown." London in Bk)om Judge Busines5 Engagement In response to the national 'work from home, dirertive, much of the support provided by corporate partners continued to be Successful￿ delivered remotely during 2021. Firm Futures, our start-up project, supported new businesses with bursaries, workshops, mentoring and marketing. St Luke's Job Club provided residents lookinB for employment with individual assistance, trainin& securing paid apprenticeships and meaningful volunteerlng role5. PC Pals, our digital inclusion programme, provided weekly IT support sessions In addition to supporting isolated older people, families and job seekers to connert online with donated equipment and internet donglelconnectivity plans. During March we worked in partnership with the o￿lee for National Statistics and City University ensuring residents had support to complete the new online Census 2021 form. Despite another challenEin8 year, our corporate partners continued to support St Luke's financial￿ and we are particularty grateful to those who increased their annual contributions. Corporate partners have generous￿ supported the work of the Business Engagement Team and the Food Hub. they funded the business start-up bursaries, raised over £7,(KK) towards our annual Christmas appeal and bought gifts to the value of £6.(￿￿•, provided pro-bono advice and donated a wide range of furniture and equipment. In 2021 we supported 42 unemployed residents to fi'nd work, we worked wtth 11 new business Start-ups, 30 residents received IT training and corporate volunteers donated a total of 930 voluntary hours. "Many thonk5 to St Luke s and yo(Jr teamfvr ollowing me to hove such a lifr-enhoncing experience. In the end, life is all t7bout humon inteructions und being kind ond supportive to each other" corporate volunteer befriender st Luke's Parochial Trust Trustees, annual report For the year endad 31 D6c8mbor 2021 Communlty Engagement Due to the lockdown, social distancing restriction5 and local need5, our community engagement focu5 in the fI￿t six months was engaging and supporting familie5 living in food poverty- In addition to distributing food. we also collected clothes, books and toys and encouraged the children to attend free after school clubs which started up in May. These clubs include table tennis, dance, famlly arts & craft, gardening and cooklng. Since July we have been able to successfully develop innovatNe partnership project5 engaging wilh new residents including the Relish Embellish Café. an OctOPU5 collaboration encouraging people to get involved in 'textile transformations, workshops to reduce clothes waste and the Bunhill Heritage Project, a 3 year project in collaboration with Islington Heritage Services, which aim5 to creatively increase community cohesion usin8 the history of the local area. In August we held a Family Fun Day which welcomed 170 guests who enjoyed a programme of fun and sociable activities. We were also able to open the new Family Hub, a modern, child-friendly meetin space, being used by partner agencies to deliver local services such as under 5s play time and storytelling. In October we successfully recruited a group of Youth Ambassadors, aged 11-16 to provide a 'user voice. supporting the delivery of existing and new services. We look forward to the impact this development will have on future children and youth services. "I love St Luke's betouse itAeels like home. Everyone is very supportive t7nd amazing ... [you} hove been empt7thetic, loving ond coring ond the smullest chat lifv the fno(Jd." feedback from a 5t Luke's newsletter recipient Volunteerlng We are always grateful to the volunteers who support our communityi particularly during 2021 which was a challengin8 and worrying time. When Covid-19 infection rates were particularly high we took the difficult decision to stop all volunteering but appreciated their gradual return from March. In July we herd a special Thank You, event for volunteers with guests including Islington Deputy Mayor, Emilv Thornberry MP. Cllr Una O'Halloran and Chair, Ray O'Hallor3n who gave thanks for their support during the pandemlc. Volunteering offers local residents the opportunity to socialise, share skills and gain experience and confidence and volunteers make a significant contribution to the delivery of our services and events. During 2021 we benefrted from the support of 64 volunteers who donated 2, 331 hours of their time in a variety of activities including supporting the Food Hub and Over 55s serylce and helping to deliver community events. "Everyone looks und 5mile5 when you pass by on the trio bikel Its ofantostic woy to get both young ond old Involved ond to promote t7ctive travel"_trio bike volunteer rider Fin5bury Wards, partner5hlp St Luke's works with the local Ward5' Partnership on h05ting and publicising meetings on a variety of themes. Because of the pandemic, two meetings took place online during the year. 14 St Luke's Parochial Trust Trustees, annual report For the y￿r ended 31 D0￿mber 2021 FINANCIAL REVIEW The Covid-19 pandemic continued to have a signthcant impact on St Luke's abillty to generate income through its trading subsidiary with the result that total income for the group decreased for the second con5ecLrtNe year, from £2.2 million in 2019 to £1.7m in 2020 and then £1.3m in 2021. The principal sources of income, at 84% of the total12020- 80%), were dividends from investments, Brants from central and local government and trading income from facS1ity hire and catering. Despite the reduced income. trustees, recognising the continuing and often new and dffferent needs of the local community, retained their commitment to maintain as many service5 as possible. Consequently, although expenditure