2025-07-31-accounts - St Luke's College Foundation

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St Luke’s College Foundation

Report of the Trustees and Financial Statements

for the year ended 31 July 2025

Contents	Page
Reference and Administration	1
Trustees report	2-5
Independent examiner's report	6
Statement of Financial Activities	7
Balance sheet	8
Notes to the Financial Statements	9 -14

Registered Charity Number 306606

1 St Luke’s College Foundation Reference and Administration

Registered Charity Number	306606
Principal address	The Vicarage, School Hill, Stoke Gabriel, Totnes, Devon TQ9 6QX
Trustees
Ex Officio	The Bishop of Exeter: The Right Reverend Mike Harrison (from
	18th November 2024)
	The Dean of Exeter: The Very Reverend Jonathan Greener
	Chairman of the Exeter Diocesan Board of Finance
	(Chair of the Custodian Trustee & Hon. Treasurer): Mr Giles Frampton
	The Exeter Diocesan Director of Education: Mrs Susan Lockwood
Nominative	Nominated by the Bishop of Exeter:
	Reverend Professor Gina Radford -Chair
	Nominated by the Council of the University of Exeter:
	Professor Louise Lawrence
	Professor Tim Quine
	Dr Michael Wykes - Vice Chair (to 31st March 2025)
	Dr Thomas Begbie (from 16th June 2025)
Co-optative	Reverend Dr Robert Evans
	The Venerable Dr Trevor Jones (Vice Chair from 16th June 2025)
	Mr Lee Moscato
	Mrs Linda Rudge
Bankers	National Westminster Bank plc, 59 High Street, Exeter EX4 3DP
Independent Examiner	Mrs M Hutchings, Apsleys Chartered Accountants
	21 Bampton Street, Tiverton Devon EX16 6AA
Solicitors	Michelmores, Woodwater House, Pynes Hill, Exeter EX2 5WR
Investment manager	CCLA Investment Management Ltd
	Senator House, 85 Queen Victoria Street, London EC4V 4ET
Payroll manager	IRIS Payroll Software Limited, Century House, Rivera Park, Nicholson Road,
	Torquay, Devon TQ2 7TD
Pension provider	The Church of England Pensions Board, 29 Great Smith Street,
	London SW1P 3PS
Name of senior staff member	The Director, who acts as Clerk to the Trustees, is Reverend Chris Martin
	Dr David Benzie was the Foundation’s Chapel Redevelopment Project Manager
	until 30th June 2025.

St Luke’s College Foundation

Report of the Trustees

for the year ended 31 July 2025

The Trustees present their report and the financial statements of the Foundation for the year ended 31st July 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

OBJECTIVES AND ACTIVITIES

Summary of the objects of the charity as set out in the governing document

1 The object of the Foundation shall be the advancement of higher and further education in one or more of the following ways:
a. the provision and conduct in accordance with the doctrines, rites and practices of the Church of England of a chapel and a chaplaincy providing for religious worship, care, and instruction;
b. the promotion of religious education (including the training of ministers of religion) by the provision, or assistance in the provision, of instruction, classes, lectures, books, libraries and reading rooms;
c. the granting of financial assistance to institutions of higher or further education established for charitable purposes only; and
d. such other ways as the Trustees may from time to time determine.
2 In furthering the object of the Foundation specified above, the Trustees shall have regard to:
a. the advancement of education in accordance with the doctrines of the Church of England; and
b. the needs of students undergoing training as teachers, particularly of those who are members of the University

Policies for achieving objectives

1 Charitable objectives

The Trustees pursue the Object of the Foundation by maintaining the St Luke’s Chapel and by making provision for Anglican Chaplaincy at the University of Exeter.

The Trustees consider that within the region there should be a lively, high quality and flexible provision for theological and religious education. The former provides for the needs of those who serve the churches, whether lay or ordained; the latter focuses on religious education in schools and further education and on the training of teachers for this.

