2022-12-31-accounts

Annual Report and Accounts of

St Luke’s Parochial Trust

For the year ended 31 December 2022

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

TABLE OF CONTENTS
	Page
St Luke’s Trust and area	1
Reference and administrative details	2
From the Chair	4
Trustees’ Report
Objectives	5
Strategic plan	5
Plan for the future	6
Structure, governance and management	7
Public benefit	9
Activities: aims and achievements	10
Financial review	14
Investment policies, objectives and performance	15
Reserves policy	16
Principal risks and uncertainties	17
Statement of Trustees’ responsibilities	19
Independent Auditor’s report	20
Annual Accounts
Consolidated statement of financial activities	24
Balance sheets	25
Consolidated statement of cash flows	26
Notes to the accounts	27
Employees	47
Acknowledgements and thanks	48

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 hub 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 16,500 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, parts of the Clerkenwell ward and St Peter’s and Canalside ward, and other small pockets of the City of London and Hackney.

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 18 and, in 2022, the Directors agreed to appoint to all 18 places. 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 Street Cllr Valerie BossmanNominated by LB of Islington Quarshie Josie Cochrane Co-optative resigned on 11[th] March 2022 Mary Durcan Nominated by the City of London Cllr Troy Gallagher Nominated by the LB of Islington: resigned on 29[th] June 2022 Cllr Ruth Hayes Nominated by LB of Islington: appointed on 12[th] July 2022 Don Kehoe Co-optative Wee Kii Teh Nominative: appointed on 8[th] June 2022 Tolga Kizil Co-optative: appointed on 8[th] June 2022 Debra Mendes Co-optative Rev Jack Noble Nominated by PCC St Giles' Cripplegate with St Luke's Old Street: appointed on 8[th] June 2022 Alex Norris Nominated by PCC St Giles' Cripplegate with St Luke's Old Street: resigned on 8[th] June 2022 Cllr Rosaline Ogunro Nominated by LB of Islington: appointed on 17[th] June 2022 Ray O'Halloran Co-optative Joseph Pak Nominative: appointed on 8[th] June 2022 Gemma Pimlott Nominative: appointed on 8[th] June 2022 Crispin Rapinet Co-optative David Vasserman Co-optative Kieran Wadia Co-optative Charmaine Yap Nominative: appointed on 8[th] June 2022 Principal Office 90 Central Street, London EC1V 8AJ (tel: [phone]) 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

FROM THE CHAIR

St Luke’s Community Centre has once again shown what can be achieved by a small team of dedicated people for the good of the wider community. It has always been my proudest honour to be the current Chair of the Trust but again the team, including so many volunteers, has shown what a remarkable service we can provide to all our service users over such a wide range of events and services.

We seem to be lurching from one issue to another, trying to find our way through the problems that life throws at us ranging from Covid to the cost of living crisis to the ever-deepening energy cost situation. All of which greatly impacts across our local community. St. Luke’s is seen as a place which is consistent in its service delivery to our community, both from a safe place to visit and attend events, to our outreach programme and food bank.

After almost two years of restrictions, early closures, Government directives, and a five-day week at the Centre, I am delighted that we were able to open seven days per week once again. In line with these extended opening hours, we have continued to provide a whole range of services in our attempt to support local residents facing very difficult situations in their lives. As ever, we introduced many new services in order to respond to the needs of our local community.

St Luke’s provided funding for many families during the year through our new grants’ programme. We also provided support for local people who are striving to set up their own business. These programmes of support have been a lifeline to many people.

St Luke’s food hub was set-up to provide local support during the Covid-19 pandemic and continues to provide weekly groceries to local households who are on low income and struggling financially. Along with food and other essentials there is longer term support including information, advice, job club and wellbeing activities. There is also a Food Co-op for ongoing support. Our food hub is as important as ever through the cost of living crisis and is essential for many local families in need.

As always, I want to pay special tribute to our many donors and corporate sponsors. They have been truly remarkable during a difficult time. It is through their support that we have been able to achieve a healthy financial position at the end of the year in which we expected to have a higher deficit.

As the current Chair and along with existing trustees, we decided in 2022 to carry out a drive to recruit a new group of trustees to the Board which I am pleased to say worked very well. As a Board of Trustees, we have provided the Trust with support, guidance and experience to allow them to deliver the best-inclass services we expect from them. At our Away Day in September, we were able to again set a clear vision going forward to continue to offer essential support and assistance to our local community. We will continue to support St Luke’s and look to improve where possible and adapt where necessary.

Raymond O’Halloran, Chair of the board

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

From January 2018, the board adopted a three year ‘rolling’ strategic plan. This means that each year, St Luke’s previews the next three-year period in setting the plan and budget for the forthcoming year. 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 and continued right through 2021 and 2022. 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 wellbeing.’

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

1. Become the preferred first point of call for local people seeking advice and front-line support.

2. Increase closer working relationships with corporate partners, support for people into employment and accredited training courses to assist people with skills.

3. Address the causes and effects of local poverty.

Health & wellbeing

1. Put better health (and mental health) at the heart of services.

2. Ensure a programme of support for people on a preventative level and condition management level.

Community

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

2. Develop partnerships with, and between, local groups and providers.

3. Give local people a sense of where they live, work, learn and play.

Review of 2022 and Plan for the future

During 2022, the charity implemented its action points under a work plan based on its strategic plan implemented in 2018. The actions from the strategic plan were implemented at a time of continuing uncertainty due to the Covid-19 pandemic. In early 2022, there was still a large amount of uncertainty in relation to the pandemic. For the third year in a row, the organisation had to re-assess its priorities in order to respond to the needs of the local community.

As well as coping with the impact of the pandemic, people were also trying to cope with a large rise in energy costs, the impact of the war in Ukraine and the subsequent rise in inflation. St Luke’s is particularly proud of its ability to be flexible and the speed at which it is able to respond to local need.

In June 2022, we were able to re-open the Centre to a seven-day per week operation once again. This proved a boost to the local community who also celebrated the Platinum Jubilee of HM the Queen. Sadly, of course, later in the year, she died. Her death impacted on some of our older members who still remembered the Queen opening the Centre in 1982. She had become a symbol of strength, longevity and continuity and her death was difficult for some of our members to come to terms with.

In early 2022, we had low numbers attending the Centre and few room hire bookings. By late 2022, we witnessed a surge in the number of people coming back to the Centre for events and for room-hire bookings. This is clearly demonstrated by the Christmas Fair which took place in December 2022. Usually, numbers of attendees would be between 200 and 300 people. In December 2022, we hosted over 800 people at the Christmas Fair!

Looking forward to 2023 and beyond, we are now more optimistic of a return to a pre-pandemic environment. This statement is being made in the knowledge that a similar hope was expressed for the previous two years! However, we are more optimistic for 2023. In relation to this, we will continue with a full programme of services once again.

Our focus continues to be a simple vision of continuing to support the local community. This will involve reaching out to more of our residents through estate pop-ups and projects. We will continue to offer financial assistance through a programme of grants administered by St Luke’s in order to support people around issues such as poverty, isolation, mental health and employment. Our business plan and activities reflect these priorities.

During 2023, we will continue with our plans for the Centre to become more carbon neutral. We have made huge steps on this issue and have set ourselves a goal of being carbon negative by 2030. We will also take further steps to create more awareness of the issues in the community. But it will be done from a stance of St Luke’s striving to lower our carbon footprint whilst supporting others in taking similar steps.

