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2022-12-31-accounts

Company number: 305704 Charity Number: 216041

The Lucis Trust

Report and financial statements For the year ended 31 December 2022

The Lucis Trust

Contents

For the year ended 31 December 2022

Reference and administrative information ...................................................................................... 1 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 2022

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 2022

The trustees present their report and the financial statements for the year ended 31 December 2022.

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 2022:

Stephen Nation Peter Peuler Christine Morgan

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 2022

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. Since 2019, the Trust’s IT management has been handled by an outside company, Hiteishee. Hiteishee are also responsible for maintaining the 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. 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 Fosferon, the company responsible for software updates, liaising with students on ASMIS issues and maintenance work. The co-worker in Geneva who was enlisted in 2021 to become familiar with the software, design and layout of the School's website, has now been trained and is continuing to work with the designer to assist with maintenance issues and software support. In 2023 the website will be upgraded to V3 which will streamline these processes.

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2022

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.

A Risk Assessment meeting was held on the 13[th] October 2022 by the Trustees focussing on Staff, Internal and External Risk, Data Protection and Business Continuity. The report from this meeting is included in the minute book. The issues raised will form the basis of the next meeting to be held by Trustees in 2023.

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 £1,285,468, a total decrease in investments of £302,075 in 2022. The loss on investments in 2022 is £231,067, with a drawdown of funds of £100,000 also in 2022. Rathbones management fee was £6,771. Received dividends were £35,763.

A drawdown from Investments of £100,000 was actioned to cover expenses over 2022. Long Term investments are £2,815 in an Australian account and £4.500 is an Interest Free Loan. Donations to our foreign accounts in 2022 were transferred to our bank accounts at a similar level.

Rathbones reports are supplied on their quarterly statements, including asset allocation, benchmarks and performance and detailed valuations. The Market Commentary on Page 7 outlines factors affecting investments e.g. challenges to the London Stock Exchange since Brexit investors are moving to the Paris exchange, the adverse impact of Liz Truss mini budget which stabilised with the change of Prime Minister. The outlook suggests there is more weakness to come predicting that recession is likely in 2023. Trustees have received a copy of the December 2022 Quarterly Valuation prior to the AGM.

The Lucis Trust maintained the £50,000 loan to Natural Business Partnership as a financial asset at this value in 2022. Interest on the loan was received in July 2022 as agreed at 3.75% pa. National Business Partnership receives the financial backing of Triodos Bank. The investment includes the purchase and development of land and is considered a tangible asset, which offers good surety. Status and financial reports from Natural Partnership are supplied annually and circulated to Trustees.

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2022

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 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.

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2022

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 2022 a hybrid working policy was issued to staff outlining the policy involved in working partly from home and partly from the office. The Trust has ensured that there are staff present in the office on every day of the week, and all staff are present at least two days a week.

The Arcane School Conference was successfully held on 11 & 12[th] June 2022. The conference was a hybrid event with a smaller meeting of school students attending a physical meeting in the Library of the Trust, and the majority of attendees, students and co-workers from around the world, joining online. Some presenters spoke in the room while others were viewed online on a screen at the venue. Their interaction in the programme of talks, meditations and discussions worked well. Videos of the conference were subsequently posted on the School’s website and transcripts of presentations posted to students. The monthly public full moon meditation meetings remained zoom broadcasts until the start of the three spiritual festivals when physical meetings started up again with simultaneous audio broadcasts. Later in the year new moon meetings were reintroduced as online audio broadcasts only.

The Goodwill Meditation Group webinars continued to be broadcast on the last Wednesday of each month and hosted by World Goodwill staff mainly from London and New York. The format of the meeting changed to invite goodwill servers from various fields as guest presenters. The webinar’s aim is to further the use of the Goodwill meditation and to empower goodwill by featuring its creative application in building right relationships. The Triangles webinars, organised by Triangles New York, continued its weekly broadcast of a Triangles meditation and of audio presentations by experienced Triangles co-workers which are archived on the Triangles website.