was reduced from £2.Im to £1.9m, a net loss of £623, 66512020.. £405k lossl was made before gains in investment values. That was the loss resulting from operational activity. Fortunately for St Luke's investment markets performed strongly through the year and investment values increased substantialw, generating total gains of £2.3m12020-. £1.5ml. Those gains more than made good the loss from operations, transforming it Into a £1.6m 12020: £1.Iml positive movement on all funds and, importantly for SLpfs sustainability, a £462k12020'. £128kl increase in unrestricted funds for the year. A key component of that ultlmate surplus on unrestricted fijnds was £61M)k taken to general funds from the endowment funds. Such transfers, from retums on endowment fund5 to provide working capltal for operations, are permitted under the total return accountlng pollcy adopted in 2020. At the year end, all funds tptalled £30,367,897 12020.. £28,724.8241 of which £4.940,598 12020.. £5,140,5￿) took the form of iangible fixed assets 1st Luke's premises and equipment) and £25.538,934 were investmènts 12020: £23.997,4691- Of the investments. £17,115,829 12020.. £15,893,330) were permanent endowment funds. Net current assets (including cashl, being St Luke's funds available for 5pendin& totalled £508.46512020.. £372.3151. INVEsfMENT POLICIES, OBJEcfivES AND PERFORMANCE In accordance with the charivs 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 2019 when the decision was made to adopt a total return approach from I January 2020. The decision by the trustees to move to a total return policy. whereby they seek to maximise total retums regardless of whether those returns accrue by way of income or capital growth, Continues to give much needed stability to the finance5. and specifically the cash flow, of the organisation throughout the year. The policy applying in 2021 was as follows.. St Luke's trustees hold investments to maintain their permanent endowment and to produce Income to fund r(s operations. As a means of adhering to the general principle5 of trust law. and ensuiing that the charity maximises rts effectiveness, the trustee5 seek to maximise returns on investments whilst maintaining capital values over time. The trustees wish to ensu￿ that- al the capital values of investment5 maintain their real values against inflation as measured by the Retall Prlce Index on the average value over 3 previous years and bl the investment portfolio ylelds a minlmum 4% p.a. 15 St Luke's Parochial Trust Trustees, annual report For tho yoar onded 31 December 2021 During 2021, the aims of the investment policy were adhered to and achieved. In 2015. the trustee5 appointed Investment Quorum, independent financial advisers, to oversee and advise on the Trust's investment portfolio in order to continue to achieve r(s policy aims. In 2019, the trustees gave Investment Quorum discretionary powers to invest in the best interests of the orEanisation. Total return investment The trustees considered a valuatlon of £8.294m on 310ecember 2008 to be the earllest reliable valuatlon on which to base the value of the original endc•wment. In order to maintain the real value of the core endowment, an annual uplift in line with increases in the Consumer Price Index 15 made to it from income and gains generated by the elldowment investments, otherwise referred to as the unapplied tot31 return. The annual inflationary uplifts had increased the value of the core endowment to £11.328m at 31 March 2022. As permitted under the Charity Commission's total return reBulations. 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 averaged £6LK),000 per annum. E hical investment oli St Luke's portfolio is invested in collective funds, not direct equities. Whilst there is no formal exclusion pollcy 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 IESGI credentlaLs of the undertyin8 holdin85 and to consider investing in funds and mana8er5 which display. promote or integrate ESG characteristics. RESERVES POLICY The charity funds comprise a mixture of permanent endowment1£17.16ml, restricted funds I£IOOkl and unrestricted funds 1£13.Ilml. Of the unrestricted funds, £4.94m are represented by fixed assets comprising mostly the community centre. The majority of the remainder has been designated as follows.. C clical Maintenance Fund l£1.18ml. This fund is formed to fund community centre lrfecycle 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 buildlng lifecycle, and are augmenting the fvnd Vdtth annual 'sinking fund, transfers from the general fund. The fund is used to pay for forecast buildlng lrfecycle expenditure. During the year, £23,411 was spent from the fund on essential maintenance works12020 balance- £1.16ml. Extraordina Re air Fund I£0.77ml. This fund is fomied to fund community centre lrferycle costs of items with a lifespan of greater than 10 yeais. The trustees took professional advice to ascertain the correct size of this fund over an expected 30 year building lrfecycle, and are augmentlng the fund with annual 'sinking fund. transfers from the general fund. They utilise the fund to pay for forecast building lrfecycle expendtture. £7,000 was spent from the fund during the year12020 balance= £0.75ml. Plannin Deed Fund l£1.96ml. This fund will meet an obligation to pay a commuted housinB sum to 151ington Council over the next 21 years rf trustees decide not to operate as a community centre of similar scale and function in the immediate vicinty. This commitment is part of Town and Country Planning Att 1990 Section 106 deed of planning agreement dated I" November 2013, which stipulated an obligation 16 St Luke's Parochial Trust Trustees, annual report For the year ondod 31 December 2021 for a 30 year period