As an employer, St Luke’s will support its staff who have continued to be a lifeline to the local community. Staff have been a source of strength to our service users despite facing issues themselves in relation to health, Covid-19, family and uncertainty. As ever, they have responded selflessly and St Luke’s is committed to ensure the working environment is supportive, helpful and empowering.

We continue to be a London Living Wage accredited organisation to ensure staff receive an appropriate wage in order to live in a vibrant and diverse city.

By the end of 2023, we will have completed the Trusted Standard quality mark which will provide added value to services, benefitting service users, volunteers and members of staff.

In our business plan, we have incorporated a number of action points from our Away Day in September 2022. This will include continuing to provide support to local entrepreneurs in starting up their own businesses and providing welfare grants for families in need. During 2022, we investigated the possibility of setting up independent charities to ensure some of our services are sustainable. However, the bureaucracy around this venture coupled with the practical implementation has led to a re-examination of the principle. We will continue to explore various possibilities going forward.

User involvement is crucial to the workings of St Luke’s and during 2022 we set up a new users’ committee whereby our service users from all age ranges have a direct influence in planning, implementing and organising the services being provided at the Centre.

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.

During 2020, we believed that the pandemic would end by the end of the year. This did not happen and, in 2021 and 2022, we hoped that we would see the end of the pandemic by the end of each of those years. Again, this was not the case. However, facing 2023, we are more hopeful that we have seen the worst of the virus and even if it is not eradicated, it’s severity will have decreased considerably.

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 17 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.

One trustee is ex-officio. Five trustees are described as nominative and are external appointments by bodies such as the London Borough of Islington, the City of London and the 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 2006, the trustees agreed to appoint to these positions in early 2022 in order to increase the resilience of the board going forward. This increases the total number of nominative trustees to nine.

Seven trustees are described as co-optative and selected for the specific skills they can bring to the board, or from 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.

After a comprehensive recruitment drive in 2022, the following trustees were appointed to nominative roles on the board: Charmaine Yap, Gemma Pimlott, Joe Pak and Wee Kii Teh. Cllrs Rosaline Ogunro and Ruth Hayes were both nominated to the board by the London Borough of Islington and the Reverend Jack Noble was nominated by the parish council of St Giles’ Cripplegate. Tolga Kizil was appointed to the board as a co-optative trustee.

We wish to thank those trustees who resigned from the board during the year - Josie Cochrane, Cllr Troy Gallagher and the Reverend Alex Norris. During 2022, one nominative position remained vacant. The appointing body to this role is the parish council of St Giles’ Cripplegate.

Organisation structure, committees, and decision-making

During 2022, 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 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 on an annual basis.

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 in 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, once again, adapted its activities to support the local community. However, the public benefit principle continues to be 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 the impact of services on its members and service users. Impact reports have continued to be produced for trustees through 2022.

Wider society

St Luke’s area of benefit lies principally in the Bunhill ward of Islington. Detailed statistics from the 2021 Census are still to be made available by the Office of National Statistics. In the meantime, the Centre relies on headline statistics from the Census as well as statistics collated by the Oxford Consultants for Social Inclusion in 2021 which show that 38% of people aged 16-74 are in full-time employment compared with 42% across Islington. 3.9% of the Bunhill ward claim Job Seekers’ allowance or Universal Credit. This is compared to 5% of people claiming these benefits across Islington (source: Department for Work and Pensions - DWP). The number of people receiving health-related benefits in October 2021 was 4.7% compared with an Islington average of 5.8% (source: DWP). 46.1% of families with dependent children are lone parent families (Islington average is 41.1%). There is a high level of residents renting properties from the Local Authority and Registered Social Landlords (46.9%). 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. Close to 70,000 visitors came to the Centre in 2019; 20,000 visited in 2020 (due to the Covid pandemic) and 16,000 visited during 2021. Close to 44,000 people visited the Centre in 2022. A number of companies and firms hired rooms from the Centre and brought 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. This made an important difference to our income. 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 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 the Covid pandemic.

ACTIVITIES

Community Centre

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 also occupies a 1,600 square foot modern annex located next door, which two years ago became the base for St Luke’s Wellbeing Hub and our large community garden terrace and food growing area, the Edible Yard, offering tranquil outdoor spaces that are used by local residents.

Footfall 2022

The past number of years has been different for everyone due to the Covid pandemic. Before the pandemic, St Luke’s welcomed over 70,000 visitors to the Centre per year. In 2021 due to restrictions, there was 16,000 visits to the Centre. This figure rose to 44,000 in 2022. As a result, we feel we are finally moving in the right direction again.

Environmental

Lots of hard work has gone into making St Luke’s a more eco-sustainable organisation. In the past years we have been awarded grants for two external eco-consultant’s audits. The last audit took place in 2022 and concluded that St Luke’s had reduced the headline reduction in CO2 emissions by 58% between 2019 and 2021. The report found that even taking the Covid pandemic into consideration when the centre was less busy, a reduction of 58% of CO2 emissions is still a remarkable improvement.

“We are pleased to see the positive progress across a range of fronts at the centre and we are especially delighted to see the depth of enthusiasm for not only radically reducing the centre’s own carbon and ecological impact but also for taking this out into the community with various new projects.” Acorn EcoAudits 2022.

St Luke’s established its carbon emission baseline in 2022 and will implement technology to compare and monitor our carbon footprint and set targets from 2023.

St Luke’s carbon negative target

Looking to the future, St Luke’s will continue to look into solutions to reduce our carbon footprint and we have set the goal of becoming a carbon negative organisation by 2030. We can achieve this by going greener in all areas within the Centre. Plans are in place to develop this by using only renewable energy, replacing our minibus with an electric vehicle, and establishing best practice on how to deliver all our services. However, what will particularly help us to achieve this goal is our commitment to invest in staff, redistribute food through our food hub and catering service and offer regular upcycling and clothes swapping events. We will also aim to involve and educate our local residents and take them with us on

our journey to become a carbon negative organisation. St Luke’s wants to play its part in achieving a climate stable future for future generations.

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 the past year when the community continued to be impacted by the Covid pandemic. Facilities are accessible, contemporary and of a high quality. Service users and customers remark on the friendliness of the Centre, and it is satisfying to be recognised as a place that truly responds to the needs of the community. The following headings provide highlights for some of the more significant services delivered during 2022:

St Luke’s Membership Scheme

At the end of 2022, St Luke’s had 1,131 registered members of all ages living in the charity’s area of benefit and enjoying access to our stunning community centre seven days a week along with an extensive programme of services, events and activities that tackle disadvantage, improve health and wellbeing and build a sense of community.

Over 55s Programme

Despite the fear of new Covid variants at the start of 2022, the Over 55s’ team continued to safely support older members to come together to socialise, enjoy lunch, classes, parties and outings. The transport service and helping hands around the Centre ensured frailer members and those affected by age or health conditions remained active and engaged in their community. The lunch club continued to provide a popular service with increasing numbers of members both eating in and taking away their freshly cooked dishes from Monday to Sunday.

As social distancing was lifted, older members were pleased to finally be able to come together and enjoy themselves in a safe, fun environment and a number of special events took place during 2022. In March, we celebrated the 40[th] anniversary of HM the Queen officially opening the Community Centre and in September we stayed open to watch the Queen’s state funeral so that older members could mourn and reminisce together. Members enjoyed traditional Christmas celebrations with parties, entertainment, gifts and a Christmas Day lunch supported by a wonderful team of local volunteers and staff.

