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2021-12-31-accounts

Company number: 305704 Charity Number: 216041

The Lucis Trust

Report and financial statements For the year ended 31 December 2021

The Lucis Trust

Contents

For the year ended 31 December 2021

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent examiner’s report .................................................................................................... 13 Statement of financial activities (incorporating an income and expenditure account) ................... 15 Balance sheet ............................................................................................................................... 16 Statement of cash flows ................................................................................................................ 17 Notes to the financial statements ................................................................................................. 18

The Lucis Trust

Reference and administrative information

For the year ended 31 December 2021

Status The organisation is a charitable company limited by guarantee, incorporated organisation is a charitable company limited by guarantee, incorporated
on 5 October 1935 and registered as a charity on 5 October 1935
Governing The company was established under a Memorandum of Association which
document established the objects and powers of the charitable company and is
governed under its Articles of Association last amended in December 2013.
Company number 305704
Country of incorporation United Kingdom
Charity number 216041
Country of registration England & Wales
Registered office and Suite 54
operational address 3 Whitehall Court
London
SW1A 2EF
Honorary officers Christine Morgan Chief Executive Officer
Laurence Newey Executive Officer
Principal bankers Lloyds TSB Bank Plc
Charing Cross Branch
Villiers House
48-49 The Strand
London
WC2 5LL
Independent examiner Noelia Serrano
Sayer Vincent LLP
Chartered Accountants
Invicta House
108-114 Golden Lane
LONDON
EC1Y 0TL
Investment managers Rathbones
1 Curzon Street
London
W1J 5FB

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2021

The trustees present their report and the financial statements for the year ended 31 December 2021.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Structure, governance and management

The charity is constituted as a charitable company, governed by its memorandum and articles of association last amended in December 2013.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 7 in the accounts.

Recruitment and appointment of the Trustees

According to the memorandum and articles of association, every candidate for election as a member shall be proposed by one member of the Board and seconded by another member of the Board. Notice of intention to propose a candidate for election, together with the name, address and description of every such candidate, and the names of his or her proposer and seconder (being members of the Board) shall be sent to the Chief Executive Officer (C.E.O.), fourteen days at least before, who will then send to each member of the Board a copy of the notice with the name, address and description of the candidates to be proposed, seven days at least before the meeting of the Board at which the election of the proposed member will be considered.

One-third of the members of the Trustees who have been longest in office since the last election, retire from office. A retiring member is eligible for re-election unless other new members take his/her place.

The following members retired and being eligible, offered themselves for re-election in 2021:

Barbara Valocore Mintze Van der Velde Laurence Newey

Induction and training of the Trustees

Upon the appointment of a new member, an induction pack is sent to them which consists of a copy of the London Memorandum and Articles of Association, along with a copy of the Charity Commission booklet “The Essential Trustee: What you need to Know CC3” and the “Charities Act 2006 – what trustees need to know”. They will also be emailed the link to:

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2021

https://www.gov.uk/guidance/charity-purposes-and-rules. Included is a copy of the latest accounts with Trustees’ report which sets out key statements and policies of the charity. In addition, new members are notified that they will receive Quarterly Profit and Loss and Balance Sheet management accounts when they become available. They are also kept informed by means of minutes which are circulated by the Chief Executive Officer for approval by the Board during the year.

Related parties and relationships with other organisations

The Lucis Trust in London carries out its objectives for students and co-workers in the Commonwealth - excluding Canada and the Caribbean - as well as for those in Europe who wish to work and correspond in English and Greek. Although each of the three Lucis Trust offices, London, Geneva and New York, forms an independent legal and financial entity, they share the same philosophy and objectives. They differ mainly in the language group and/or geographical area of responsibility and they co-operate, whenever practical, to co-ordinate their activities and service projects.

The separate HQ’s support each other financially as required, or sometimes share funds with each other, when receiving beneficence, such as a large legacy.

Subsidiary undertaking

The Trust also owns 100% of the share capital of The Lucis Press, which is consolidated as a subsidiary. The Lucis Press sells books and other merchandise on behalf of The Trust.

Risk statement

The Trustees have thought through measures to be taken for various categories of risk. They place a high priority on the procedures for the protection of all data and especially database information. The Trust’s IT management has been outsourced from 2019 to an outside company, Hiteishee and all data was moved to the Cloud and the servers dispensed with by February 2021. Hiteishee are also responsible for maintaining security and back up of all data through Microsoft Cloud Services. Business class anti-virus and anti-malware software is installed and updated daily on workstations in the London office and on home equipment, organised by Hiteishee, who also arrange Microsoft Spam filtering. Transfer of all data is encrypted prior to transfer.

The establishment of the Arcane School online (ASMIS) has been carefully assessed in terms of data security. The ASMIS portal (website) uses an SSL (secure sockets layer) certificate to establish a secure connection and to encrypt the transfer of data between the web server and a browser. The Arcane School has been searching for a back-up person for the maintenance of the school’s website to assist the person/company (Fosferon) responsible for software updates, liaising with students on ASMIS issues and maintenance work. A student in Geneva has been enlisted to become familiar with the software, design and layout of the School's website, and is training and

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2021

working with the designer one day per week to become that back up person who will assist with maintenance issues and software support.

The Trust renewed its annual contract with The HR Department who continue to offer advice and assistance on employment issues and on our ongoing legal obligations as employers.

The Lucis Trust does not charge for any of its services and is therefore reliant on attracting voluntary donations and legacies from co-workers. The cost of running the charity is always a factor to be borne in mind and this is considered in our reserves policy. The charity does not follow traditional fund-raising activities nor does it charge membership fees.

The Lucis Trust and Arcane School protects its name through Trade Marks when feasible.

Public benefit

The Trustees have referred to the Charity Commission's ‘guidance on public benefit’ when reviewing the charity's aims and objectives and in planning its future activities. The Lucis Trust makes its educational philosophy freely available to any interested enquirers. The Trustees consider how planned activities will contribute to the charity’s aims and objectives.