from 2013. The full amount repayable In this scenario would now be £2.8m (index Ilnkedl, annually reduced by £O.IOm lindex 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 I£0.34ml. This fund has been set aside to ensure that the charity can always meet the long-term commitment ti 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 wf(hdraw its services to them. The support is given in the form of pensions, grants and help with care costs. The amount has been calculated on the basis of 10 years, annual present-day costs. During the year. £68k was spent on maintainin8 services to vulnerable client512020 balance- £0.41ml. eral Fund. This fund, totalling £3.87 million 12020: £3.22ml. is the balance of the charl￿5 unrestricted funds after the above designations, and is considered to be the free reserves of the charity. Of these funds. £507,79412020.. £366.2521 is held in cash. It is the trustees, Intention to malntaln the general fund between 6 and 9 months of annual budgeted unrestricted expendr(ure in order that it might be able to meet volatility in income and expenditure. as well as take advantage of opportunitie5. The current balan￿ represents 18 12020.. 151 months of unrestricted expenditu￿ in normal operating conditions1£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 ￿¥11Sed. 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 diretts its fijndraising activities towèids charltable tru5t5 and fijnders. St Luke's does not solicit funds from its members, particularty 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 consldered as part of normal day to day management proce55es. During the year, the trustees regularty conside￿d over 40 risks to the charity. Having reviewed these risks during 2021, the trustees consider the risks lisied below 15 the main risks faced by the charity. However, the overriding risk during 2021 ha5 once again been the impact of Covid-19. The risks listed below are similar to previous year5, but they are still major consideration5. In re5pon5e to risk 4 which the trustees Close￿ monitored during the year, It was decided to c105e the calé due to ongoing losses on the artivity. As part of the management of the remaining risks, trustees have put in place control measures to ensure the miti8ated risks are at acceptable level5. 11 Covid-19 has affected every aspert 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 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. During 2021, St Luke's also benefited from the Government's Work Retention Scheme. Restrictions on seNices reduced the income but it ha5 also reduced expendTture. On a non-financial level, the centre focused very carefijlly on keeping the space safe for staff and service users in order to mlnimise the transmission of the virus. By the end of the year, the steps taken by the centre proved St Luke's Parochlal Trust Trustees, annual report For the year ended 31 Decembfrr 2021 effective in this aim. St Luke's looks forward with hope, to the future and the eradication of the vlrus. 21 Income from investments 15 seen as a key risk, particularty in light of the changed world slnce the beginning of the pandemit. In order to advise the board on this risk, in 2015, St Luke's engaged a firm of indepenilent financial advisers, Investment Quorum, on an ongoing basis. They review and monitor the investment5 and follow the investment policy as agreed by trustees. In 2019. Investment Quorum were given discretionary powers over the portfolio on the allotation of investment assets and the income from them. During 2021, global markets have continued to be volatile. However, unrealised Eains during 2021 must be understood in the context of the volatilty of the markets. 31 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. 41 Trustees continued to monitor the level of resources being expended on the café which opened in 2015. With the onset of the pandemic, the café was affected by the general slow-down in the hospitality industry and did not meet set sales, goals. During 2021, this was even more pronounced. Income from the cafe continued to fall. As a result. trustee5 made the difficult declsion to close the café at the end of May 2021. 51 Trustees are Conscious of the need to ￿taIn and develop high quality stsff. To ensure this happens, they regularly revrew terms and conditions and rernuneration of staff. Staff are offered personal development as part of their annual appraisal and a￿ en¢oura8èd to develop their skills. Trustees benchmark staff remuneratlon with staff roles In other slmilar $12ed charltles. During 2021, a report was commissioned to test thls and it was found that St Luke's offers competitNe rates compared with similar charities. 61 The liability arising from defKit payments to the defined benefrt pension scheme laddressed in note 16 to the accountsl 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 a5 it was during the previous three years. Revaluations can impart materialty on the accounts- either to Int￿ase or reduce the liability. The Trustees are confident In St Luke's ability to afftjrd future payments under the current deficit recovery plan, whith is due to end in Au8USt 2025. 71 Cyber Attacks: wf(h 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. 