On Saturday, 29[th] October 2022, the World Goodwill Seminar took place focussing on the theme In Search of a New Culture: Perspectives on Human Flourishing. Apart from presentations by World Goodwill, the London seminar highlighted the inspirational work of two guest presenters – Jan Karlin, and Max Haven, as well as the involvement of selected co-workers who engaged with them in discussion. The meeting was also broadcast on the Trust’s Facebook page. London’s time slot gathered a fluctuating 200 attendees on Zoom, with an additional 650 views and 160 engagements on Facebook. 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.

Following the introduction of webinars in 2020, the Lucis Trust held another Zoom webinar in December 2022 on the theme of “Psychology: Externalising the Soul Principle”. Inspired by the Service of the Plan set on psychology, the webinar included four co-workers who gave presentations and entered into discussion on the development of the bridge between exoteric and esoteric psychology. The webinar is posted on the website and is included on a resources page drawn from the Service of the Plan, Psychology, set.

Special acknowledgement

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2022

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 legacies within the year.

Sven Olsson £46,850 Shirley W Wade £ 3,002 Pascale Porteres £12,500 £12,021 (Debtor to be received in 2023) Bev McCormick £45,000 (Debtor to be received in 2023)

Gift Aid claims from 2022 of £9,135 (2021: £14,325) 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

To ease the workload on the administrative staff, the Trust maintained the services of an outside printing company to print and dispatch its regular newsletters and meetings transcripts.

In order to keep in touch with co-workers as far as possible, it was decided to continue to post worldwide to subscribers of the Trust’s regular bi-annual mailings in English and in Greek while encouraging the shift to email. These mailings included the design and publication of the Three Spiritual Festivals booklet and email, highlighting these three meetings and World Invocation Day, as well as the dates of the Arcane School conference. This process was repeated for the Autumn mailing which included the promotion of the World Goodwill Seminar on 29[th] October, 2022.

Three issues of the World Goodwill Newsletter – “Goodwill in World Affairs” were published in 2022 for print and digital distribution.

1 “Imagination and Social Regeneration” sharing reflections on the power of group imagination, intuition and thought by key servers in fields of regenerative design, community development, collective trauma, personal development.

2 “Towards Climate Balance” discussing the climate crisis from different viewpoints: coordination between classical and alternative science in the study of weather, the biological analogy in macrocosmic events, goodwill as a balancing factor of the forces creating imbalance. The newsletter template was revamped with more colour and images.

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2022

3 “In Search of a New Culture” focusing on the WG Seminar contributions including the examination of the theme of a new culture from numerous angles – finance, art, academia, law etc.

The three World Goodwill blogs were merged in one: with the aim of the “World Goodwill blog” becoming more diverse with more regular updates, including a strong focus in 2022 on the September UN ”Transforming Education” Summit. World Goodwill sent four representatives from New York and London to attend the UN Transforming Education summit.

The two World Goodwill Facebook pages (WG at the UN and WG) have been combined into one World Goodwill Facebook page with approximately 4,500 followers. World Goodwill has been invited to participate in the Unitive Cluster (part of the UN NGO Major Group) that represents and promotes the unitive approach.

The Cycle of Conferences initiative continued to focus on major international meetings. In 2022, the meetings covered were – the UN Biodiversity Conference, in Montreal, Canada, from 7-18 December, the UN Climate Change Conference, in Sharm el Sheikh, Egypt, from 6-18 November, the UN Transforming Education Summit, in New York, on 15-19 September, the UN High Level Political Forum on Sustainable Development, in New York, from 5-15 July, the UN Ocean Conference, in Lisbon, on 27 June – 1 July, the G7 Summit, in Schloss, Germany, from 16 - 28 June, and the World Economic Forum Annual Meeting, in Davos-Klosters, Switzerland, from 2-26 May.

Triangles continued to publish the quarterly Triangles Bulletin and the tri-annual Esoteric Group in Triangles Communication with quotations and member contributions. These publications were produced in both English and Greek for distribution to co-workers in the UK and the Commonwealth as well as English speakers in Europe. Sydney Goodwill continued to assist with the Triangles Bulletin distribution in Australia and New Zealand. Through the generous efforts of our dedicated group of translators, the Triangles Bulletin was also made available in Dutch, French, German, Greek, Italian, Polish, Portuguese, Russian and Spanish.