2 Grant making

The Trustees also make Personal Awards to individuals following university-level studies or research in theology and religious education; and they make Corporate Awards to universities and similar institutions to enable them to develop or enhance their provision in these fields. These Awards may be granted for up to three years in the first instance.

3 Investments

The Foundation no longer owns Freehold Property. Its Capital Fund is invested with CCLA Investment Management Limited, in CBF Units. The investment objective is to maximise income whilst seeking appreciation in capital values over the years at least in line with inflation.

Procedures

1 Meetings

The Trustees normally meet twice yearly. They review policy, receive and respond to reports from their investment advisers, review financial statements, and review the risks to which the Foundation may be susceptible. They allocate grants on the recommendations of a small group of Trustees (the Scrutineers), elected in rotation.

2 Chaplaincy management

The Trustees have instituted an “Anglican Chaplaincy Management Group” (ACMG) to oversee matters associated with Anglican Chaplaincy at the University of Exeter. The ACMG reports to the Trustees.

3 Da-to-day management

Within the policies laid down, the day to day management of the Foundation is delegated to the Director.

4 Public benefit

The Trustees have had due regard to guidance published by the Charity Commission on public benefit. The activities which the Trustees pursue to further the Foundation's charitable purposes for the public benefit include: providing financial support for Christian ministry in university education; and providing grants to clergy, teachers and other applicants from all parts of the UK for studies and research in religious education, theology and religious studies.

The Trustees periodically undertake a review of the Foundation’s strategy for furthering its charitable objects for the public benefit and such a strategic review is currently being undertaken by the Trustees.

St Luke’s College Foundation Report of the Trustees (continued) for the year ended 31 July 2025

ACHIEVEMENTS AND PERFORMANCE

Summary of the main achievements of the charity during the year

Chaplaincy at the University of Exeter

The Foundation is one of the sponsors of the Anglican Chaplaincy at the University of Exeter, where it has, since its inception, provided posts and leased and maintained the St Luke’s Chapel. Since 2013 the Foundation, together with the Diocese of Exeter, has funded the post of Lazenby Chaplain. The Reverend Hannah Alderson, as Lazenby Chaplain, leads the Anglican Chaplaincy team.

During the year (2024-25) the Anglican Chaplaincy Team (ACT) at the University comprised the Lazenby Chaplain, two lay Anglican Chaplains (a Lay Reader and an Ordinand), a Priest with Permission to Officiate (since May 2025), the Director of Chapel Music, two student Chaplaincy Assistants and the Chaplaincy Administrator. On Sundays, a 5pm Choral Eucharist is held at the Mary Harris Chapel, followed by the 7pm ‘Sanctuary’, run in partnership with the Free Churches Chaplaincy. Choral Evensong is held on Wednesdays, and a rhythm of daily prayer takes place in the Chapels throughout the week and is a mixture of Chaplain-led and student-led. Marking Remembrance and Christmas on behalf of the University continued to be significant events in the year, as well as special events including the Confirmation of 7 students in May 2025. The Chapel nominates a charity each year to support with student-led events – this year, the charity has been the Melanesian Mission, which has been supported with a Chapel Quiz and a Fete. The Anglican Chaplains are part of the Multifaith Chaplaincy team, which since December has been based in the new Sarah Turvill Multifaith Centre on Streatham Campus, which has led to an increase in pastoral work and opportunities.

On the music side, the Chapel Choir have sung for winter and summer graduation, as well as for high-profile University events such as the University’s inaugural ‘Civic Carol Service’ held in the Chapel for the University’s civic and business partners, and a recent visit of Prince Awaleed bin Talal, a major donor to the University. The Choir undertook a successful tour to Vianna in July 2025.

The Anglican Chaplaincy Management Group met regularly during the year to oversee matters associated with the Anglican Chaplaincy at the University of Exeter.