18 st Luke's Parochial Trust Trustees, annual report For tho year ended 31 Do¢omber 2021 STATEMENT OF TRUSTEE'S RESPONSIBILITIES IN RELATION TO THE ACCOUNTS The Trustee Is restxjnsible for preparing the trustees, report and attounts in attordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Prattl￿1. The law applicable to charr¢ies in England and Wales requires the Trustee to prepare accounts fgr each financlal year which give a true and fair vlew of the state of affairs of the group Ind charity and of the incoming resources and applicathon of resources of the groLtp for that period. In preparing these accounts, the Trustee Is required to- select suitable accounting policies and then app￿ them consistently. obseThe the methods and principles in accounting and ￿portIng by Charities Ststement of Recommended Practlce applicable to charities preparing their accounts in accordance wtth the Financial Reportlng Standard applicable to the United Kingdom and Republlc of Ireland IFRS 1021,. make judgements and estimates that are reasonable and prudent- state whether applicable Uhlted Kingdom Accounting Standards have been followed, subject to any material departure5 disclosed and explained Sn the accounts,. and prepare the accounts on the going concern basis unless it is inapproprlate to presume that the charrty will continue in operation. The Trustee is responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any tlme the financial position of the charlty and enable it to ensure that the accounts comply with the Charrties Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. It is also responsible for safeguarding the a55ets of the group and charity and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularities. Approved by the trustees on: 8, June 2022 Raymond O'Halloran, Chalr of the Board of Trustee 19 St Luke's Parochlal Trust Independent audltor's report To the trustee of St Luke's Parochial Trust Oplnlon We have audited the financial statements of St Luke's Parochial Trust Ithe 'parent charf(Vl and Its subsidiary Ithe 'group'l for the year ended 31 December 2021 which comprise the Consolidated and Parent Charity Statements of Financial Artwities, the Consolidated and Parent Charity Balance Sheets, the Consolidated and Parent Charity Cash Flow Statements and notes to the flnancial statements, including Significant accounting policies. The financial retN)rting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Finonciol Reporting StiJndurd applicable in the UK und Republic of Irelund Iunited Kingdom Generalty 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 charlvs affairs as at 31 December 2021 and of the group's incoming resources and application of resources, Including its intome and expendtture, for the year then ended,. have been properly prepa￿d in accordance wbth Vnlted Klngdom Generally Accepted Accounting Practice,. and have been p￿pared In accordance with the Charities Act 2011. Basts for opinion We ¢ondurted our audit in accordance wtth International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilitles under those standards are further described in the Audtrorfs responsibilitie5 for the audit of the financial statements section of our reF)Ort. We are independent of the group and parent chartty in accordance with the ethlcal requirement5 that are relevant to our audit of the financial statements in the UK. includlng the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audlt evidence we have obtained is sufficient and appropriate to provlde a basis for our oplnion. Concluslons relatin8 to going concern In auditing the financial statements, we have concluded that the tru9tees' 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 collertively, may cast signrficant 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 statement5 are authori5ed for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sertions of this report. Other inft>rmatlon The other information comprises the informètion included in the trustee5' report, other than the finahcial statements and our audttorfs report thereon. The trustee5 are responsible for the other information contained within the tru5tee5' annual report. Our opinion on the group and parent charityfinancial statements does not cover the other infDrmation and we do not expre55 any form of Sl Luke's Parochial Trust Independent audltor's report To the trustee of St Luke's Parochlal Trust assurance conclusion thereon. Our responsibility is to read the other inforniation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledBe obtsined in the course of the audit, or otherwise appear5 to be materially mi5Stated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a materlal mlsstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other infom)ètion, we are required to report that fatt. We have nothing to report in this regard. Matters on whl¢h we are requlred to report by exception We have nothing to report in respert of the following matters in relation to which the Charitie5 (Accounts and Reports) Regulations 2008 require us to report to you ff. In our oplnion.. the Infomiation given in the financial staiements is inconsistent in any material respett with the trustees. ￿pOrt. or 5ufFicient accounting retords 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 infomiation and explanations we require for our audit. Responsibllltles of trustees As explained more fully in the trustees, responsibilities statement. the trustees are responsible for the preparation of the group and parent chartty 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 assesslng the group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to goin8 concern and usin8 the 80ing concern basis of accounting unless the trustees either iwrtend to liquidate the group or the parent eharity or to tease operations, or have no realistic alternative but to do so. Auditorfs responslbilities for the audit of the flnanclal statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance wrih the Act and the relevant regulations made or having effert thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole a￿ free from material misstatement, whether due to fraud or error. and to i55ue an auditorfs port that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audlt conducted in accordance with ISAS IUKI will always detect a material misstatement when it exist5. Mi55tatements can arise from fraud or error and are considered material if. individualty or in the aggregate. they could reasonably be expetted to influence the economic decisions ot users taken on the basls of these financial statements. 