There were 60 Triangle registrations in the year, with international Triangles making up over three-quarters of the registrations. The Triangles webinar continued its weekly broadcast throughout the year, attracting an international group of participants and stimulating greater interest and the formation of new Triangles.

Website :

The Trust’s team met regularly with the maintenance and development company, HOP. Costs relating to the website increased in 2022. An additional security layer – 3D secure - was required by the card industry in the UK and EU. Additionally, we introduced a new payment option (Stripe). In order to be able to integrate the new features, an upgrade to the latest version of Express Engine and of Carthrob was required.

The total website cost for the group was $56,254. The website costs for the London charity amounted to £24,000 in 2022, an increase of £16,235 over last year to implement the requirements above.

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2022

Lucis Press

In 2022 Lucis Press produced the audiobook Discipleship in the New Age Vol I to be ready for distribution early in 2023. Two Clothbound books Initiation, Human and Solar and Light of the Soul were digitised during 2022.

In 2022 turnover returned to pre-Covid levels with a decrease of approximately 12% on 2021. Sales of all formats reduced in 2022, with the exception of Audiobooks which recorded a 28% increase in sales. This reflects the strong global trend towards Audiobooks. ‘24-book Sets’ continued to be popular with 19 Sets sold (6 Cloth, 13 Paperback).

After adjusting for reallocations to Lucis Publishing, New York (£55,832 - £10,357), the total sales revenue for Lucis Press in 2022 was £45,475 (in 2021 £52,638).

Cost of books maintained at realistic levels enabling distribution of the books to trade accounts of up to 50% discount.

The number of Lucis Press publications sold in 2022 totalled 4,974 (5,349 in 2021) and included: 3,807 AAB books, 16 CD-ROMs of The Twenty-Four Books of Esoteric Philosophy, 228 audio books (including 172 Downloads), 847 eBooks and 76 books from other publishers.

2022 best-selling titles for printed books are:

Esoteric Healing (254 copies); A Treatise on White Magic (252 copies);Glamour: A World Problem (238 copies) and Esoteric Astrology (182 copies).

Financial review

The value of Lucis Trust group funds decreased by £297,489 from £2,091,595 at the end of 2021 to £1,794,106 at the end of 2022.

The amount of ££1,794,106 consists of:

£1,450,247 fixed assets. The fixed assets consist of the lease of the office space and essential equipment for pursuing the aims of the charity of £164,779. £1,285,468 is currently held as longterm investments.

£73,166 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.

£ 222,852 cash and bank balances, debtors £91,845 and creditors of £44,004.

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 £1,794,106 would provide for around four years

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2022

annual expenditure of around £400,000. The charity would find a reserve of £1,000,000 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 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.

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. As mentioned above under activities, our website costs increased substantially for 2022 and the Trust is planning the redesign and creation of a new books and publishing website which is simpler and more user friendly, as well as switching to software which is easy to manage. This initial stage has been investigated and written up by our webmaster and a member of staff with experience in IT. Once approved, we will move on with the design and implementation of a new commercial site. A new website for the Lucis Trust and its service activities is also being planned.

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:

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2022

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

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2022

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 2022 was 8 Trustees in 2022 (2021: 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.

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 Monday 8th May 2023 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 2022.