Investment

Rathbones continues to operate our investment funds with a value of £1,537,543 and a profit of £81,801 in 2021. The portfolio increased by £219,119 including £26,160 dividends with £130,000 drawdown of funds and a £7,318 management fee.

Rathbones report is included on quarterly statements, they have not provided an additional report this year.

A larger drawdown from Investments of £130,000 was actioned in 2021, £60,000 was transferred to our COIF savings account which holds restricted funds. £70,000 of the drawdown was required to cover expenses over 2021. Long Term investments of £9,213 are held at Santander, £2,689 in an Australian Commonwealth account. Funds continued to be drawn from our Nigerian current account reducing the balance by £14,000 to £25,703 at the end of 2021

During 2019 a Loan of £50,000 was made to Giles Hutchins of The Natural Business Partnership. The Lucis Trust extended the loan to Natural Business Partnership in support of its aims and values. Interest on the loan is agreed at 3.75% pa. The financial backing of Triodos Bank and the purchase and development of land is considered a tangible asset, which offers good surety.

Natural Business Partnership loan of £50,000 was maintained as a financial asset at this value in 2021. The slow-down in the business in 2020/2021 allowed capital investment in improvement of the land and property and preparation of activities. Business grew in the second half of 2021 as activities resumed. In view of the difficulties created by Covid19 the trustees agreed a 1.5%

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2021

interest payment which was paid to the Trust in July 2021. Status and financial reports were supplied by Natural Partnership at the end of 2021 and the trustees agreed that no change should be made to the investment value on financial assets. It is expected that a full interest payment of 3.75% in 2022 will be made.

Fraud policy

Fraud is defined as comprising both the use of deception to obtain an unjust or illegal financial advantage and intentional misrepresentation affecting the financial statements by one or more individuals among management and staff.

The Lucis Trust, by its very nature, is committed to high ethical and moral standards and members of staff share in this commitment. The Board already has policies in place that lessen the likelihood of fraud occurring. These internal controls include standing orders, cash sheet counter checks, documented procedures for inter-company transfers and Visa payments, and the requirement of two signatures for cheques and other authorisations.

The fraud policy applies to any irregularity, or suspected irregularity, involving employees as well as consultants/other parties. Any investigative activity required would be carried out without regard to any person’s relationship to the Trust, position or length of service.

The Board is absolutely committed to maintaining an honest, open and well-intentioned atmosphere within the Trust. It is therefore also committed to the elimination of any fraud within the Trust and to the rigorous investigation of any such cases. It encourages anyone who has reasonable suspicions of fraud to report them and assures staff that they will not be penalised in any way for reporting reasonably held suspicions of fraud i.e. those not shown to be malicious or groundless.

Objectives and activities

Charity objects

The objects are defined in the memorandum of association as follows:

Basis and values

The Lucis Trust provides worldwide financial support for the Arcane School, Triangles and World Goodwill as well as the books of Alice Bailey through its trading company, Lucis Press. Its international activities are dedicated to the establishment of right human relations. It promotes the

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2021

education of the human mind towards recognition and practice of the spiritual principles and values upon which a stable and inter-dependent world society may be based.

The Lucis Trust is non-political and non-sectarian. It sponsors no special creed or dogma.

The Lucis Trust is on the roster of the United Nations Economic and Social Council and World Goodwill is a registered NGO.

Significant activities

During the first half of 2021 the majority of staff continued to work from home with admin. staff coming into the office so that there was someone present in the office each day. By June more staff started to return to the office albeit not to the same extent as pre-Covid working arrangements.

Because of the continuing outbreaks of new variants, the meetings held by the Trust continued to be Zoom events during 2021. The Arcane School Conference programme was successfully held online on 29,30 & 31 May 2021. The meetings were well attended with students and co-workers from around the world viewing and interacting in the programme of talks, meditations and discussions. There was increased participation of students worldwide, language permitting and with some translations available. Videos of the conference were subsequently posted on the School’s website and transcripts of presentations posted to students. The monthly public meditation meetings remained zoom broadcasts.

The Goodwill Meditation Group webinars, begun in 2019, were regularly held on the last Wednesday of each month and hosted by World Goodwill staff from 3 centres, and sometimes including goodwill servers from further afield as guest presenters. The webinar’s aim is to further the use of the Goodwill meditation and to empower goodwill and to feature its creative application in building right relationships. The webinar presentation was originally a prepared talk but has evolved to become an interview and discussion format. The Triangles webinars, organised by Triangles New York, continued its weekly broadcast throughout the year and included live presentations by experienced Triangle’s co-workers which are archived on the Triangles website.

Following the introduction of webinars in 2020, the Lucis Trust held two Zoom webinars in 2021. The first was “Civilization and the Descent of Light on September 12[th] , with 3 guest speakers examining the ethical use of knowledge in science, as well as the need to introduce the means to awaken the intuition in higher education. A subsequent workshop was held with interested subscribers on zoom to discuss this topic further. The second webinar, “Awakening to the Angels”, on Saturday 19 December 2021 included presentations, discussion and creative visualisation on the nature of the angelic or deva kingdoms and humanity’s unfolding relationship with them.

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2021

On the 6[th] November 2021 the World Goodwill Seminar took place on-line with the theme “Imagination and Social Regeneration”. The London seminar highlighted the inspirational service of two students, as well as featuring an interview and discussion with guest speaker, Daniel Wahl. In preparation for the event, an accompanying booklet of quotes and reflections on this theme was produced and distributed with the Trust’s Autumn mailing. Its virtual nature meant that the Seminar functioned in effect as one meeting across all three centres – Geneva, London and New York - offering a day and evening of creative participation on this theme.

Christine Morgan gave a presentation on Esoteric Service at a live zoom conference for Sundial House on behalf the Lucis Trust on Saturday 9 October 2021.