The St Luke’s Chapel. Following the extensive internal redevelopment of the chapel, it reopened on St Luke’s Day 18th October 2024, with a service of thanksgiving led by the Bishop of Plymouth. Permanent furnishings are now in place, making the chapel and associated rooms desirable and usable meeting, social, worship, and study spaces for the forthcoming academic year. It is already being used extensively by various University groups, societies, fellowships, and choirs, and by both staff and students alike. In 2025-26, it is anticipated that St Luke’s Chapel will run two small midweek prayer/worship services led by the Anglican Chaplaincy Team, and a weekly drop-in café space led by the Multifaith Chaplaincy.

Ministerial Formation and theological education

The Foundation’s Object provides, inter alia, for the “training of ministers of religion." The number and scope of applications for grants reflect the many challenges facing those already in the service of the churches. It is evident (a) that these exceed the churches’ capacity to fund the training needs of individuals; and (b) that theological colleges and similar providers must respond by developing appropriate training including diverse and flexible modes of delivery.

Support for Religious Education

The Trustees endeavour to achieve a balance between the financial support which they are able to offer for theology, including chaplaincy, scholarship and the formation and development of ministers, and religious education (RE) as a school subject.

The Trustees supported RE by making the following awards and contributions in 2024-25:

Together with the Farmington Institute, to an RE teacher in the South-West to enable her to complete an RE related study project.
To the RE Hubs Project (South-west), which provides information exchange and communication for RE Teachers and professionals
To the RE Council for England & Wales to support their general work.

St Luke’s College Foundation Report of the Trustees (continued) for the year ended 31 July 2025

Personal and Corporate Awards

The Foundation promotes an annual round of applications to support individuals and institutions with grants for university-level studies and equivalent initiatives which serve to advance further and higher education in theology and religious education. It makes Personal Awards to individuals for postgraduate studies and research in these fields, and Corporate Awards to universities, colleges, and other agencies to enhance their capacity to provide theological and religious education at this level. The Foundation collected data on applicant diversity for the first time in 2021. Patterns, as they emerge, will inform future practice.

During the year the Trustees received 48 applications for Personal Awards (2024: 38 applications), and 5 applications (2024: 1 application) for Corporate Awards.

24 applications were recommended for new/supplementary Personal Awards (2024: 35) and no applications for Corporate Awards (2024: 1) were made, though one application is still pending. Together with a joint St Luke’s/Farmington Institute award, these amount to £41,000 over 3 years, of which £19,500 will be payable in the forthcoming academic year.

Advice to potential applicants

Personal grants are usually modest in relation to the total cost of individuals’ studies, but the Trustees aim to “make a difference” so that applicants are able to fulfil their plans. They support applicants from a wide range of Christian traditions throughout the UK.

Applications are not normally accepted from candidates based overseas and only exceptionally from international students who are currently in the UK. This restriction enables the Trustees to provide more, and possibly somewhat larger, grants to those who are serving the churches and religious education in the UK; and who wish - through personal study and research - to equip themselves more fully to address the many challenges they face in their ministry and teaching.

The timetable for making Awards:

The Foundation makes one round of awards each academic year. A pack of information and forms to apply for an award can be obtained from the Director from January onwards. The closing date for the receipt of completed applications is 1st May annually. The new awards (which can be granted for up to 3 years) are announced by the end of June and take effect in the following September.

A modest sum is made available for “out of cycle” corporate awards each year. Such awards will only be made in circumstances where it is impossible to adhere to the normal timetable.

Major awards

From time to time the Trustees are able to make a small number of larger corporate awards to enhance the capacity of universities and other institutions working in the fields of theology and RE. All applications for major awards must meet three principal criteria:

• The applicant organisation should normally be based in the region; or - if the proposal is part of a national or wider project - there should be a clear regional dimension to the initiative.

• There should be a demonstrable need, and value to be gained, in the region for the outcomes of the project - that is, the facilities to be created, the training offered, or the research completed and implemented.

• The project should strengthen the applicant organisation, and show evidence of planning for longer-term funding after the period for which the Trustees might provide support.