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: 31 May 2023

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The Lucis Trust

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

For the year ended 31 December 2022

2022 2021
Unrestricted Restricted Total Unrestricted Restricted Total
Note £ £ £ £ £ £
Income from:
Donations and legacies 2 193,150 - 193,150 102,748 - 102,748
Charitable activities
Arcane School - 24,180 24,180 - 27,300 27,300
World Goodwill - 53,246 53,246 - 12,472 12,472
Triangles - 6,102 6,102 - 11,402 11,402
Other Restricted - 600 600 - 700 700
Royalties VSA - 280 280 - 346 346
Other trading activities 3 69,430 - 69,430 61,228 - 61,228
Investments 4 38,681 4 38,685 28,458 1 28,459
Total income 301,261 84,412 385,673 192,434 52,221 244,655
Expenditure on:
Charitable activities 5
Lucis Trust 166,258 - 166,258 167,969 - 167,969
Arcane School - 112,832 112,832 - 68,059 68,059
World Goodwill - 67,620 67,620 - 69,015 69,015
Triangles - 35,459 35,459 - 34,465 34,465
Other restricted - 24 24 - 53 53
Other Trading Lucis Press 5 69,902 - 69,902 61,395 - 61,395
Total expenditure 236,160 215,935 452,095 229,364 171,592 400,956
Net expenditure before net gains on
investments 65,101 (131,523) (66,422) (36,930) (119,371) (156,301)
Net loss/gains on investments 12 (231,067) - (231,067) 192,959 - 192,959
Net (expenditure)/income for the year (165,966) (131,523) (297,489) 156,029 (119,371) 36,658
Transfers between funds (132,383) 132,383 - (120,365) 120,365 -
Net movement in funds (298,349) 860 (297,489) 35,664 994 36,658
Reconciliation of funds:
Total funds brought forward 2,057,588 34,007 2,091,595 2,021,924 33,013 2,054,937
Total funds carried forward 21a 1,759,239 34,867 1,794,106 2,057,588 34,007 2,091,595

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 2022

The group The charity The charity
2022 2021 2022 2021
Note £ £ £ £
Fixed assets:
Tangible assets 11 164,779 167,891 164,779 167,891
Investments 12 1,285,468 1,587,543 1,291,496 1,593,571
1,450,247 1,755,434 1,456,275 1,761,462
Current assets:
Stock 16 73,166 84,179 - -
Debtors 17 91,845 38,832 84,849 29,446
Investments 7,315 2,689 7,315 2,689
Cash at bank and in hand 215,537 240,649 196,986 226,823
387,863 366,349 289,150 258,958
Liabilities:
Creditors: amounts falling due within one year 18 44,004 30,188 38,927 27,357
Net current assets 343,859 336,161 250,223 231,601
Total assets less current liabilities 1,794,106 2,091,595 1,706,498 1,993,063
Debtors: amounts falling due after one year 17 - - 52,513 62,965
Total net assets 1,794,106 2,091,595 1,759,011 2,056,028
Funds: 21a
Restricted income funds 34,867 34,007 34,867 34,007
Unrestricted income funds:
Designated funds 124,866 115,284 124,866 115,284
General funds 1,370,645 1,439,328 1,370,645 1,439,328
Fair value reserve 228,633 467,409 228,633 467,409
Non-charitable trading funds 35,095 35,567 - -
Total unrestricted funds 1,759,239 2,057,588 1,724,144 2,022,021
Total funds 1,794,106 2,091,595 1,759,011 2,056,028

For the year ending 31 December 2022 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 8th May 2023 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 2022

Note
23
(Increase) / decrease in cash held by investment manager
24
Net cash (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Cash flows from operating activities
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		 £
£
(90,368)
38,685
(39,811)
284,466
(202,768)
(10,690)
69,882
(20,486)
243,338
222,852
2022		 £
£
(90,368)
38,685
(39,811)
284,466
(202,768)
(10,690)
69,882
(20,486)
243,338
222,852
2022		 £
£
(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
(20,486)
243,338		 (39,510)
282,848
222,852 243,338

17

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2022

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.

e) Income

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 2022

Accounting policies (continued)

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.

i) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

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.

k) Tangible fixed assets

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 2022

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 adversely affected by market forces and/or positively affected with an 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. Losses from exchange differences are noted and recorded in the accounts to establish the net incoming resources for the year.