21 St Luke's Parochial Trust Independent auditor's report To the trustee of St Luke's Parochlal Trust Irregularrtie5, including fraud, are Instances of non-compllance with laws and regulatlons. We deslgn procedures in line wtth our responsibllities. 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 law5 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) Regulatlons 2008, and Companies Act 2006. We designed our audtt procedures to ensure the audit team considered whether there were any indications of non-compliance by the group and parent charty with those laws and regulations. These procedures Included, but were not limited to.. enqulrles of management review of minutes review of legal correspondence We also identrfied the risks of material misstatement of the financial ststements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of frau arising from management override of controls, that accounting estimates such as the nsions liability provision were also subject to this risk. We reviewed the actuarial report and conSide￿d the assumptions within it. No issues were noted with regards to management override. in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included. but We￿ 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 irregularrties, includinB those leading to a material misstatement In the financial ststements or non-compliance with regulation. This risk increases the more that compliance wtth a law or regulation is remove from.the events and transactions refiected in the financial Statements, as we will be less likety to become aware of instances of non-compliance. The risk 15 a150 greater regarding irregularities occurring tlue to fraud rather than error, as fraud involves intentional concealment, forgeryi collusion, omission or misrepresentation. A further description of our responsibillties for the autlit of the financial statements Is located on the Financial Reporting Council's website at: www,frc.o auditorsres onsibilitie5. This description forms part of our auditorfs report. St Luke's Parochial Trust Independent audltorfs report To the trustee of St Luko's Parochlal Trust Use of our report Thi5 report i% made solely to the charity's trustees. a5 a body, in accordance wtth Part 4 of the Charities (Accounts and Report51 Regulations 21J)8. Our audit work has been undertaken 50 that we might state to the charitvs trustees those matter5 we are required to State to them In an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty to anyone, other than the charity and the charitvs trustees as a body, for our 3udit work, for this report, or for the opinions we have fomied. //// 15 Westferry Circu5 PKF Littlejohn LLP Canary Wharf Statutory Audltor London E144HO 28 June 2022 PKF Lhtlejohn LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a cornpany under sectign 1212 of the Companies Act 2006 23 St Luke's Parochlal Trust Consolidated statement of financial activities (including consolidated Income and expendi￿re account) Forthe yearended 31 December 2021 Unreslrlcted Funds Restricted Endowment Funds Funds 2021 Total 2020 Total Notes Incomo fr¢m: Donations and legacies Charitable activities Community centre Community sen￿￿$ Other trading activities st Luke's Trading Limited Investrnent income Other income 34,783 25.077 59,860 42,879 20,000 68,587 20.000 271.626 20,200 248,445 203.039 298,584 160,231 129,745 298.584 480,932 129,745 391,072 664,289 288,697 320,701 Total income 711,930 228,116 320,701 1,260,747 1,653,582 Expendltur• on: Raising funds St Luke's Trading Limited Investment management costs Fundraising Charitable a¢tivitie5 Communty centre Community servt¢es 215,462 24,514 46,178 215,462 74,237 46.178 287,883 67,458 47,085 49,723 739,776 573,921 739,776 808,759 765,298 890,466 234,838 Totsl •xp•ndlture 1.599.851 234,838 49,723 1.884412 2,058,190 Net lexpgndlturel Income before net gains on Investments {887,921) (6,722) 270,978 1623.6651 (404,608) Net gains c•) investments 750,352 1.516,386 2,266,738 1.521,024 N•t1oxpendltuTgl income for the y￿r 1137,5691 16,722) 1.787,￿4 1.643.073 1,116,416 Transfers befv￿en fijnds 12 600,000 eoo,000 N•t incom• (ex￿nditur•I b8for• other recognispd galns and10$$os 462.431 16.722) 1.187,304 1,643.073 1.118,416 Actuarial losses on defined benefit pensic￿ stheme 16 1109,028) Net movemenl fvnds 462,431 16.722} 1.187,364 1,643,073 1,007,388 R•conciliation of funds Total funds brought forward 19 12,643.714 106,800 15,974,310 28,724,824 27.717,436 Totsl funds carried forward 13,106.145 100,078 17, 161,674 30.367,897 28,724,824 All of the above results a￿ derwed from conlinuing activities. There are other recognised gains or losses other than those stated above. The notes on page$ 27 to 46 fom part of these financial statements. 