Special acknowledgement

The Lucis Trust relies on the voluntary donations and bequests of students and co-workers. The Trustees wish to record their gratitude for the generosity of donors who ensure that the objectives of the Trust can continue to be met. No charges are made to students for tuition for the Arcane School course, and most literature is distributed freely in accordance with the principle that spiritual teachings should not be denied on the grounds of money. Students and friends of the work give as they are able, knowing that it is their responsibility to give as well as to receive.

The Trust received the following legacy within the year.

Hertha Larive £2,567

Gift Aid claims from 2021 of £14,325 (2020: £9,237) plus a post-tax return on investments of £741 (2020: £994) are stated in debtors.

At this point, we would like to record our gratitude to regular volunteers who came into the Trust over the year to assist our administration, their time is estimated to amount to 4 days per week. Appreciation is extended to the member of staff whose financial circumstances enables him to give his time without recompense.

Achievements and performance

Against the continuing background of Covid-19, the Trust maintained the services of an outside printing company to print, stuff and dispatch its regular newsletters and meeting transcripts. A small number of staff continued to work in the office for the dispatch of books, literature and mailings to students and co-workers, as well as for other essential work which was not possible to be done remotely. The rest of the staff returned to the office mid-year, working partly at home.

In order to keep in touch with co-workers as far as possible, it was decided to continue to post worldwide unless we knew of severe restrictions and despite the delays to postal deliveries due to the pandemic. The Lucis Trust distributed its mailings to all co-workers on its mailing lists in print and via email in English and Greek during 2021. This included of the Three Spiritual Festivals and

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2021

highlighting its meetings over the three spiritual festivals and Arcane School conference. This process was repeated for the Autumn mailing and included promotion of the World Goodwill Seminar on 14 November 2021.

Three issues of the World Goodwill Newsletter – “Goodwill in World Affairs” were prepared in 2021: the first was on the theme “The Spiritual Dynamics of Crisis on the Path to Global Cooperation”, containing brief extracts from the presenters at the 2020 World Goodwill Seminar, with links to the full video presentations. The second was: ”Education: Unveiling the Light of the Soul”, with articles on how the United Nations programmes are helping to foster the spirit of inclusiveness in education, and prepare students for an unknowable future; and on an innovative implementation of the "World Core Curriculum", proposed by the former Assistant Secretary-General of the UN, Robert Muller, and described by guest contributor, the founding President of the Robert Muller School, Gloria Crook. The third was “Re-weaving the Fabric of Society” which focused on presenting service initiatives which are working towards social regeneration, in preparation for the 2021 Seminar, “Imagination and Social Regeneration”. World Goodwill advertised for World Invocation Day with worldwide Facebook advertisements featuring the 2021 video for World Invocation Day in English, French and Spanish reached 367,365 people, with around 295,000 fully viewed.

The Cycle of Conferences continued to focus on important conferences including The World Economic Forum Virtual Annual meeting, The Davos Agenda, 25-29 January 2021; G7 Summit, Carbis Bay UK, 11-13 June 2021; The Food Systems Summit, UN HQ New York, 23 September 2021; Part one of the UN Biodiversity Summit, Kunming China and online, 11-15 October 2021; the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow, UK on 31 October – 12 November 2021.

The Triangles service continued to expand, with London registering around 95 Triangles this year, just under two Triangles each week. Four-fifths of these are international Triangles, and in these Triangles, about 70 people are new Triangle workers. Considering these new members, they make up about four equal sections -India, continental Europe and the U.K. form three quarters with the remaining quarter of new members in Africa, Australia and New Zealand. The quarterly Triangles Bulletin and the tri-annual Esoteric Group in Triangles communications were distributed to members by email and post. These publications were produced in both English and Greek for distribution to co-workers.

The website development team in London and New York held regular Skype/Zoom calls to keep in close touch with the developer. During the year the work was mostly maintenance with some refinements on the World Goodwill home page to make navigation easier and dealing with ongoing issues. Many of these arise because of the site’s additional complexity of serving all three headquarters and needing to handle multiple currencies and many languages. The costs of the site were significantly reduced in 2021.

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2021

This year Lucis Press completed the production of a new audiobook, A Treatise on Cosmic Fire. A new audio book, Esoteric Astrology, produced by the Lucis Publishing company, was also made available during this year through New York and London.

In 2021 there was a slowing of the increased interest in the books in evidence during the Covid lockdown period in 2020. Only paperbacks sustained 2020 sales levels, other lines all reduced as did sales channels. Adjusting for reallocations to Lucis Publishing, New York (£55,809 - £3,171), the total sales revenue for Lucis Press in 2021 was £52,638, including Beacon sales and Postal receipts.

Foreign distributors increased sales in 2021. Sales via UK distributors, UK and overseas independent shops and direct sales via our website and other sales channels reduced. However higher sales were maintained over and above pre-2020 levels.

The number of Lucis Press publications sold in 2021 totalled 5,349 and included: AAB books, CDROM of The Twenty-Four Books of Esoteric Philosophy (including downloads), audio books (including Downloads), eBooks and books from other publishers. The year's best-selling titles were A Treatise on White Magic, Esoteric Psychology, Vol I and Esoteric Healing.

Financial review

The value of Lucis Trust group funds increased slightly from £2,054,937 at the end of 2020 to £2,091,595 at the end of 2021.

The amount of £2,091,595 consists of:

£1,755,434 fixed assets. The fixed assets consist of the lease of the office space and essential equipment for pursuing the aims of the charity of £167,891. £1,587,543 is currently held as longterm investments.

£84,179 stock of books, the majority of which are the books of Alice Bailey, the foundation of the teachings which underlie the work and activities of the Lucis Trust.

£243,338 cash and bank balances, debtors £38,832 and creditors of £30,188.

Reserves policy

Our current available funds are held in deposit accounts, with less available funds in term deposit and investment portfolios. The total funds of £2,091,595 would provide for around five years annual expenditure of around £400,000. Exceptional legacies over several years enabled the development of our investments after sharing with the Trust in Geneva and New York. The charity would find a reserve of £1,500,000 acceptable. This would cover operations sufficiently should there be any significant changes in the operation or funding of the charity. For many years expenditure has exceeded general income and it is expected that reserves will continue to be

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2021

drawn upon to enable the ongoing work of the charity to proceed. We acknowledge the contribution that legacies or unexpected large donations can make to our funds.