We continued to prioritise the needs of vulnerable older residents during the year with regular wellbeing calls, telephone befriending and practical assistance with shopping and errands. A new partnership project with Age UK Islington’s Advice & Information Service enabled us to support older members worried about the cost of living crisis and price increases. In October we also organised a very successful Surviving Winter Information Day at which older members received valuable tips on finances and staying healthy.

“I would be all alone at home if I couldn’t come to St Luke’s. It’s a lifeline for me” - over 55s transport service user.

St Luke’s Wellbeing Hub

Demand for the food hub was consistently high throughout the year as greater numbers of households were impacted by the cost of living crisis. In partnership with our food donation partners, we provided disadvantaged households with a healthy range of good quality food for up to eight weeks. The hub was

also able to purchase weekly supplies to supplement donations, ensuring we could offer culturally diverse food, fresh fruit/vegetables and toiletries. In 2022 we distributed 47+ tonnes of food to 184 local households which has benefitted 527 residents of all ages.

In addition to providing emergency food supplies, the hub also offered beneficiaries the opportunity to explore gateways to help resolve underlying food poverty issues, and during the year referrals were made for benefits, debt and legal advice, employment support, grants and wellbeing activities. In September we were also pleased to help set up the St Luke’s Food Co-Op with support from Cooperation Town and local residents who now use the hub each week to prepare and share their weekly shopping.

In 2022, the wellbeing hub launched the St Luke’s Welfare Grant Scheme supporting local households in financial difficulty with grants of up to £300. We also continued to award Cloudesley welfare grants to residents with health conditions. In addition, residents have benefited from a range of wellbeing activities including Poetry of the Mind sessions focussed on mental health awareness, weekly mindfulness classes and Made of Money courses teaching money management. In collaboration with the Octopus Network, we also delivered a six-month project encouraging local residents to consider having the Covid-19 vaccinations in response to low take-up numbers in our neighbourhood.

“The hub helped me to get back to normality by providing a safe space to talk about my problems and issues. It has supported me emotionally as well as practically and I really appreciate the support…” – wellbeing hub service user.

Cookery School

Our unique cookery school was particularly busy and vibrant throughout the year, teaching cookery skills, building confidence and tackling food poverty. Community classes included the relaunch of the Family Kitchen programme supporting healthy eating for families and children, a new course that taught cookery skills on a budget and a Junior Chefs after school club for young people aged 11-15 years old. During the year we delivered 130 cookery classes and had a classes footfall of 1,420.

In partnership with Islington Forum Plus we delivered popular monthly cook and dine nights for local LGBQT+ residents and in partnership with LBI and KMEWO we successfully offered a series of cooking sessions with local Afghan refugee families culminating in an Afghan family feast. Regular community feasts were also opportunities for members and local residents to come along and enjoy a free hot evening meal, using food that would otherwise have gone to waste, and to find out more about our services and activities.

“I am amazed at the professionalism of the Junior Chefs. Watching their confidence grow in the Cookery School, to seeing them in a ‘working kitchen’ producing and serving food for St Luke’s events has been heart-warming.” – representative from Hit Training, who regularly hire the Cookery School.

Community Gardening

St Luke’s growing spaces were once again ‘award winning’ as the team celebrated 2022 Islington in Bloom and London in Bloom gardening awards. The Edible Yard, terrace and woodland garden were tended by St Luke’s community gardener with support from an after school children’s club, a drop-in adult gardening club and a group of older members who particularly enjoyed table top activities. A team of local residents, many of whom are families with young children, were recruited to look after the rescued ex-battery hens who have grown in health and confidence and now enjoy strolling around the yard.

The Engaging Communities project, encouraging residents to spruce up uncared-for spaces on local housing estates, came to an end in December with a variety of new planting beds, bulbs and shrubs being cultivated. Micro-gardening workshops were also delivered, supporting residents interested in gardening but with limited outdoor spaces such as balconies or window-sills.

“James loves the growing gardeners after school club so much that he says he wants to become a gardener and for Christmas he has asked for gardening things like pots and soil!” – local parent.

Business Engagement

Despite another challenging year, our committed team of corporate partners continued to support St Luke’s work in a number of ways, including financially with annual contributions and generous donations, pro bono support and donations of food, furniture and equipment. In addition, our corporate volunteer programme led and supported some of St Luke’s key community services. In 2022 we worked with 21 corporate partners and corporate volunteers who donated a total of 1,777 voluntary hours.

The business engagement team, in collaboration with corporate partners, successfully delivered another programme of Firm Futures, a project supporting start-up businesses with bursaries, workshops, mentoring and marketing. Residents looking for work benefited from the St Luke’s Job Club where corporate partners volunteered their time offering specialist support to job seekers to develop CVs, improve interview skills, provide training and build confidence. The PC Pals project, a digital inclusion programme, also delivered by corporate volunteers, provided weekly one-to-one IT support sessions supporting older people, families and Job Club members to connect online. In 2022 we supported 33 unemployed residents to find work, we worked with 24 new business start-ups and 39 residents received IT training.

With the final lifting of Covid-19 restrictions, it was good to see the return of our Steps to Success career aspiration events, delivered in partnership with City University and 11 corporate partners, for 150 children from three local primary schools and one secondary school. We were also able to welcome back corporate volunteers to the Community Centre who kindly supported a range events and activities.

“Firm Futures has been an amazing programme for me and really helped me move forward with the business. It's been an up and down journey but I've stayed with it and I'm still going. Thank you for everything, it means a great deal.” - Firm Futures business start-up participant.

Community Engagement

At the beginning of the year we welcomed the return of the Multicultural Women’s Group who meet each week offering support and friendship. They worked together to deliver a successful International Women’s Day celebration, performed a dance taught by Sadler’s Wells during Black History Month and, in partnership with the Peel Centre, supported the delivery of the new Under 5s Treasure Chest offering families the opportunity to bring/swap children’s clothes, toys and equipment.

Family and children’s activities continued to be led by the community engagement team. The after-school programme offered free activities for local children and was enhanced by a new Fun, Food and Fitness programme during the school holidays. This was for families and children only. We hosted the Whittington Health NHS Mum & Baby Group, the Barbican’s Squish under 5s play sessions and the return of the First Clerkenwell Brownies and Guides.

In May we were pleased to resume our extended opening hours and began welcoming visitors to access early evening and weekend classes and activities. Zumba, art workshops, community feasts, gardening

and cookery classes have become a regular feature in addition to the opportunity for members to simply have access to a warm and friendly space during the colder months.

Events that engaged with the local community included a Platinum Jubilee party in June, a St Luke’s Day showcase event in October, Black History Month celebrations and our Christmas Fair– all of which were extremely well attended and high quality. We also supported community events including the King Square Gardens Jubilee and Christmas parties, the Whitecross Street Party and Christmas lights switch on.

“I just wanted to say I had an amazing time today at the Multicultural Women's group, celebrating Eid with all the fellow St Luke’s women. So lovely to see the community getting together!” – Women’s Group member.