24 st Luke's Parochlal T￿st Balance sheets For the year ended 31 December 2021 Group 2021 GrcNJp 2020 Charity 2021 Charity 2020 Note5 FIX￿ assets Tangible assets Investments 10 11 4.940,598 25.538,934 30,479,532 5.140,500 23,997,469 29,137,969 4.940.5 5,140,500 25.538,935 23,997,470 30.479.533 29,137,970 Curyent assets Deblors Cash al bank and in hand 13 137.965 607.872 74S.837 181,607 473,052 654.659 179.220 SOS.039 684259 200,830 363.475 564,305 Liabllltl Cre(Jitors.' amounts falling due within cne year 14 1237.372} 1282,3441 1175.7951 191,991 Net current aM¢ts 508,485 372,315 508.464 372.314 Total •￿ts I￿5 ¢urrnTrt Ilabllltles 30.987,997 29,510,284 30.987.997 29,510.284 Defined benefit pension 8¢heme liabolity 16 {620.100) 1785,4601 {620.1001 1785,460) Net assets 30.367.897 28,724,824 30.367.897 28.724,824 Rapms•ntsd by: Funds and reserv•s Endowment fund Restricted fvnds Unrestricled fvnd5 Designated tangible fixed assets fvnd Designated revenue fvnds General funds 19 17,161.674 100.078 15,974,310 106.800 17.161.674 15.974.310 100.078 106,800 4,940.598 4,263,611 3,901.936 5,140,500 4,285,883 3,217,331 4,940,598 4.263.611 3,901.936 5,140,500 4.285,883 3.217,331 13.106.145 12,643,714 13,106,145 12,643.714 30,367,897 28,724,824 30.367.897 28,724,824 Approved by the Twslee$ on 8 June 2022 and signed on their beh81f by.. Raymond O'Halloran Chaimian of the eoard of Trustees The notes on pages 27 to 46 lom part of these financial statements. St Luke's Parochlal Trust Consolidated ststement of cash flows For the year ended 31 December 2021 Notes 2021 2020 Not Cash (used Inl provlded by o￿Tating activiti•s 20 11.071.385) (1.085.787) Cash flows from investing aclivltl•s: Interest, rent and dividends from investment5 Purchase ol investments Proceed5 from the disposal of inveslments 480.932 15,394,423) 6.791.013 664,289 (4,250.931} 4,829,779 Cash provided by invosting aGtlvltlg5 1.877.522 1.243.137 Chango In ca$h and cash •qulvaltrnts in the year 806.137 157.350 Cash and cash equivalents at the beginning of the year 695,586 538,236 Cash anql ca$h gquivalfrnts al tho end of the year 21 1.501.723 695.586 The notes on page$ 27 to 46 fomi part of these financial statements. St Luke's Parochial Twst Notes to the accounts For the year ended 31 December 2021 1 Accountlng polici a Basis ot a¢¢ounting The a¢covnts have been prepared in a¢¢ordan¢e ￿1th Accounting and Reporting by Chaiitie8: Statement of Recommended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102- effective 1 January 20191- {Charitres SORPI St Luke's P8rochial Tnjst meets the definNion ol a publlc benefft entity under FRS 102. Assets and liabilitses are initially recognised at hislorl¢81 cost or transaction value unless otheMse stated in the relevant accounting pc4i¢y or note. The finanaal ststemenl$ have been prepared lo glve a 'true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a Irue and view. This departure has involved followng the Accounting and Repo￿"ng by Gharities Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republ￿ of Ireland IFRS 1021 as applicable fr¢Jm 1 January 2019. b Group accounts The ac¢oLsnts consolidate the results of the charrty and ils wholly owned trading subsidiary, St Luke's Trading Limited, on a line by line bas15. Total income for the unconsolidated charity for 2021 vras £1,255,851 12020.. £1,646,465) and net movemenl in funds wa5 £1,643,07312020.- net £1.007.3881. c Golny concern and slgnlficant estlm•¢•s The trustees consider that there are no material uncertainties regardlng the TnJ$fs abilty to continue as a going concern. In reaching that ￿nClusIOri the trustees have considered Ihe ongoing impact of COVID -19 on actiwties and cash flow5 for a period of at least one yearfrom 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 s%hen St Luke's will be able to resLsme normal operab.ons and until it can do 50 it is likely lo generate negatNe ￿$h tlows as a result of reduced income from room hire, catering operati￿5 and investsnents. The trustees are confident thal the strength of the Twst's b818n¢e sheet- specificalty the level of its untsstricted funds - and the various economies rt has pul in place will ensure its abilty to continue as a going concern for a period in excess of 12 months from the reporting dale. Changes to St Luke's service delivery model have also been required to ensure r( continues to Prowde for the most vulnerable. Key judgements that the InJslees have made vthich have a significant effecl on the accounts indude the estimation of the pension scheme liabilty as beirwJ equal to ihe value of all fijture payments, as calculated by ihe scheme actuary, under the current recovery plan. The trustee$ do not ￿l$l￿er that there are any sources of estimation uncertairty at the repo￿n9 date that have a Significant risk of causing a materral adjustment to the Carrying amounts of assets and liabilities within the next repoiting period. 27 st Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2021 1 Accounllng pollcles {¢Mtinuedl d Funds structur• The endowment fund ¢omprises monies vthich must be held indefinf(ely ¥s ¢apital and is therefore a pemanenl endowment. Realised and unrealised gains from investment of the fvnds are retained in the endowment fijnd. Income gener*ed from investment of the funds is uniestricted and applied for general charitsble purposes within the charity's objects. The restricted fijnds are monies raised for. and their use reslrirted to, a $pecTrlc purpose, or donation$ subject to donor-imposed conditions. The unrestricted funds comprise fvnds designated for specific purposes by the truSt￿S land under Scheme direction). and the general fund which represents the wothng capital reqUI￿d for the efficient nning of the Twsfs aCtiV￿e8. e In¢omg Donation$ and the £5 fee for Ilfe membershlp of St Luke'3 are credlled to the statement of finandal activities in the year in ￿lch they are received. Distributions from investmerts are Credited to income on the dates on which the holdings are first quoted ex dividend. Grants received as income from charTtable actiwties are credited to income *hen they are receivable. unless they are for act￿ltieS that relate to a specffic future period, in vA)i¢h case they arÈ deferred to that period. All other income is accounted for on an a¢¢ru81s basis. The value of goods donated for use by the tharity, such as