Going concern

The trustees consider that there are no material uncertainties about the charitable company’s ability to continue as a going concern. 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 amount of assets and liabilities within the next reporting period.

As outlined in the Activities some adjustments to working arrangements were made mid- year with staff following a hybrid working pattern. It is the intention of Lucis Trust to reintroduce attendance at the office together with some working from home permitted.

Donations were down in 2021 in contrast to the previous year when exceptional donations were transferred from overseas bank accounts. In addition, only a small legacy was received in 2021.

Plans for the future

The Trust continues with its principal activities – The Lucis publishing companies (Lucis Press), Arcane School, Triangles and World Goodwill- which form the basis of its charity and service objectives. It is not necessarily our policy therefore to constantly initiate new projects although new material is constantly offered within the existing framework as appropriate. The planned technological changes are largely in place, although all aspects are constantly reviewed, updated and developed to meet the needs of the work and of students and co-workers.

The website is continually updated with the aim of attracting new visitors and providing them with information and the opportunity to engage in its activities. It is intended to continue to redesign certain pages on the website within its existing framework. In 2021 the World Goodwill website and its links to its activities were simplified and clarified and it is expected that work on this section of the website will continue in 2022.

By mid-February 2021, our IT Support company had worked with every employee to ensure their pc was able to function fully in the Cloud. This means that the aim of dispensing with hardware servers was achieved.

Following the period of lockdown, most staff plan to return to work when they have been fully vaccinated. The aim is for the staff to return to work and a phased return will be discussed with each member. Decisions about a full return to prior arrangements and operations such as the holding of physical meetings, will be made in accordance with trustees decisions on a return to work policy and in liaison with our Human Resources company.

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2021

Statement of responsibilities of the trustees

The trustees (who are also directors of The Lucis Trust for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees

Members of the Trustees, who are also trustees under charity law, who served during the year and up to the date of this report were as follows:

Christine Morgan Diana Arcache Mintze van der Velde
Derek Fraser Stephen Nation Barbara Valocore
Laurence Newey Peter H Peuler

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The total number of such guarantees as at 31 December 2021 was 8 Trustees in 2021 (2020: 8). The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2021

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The trustees’ annual report has been approved by the trustees on 13 June 2022 and signed on their behalf by

Christine Morgan Chief Executive Officer

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Independent examiner’s report

To the members of

The Lucis Trust on the unaudited accounts

I report to the trustees on my examination of the accounts of Lucis Trust and its subsidiary undertakings for the year ended 31 December 2021.

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Company you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Charities Act 2011 (‘the Act’)/Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Consolidated accounts carried out under section 145 of the 2011 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 Charities Act 2011 (‘the 2011 Act’).

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the consolidated accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement - matter of concern identified

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:

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Independent examiner’s report

To the members of

The Lucis Trust on the unaudited accounts

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.

Name: Noelia Serrano FCA

Address: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL Date: 13 July 2022

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The Lucis Trust

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2021

2021 2020
Unrestricted Restricted Total Unrestricted Restricted Total
Note £ £ £ £ £ £
Income from:
Donations and legacies 2 102,748 - 102,748 198,901 - 198,901
Charitable activities
Arcane School - 27,300 27,300 - 16,606 16,606
World Goodwill - 12,472 12,472 - 3,608 3,608
Triangles - 11,402 11,402 - 5,153 5,153
Other Restricted - 700 700 - 780 780
Royalties VSA - 346 346 - 392 392
Other trading activities 3 61,228 - 61,228 64,999 - 64,999
Investments 4 28,458 1 28,459 35,067 39 35,106
Total income 192,434 52,221 244,655 298,967 26,578 325,545
Expenditure on:
Charitable activities 5
Lucis Trust 167,969 - 167,969 166,692 - 166,692
Arcane School - 68,059 68,059 - 74,588 74,588
World Goodwill - 69,015 69,015 - 67,156 67,156
Triangles - 34,465 34,465 - 34,731 34,731
Other restricted - 53 53 6,320 849 7,169
Other Trading Lucis Press 5 61,395 - 61,395 64,437 - 64,437
Total expenditure 229,364 171,592 400,956 237,449 177,324 414,773
Net expenditure before net gains on
investments (36,930) (119,371) (156,301) 61,518 (150,746) (89,228)
Net gains on investments 12 192,959 - 192,959 72,465 - 72,465
Net income/(expenditure) for the year 156,029 (119,371) 36,658 133,983 (150,746) (16,763)
Transfers between funds (120,365) 120,365 - (151,108) 151,108 -
Net movement in funds 35,664 994 36,658 (17,125) 362 (16,763)
Reconciliation of funds:
Total funds brought forward 2,021,924 33,013 2,054,937 2,039,049 32,651 2,071,700
Total funds carried forward 21a 2,057,588 34,007 2,091,595 2,021,924 33,013 2,054,937

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 21a to the financial statements.

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The Lucis Trust

Company no. 00305704

Balance sheet

As at 31 December 2021

The group The charity The charity
2021 2020 2021 2020
Note £ £ £ £
Fixed assets:
Tangible assets 11 167,891 171,947 167,891 171,947
Investments 12 1,587,543 1,505,742 1,593,571 1,511,770
1,755,434 1,677,689 1,761,462 1,683,717
Current assets:
Stock 16 84,179 76,942 - -
Debtors 17 38,832 46,547 29,446 31,047
Investments 2,689 2,821 2,689 2,821
Cash at bank and in hand 240,649 280,027 226,823 267,819
366,349 406,337 258,958 301,687
Liabilities:
Creditors: amounts falling due within one year 18 30,188 29,089 27,357 28,185
Net current assets 336,161 377,248 231,601 273,502
Total assets less current liabilities 2,091,595 2,054,937 1,993,063 1,957,219
Debtors: amounts falling due after one year 17 - - 62,965 61,984
Total net assets 2,091,595 2,054,937 2,056,028 2,019,203
Funds: 21a
Restricted income funds 34,007 33,013 34,007 33,013
Unrestricted income funds:
Designated funds 115,284 117,738 115,284 117,738
General funds 1,439,328 1,501,199 1,439,328 1,501,199
Fair value reserve 467,409 367,253 467,409 367,253
Non-charitable trading funds 35,567 35,734 - -
Total unrestricted funds 2,057,588 2,021,924 2,022,021 1,986,190
Total funds 2,091,595 2,054,937 2,056,028 2,019,203

For the year ending 31 December 2021 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The Trustees acknowledge the following responsibilities:

These accounts have been prepared in accordance with the special provisions applicable to small companies subject to the small companies’ regime.