Volunteering

As always, local residents who register as volunteers, have contributed enormously to the delivery of our key services and events and we are very appreciative. During 2022 we were supported by 72 volunteers who donated a total of 2,704 voluntary hours. Volunteers helped to plan and deliver our community events, they helped look after the outdoor spaces and the chickens, supported our older members with activities or a helping hand and helped us keep the food hub open by sorting and distributing the food donations. We hosted a popular Thank You event during the 2022 Volunteer Week which was also a useful opportunity to support our ongoing recruitment drive.

“I’ve been an advocate and practitioner of voluntary work for as long as I can remember. I wanted to give something back to St Luke’s. I wanted to encourage others, to take on new challenges, to try something different and to share my skills and knowledge.” – food hub volunteer.

Finsbury Wards’ partnership

St Luke’s works with the local wards’ partnership on hosting and publicising meetings on a variety of themes. Because of the pandemic, two meetings took place online during the year.

FINANCIAL REVIEW

Despite the uncertain operating environment at the start of the year the trustees retained their commitment to maintain as many services as possible with the expectation that an operating deficit would be generated. They consider that an appropriate use of the charity’s reserves. Ultimately the group deficit generated by operations, putting investment returns (income and losses) to one side, was less than that budgeted. In the context of an economy, and therefore the trading subsidiary business, still recovering from Covid 19 disruptions and the Charity’s ambition to meet the increasing needs of its expanding client base the trustees consider that to be a good result.

Income decreased from £1.26 million in 2021 to £1.16 million in 2022, a result of the loss of income received under the government's Coronavirus Job Retention Scheme and lower levels of investment income. That was almost fully offset by an increase in income generated by the trading subsidiary as it recovered from the very significant disruptions to its facility hire and catering activities suffered in 2020. Trustees are optimistic that the recovery will continue into 2023 and beyond. St Luke’s Trading Ltd (the trading subsidiary) was the largest single source of income, contributing 42% (2021: 22%) of all income. Grants from local government and investment income were the largest of the other income sources.

Expenditure increased from £1.88 million on 2021 to £2.16 million in 2022. As a result a deficit of £998,302 (2021: £623,665) was generated before losses on investments.

Investment markets were volatile during the year and investment values decreased substantially, generating total losses of £3.68m (2021: £2.3m gain). Those losses, added to the loss from operations, amounted to a total loss of £4.68m (2021: £1.6m surplus) including a loss on the general funds, those funds considered to be the free reserves, of £1.58m (2021: £685k loss).

At the year end, all funds totalled £25,684,956 (2021: £30,367,897) of which £4,796,073 (2021: £4,940,598) took the form of tangible fixed assets (St Luke’s premises and equipment) and £21,095,252 were investments (2021: £25,538,934). Of the investments, £14,225,809 (2021: £17,115,829) were permanent endowment funds. Net current assets (including cash), being St Luke’s funds available for spending, totalled £248,371 (2021: £508,465).

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 adopted 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, continues to give much needed stability to the finances, and specifically the cash flow, of the organisation throughout the year.

The policy was reviewed during 2022 and is applied 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% pa.

During 2022, investments have been affected by the volatility in the global markets which is reflected in the financial statements. Investment Quorum, appointed by the board in 2015, are independent financial advisers, who oversee and advise on the Trust’s investment portfolio in order to continue to achieve its policy aims. Since 2019, Investment Quorum has 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 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. The annual inflationary uplifts had increased the value of the core endowment to £12.518 million at 31 December 2022.

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 2022 the transfer averaged £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 (£14.29m), restricted funds (£53k) and unrestricted funds (£11.34m). Of the unrestricted funds, £4.80m are represented by fixed assets comprising mostly the community centre.

The majority of the remainder has been designated as follows:

Cyclical Maintenance Fund (£1.19m). 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 is used to pay for forecast building lifecycle expenditure. During the year, £32,435 was spent from the fund on essential maintenance works (2021 balance = £1.18m).

Extraordinary Repair Fund (£0.80m). 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. £4,775 was spent from the fund during the year (2021 balance = £0.77m).

Planning Deed Fund (£1.96m). This commitment is part of Town and Country Planning Act 1990 Section 106 deed of planning agreement dated 1[st] November 2013, which created a 30-year obligation to 2043. This fund is to meet the requirement to pay a commuted housing sum to Islington Council if trustees decide not to operate as a community centre of similar scale and function in the immediate vicinity until 2043. The full amount repayable in this scenario would now be £2.1m (index linked), annually reduced by £0.10m (index linked) so that in 21 years from now the liability is zero. The trustees were confident that there would be no situation where they would not operate a community centre in the area for at least the first ten years so only provided for the final twenty years of the period. The pandemic highlighted the vulnerabilities of operating a building-based facility and so, in prudence, the trustees have decided to maintain the full reducing provision to 2043. As this reserve provision is released over the next twenty years it is the trustees’ intention to ear mark the funds towards a number of initiatives. One of those initiatives will include meeting our ecological and environmental aspirations.

Care and Grant Fund (£0.28m). 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

costs. The amount has been calculated on the basis of 10 years’ annual present-day costs. During the year, £68k was spent on maintaining services to vulnerable clients (2021 balance = £0.34m).

General Fund. This fund, totalling £2.32 million (2021: £3.87m), 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, £278,546 (2021: £507,794) 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 12 (2021: 18) months of unrestricted expenditure in normal operating conditions (£188k 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 2022, the trustees consider the risks listed below as the main risks faced by the charity. However, the overriding risk during 2022 has once again been the impact of Covid-19. The risks listed below are similar to previous years, but they are still major considerations. As part of the management of the 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 uncertainty in looking towards the future. St Luke’s moved to a Total Return approach on its investments has helped to ensure the consistency of income throughout the year. Restrictions on services reduced the income but it 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. St Luke’s looks forward with hope, to the future and the eradication of the virus.

• 2) Income from investments is seen as a key risk, particularly in light of the changed world since the beginning of the pandemic. 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 the investments and follow the investment policy as agreed by trustees. In 2019, Investment Quorum were given discretionary powers over the portfolio on the allocation of investment assets and the income from them. During 2022, global markets have continued to be volatile. However, unrealised losses during 2022 must be understood in the context of the volatility of the markets.

• 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 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 staff roles in other similar sized charities. During 2021, a report was commissioned to test this and it was found that St Luke’s offers competitive rates compared with similar charities. The next report will be commissioned in 2023.

• 5) The liability arising from deficit payments to the defined benefit pension scheme (addressed in note 16 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 it was during the previous 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, which is due to end in August 2025.

• 6) 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);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and

• prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity 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 time the financial position of the charity and enable it to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. It is also responsible for safeguarding the assets of the group and charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees on: 7[th] June 2023

Raymond O’Halloran, Chair of the Board of Trustee

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 2022 which comprise the Statement of Financial Activities, the Consolidated and Parent Charity Balance Sheets, the Consolidated Statement of Cash Flows 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 2022 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 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.

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.