FINANCIAL REVIEW

Result for the year

The net value of the Foundation's assets is £7,200,105 (2024: £7,648,401) yielding an income of £216,238 (2024: £227,948). Direct charitable expenditure totalled £346,743 (2024: £1,075,644) and administrative expenses were £59,624 (2024: £43,278). There was a realised profit on investments of £Nil (2024: £Nil) and unrealised loss on investments of £266,233 (2024:unrealised profit of £547,399). There was a resultant deficit of £448,296 (2024: deficit of £331,661).

St Luke’s College Foundation

Report of the Trustees (continued)

for the year ended 31 July 2025

Pension arrangements for the Foundation's employees

The Trustees appointed the Church of England Pensions Board to provide pensions for its employees with effect from 1st April 2015. The pension provision meets the Pensions Regulator’s requirements for automatic enrolment. The Foundation’s staging date for auto enrolment was 1st March 2016. The Foundation completed the re-declaration of compliance in January 2025.

Policy on reserves

It is the policy of the Trustees to maintain unrestricted funds, which constitute the Income Fund, at a prudent level to provide for capital projects, to provide for unforeseen major expenditure on the Chapel and to cover any shortfall in current expenditure when necessary. Unrestricted funds were maintained at this level throughout the year.

Of particular significance was the decision by Trustees in 2022-23 to withdraw capital in order to fund a major development project at the St Luke’s Chapel, which is now substantially complete. Permission for this was received from the Charity Commission. There has been a corresponding impact on the Foundation’s income but this is seen as acceptable because the project addresses significant issues at the Chapel. The spend on the Chapel redevelopment project in excess of the withdrawal of capital has been funded from the Foundation’s accumulated income.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The St Luke’s College Foundation is a Foundation regulated by the Charity Commission under a Scheme sealed on 17th February 1977. The Scheme was amended by the Trustees on 30th November 2015 and again on 20th June 2016 and again on 16th June 2025 . The Charity Commission’s permission to withdraw capital in letters dated 24th March 2020 and 16th August 2022 is now part of the trusts of the Foundation. The Trustees held their first meeting on 13th October 1977.

How the Foundation is constituted

The Charity is constituted as a Foundation. During 2024-25 the Trustees initiated the process for the Foundation to become a Charitable Incorporated Organisation at some point in 2025-26.

Trustee selection method

The Scheme provides for there to be 12 trustees, of whom 4 hold the appointment “ex officio”, 4 are nominated by other bodies and 4 are appointed by existing trustees as ‘Co-optative trustees’. The composition of the body of trustees strongly reflects the origin of the Foundation and its role in supporting religious and theological education in the region. The ex-officio and nominative trustees bring the Foundation considerable expertise in theology, RE, and higher education, and a view of the particular needs and priorities in the region. The 4 co-optative trustees bring the Foundation complementary expertise and experience, and also play a particularly important role in helping the body of Trustees as a whole to be impartial, and to demonstrate appropriate independence of judgment in balancing regional needs with a wider interpretation of the Foundation’s Objects.

Changes in trustees

The Right Reverend Mike Harrison became an ex-officio Trustee on 18th November 2024, following his installation as the Bishop of Exeter.

Dr Michael Wykes resigned as one of the University’s Nominative Trustees, and as Vice-Chair, on 31st March 2025. He was replaced by Dr Thomas Begbie on 16th June 2025 and the Venerable Dr Trevor Jones became the Foundation’s Vice-Chair on the same date.

Risk management

At each meeting, the Trustees examine the major strategic, business and operational risks which the Foundation faces and seek to ensure that systems are in place to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks. Trustees implemented a new Risk Management policy in June 2025 and this is reviewed annually.

Data privacy and protection

The Trustees renewed the Foundation’s Data Privacy and Data Retention Policies in June 2025.