Approved by the trustees on 13 June 2022 and signed on their behalf by:

Christine P Morgan Director

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The Lucis Trust

Statement of cash flows

For the year ended 31 December 2021

Note
23
Decrease / (Increase) in cash held by investment manager
24
Purchase of fixed assets
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Net cash (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Cash flows from operating activities		 £
£
(153,134)
28,459
(25,991)
223,051
(112,050)
155
113,624
(39,510)
282,848
243,338
2021		 £
£
(153,134)
28,459
(25,991)
223,051
(112,050)
155
113,624
(39,510)
282,848
243,338
2021		 £
£
(111,645)
35,103
(21,396)
184,646
(171,093)
(843)
26,417
(85,228)
368,076
282,848
2020		 £
£
(111,645)
35,103
(21,396)
184,646
(171,093)
(843)
26,417
(85,228)
368,076
282,848
2020
(39,510)
282,848		 (85,228)
368,076
243,338 282,848

17

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies

a) Statutory information

Lucis Trust is a charitable company limited by guarantee and is incorporated in United Kingdom. The registered office address is Suite 54, 3 Whitehall Court, London, SW1A 2EF.

b) Basis of preparation

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) - (Charities SORP FRS 102) and the Companies Act 2006. The trustees have taken advantage of the reduced disclosure framework exemptions as noted in FRS 102 section 1.12.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charitable company and its wholly-owned subsidiary Lucis Press Limited on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

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.

As outlined in the Activities some Covid adjustments continued in 2021 and affected the work of Lucis Trust in staff working and activities. Donations were down in 2021 perhaps as a result of a less physical presence in terms of meetings and activities and we also only received a small legacy.

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

18

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

Accounting policies (continued)

g) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Items of equipment are capitalised where the purchase price exceeds £100. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

19

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

Accounting policies (continued)

l) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Investments in subsidiaries

Investments in subsidiaries are at cost.

Mixed motive investments

Mixed motive investments are recognised at cost and reviewed for impairment on an annual basis. Natural Business Partnership loan is maintained at cost. Land value could be temporarily adversely affected by Covid-19 and positively affected with increase in value as a result of land and building development.

m) Stocks

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving and defective stocks. Donated items of stock, held for distribution or resale, are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

n) 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.

o) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.

p) 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.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

q) Financial instruments

With the exception of the listed investments described above the charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

r) Foreign exchange

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange on the date that the transaction or transfer takes place. Exchange differences are taken into account in arriving at the net incoming resources for the year.

20

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

2
Unrestricted
£
100,181
2,567
102,748
3
Unrestricted
£
61,228
61,228
4
Unrestricted
£
798
1,500
26,160
28,458
Income from business loan
Gifts
Bank accounts
Income from donations and legacies
Legacies
Income from investments
Lucis Press
Income from other trading activities
Income from listed investments		 2
Unrestricted
£
100,181
2,567
102,748
3
Unrestricted
£
61,228
61,228
4
Unrestricted
£
798
1,500
26,160
28,458
Income from business loan
Gifts
Bank accounts
Income from donations and legacies
Legacies
Income from investments
Lucis Press
Income from other trading activities
Income from listed investments		 Restricted
£
-
-		 2021
Total
£
100,181
2,567		 Unrestricted
£
169,401
29,500		 Restricted
£
-
-		 2020
Total
£
169,401
29,500
102,748 - 102,748 198,901 - 198,901
Restricted
£
-		 2021
Total
£
61,228		 Unrestricted
£
64,999		 Restricted
£
-		 2020
Total
£
64,999
61,228 - 61,228 64,999 - 64,999
Unrestricted
£
798
1,500
26,160		 Restricted
£
1
-
-		 2021
Total
£
799
1,500
26,160		 Unrestricted
£
1,359
-
33,708		 Restricted
£
39
-
-		 2020
Total
£
1,398
-
33,708
28,458 1 28,459 35,067 39 35,106

21

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

Staff costs (Note 7)
Travel
Post and carriage
Cost of book sales
Service charge
Building costs
Insurance
Printing & stationery
Telephone & fax
Conference, seminar, meetings
Office equipment costs
Repairs and maintenance
Advertising
Legal and professional charges
Audit and accountancy
Library and media costs
Bank charges
Depreciation
Miscellaneous
Donation
Support Costs
Governance costs
Total expenditure 2021
Total expenditure 2020		 Lucis Press
£
21,353
-
-
30,629
-
-
-
-
-
-
-
-
41
-
1,560
-
348
-
469
-		 Charitable activities Charitable activities Charitable activities Governance
costs
£
14,029
-
-
-
-
-
-
-
-
-
-
-
-
-
5,550
-
-
-
-
-		 Support
costs
£
-
-
10,069
-
28,568
14,085
1,956
10,972
3,292
39
10,162
2,826
690
23,323
-
89
2,545
30,048
2,489
-		 2021
Total
£
184,039
-
27,824
30,629
28,568
14,085
1,956
20,406
3,292
540
11,412
2,826
784
23,988
7,110
1,692
2,893
30,048
3,364
5,500		 Restated
2020
Total
£
190,191
1,536
30,218
32,690
27,929
13,867
2,035
17,334
3,083
1,302
15,178
466
1,684
23,951
6,775
6,606
2,575
33,752
3,361
240
Lucis Trust
£
70,890
-
-
-
-
-
-
-
-
-
-
-
-
665
-
1,470
-
-
-
5,500		 Arcane
School
£
35,636
-
3,263
-
-
-
802
-
24
1,250
-
-
-
-
97
-
-
-
-		 World
Goodwill
£
28,679
-
8,324
-
-
-
-
5,698
-
477
-
-
-
-
-
36
-
-
406
-		 Triangles
£
13,452
-
6,168
-
-
-
-
2,934
-
-
-
-
-
-
-
-
-
-
-
-		 Other
Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
53
-
-
-
-
-
-
-
54,400
6,995
-		 78,525
77,696
11748		 41,072
23,700
3287		 43,620
22,302
3093		 22,554
10,460
1451		 53
-
-		 19,579
-
(19,579)		 141,153
(141,153)
-		 400,956
-
-		 414,773
-
-
61,395 167,969 68,059 69,015 34,465 53 - - 400,956 414,773
414,773
64,437 166,692 74,588 67,156 34,731 7,169 - -