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 Canary Wharf London E14 4HD

PKF Littlejohn LLP

Statutory Auditor

16 June 2023

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 2022

Notes Unrestricted Funds £ Income from: Donations and legacies 2 36,530 Charitable activities 3 Community centre 20,000 Community services 73,560 Other trading activities 4 St Luke's Trading Limited 487,006 Investment income 5 114,192 Other income 6 - Total income 731,288 Expenditure on: Raising funds 7 St Luke's Trading Limited 413,985 Investment management costs 21,818 Fundraising 47,961 Charitable activities 7 Community centre 712,957 Community services 671,076 Total expenditure 1,867,797 Net (expenditure) income before net gains or losses on investments 8 (1,136,509) Net (losses) on investments 11 (1,230,750) Net (expenditure) income for the year (2,367,259) Transfers between funds 12 605,000 Net movement in funds (1,762,259) Reconciliation of funds Total funds brought forward 19 13,106,145 Total funds carried forward 11,343,886	Notes Unrestricted Funds £ Income from: Donations and legacies 2 36,530 Charitable activities 3 Community centre 20,000 Community services 73,560 Other trading activities 4 St Luke's Trading Limited 487,006 Investment income 5 114,192 Other income 6 - Total income 731,288 Expenditure on: Raising funds 7 St Luke's Trading Limited 413,985 Investment management costs 21,818 Fundraising 47,961 Charitable activities 7 Community centre 712,957 Community services 671,076 Total expenditure 1,867,797 Net (expenditure) income before net gains or losses on investments 8 (1,136,509) Net (losses) on investments 11 (1,230,750) Net (expenditure) income for the year (2,367,259) Transfers between funds 12 605,000 Net movement in funds (1,762,259) Reconciliation of funds Total funds brought forward 19 13,106,145 Total funds carried forward 11,343,886	Restricted Funds £ 1,370 - 196,450 - - -	Endowment Funds £ - - - - 230,383 -	2022 Total £ 37,900 20,000 270,010 487,006 344,575 -	2021 Total £ 59,860 20,000 271,626 298,584 480,932 129,745
	731,288	197,820	230,383	1,159,491	1,260,747
	413,985 21,818 47,961 712,957 671,076	- - - 2,187 242,563	- 45,246 - - -	413,985 67,064 47,961 715,144 913,639	215,462 74,237 46,178 739,776 808,759
	1,867,797	244,750	45,246	2,157,793	1,884,412
	(1,136,509) (1,230,750)	(46,930) -	185,137 (2,453,889)	(998,302) (3,684,639)	(623,665) 2,266,738
	(2,367,259) 605,000	(46,930) -	(2,268,752) (605,000)	(4,682,941) -	1,643,073 -
	(1,762,259) 13,106,145	(46,930) 100,078	(2,873,752) 17,161,674	(4,682,941) 30,367,897	1,643,073 28,724,824
	11,343,886	53,148	14,287,922	25,684,956	30,367,897

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 27 to 46 form part of these financial statements.

St Luke's Parochial Trust Balance sheets For the year ended 31 December 2022

Group Notes 2022 £ Fixed assets Tangible assets 10 4,796,073 Investments 11 21,095,252 25,891,325 Current assets Debtors 13 225,870 Cash at bank and in hand 331,694 557,564 Liabilities Creditors: amounts falling due within one year 14 (309,193) Net current assets 248,371 Total assets less current liabilities 26,139,696 Net assets (excluding pension liability) 26,139,696 Defined benefit pension scheme liability 16 (454,740) Net assets 25,684,956 Represented by: Funds and reserves 19 Endowment fund 14,287,922 Restricted funds 53,148 Unrestricted funds Designated tangible fixed assets fund 4,796,073 Designated revenue funds 4,226,030 General funds 2,321,783 11,343,886 25,684,956	Group 2021 £ 4,940,598 25,538,934 30,479,532 137,965 607,872 745,837 (237,372) 508,465 30,987,997 30,987,997 (620,100) 30,367,897 17,161,674 100,078 4,940,598 4,263,611 3,901,936 13,106,145 30,367,897	Charity 2022 £ 4,796,073 21,095,253	Charity 2021 £ 4,940,598 25,538,935
		25,891,326 223,919 271,947	30,479,533 179,220 505,039
		495,866 (247,496)	684,259 (175,795)
		248,370	508,464
		26,139,696	30,987,997
		26,139,696 (454,740)	30,987,997 (620,100)
		25,684,956	30,367,897
		14,287,922 53,148 4,796,073 4,226,030 2,321,783	17,161,674 100,078 4,940,598 4,263,611 3,901,936
		11,343,886	13,106,145
		25,684,956	30,367,897

Approved by the Trustees on 7 June 2023 and signed on their behalf by:

Raymond O'Halloran Chairman of the Board of Trustees

The notes on pages 27 to 46 form part of these financial statements.

St Luke's Parochial Trust Consolidated statement of cash flows For the year ended 31 December 2022

Notes 2022 £ 20 (1,339,275) Cash flows from investing activities: Interest, rent and dividends from investments 344,575 Purchase of investments (2,471,525) Proceeds from the disposal of investments 3,571,215 Cash provided by investing activities 1,403,744 Change in cash and cash equivalents in the year 64,469 Cash and cash equivalents at the beginning of the year 1,501,723 Cash and cash equivalents at the end of the year 21 1,566,192 Net cash (used in) provided by operating activities	2021 £ (1,071,385) 480,932 (5,394,423) 6,791,013
	1,877,522
	806,137 695,586
	1,501,723

The notes on pages 27 to 46 form part of these financial statements.

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

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 2022 was £1,153,635 (2021: £1,255,851) and net expenditure, after losses on investments, was £4,682,941 (2021: net income, after gains on investments, of £1,643,073).

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 for a period in excess of 12 months from the reporting date. In reaching that conclusion the trustees have considered a number of scenarios that could occur over that period, all of which demonstrate on-going solvency, and are confident that the strength of the Trust's balance sheet - specifically the level of its unrestricted funds - will ensure its ability to continue as a going concern.

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.

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

1 Accounting policies (continued)

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.

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.

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

1 Accounting policies (continued)

• 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.

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	50 years
--	Leasehold property	50 years
--	Fixtures, fittings and equipment	3-10 years
--	Minibus	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.

The trustees adopted total return accounting for investments on 1 January 2020. From that date unrestricted and endowment funds have been held in separate portfolios with investment managers’ fees and revaluation gains being 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 2022

2 Income from donations and legacies

Donations Total income from donations and legacies Total income from donations and legacies 2021 3 Income from charitable activities Community centre L. B. Islington Total community centre Total community centre 2021 Community services Older people's services Meals and food hub Business engagement Gardening Cookery school All ages activities Grant giving Other income Henry Smith grant Total community services Total community services 2021 Total income from charitable activities Total income from charitable activities 2021	£ 36,530 Unrestricted	£ 1,370 Restricted	2022 Total £ 37,900	2021 Total £ 59,860
	36,530	1,370	37,900	59,860
	34,783	25,077	2022 Total £ 20,000	2021 Total £ 20,000
	Unrestricted £ 20,000	£ - Restricted
	20,000	-	20,000	20,000
	20,200	-	54,798 14,400 119,500 419 5,271 40,846 13,776 10,000 11,000	80,874 14,900 94,500 126 155 35,972 25,099 10,000 10,000
	13,298 - 46,500 419 271 3,072 - 10,000 -	41,500 14,400 73,000 - 5,000 37,774 13,776 - 11,000
	73,560	196,450	270,010	271,626
	68,587	203,039
	93,560	196,450	290,010	291,626
	88,587	203,039

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

4 Income from other trading activities

Income from other trading activities
St Luke's Trading Limited Total income from other trading activities Total income from other trading activities 2021	Unrestricted £ 487,006	£ - Restricted	2022 Total £ 487,006	2021 Total £ 298,584
	487,006	-	487,006	298,584
	298,584	-

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:

Turnover Cost of sales Gross profit Administrative expenses Operating profit Amount paid to parent under deed of covenant Retained in the subsidiary The assets and liabilities of the subsidiary were: Current assets Current liabilities Total net assets Share capital and reserves Income from investments Investment income Total income from investments Total income from investments 2021	Unrestricted £ 114,192	Endowment £ 230,383	2022 £ 487,006 (46,050)	2021 £ 298,584 (11,825)
			440,956 (367,935)	286,759 (203,637)
			73,021 (73,021)	83,122 (83,122)
			-	-
			168,218 (168,217)	156,424 (156,423)
			1	1
			1	1
			2022 Total £ 344,575	2021 Total £ 480,932
	114,192	230,383	344,575	480,932
	160,231	320,701

5 Income from investments

6 Other income

The Trust received £nil under the government's Coronavirus Job Retention Scheme in the year (2021: £129,745).