Approval

17th November 2025

This report was approved by the Board on …………………………….. and signed on their behalf by:

Mr Giles Frampton........................................................ Custodian Trustee and Hon.Treasurer

St Luke’s College Foundation Report of the Independent Examiner for the year ended 31 July 2025

I report to the trustees of the Foundation on my examination of the accounts of the Foundation for the year ended 31 July 2025 which are set out on pages 7 to 14

Responsibilities and basis of report

As the Foundation’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Foundation as required by section 130 of the Act; or
the accounts do not accord with those records
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mrs M Hutchings Apsleys Chartered Accountants 21 Bampton Street Tiverton EX16 6AA

Date:

7 St Luke's College Foundation Statement of Financial Activities for the year ended 31 July 2025

Income Fund £ 8,540 1,847 - 6,219	Capital Fund £ 207,698 - - -		Total Funds 2025 £ 216,238 1,847 - 6,219		Total Funds 2024 £ 227,948 6,948 - 4,966
16,606	207,698		224,304		239,862
2,299 - 59,624 - 50,010 600	80,277 213,557 - - - -		82,576 213,557 59,624 - 50,010 600		78,623 947,942 43,278 - 48,279 800
112,533	293,834		406,367	1,118,922
(95,927)	(86,136)		(182,063)	(879,060)
- -	- (266,233)		- (266,233)	- 547,399
(95,927) (34,732)	(352,369) 34,732		(448,296) -	(331,661) -
(130,659) 302,054	(317,637) 7,346,347	(448,296) 7,648,401		(331,661) 7,980,062
171,395	7,028,710	7,200,105		7,648,401

g The Notes on pages 9 to 14 form part of these Financial Statements.

8 St Luke's College Foundation Balance Sheet as at 31 July 2025

Fixed Assets Investments Current Assets Debtors Cash at Bank Creditors:Amounts falling due within one year Net Current Assets Net Assets Funds Capital - Lazenby Trust - Endowment - Expendable Project Income - Restricted	Notes 6 7 8 9 9 9 9	2025 £ 7,115,335 7,115,335 38,012 80,028 118,040 33,270 84,770 7,200,105 1,173,122 5,855,588 0 171,395 7,200,105	2024 £ 7,441,568
			7,441,568
			37,243 173,787
			211,030 4,197
			206,833
			7,648,401
			1,218,876 6,076,067 51,404 302,054
			7,648,401

The financial statements were approved and authorised for issue by the trustees on ……………………………………….17th November 2025 and signed on their behalf by:

Rev Professor Gina Radford…………………………………………………………….. Trustee (Chair)

Mr Giles Frampton …………………………………………………………………… Trustee (Hon-Treasurer)

The Notes on pages 9 to 14 form part of these Financial Statements

St Luke's College Foundation Notes to the Financial Statements

for the year ended 31 July 2025

1 Summary of significant accounting policies

(a) General information and basis of preparation

St Luke's College Foundation is a charity registered in England within the United Kingdom.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

(c) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Expenditure on charitable activities; and · Grants payable

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

(d) Employee benefits

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

(e) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

St Luke's College Foundation Notes to the Financial Statements (continued) for the year ended 31 July 2025

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

The cost of sundry equipment is written off in the year of purchase.

(g) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Cash

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts.

(i) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Capital funds represent the permanent assets of the charity.

(j) Government Grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2. Costs of charitable activities - Chapel and Chaplaincy Chapel - Running Costs - General Repairs Other Chaplaincy - Chaplain's Stipend Salaries Pension contributions Block Grant Chapel Music grant Other expenses 3. Administrative costs Office Expenses Trustee Expenses Administrative Salaries Pension Contributions Meeting Expenses Computer Expenses Professional Fees and Subscriptions Legal Fees Advertising Accountancy Fees paid to Independent Examiner Independent Examiners Fees for External Scrutiny Payroll Costs Bank Charges Other	2025 £ 2,299 - - 18,638 37,888 9,215 11,000 2,500 1,036	2024 £ 2,369 - - 17,357 35,979 8,998 11,000 2,500 420
	82,576	78,623
	620 450 28,643 4,388 2,434 504 2,000 15,937 433 1,395 650 1,503 43 624	499 948 27,675 4,507 2,454 120 2,000 - 997 1,319 600 1,535 42 582
	59,624	43,278