22

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

5b Analysis of expenditure (prior year)

Charitable activities

Staff costs (Note 7)
Travel
Post and carriage
Cost of book sales
Service charge
Building costs
Insurance
Printing & stationery
Telephone & fax
Conference, seminar, meetings
Office equipment costs
Repairs and maintenance
Advertising
Legal and professional charges
Audit and accountancy
Library and media costs
Bank charges
Depreciation
Miscellaneous
Donation
Governance costs
Total expenditure 2020		 Lucis Press
£
20,596
-
-
32,690
-
-
-
-
-
-
-
-
1,075
-
1,495
-
304
-
552
-		 Lucis Trust
£
76,878
-
-
-
-
-
-
-
-
-
-
-
-
634
-
-
-
-
-
-		 Arcane
School
£
37,116
1,262
3,303
-
-
-
-
415
-
1,002
-
-
-
-
-
33
-
-
-
-		 World
Goodwill
£
29,360
-
6,987
-
-
-
-
4,515
-
300
-
-
55
-
-
-
-
-
363
-		 Triangles
£
13,450
-
7,256
-
-
-
-
2,313
-
-
-
-
-
-
-
-
-
-
-
-		 Other
Restricted
£
-
-
-
-
-
-
-
-
-
9
-
-
6,320
-
-
-
-
-
600
240		 Governance
costs
£
12,791
-
-
-
-
-
-
-
-
-
-
-
-
-
5,280
-
-
-
-
-		 Support
costs
£
-
274
12,672
-
27,929
13,867
2,035
10,091
3,083
-
15,178
466
545
23,317
-
253
2,271
33,752
1,846
-		 2020
Total
£
190,191
1,536
30,218
32,690
27,929
13,867
2,035
17,334
3,083
1,311
15,178
466
7,995
23,951
6,775
286
2,575
33,752
3,361
240
56,712
7,725
-		 77,512
78,609
10,571		 43,131
28,025
3,432		 41,580
22,786
2,790		 23,019
10,434
1,278		 7,169
-
-		 18,071
-
(18,071)		 147,579
(147,579)
-		 414,773
-
-
64,437 166,692 74,588 67,156 34,731 7,169 - - 414,773

23

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2021 2020
£ £
Depreciation 30,047 33,752
Independent Examiner's fee 6,150 5,855
Additional Professional fee 960 690

Staff costs were as follows:

Staff costs were as follows:
Volunteer costs
Salaries and wages
Social security costs
Other staff costs and staff benefits		 2021
£
151,072
7,399
22,987
2,581		 2020
£
159,284
8,311
21,496
1,100
184,039 190,191

No employee earned more than £60,000 during the year (2020: nil).

The total employee remuneration, including employer's national insurance and pension contributions, of two key management personnel, Laurence Newey and Christine Morgan in 2021, were £42,253 combined (Two personnel in 2020: £42,168). Both these individuals are trustees of the charity. Remuneration to trustees is permitted by the charity's governing documents.

One charity trustee claimed travel expenses whilst participating in voluntary work totalling £2,581 (one Trustee in 2020: £1,100) .

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Triangles
Arcane School
Lucis Press
World Goodwill
Lucis Trust General
Governance		 2021
No.
1.51
1.42
0.67
3.65
1.06
0.70		 2020
No.
1.89
1.55
0.71
4.10
1.08
0.67
9.0 10.0

24

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

9 Related party transactions

Related party transactions between Lucis Trust and Lucis Press are:

Related party transactions between Lucis Trust and Lucis Press are:
2021 2020
£ £
Lucis Trust Publishing Grant to Lucis Press 5,500 -
Debtor at year end due to Lucis Press 4,083 75
Creditor at year end due from Lucis Press - (1,679)

Aggregate unrestricted donations from Trustees of £3,451 were received in the year (£3,303 in 2020).

The Lucis Trust in London carries out its objectives for students and co-workers in the Commonwealth - excluding Canada and the Caribbean - as well as for those in Europe who wish to work and correspond in English and Greek. Although each of the three Lucis Trust offices, London, Geneva and New York, forms an independent legal and financial entity they share the same philosophy and objectives. They differ mainly in the language group and/or geographical area of responsibility and they co-operate, whenever practical, to co-ordinate their activities and service projects.

The trustees incurred expenses of £0.00 relating to travel and subsistence for voluntary attendance to events relating to the charity and its objects (2020: £1,537).