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

7 Analysis of expenditure

Salaries, NI, pensions, life assurance Agency and freelance staff Other staff costs Programme costs Payments to pensioners Office overheads Premises Depreciation Cost of sales Audit and accountancy Trustees expenses and meetings Investment management Legal and statutory Support costs Governance costs Total expenditure 2022 Expenditure 2021 Unrestricted expenditure Restricted expenditure Endowment expenditure Total expenditure 2021	Cost of raising funds	Cost of raising funds	Cost of raising funds	Charitable activities	Charitable activities	Governance costs £ - - - - - - - - - 13,235 2,378 - -	Support costs £ 398,428 20,497 24,982 27,423 - 50,264 21,414 - - - - - -	2022 Total £ 1,300,542 31,283 28,241 119,938 40,108 75,991 228,681 160,870 85,905 16,792 2,378 67,064 -	2021 Total £ 1,119,105 44,730 16,430 89,087 4,777 55,598 223,796 164,141 76,406 15,816 46 74,237 243
	St Luke's Trading Ltd £ 273,310 2,900 - 7,789 - 2,299 78,080 - 46,050 3,557 - - -	Investment management £ - - - - - - - - - - - 67,064 -	Fundraising £ 47,961 - - - - - - - - - - - -	Community Centre £ 105,121 2,899 1,948 23,348 - 23,428 127,880 154,884 - - - - -	Community services £ 475,722 4,987 1,311 61,378 40,108 - 1,307 5,986 39,855 - - - -
	413,985 - -	67,064 - -	47,961 - -	439,508 253,036 22,600	630,654 260,385 22,600	15,613 29,587 (45,200)	543,008 (543,008) -	2,157,793 - -	1,884,412 - -
	413,985	67,064	47,961	715,144	913,639	-	-	2,157,793	1,884,412
	215,462 - -	24,514 - 49,723	46,178 - -	739,776 - -	573,921 234,838 -	Total 1,599,851 234,838 49,723
	215,462	74,237	46,178	739,776	808,759	1,884,412

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

8 Net (expenditure) income before net gains or losses on investments

This is stated after charging	2022	2021
	£	£
Depreciation	160,870	164,141
Loss / (profit) on disposal of fixed assets	-	35,761
Auditor's remuneration:
Audit fees	15,419	14,545
Other	1,373	1,271

9 Analysis of staff costs, trustee remuneration and expenses, and the cost of 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	key management personnel 2022 2021 £ £ 1,117,205 952,659 95,524 80,920 72,718 66,505 - 3,857 15,095 15,164 1,300,542 1,119,105 31,283 44,730 1,331,825 1,163,835	key management personnel 2022 2021 £ £ 1,117,205 952,659 95,524 80,920 72,718 66,505 - 3,857 15,095 15,164 1,300,542 1,119,105 31,283 44,730 1,331,825 1,163,835
	1,300,542 31,283	1,119,105 44,730
	1,331,825	1,163,835

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

		2022	2021
		No.	No.
£60,000	- £69,999	2	2
£80,000	- £89,999	1	1

The total employee benefits including employers' national insurance and pension contributions of the key management personnel were £263,967 (2021: £247,043).

The charity trustees were not paid and did not receive any other benefits from employment with the Trust or its subsidiary in the year (2021: £nil). No charity trustees received payment for professional or other services supplied to the charity (2021: £nil) and none were reimbursed expenses during the year (2021: £nil).

Professional Indemnity insurance was taken out, at a cost of £1,898 (2021: £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 43 (2021: 37).

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

10 Tangible fixed assets

Tangible fixed assets
Group and charity Cost Balance at 1 January 2022 Additions in year Disposals in year Balance at 31 December 2022 Depreciation Balance at 1 January 2022 Charge for the year Eliminated on disposal Balance at 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Freehold land and buildings £ 6,586,117 40,521 (28,006)	Leasehold £ 280,303 - -	Fixtures, fittings and equipment £ 189,791 - (5,307)	Motor vehicles £ 29,930	Total £ 7,086,141 40,521 (33,313)
	6,598,632	280,303	184,484	29,930	7,093,349
	2,011,938 132,532 (5,953)	29,898 5,607 -	85,749 16,745 (3,184)	17,958 5,986 -	2,145,543 160,870 (9,137)
	2,138,517	35,505	99,310	23,944	2,297,276
	4,460,115	244,798	85,174	5,986	4,796,073
	4,574,179	250,405	104,042	11,972	4,940,598

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 2022

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	2022 2021 £ £ 21,045,252 25,488,934 50,000 50,000 - - 21,095,252 25,538,934 Unrestricted Endowment £ £ 8,138,290 16,456,793 868,290 1,603,235 (1,222,275) (2,348,940) (189,175) (356,425) (1,041,575) (2,097,464) 6,553,555 13,257,199 265,888 968,610 6,819,443 14,225,809 Group		2022 2021 £ £ 21,045,252 25,488,934 50,000 50,000 1 1 21,095,253 25,538,935 2022 2021 £ £ 24,595,083 23,724,935 2,471,525 5,394,423 (3,571,215) (6,791,013) (545,600) 207,751 (3,139,039) 2,058,987 19,810,754 24,595,083 1,234,498 893,851 21,045,252 25,488,934 18,530,291 18,547,248 Charity
	21,095,252	25,538,934	21,095,253	25,538,935
	Unrestricted £ 8,138,290 868,290 (1,222,275) (189,175) (1,041,575)	Endowment £ 16,456,793 1,603,235 (2,348,940) (356,425) (2,097,464)	2022 £ 24,595,083 2,471,525 (3,571,215) (545,600) (3,139,039)	2021 £ 23,724,935 5,394,423 (6,791,013) 207,751 2,058,987
	6,553,555 265,888	13,257,199 968,610	19,810,754 1,234,498	24,595,083 893,851
	6,819,443	14,225,809	21,045,252	25,488,934
			18,530,291	18,547,248

The investments comprise twenty-six UK mutual funds and one UK exchange traded fund (2021: twenty-four UK mutual funds and one UK exchange traded fund).