St Luke's College Foundation Notes to the Financial Statements (continued) for the year ended 31 July 2025

4 Employees The average number of persons employed by the Foundation was: Number of Employees - Full time - Part time Staff Costs: Wages and Salaries Social Security Costs Pension costs	2025 1 6	2024 1 6
	£ 84,590 579 13,602	£ 80,629 383 13,504
	98,771	94,516

There are no employees earning emoluments over £60,000

The charity operates a defined contribution pension scheme in respect of the employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the charity and amounted to £13,602 (2024: £13,504). Creditors as at 31 July 2025 included £790 (2024: £826) worth of pension contributions payable to the pension provider.

5 Trustees remuneration and expenses

Expenses - mileage and subsistence	£ 449	£ 948
	449	948

During the year 4 (2024: 5) trustees were reimbursed a total of £449 for mileage and subsistence (2024: £948)

Cost £ 157,168 1,107,139 708,640 507,377 40,000	Market Value £ 141,271 5,016,177 681,978 1,235,909 40,000 7,115,335 2025	Income Received £ 4,384 143,177 36,326 30,926 1,426	2025 £ 7,341,568 - - - (266,233)		2024 £ 6,794,169 - - - 547,399
			7,075,335 40,000		7,341,568 100,000
			7,115,335		7,441,568
				Income Received £ 3,229 140,606 35,797 30,791 17,526

2,520,324	7,115,335	216,238	7,441,568	227,948

St Luke's College Foundation Notes to the Financial Statements (continued) for the year ended 31 July 2025

7 Debtors Investment income Sundry debtors and prepayments 8 Creditors:Amounts falling due within one year Sundry accruals 9A Statement of Funds At 1 August 2024 £ Capital - Lazenby Trust 1,218,876 - Endowment 6,076,067 - Expendable Project 51,404 Total Capital Fund 7,346,347 Income Fund 302,054 Total Funds 7,648,401 At 1 August 2023 £ Capital - Lazenby Trust 1,125,380 - Endowment 5,622,164 - Expendable Project 999,346 Total Capital Fund 7,746,890 Income Fund 233,172 Total Funds 7,980,062	New designations £ 35,215 172,483 -	Expended £ 80,277 - 213,557	Investment gains/(losses) £ (45,754) (220,479) -	2025 £ 35,932 2,080	2024 £ 35,212 2,032
				38,012	37,243
				33,270	4,197
				33,270	4,197
				Transfers £ 45,062 (172,483) 162,153	At 31 July 2025 £ 1,173,122 5,855,588 0
7,346,347	207,698	293,834	(266,233)	34,732	7,028,710
302,054	16,606	112,533	-	(34,732)	171,395
7,648,401	224,304	406,367	(266,233)	-	7,200,105
At 1 August 2023 £ 1,125,380 5,622,164 999,346	New designations £ 34,554 186,734 -	Expended £ 76,254 - 947,942	Investment gains £ 93,496 453,903 -	Transfers £ 41,700 (186,734) -	At 31 July 2024 £ 1,218,876 6,076,067 51,404
7,746,890	221,288	1,024,196	547,399	(145,034)	7,346,347
233,172	18,574	94,726	-	145,034	302,054
7,980,062	239,862	1,118,922	547,399	-	7,648,401

St Luke's College Foundation Notes to the Financial Statements (Continued) for the year ended 31 July 2025

9A Continued…

The St Luke’s Foundation Endowment fund represents the permanent fund of the Charity. Only the income is expendable.

During 2021, following a resolution under s.282 charities Act 2011 and with the concurrence of the Charities Commission, the Trustees transferred £750,000 to a project fund in connection with the refurbishment of St Luke’s Chapel. A sum of £700,000 was transferred from the investment capital funds to the investment deposit account pending the commencement of the project. In August 2022, following a resolution under s.282 Charities Act 2011 and with the concurrence of the Charity Commission, a further £300,000 was transferred to the project fund in connection with the refurbishment of St Luke's Chapel.