10 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiary Lucis Press Limited gift aids available profits to the parent charity. Its charge to corporation tax in the year was:

2021 2020
£ £
UK corporation tax at 19% (2020: 19%) 1 1

11 Tangible fixed assets

The group & the charity

The group & the charity
Depreciation
At the start of the year
Additions in year
Disposals in year
At the end of the year
Net book value
At the end of the year
Charge for the year
At the start of the year
Eliminated on disposal
At the end of the year
Cost
At the start of the year		 Leasehold
property and
improvements
£
220,475
732
-		 Fixtures and
fittings
£
131,246
15,251
(10,024)		 Computer
equipment
£
177,960
10,008
(45,264)		 Total
£
529,681
25,991
(55,288)
221,207 136,473 142,704 500,384
82,521
3,149
-		 124,716
5,933
(10,024)		 150,497
20,965
(45,264)		 357,734
30,047
(55,288)
85,670 120,625 126,198 332,493
135,537 15,848 16,506 167,891
137,954 6,530 27,463 171,947

All of the above assets are used for charitable purposes.

25

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

12 Listed investments

Listed investments
Business loan - Natural Business Partnership (note 13)
Unlisted shares in UK registered companies
UK Common investment funds
Investment in trading subsidiary
Historic cost at the end of the year
Cash held by investment broker pending reinvestment
Cash
Additions at cost
Disposal proceeds
Net profit on change in fair value
Fair value at the end of the year
Fair value at the start of the year
Investments comprise:		 2021
2020
£
£
1,452,852
1,393,940
112,050
171,093
(223,051)
(184,646)
192,959
72,465
1,534,810
1,452,852
-
-
2,733
2,890
1,537,543
1,455,742
1,070,134
1,088,489
2021
2020
£
£
1,534,810
1,452,852
-
-
50,000
50,000
2,733
2,890
1,587,543
1,505,742
The group
The group		 2021
2020
£
£
1,452,852
1,393,940
112,050
171,093
(223,051)
(184,646)
192,959
72,465
1,534,810
1,452,852
6,028
6,028
2,733
2,890
1,543,571
1,461,770
1,070,134
1,088,489
2021
2020
£
£
1,534,810
1,452,852
6,028
6,028
50,000
50,000
2,733
2,890
1,593,571
1,511,770
The charity
The charity
1,587,543 1,505,742 1,593,571 1,511,770

13 Social or mixed motive investments

Business loan as part of a group venture to purchase land for The Natural Business Partnership engaged in the development of services that benefit the social, environmental and/or ethical considerations of its corporate clients.

Lucis Press facilitates the sales and distribution of the books upon which the foundation of the Lucis Trust is based.

26

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

14 Subsidiary undertaking

The charitable company owns the whole of the issued ordinary share capital of Lucis Press Limited, a company registered in England (company number: 338727). The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are gift aided to the charitable company. A summary of the results of the subsidiary is shown below:

Funds
Assets
Liabilities
Other Income
Profit on ordinary activities
Turnover
Other operating expenses
The aggregate of the assets, liabilities and funds was:
Gross profit
Administrative expenses
Cost of sales		 2021
£
55,634
(30,629)		 2020
£
63,770
(32,690)
25,005
(41)
(30,725)		 31,080
(1,075)
(30,672)
(5,761)
5,594		 (667)
1,232
(167) 565
107,391
(65,796)		 106,405
(64,643)
41,595 41,762

15 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

16
Stock
Gross income
Result for the year
Finished goods		 2021
2020
£
£
84,179
76,942
84,179
76,942
The group		 2021
2020
£
£
84,179
76,942
84,179
76,942
The group		 2021
£
404,734
36,825		 2020
£
361,328
(17,328)
84,179 76,942 - -

27

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

17 Debtors

Debtors
Other debtors
Due after more than 1 year from subsidiary company
Prepayments
Amounts due from subsidiary
Trade debtors		 2021
2020
£
£
4,669
6,392
17,233
14,715
16,930
25,440
-
-
38,832
46,547
-
-
The group		 2021
2020
£
£
-
-
16,599
12,746
16,930
18,226
-
75
33,529
31,047
62,965
61,984
The charity
38,832 46,547 33,529 31,047
- - 62,965 61,984

With the exception of listed investments, all of the charity’s financial instruments, both assets and liabilities, are measured at amortised cost. The carrying values of these are shown above and also in note 20a below.

18 Creditors: amounts falling due within one year

Accruals
Trade creditors
Amounts owed to subsidiary
Taxation and social security
Loans
Other creditors		 2021
2020
£
£
9,500
9,500
8,936
8,123
4,746
4,294
256
767
6,750
6,405
-
-
30,188
29,089
The group		 2021
2020
£
£
9,500
9,500
8,936
8,123
4,746
4,294
256
767
6,750
6,405
-
-
30,188
29,089
The group		 2021
2020
£
£
9,000
9,000
7,805
7,165
4,746
4,294
256
767
5,550
5,280
4,083
1,679
31,440
28,185
The charity		 2021
2020
£
£
9,000
9,000
7,805
7,165
4,746
4,294
256
767
5,550
5,280
4,083
1,679
31,440
28,185
The charity
30,188 29,089 31,440 28,185

19 Pension scheme

Fully compliant with statutory pension scheme and all payments made.

28

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

20a Analysis of group net assets between funds (current year)

Net assets at the end of the year
Tangible fixed assets
Investments
Net current assets		 General
unrestricted
£
167,891
1,587,543
186,870		 Designated
funds
£
-
-
115,284		 Restricted
funds
£
-
-
34,007		 Total funds
£
167,891
1,587,543
336,161
1,942,304 115,284 34,007 2,091,595

20b Analysis of group net assets between funds (prior year)

Tangible fixed assets
Investments
Net assets at the end of the year
Net current assets		 General
unrestricted
£
171,947
1,505,742
226,497		 Designated
funds
£
-
-
117,738		 Restricted
funds
£
-
-
33,013		 Total funds
£
171,947
1,505,742
377,248
1,904,186 117,738 33,013 2,054,937

21a Movement in funds (current year)