Opening balance Net additions (withdrawals) Investment management fees Movement in cash instruments and cash held for reinvestment	Unrestricted £ 234,815 53,270 (22,197)	Endowment £ 659,036 355,486 (45,912)	2022 £ 893,851 408,756 (68,109)	2021 £ 222,534 745,175 (73,858)
	265,888	968,610	1,234,498	893,851

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 2022

12 Permanent endowment fund Balance brought forward Movement in year Investment returns Dividends and interest Realised (losses) gains Unrealised (losses) gains Less: Investment management costs Net movement before allocations Allocations To general funds for income To permanent endowment for inflation Net movement in year after transfer Funds carried forward Represented by: Investments (note 11) Current assets Total	Core endowment £ 11,327,537 - - - -	Unapplied total return £ 5,834,137 230,383 (356,425) (2,097,464) (45,246)	2022 £ 17,161,674 230,383 (356,425) (2,097,464) (45,246)	2021 £ 15,974,310 320,701 134,619 1,381,767 (49,723)
	- - 1,190,818	(2,268,752) (605,000) (1,190,818)	(2,268,752) (605,000) -	1,787,364 (600,000) -
	1,190,818	(4,064,570)	(2,873,752)	1,187,364
	12,518,355	1,769,567	14,287,922	17,161,674
	12,518,355 -	1,707,454 62,113	14,225,809 62,113	17,115,829 45,845
	12,518,355	1,769,567	14,287,922	17,161,674

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 2022 a transfer of £1,190,818 was made from the unapplied total return to the core endowment to maintain its real value (2021:£580,647)

£605,000 was transferred to general funds from the unapplied total return in the year (2021: £600,000).

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

13 Debtors

Trade debtors Prepayments and accrued income Other debtors Amount owed by trading subsidiary	2022 2021 £ £ 103,445 56,528 106,871 80,946 15,554 491 - - 225,870 137,965 Group	2022 2021 £ £ 28,814 2,938 106,871 80,946 15,554 491 72,680 94,845 223,919 179,220 Charity	2022 2021 £ £ 28,814 2,938 106,871 80,946 15,554 491 72,680 94,845 223,919 179,220 Charity
	225,870	223,919	179,220

14 Creditors: amounts falling due within one year

Trade creditors Taxation and social security Accruals and deferred income Other creditors	2022 2021 £ £ 85,066 91,094 28,697 25,020 156,912 78,720 38,518 42,538 309,193 237,372 Group	2022 2021 £ £ 71,627 46,382 28,697 25,020 73,441 64,323 73,731 40,070 247,496 175,795 Charity	2022 2021 £ £ 71,627 46,382 28,697 25,020 73,441 64,323 73,731 40,070 247,496 175,795 Charity
	309,193	247,496	175,795

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 2022

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 remained at £165,360 per annum. The total payable by St Luke's under the recovery plan is £895,700 and at 31 December 2022, the remaining balance payable was £454,740 (2020: £620,100). 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

a Current year

Tangible fixed assets Investments Cash at bank and in hand Net current (liabilities) assets Defined benefit pension liability Net assets at the end of the year b Prior year Tangible fixed assets Investments Cash at bank and in hand Net current (liabilities) assets Defined benefit pension liability Net assets at the end of the year	General funds £ - 2,643,413 278,546 (145,436) (454,740)	Designated funds £ 4,796,073 4,226,030 - - -	Restricted funds £ - 53,148 -	Endowment funds £ - 14,225,809 62,113 -	Total funds £ 4,796,073 21,095,252 331,694 (83,323) (454,740)
	2,321,783	9,022,103	53,148	14,287,922	25,684,956
	General £ - 4,159,494 507,794 (145,252) (620,100)	Designated £ 4,940,598 4,263,611 - - -	Restricted £ - 100,078 -	Endowment £ - 17,115,829 45,845 -	Total £ 4,940,598 25,538,934 607,872 (99,407) (620,100)
	3,901,936	9,204,209	100,078	17,161,674	30,367,897

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

18 Unrealised gains

The total unrealised gains (losses) as at 31 December 2022 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 (losses) arising on revaluation arising in the year Total unrealised gains at 31 December	2022 £ 1,280,463	2021 £ 6,047,835
	1,280,463	6,047,835
	6,047,835 (1,628,333)	5,765,656 (1,776,808)
	4,419,502 (3,139,039)	3,988,848 2,058,987
	1,280,463	6,047,835

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

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 hub Community engagement Wellbeing hub Activities Women's activities Business Engagement Business Engagement team Business Engagement hub Firm Futures Cookery School Horticulture/Gardening Community gardening Engaging gardens for residents and children Welfare grants Total restricted funds	Balance at 1 Jan 2022 £ 17,161,674	Incoming resources £ 230,383	Resources expended £ (45,246)	Transfers £ (605,000)	Gains and losses £ (2,453,889)	Balance at 31 Dec 2022 £ 14,287,922
	7,500 - 3,172 17,500 - 580 8,332 4,315 9,000 - 17,500 31,317 862	52,500 14,400 500 - 37,774 - 53,870 - 20,000 5,000 - - 13,776	(51,250) (14,400) (3,672) (17,500) (30,529) (580) (52,202) (2,626) (12,679) (5,000) (17,500) (31,317) (5,495)	- - - - - - - - - - - - -	- - - - - - - - - - - - - - -	8,750 - - - 7,245 - 10,000 1,689 16,321 - - - 9,143
	100,078	197,820	(244,750)	-	-	53,148

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

19 a Movements in funds (current year, continued)

Unrestricted funds Designated tangible fixed assets fund Designated revenue funds Cyclical maintenance Extraordinary repair Planning deed Care and grant fund General funds Charitable funds Trading company funds Total unrestricted funds Total funds	Balance at 1 Jan 2022 £ 4,940,598	Incoming resources £ -	Resources expended £ (185,046)	Transfers £ 40,521	Gains and losses £ -	Balance at 31 Dec 2022 £ 4,796,073
	1,184,817 771,000 1,964,000 343,794	- - - -	(32,435) (4,775) - (68,000)	37,393 30,236 - -	- - - -	1,189,775 796,461 1,964,000 275,794
	4,263,611	-	(105,210)	67,629	-	4,226,030
	3,901,936 -	244,282 487,006	(1,090,535) (487,006)	496,850 -	(1,230,750) -	2,321,783 -
	3,901,936	731,288	(1,577,541)	496,850	(1,230,750)	2,321,783
	13,106,145	731,288	(1,867,797)	605,000	(1,230,750)	11,343,886
	30,367,897	1,159,491	(2,157,793)	-	(3,684,639)	25,684,956

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 £605,000 was made from the unapplied total return to general funds to provide working capital for St Luke's charitable activities (2021: £600,000).

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, and other supporters of St Luke's.

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

19 a Movements in funds (current year, continued)

Lunch service

Grants from the London Borough of Islington to provide a daily lunch club service for people over 55 years of age. Food Hub

Donations from supporters to provide food for households living in poverty in the area. Wellbeing hub

A grant from the London Borough of Islington to fund the provision of Health and Wellbeing to the local community. Community engagement activities

Donations and grants from The Worrall and Fuller Charity, Octopus Community Network and London Borough of Islington to fund activities under SLPT's community engagement initiative.

Women's activities

A grant from Sport Islington towards the costs of women's table tennis sessions. Business Engagement team Donations from Hogan Lovell LLP and Slaughter and May to support the work of the Business Engagement Team. Business Engagement hub Support from Kreston Reeves and Wagstaff, received in 2020, for the fit-out of the new employment hub . Firm Futures

A grant from Slaughter and May to support budding local entrepreneurs through bursaries. Cookery school

A grant from Cheapside Business Alliance to teach cookery skills and share meals.