foE)dstuffs for redistribub"th, is not recognised in the accounts due lo the impracticalty of reliably measuring their fair value. f Expenditure and Irr•covorablo VAT Expenditure, and the recognition of a liabilty, is induded in the statement of finanaal aCtiV￿e$ *then incurred and indudes any attributable VAT whlch cannot be recovered. Expenditure Is dassifted as follows.. Expenditure on raising funds comprises the fees charged by the investrnent managers and expenditure of St Luke's Trading Limited. the ￿ollY ovmed trading subsidiary. Expendlture on charrtable actimties comprises costs of the communty cenlre. communrty seNces and grants and pensions to indimduals. Associated support costs are induded Inote 7)- g Allocatlon of support Costs Support Costs are those functions that assist the work of the tharity but do not direcdy undertake tharitsble actiwties. Support cos15 inrjude the cost of the Chief Executive, Director of Service5, Executive A3Si5tsnl and Finance Staff as wel as govemance and general office costs. Support costs relating to Charitable Actiwties have been apportioned based on staff time expended. The allocation of support costs is analysed in note 7. h Provision of S￿¢9 The Trust does not include in the accounts the value of community room space donated to other organi5￿.0nS delivering their seNces to local residents. 28 St Luke's Parochial Trust Notes to the accounts For the year onded 31 December 2021 l A¢¢ounting policl¢s Iconlinuedl I Volunteers and plac•m•nt students The TTUSt does not Show in the accounts the value of the time volunteers and Placement Students give lo community seryices. J Staff pension commitmènts Under the definthon set out in Finanaal Reporting Standard 102, the Cripplegate Foundation Pension and Assurance Scheme is a multi-employer, define(I benefit plan. However. the Trust is unable to identty rt3 share of the underlying assets and liabilitie5 of the scheme on a reasonable and ￿nSIstent 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 ari￿ng from St LLtke's payments under that plan is recognised in fvll in the accounts. k Fix•d as•èts- property. •quipm•nt and vehlcles Fixed assets a￿ induded at cost AU a$sel$ ¢osting more than £5,000 and wilh an eypected usoful lrfe exceeding one year are capitali$e¢J. Depreciation has been calculated on a straight4ine basis on cost in order to write off each a￿et over its estimated useful h'fe which is shovm below. Freehold buildings Leasehold propety Fixtures. fittings and equipment Minibus 50 years 50 years 3-10 years 5 years Freehold land 15 not depreciated. Depreciation is charged on building works from the date of completion. being the point at ￿1¢h they are fvlly available for use. l Fix•il asut Investments Freely tradable investment assets a￿ induded on the balance sheet at their marf(et value at the end of the financial period. Unrealised gains and10s8es are credited. or debited. to the statement of financial activibes in the year in which they arise. The trustees adopted total retum accounting for inveslmerts on 1 January 2020. From that date unrestricted and endowment funds have been heid in separate portfolios with investment managers. fees and revaluation gains being aknbuted diredy to the relevant funds. m Debtors Trade and other debtors are recognised at the setuement amount due after any trade di5¢0unt offered. Prepayments are valued at the amount p￿paid net of any trade discounts due. n Credftorn and provisior Creditors and provisions are recognised vthere the charity has a present obligation resulting from a past event that wll probably result in the transfer of fijnds to a third paty and the amount due to settle the obligation can be measured or estimated reli8bly. Credf(ors arKI provisions are normally recognised at their settlemenl amount after allovling for any trade discounts due. 29 St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2021 2 Income from donatlons and l•gacies 2021 Total 2020 Totsl Unrestricted Restricted Donab'ons 34,783 25,077 59,860 42.879 Totsl Income from donatlons and legacies 34.783 25.077 59,860 42,879 Total income from donations and legacie5 2020 29,419 13,460 3 Income from ch•rlt•bl• acllvltl 2021 Totsl 2020 Total Unrestricted Restricted Communlty centre Fècilty hire and development L. B. Islington 200 20,000 20.000 20.1)00 T¢)tal comThunity c•ntr 20,000 20,000 20,200 Total communty centre 2020 20,200 Community servicos Older people's services Meals and food hub Business engagement Gardening Cookery school All age5 actiwties Grant giwng Other income Henry Smith grant 10,874 500 46,500 126 155 432 70,000 14,400 48,000 80,874 14,900 94.500 126 155 35.972 26,099 10,000 10.000 30,503 92,434 89,250 503 262 5,493 10,000 10,000 10.000 35,540 25,099 10,000 10,000 Total ¢(￿m￿lty servlces 08,587 203.039 271626 248,445 Total community servlces 2020 65.874 182.571 Total incom• from ch•vltable •ctlvities 88.587 203.039 291.626 268,645 Total income from ¢haril8ble actiwiies 2020 86,074 182,571 30 St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2021 4 Income from other tradlng adlvltles 2021 Total 2020 Totsl Unrestricted Restricted St Luke's Tradlng Llmrted 298.584 298,584 391,072 Total Income from other tradlng activiti•s 298,584 298,584 391,072 Total income from other trading actimties 2020 391,072 St Luke's Trading Limited la ￿MpanY limited by share capital. company no. 9358692 (England and Wales) is a wholly owned subsidiary of St Luke's Trustee Limited (the ￿le Corporate trustee of St Luke's Parochial Trust). As such it constr￿leS a vtholly owned Subsidiary of St Luke's Parochial Trust and pays all of ils taxable PToffts to the Trust under a deed of Covenant. The company's activities comprise thos& operations of a trading noture