Movement in funds (current year)
Restricted funds:
Total restricted funds
Total designated funds
General charity funds
Total charity unrestricted funds
Non-charitable trading funds
Total unrestricted funds
Tibetan Book Fund
Staff Benefits Fund
Tibetan Book Fund
Unrestricted funds:
Designated funds:
Triangles
VSA Fund
Fair value reserve
Public Library
World Service
Arcane School
World Goodwill
Total funds		 At 1 January
2021
£
-
-
-
874
1,451
-
30,688		 Income &
gains
£
27,300
12,472
11,402
460
120
120
347		 Expenditure
& losses
£
(68,059)
(69,016)
(34,464)
-
(53)
-
-		 Transfers
£
40,759
56,544
23,062
-
-
-
-		 At 31
December
2021
£
-
-
-
1,334
1,518
120
31,035
33,013 52,221 (171,592) 120,365 34,007
67,347
50,391		 -
29,163		 -
(31,617)		 -
-		 67,347
47,937
117,738
367,253		 29,163
100,156		 (31,617)
-		 -
-		 115,284
467,409
1,501,199
1,986,190
35,734		 194,845
324,164
61,229		 (136,351)
(167,968)
(61,396)		 (120,365)
(120,365)
-		 1,439,328
2,022,021
35,567
2,021,924 385,393 (229,364) (120,365) 2,057,588
2,054,937 437,614 (400,956) - 2,091,595

A description of these funds is given beneath the following note.

29

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

Movements in funds (prior year)
Restricted funds:
Total restricted funds
Total designated funds
General charity funds
Total charity unrestricted funds
Non-charitable trading funds
Total unrestricted funds
Total funds
Fair value reserve
Designated funds:
Staff Benefits Fund
Book/Promotion Fund
Tibetan Book Fund
VSA Fund
Unrestricted funds:
World Goodwill
Triangles
World Service
Arcane School
Public Library
Tibetan Book Fund		 At 1 January
2020
£
-
-
-
934
1,340
120
30,257		 Income &
gains
£
16,606
3,608
5,153
540
120
120
431		 Expenditure
& losses
£
(74,588)
(67,156)
(34,731)
(600)
(9)
(240)
-		 Transfers
£
57,982
63,548
29,578
-
-
-
-		 At 31
December
2020
£
-
-
-
874
1,451
-
30,688
32,651 26,578 (177,324) 151,108 33,013
67,347
6,182
46,523		 -
-
20,006		 -
(6,182)
(16,138)		 -
-
-		 67,347
-
50,391
120,052
325,170		 20,006
42,083		 (22,320)
-		 -
-		 117,738
367,253
1,558,658
2,003,880
35,169		 244,341
306,430
65,002		 (150,692)
(173,012)
(64,437)		 (151,108)
(151,108)
-		 1,501,199
1,986,190
35,734
2,039,049 371,432 (237,449) (151,108) 2,021,924
2,071,700 398,010 (414,773) - 2,054,937

Purposes of restricted funds

Arcane School: A correspondence course of meditation, study and service.

World Goodwill: An educational service activity which promotes right human relations and spiritual values through its publications.

Triangles: Groups of three people link in daily thought and meditation.

World Service Fund: set up in 1957 to receive and administer money donated for service work other than the specific activities for which the Lucis Trust is legally responsible but which are broadly in line with its spiritual objectives. This fund will continue indefinitely. During 2019 Lucis Trust transferred £2,500 into the fund.

Public Library Fund: set up in response to donations specifically directed towards supplying books to co-workers living in areas of financial hardship and where foreign currency is not easily obtainable e.g. Russia, Eastern Europe, Africa. This year funds were used to supply students in Africa. This fund will continue indefinitely.

30

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

Purposes of restricted funds (continued)

The Tibetan Book Fund (TBF) (restricted donated funds and designated): is a revolving fund administered by the Lucis Trust for the publishing of books written by Alice Bailey. The TBF is a revolving fund, money is advanced to manufacture books and is returned to the Fund as the books are sold. This Fund is restricted when donations are given specifically for the reprinting of the books. However, the majority of the funds are designated where funds have accumulated from sales where the Trust initially funded the publication of the books. Monies advanced to Lucis Press is treated as a loan secured against the stock of books. A revolving fund which will continue indefinately to enable the production of the books.

VSA Fund: The Vera Stanley Alder Fund was set up to print and the promote the books of the late Mrs Alder. The Lucis Trust hold copyright of all her published works. To continue indefinately while the books remain in print. Lucis Trust printed one title in 2018 which continues to be marketed by Lucis Publishing Companies.

Purposes of designated funds

Staff Benefits Fund: £80,000 was set aside before 2009. Fund balance at start and end of year was £67,347. This fund is to cover unforeseen medical or financial expenses of staff that the Council of Management deem as suitable to receive assistance. It may also include payments to retired staff who experience financial hardship. The fund will continue while funds are available to replenish and indefinitely as required.

Book/Promotion Fund: A transfer from Tibetan Book Fund in 2004 set aside to enable promotion and distribution of the books. In 2020 the fund of £6,182 was used to contact a sound technician to produce the Audiobook A Treatise on Cosmic Fire. This fund is now depleted.

22 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

23 Reconciliation of net (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period
Net cash (used in) operating activities
(as per the statement of financial activities)
Depreciation charges
Gains on investments
Dividends, interest and rent from investments
(Increase) / decrease in stocks
Decrease / (increase) in debtors
Increase / (decrease) in creditors		 2021
£
36,658
30,047
(192,959)
(28,459)
(7,237)
7,717
1,099		 2020
£
(16,763)
33,752
(72,465)
(35,106)
12,515
(17,999)
(15,579)
(153,134) (111,645)

24 Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
Cash at bank and in hand
Short term investments
Total cash and cash equivalents		 At 1 January
2021
£
270,815
12,033		 Cash flows
£
(30,166)
(9,344)		 Other
changes
£
-
-		 At 31
December
2021
£
240,649
2,689
282,848 (39,510) - 243,338

31

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2021

25 Contingent assets – legacy income

As at 31 December 2021, the charity had been notified of two residuary legacies, the values of which are uncertain as the sales of assets within the estates are ongoing, but are unlikely to exceed £130,000. As at 3rd June 2022, no further information has beeen received and so these legacies have not been accrued.

32