Community gardening

A grant from the London Borough of Islington to fund a community gardening project for people over 55 years of age. Engaging gardens for residents and children

Grants from the London Borough of Islington and the Derwent London Community Fund, received prior to 2021, to support work to engage residents and children in gardening and food growing activities.

Welfare grants

A grant from Cloudesley and Islington Giving 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 2022

19 b Movements in funds (prior year)

Permanent Endowment Restricted funds Community Services Over 55s services Meals and food hub Lunch service Food Connections Food hub Community engagement Wellbeing hub Activities Women's activities Business Engagement Business Engagement team Business Engagement hub Firm Futures Steps to Success Cookery School Community cooks Horticulture/Gardening Community gardening Engaging gardens for residents and children Welfare grants Total restricted funds	Balance at 1 Jan 2021 £ 15,974,310	Incoming resources £ 320,701	Resources expended £ (49,723)	Transfers £ (600,000)	Gains and losses £ 1,516,386	Balance at 31 Dec 2021 £ 17,161,674
	7,500 - 28,289 1,700 - - 580 10,201 5,595 2,000 - 6,907 - 41,000 3,028	58,000 16,148 - 9,529 35,000 1,340 - 44,000 - 20,000 4,000 - 35,000 - 5,099	(58,000) (16,148) (28,289) (8,057) (17,500) (1,340) - (45,869) (1,280) (13,000) (4,000) (6,907) (17,500) (9,683) (7,265)	- - - - - - - - - - - - - - -	- - - - - - - - - - - - - - - - - -	7,500 - - 3,172 - 17,500 - 580 - 8,332 4,315 9,000 - - 17,500 31,317 862
	106,800	228,116	(234,838)	-	-	100,078

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

19 b Movements in funds (prior year, continued)

Unrestricted funds Designated tangible fixed assets fund Designated revenue funds Cyclical maintenance Extraordinary repair Planning deed Care and grant fund General funds Charitable funds Trading company funds Total unrestricted funds Total funds	Balance at 1 Jan 2021 £ 5,140,500	Incoming resources £ -	Resources expended £ (164,141)	Transfers £ (35,761)	Gains and losses £ -	Balance at 31 Dec 2021 £ 4,940,598
	1,161,302 748,787 1,964,000 411,794	- - - -	(23,411) (7,000) - (68,000)	46,926 29,213 - -	- - - -	1,184,817 771,000 1,964,000 343,794
	4,285,883	-	(98,411)	76,139	-	4,263,611
	3,217,331 -	413,346 298,584	(1,038,715) (298,584)	559,622 -	750,352 -	3,901,936 -
	3,217,331	711,930	(1,337,299)	559,622	750,352	3,901,936
	12,643,714	711,930	(1,599,851)	600,000	750,352	13,106,145
	28,724,824	1,260,747	(1,884,412)	-	2,266,738	30,367,897

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

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 Loss on the disposal of fixed assets (Increase)/decrease in debtors (Decrease) in creditors Net cash (used in)/provided by operating activities Analysis of cash and cash equivalents Cash at bank and in hand Cash held by investment managers Total cash and cash equivalents	2022 £ (4,682,941) 160,870 (344,575) 3,684,639 24,176 (87,905) (93,539)	2021 £ 1,643,073 164,141 (480,932) (2,266,738) 35,761 43,642 (210,332)
	(1,339,275)	(1,071,385)
	2022 £ 331,694 1,234,498	2021 £ 607,872 893,851
	1,566,192	1,501,723

21 Analysis of cash and cash equivalents

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 £9,000 to the charity during the year (2021: £13,000).

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

Concessionary loan: £50,000 is held as a social investment in the form of a 10 year, interest free

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

Hogan Lovells donated £18,000 and provided volunteer support to the charity during the year (2021: £19,000).

St Luke's Parochial Trust Notes to the accounts For the year ended 31 December 2022

23 Related party transactions (continued)

Valerie Bossman-Quarshie, Troy Gallagher, Ruth Hayes and Rosaline Ogunro are London Borough of Islington (LBI) councillors and were trustees of St Luke's Parochial Trust in 2022.

St Luke’s received grant and contract income from LBI totalling £77,519 during the year (2021: £154,508).

EMPLOYEES (at date of publication)

Fiker Anliey (Care Support Worker)

Paul Bambury (Reception and Facilities Teams Manager)

Zuhre Bektas (Chef)

Deniz Bellikli (Reception Team Leader) Jose Bucho (Kitchen Assistant)

Lisa Burrell (Senior Communications Manager)

Kelley Byrne (Receptionist)

Cathy Carpenter (Deputy Director of Services)

Sarah Caldwell-Watson (Administration Officer)

Aissata Fofana (Finance Assistant) Marlo Fox (Care Support Worker)

John Garces (Business Engagement Manager)

Alan Gorringe (Finance Manager) Razaul Islam (Facilities’ Assistant) Hardip Kaur (Community Organiser) Joanne King (Administration Officer) Thomas Lans (Director of Operations)

Louie Mears (Communications Officer)

Jose Mendes (Kitchen Assistant)

Tsedal Menghistu (Health and Wellbeing Officer)

Maurizio Morelli (Catering Manager) James Morley (Facilities’ Assistant) Daniel Nitzani (Facilities’ Assistant) Regis Nwofa (Facilities’ Co-ordinator)

Graham Reeves (Older Men’s Development Officer)

Michael Ryan (Chief Executive)

Scarlett Silva (Food Hub Assistant)

Nezahat Simsek (Kitchen Assistant) Jane Spong (Business Engagement Officer) Katherine Ulloa (Finance Assistant)

Sarah Verrinder (Executive Assistant) Ying Wang (Finance Assistant) Aziz Watili (Chef)

Agnieszka Wcislo (Community Chef) Alexis White (Community Engagement Officer)

Keren Wiltshire (Director of Services)

Carol-Ann McArdle (Community Engagement Manager)

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 2022.

ABG Group Accenture Interactive Allford, Hall, Monaghan, Morris Architects Allianz Global Investors Arnold Clark community fund B Consultancy Berkeley Homes Britannia Pub British Museum Canvas8 Cheapside Business Alliance City & Islington College City Harvest City Law School City University Clermont Hotel Management Ltd Cloudesley CMS Law Cripplegate Foundation CVC Advisors Limited Dulwich Almshouses Charities East London Business Alliance (ELBA) Fareshare Felix Project Goswell Road Coffee Henry Smith Charity Higgins Parnerships HIT Training Hogan Lovells LLP Islington Local History Centre Islington People’s Rights J Coffey Construction

Kogan Page Limited Kreston Reeves Laing O’Rourke Leading inclusive futures through Technology (LIFT) Linklaters LLP London Borough of Islington Mace Group Bishopsgate Team McCormacks Law MEin66 Academy NMPi Digital by Incubea Nuffield Health Barbican Octopus Community Network Old Street District Partnership Procure Plus Holdings Ltd RGA UK Services Limited Sadler’s Wells Theatre Sir Robert McAlpine Limited Slaughter and May Smart Works Spacecraft The Worrall and Fuller Exhibition Fund Thirty Three Too Good to Go Town Square Islington University College Hospital Waitrose Community matters Westway Trust Worshipful Company of Marketors YMCA