The capital fund from the Lazenby Trust, the assets of which were transferred to the Charity in 2013, is a restricted fund whereby both the income and capital are expendable.’

9B Analysis of Net Assets between Funds

Capital Fund Income Fund		Invest- ments £ 7,028,710 86,625		Net Current Assets £ - 84,770	Total £ 7,028,710 171,395
		7,115,335		84,770	7,200,105

10 Related party transactions

There were no related party transactions during the year.

Grants paid in the year: Corporate Awards: Corporate awards - to further, higher & other education institutions for research & other purposes which contribute to the advancement of religious education and theology. Corporate awards - small RE Hubs Project South-west Personal awards - for research in theology or religious education Mrs Pip Campbell-Clause Mr Ric Garvey Miss Emily Gibbons Revd Ruth Gookey Mr Sam Hodson Revd Alexandra Holmes Mr Josh May Miss Helena Moore Revd Tom Mumford Revd Pamela Ogilvie Ms Anna Rees Revd Eve Ridgeway Mr Matthew Uberoi-Whyte Mr Christos Veskoukis Revd Christopher West Mr Peter Winch Mr Andrew Witherall Dr Anderson Yan Revd Hannah Alderson Revd John Armstrong Miss Maryam Bham Mrs Sian Brookes Mrs Abby Clayton Mr Aaron Davis Revd Adam Dickson		New Awards £ 2,500 750 500 500 750 750 500 750 1,500 750 750 500 750 500 450 750 750 500 500	Continuing	Continuing
				Awards £ 1,500 750 750 1,000 750 500 1,000

11 Grants paid in the year:

Corporate Awards:

Corporate awards - to further, higher & other education institutions for research & other purposes which contribute to the advancement of religious education and theology.

Corporate awards - small

14 St Luke's College Foundation Notes to the Financial Statements (Continued) for the year ended 31 July 2025

11 Grants paid in the year (continued): Personal awards - for research in theology or religious education (continued) Dr Tom Dove Mrs Philippa Evans Ms Hannah Fytche Miss Ruth Givan Rev James Gregory Dr Liz Grier Rev Luke Larner Mrs Màiri MacPherson Mrs Patrice McDonald Ms Alicia Mendonça-Richards Ms Ramona Nash Revd Nicky Smith Revd Graham Stevenson Mr Cody Warta Mrs Amy White Revd Rachael Wooldridge Miss Ning Xu Personal awards - for taught studies in theology or religious education Mrs Alice Brotherton Mr Bruce Campbell Miss Sophie Gallagher Mr Robin Hardyman Mr Jake James Mrs Lucy Khoneizer Mrs Jenny Mariner Mr Oluseyi Oyegunle Mr Michael Reade Revd Nicky Smallwood Mr Brad Cook Revd Lydia Corbett Revd Ruwani Gunawardene Mr Joshua Ludlow Mrs Elly Moseley Mrs Heather Pocock Ms Abigail Needs Personal awards - other None Personal awards paid in the year (total £52,534) Overall totals Total all Corporate Major Awards: Total all Corporate Small Awards: Total all Personal Awards: Total Corporate Small Awards & all Personal Awards: Total all awards excluding prizes: Total Prizes (not included in tables above): Overall total for all awards & prizes:		New Awards £ 500 750 750 750 500 500 750 500 750 560 5,000		Continuing Awards £ 500 1,500 750 750 750 750 750 500 1,000 750 750 500 750 750 750 750 750 1,000 500 750 1,000 750 750	Continuing Awards £ 500 1,500 750 750 750 750 750 500 1,000 750 750 500 750 750 750 750 750 1,000 500 750 1,000 750 750

		23,510			24,000
					0
					2,500 47,510
					50,010
					50,010 600
					50,610

Future instalments of awards approved but not yet due amount to £91,060.