which relate lo catering, rental, room and other facilty hire at St Luke's Community Cenlre. The summary finanaal perfom)ance of the subsidiary company TS.. 2021 2020 Tumover Cost of sales 298.584 111.8251 391,072 36.3621 Gross profrt Administrative expense$ 286,759 1203.6371 354.710 1251.521) Operatlng profit Amount paid to parent under deed of covenanl 83.122 183.1221 103,189 (103,189) Rotsln•d in the subsidlary The assets and liabilities of the Subsidiary were-. Current a$sel$ Current liabilTties 156.424 156423 120,809 1120.808 Total net assets Share captsl and reserves 5 Incom8 fr(Mn Investm•nts 2021 Total 2020 Totsl Unrestricted Endowmenl Investment income 160.231 320,701 480.932 664,289 Total Income from invmtments 160.231 320.701 480.932 664,289 Totsl income from investments 2020 222,605 441,684 6 Other Income The Trust received £129,745 under the govemment's Coronavirus Job Relenlion Scheme in the year12020.' £286,697). 31 V4 iSW orJ)rt* thf (o a) thr u>* 00 iorit fri*oi IDO +7Jr )- St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2021 13 Debtovs Group 2021 Charity 2021 2020 2020 Trade debtors Prepayments and accrued income other debtors Amount owed by trading Subsidiary 56,$20 80.946 491 11,637 169,319 651 2.938 80.946 491 94.845 405 189,319 651 30,455 137,965 181,607 179.220 200,830 14 cl￿0t0￿. amounts falllng duo withln one year Charity Group 2021 2020 2021 2020 Trade creditors Taxation and social security Accruals and deferred income Other credrtors 91.094 25.020 78,720 42.538 138,327 25,209 89,447 29.361 46,3B2 25.020 64.323 40.070 62.354 25.209 75,567 28,861 237.372 282,344 175.795 191,991 15 Taxatlon The charitsble company is exempt from corporats'on tax as all its income is charitable and is applied for dwritable purposes. 37 St Luke's Parochial Trust Notes to the accounts Forthe year ended 31 Decernber 2021 16 Ponslon scheme Up unbl the tim8 when the scheme was dosed, the Trusl participated in a mulli•employer final salary pension Scheme. the Cripplegate FDundation Pension and Assurance Sth•me. The assets of the scheme are held separalety frorn the Trust. The scheme was ftjnded by contributions frvm the employees and participating employers in accordance wrfh the rewnmendaDon$ of independent qualTfied acbjaries on the basi5 of triennial valuations. 8ased on the results of Ihe 2006 interim valuation, the Parttcipating Employers deaded in March 2006 to Close the Scheme to new members and to cease a¢cru81 for existing members. The effective date for both events was 31 August 2006. The accrued pen5ion5 of existing members are now treated as Ileferred until their normal retirement date. or earlier if qualified under the scheme rules. The fvnd continues to be administered and value(l on a triennial basis. The most recent fvll actuarial valuation was carried out wth an eflectNe date of 5 April 2020. On the basis of solvency Qf the scheme, the valuation indicated the assets covered 64% of the scheme liabilities 12017.. 60%). On an 0￿gOIng basis, the valuation indicated the assets covered 85% 12017.. B3%1 of the scheme liabilities. The actuaries have ccnffimed that the drfferent employers. share of the underfying assets and liabiltties ￿nn01 be identified on a consistent and reasonable basis. In compliance vthh FRS 102 the assets and liabilities are not induded as part of St Luke's Trust's accounts. The valuation indicated that no change was required to the monlhty 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 deficrt at £1.9m 12017.. £2.Oml and St Luke's annual de)lut payment remained al £165,360 per annum. The total payable by St Luke's under the recovery plan is £895,700 and at 31 December 2021, the remaining balance payable was £620.100 {2020.. £785.4601. The liabilty is included in full in Ihe accounts. The Trustees of St Luke's are confident that the charity's strength of covenant is adequate to meet thls ongoing revenue liability. To replace the old Scheme, St Lukè's introduced a Legal & General Group Stakeholder pension scheme for staff. 17 An41ysls of group net assets betM•n funds Curr•nt y•ar General De*gnated lund5 funds Restricted EndowTnent funds funds Total funds Tangible fixed assets Investsnents Cash at bank and in hand Net current (liabilities) assets Defined benefft pension liability Net a59ets at th• end of tho year 4,940,598 4,263.611 4.940.598 17,115,829 25.S38.934 607.872 199,407) 1620,100) 4.159,494 507,794 1145,252) {620,100) 100,078 45,845 3.901.936 9,204.209 100.078 17.161.674 30.367,897 b Prior y￿r Gener81 Design*ed Restricted Endow7nent Totsl Tangible fixed assets Investments Cash * bank and in hand Net curTent Iliabililiesl assets Defined benefit pension liability Ngt a$$ots atthe ond ofth• year 5,140,500 4,285,883 S,140,500 23.997,469 473,052 1100.737} 1785.460} 28,724,824 3,818,256 366,252 1181,717) 1785.4601 15,893.330 106,800 80,980 3,217.331 9,426,383 106,800 15.974.3to St Luke's Parochial Trusl Notes to the accounts For the year ended 31 December 2021 18 UnrulTrsed gains The total unrealised gains Ilossesl as at 31 December 2021 and included in note 11 constriutes movements on revaluation and are as follows.. 2021 2020 Unr•allsed gains includ•d above". On investments Total unr•allsed gains at 31 0oc•mb•r 6.047.835 6.047.835 5.765,656 5.765.656 Reconciliation of mov•ments in unrealised galns {10ssos1 Unrealised gains at 1 January Less.. in respect to disposals in the year S.765.656 (1,776,808 4,552,781 1654.741) 3.988.848 3,898.040 Add- nel gains arising on revaluation arlslng in the year 2.058.987 1.867,616 Tolal unrealised gains •t 31 Decemb•r 6,047.835 5.765,656 39 * o) LÈ) o ¢000 It)￿4￿0 loo rlDO > OJLUUJ W J O 1¥ 3 73 èE-EuJS L)tQ)kU ug 45 Q) a> •oo oa fJW(LU 7Jf CD C 3 7) c c uix ￿ IJJC 7J oo C cfgE