20

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2022

2
Unrestricted
£
118,776
74,374
193,150
3
Unrestricted
£
69,430
69,430
4
Unrestricted
£
1,043
1,875
35,763
38,681
Income from listed investments
Income from investments
Lucis Press
Income from other trading activities
Income from donations and legacies
Legacies
Income from business loan
Gifts
Bank accounts		 2
Unrestricted
£
118,776
74,374
193,150
3
Unrestricted
£
69,430
69,430
4
Unrestricted
£
1,043
1,875
35,763
38,681
Income from listed investments
Income from investments
Lucis Press
Income from other trading activities
Income from donations and legacies
Legacies
Income from business loan
Gifts
Bank accounts		 Restricted
£
-		 2022
Total
£
118,776
74,374		 Unrestricted
£
100,181
2,567		 Restricted
£
-
-		 2021
Total
£
100,181
2,567
193,150 - 193,150 102,748 - 102,748
Restricted
£
-		 2022
Total
£
69,430		 Unrestricted
£
61,228		 Restricted
£
-		 2021
Total
£
61,228
69,430 - 69,430 61,228 - 61,228
Unrestricted
£
1,043
1,875
35,763		 Restricted
£
4
-
-		 2022
Total
£
1,047
1,875
35,763		 Unrestricted
£
798
1,500
26,160		 Restricted
£
1
-
-		 2021
Total
£
799
1,500
26,160
38,681 4 38,685 28,458 1 28,459

21

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2022

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/Development
Legal and professional charges
Audit and accountancy
Library and media costs
Bank charges
Depreciation
Miscellaneous
Donation
Support Costs
Governance costs
Total expenditure 2022
Total expenditure 2021		 Lucis Press
£
23,834
-
-
35,403
-
-
-
831
-
-
-
-
2,203
-
621
-
293
-
-
-		 Lucis Trust
£
59,769
-
-
-
-
-
-
-
-
-
-
-
10,330
984
-
-
-
-
-
13,000		 Arcane
School
£
57,695
-
3,201
-
-
-
-
918
-
569
3,000
-
-
-
-
77
-
-
-
-		 World
Goodwill
£
24,612
-
5,490
-
-
-
-
6,891
-
3,246
-
-
-
5,007
-
-
-
-
488
-		 Triangles
£
13,985
-
6,070
-
-
-
-
2,791
-
-
-
-
-
-
-
-
-
-
177
-		 Other
Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
24
-
-
-
-		 Governance
costs
£
16,381
-
-
-
-
-
-
-
-
-
-
-
-
-
5,880
-
-
-
-
-		 Support
costs
£
-
25
11,533
-
23,493
13,023
1,573
10,782
3,130
-
10,205
1,097
-
24,334
-
256
3,055
42,923
2,896
-		 2022
Total
£
196,276
25
26,294
35,403
23,493
13,023
1,573
22,213
3,130
3,815
13,205
1,097
12,533
30,325
6,501
357
3,348
42,923
3,561
13,000		 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
63,185
6,717
-		 84,083
70,575
11,600		 65,460
41,190
6,182		 45,734
19,030
2,856		 23,023
10,813
1,623		 24
-
-		 22,261
-
(22,261)		 148,325
(148,325)
-		 452,095
-
-		 400,956
-
-
69,902 166,258 112,832 67,620 35,459 24 - - 452,095 400,956
61,395 167,969 68,059 69,015 34,465 53 - -

22

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2022

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
Support Costs
Governance costs
Total expenditure 2021		 Lucis Press
£
21,353
-
-
30,629
-
-
-
-
-
-
-
-
41
-
1,560
-
348
-
469
-		 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
-
-
-
-
-
-
-		 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
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
-
-
61,395 167,969 68,059 69,015 34,465 53 - - 400,956

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2022

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2022 2021
£ £
Depreciation 42,923 30,047
Independent Examiner's fee 6,480 6,150
Additional Professional fee 21 960

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Other staff costs and staff benefits
Volunteer costs		 2022
£
159,399
8,962
23,512
4,403		 2021
£
151,072
7,399
22,987
2,581
196,276 184,039

Nil employee earned more than £60,000 during the year (2021: nil).

The total employee remuneration, including employer's national insurance and pension contributions, of 2 key management personnel, Christine Morgan and Laurence Newey in 2022, were £44,812 combined (Two personnel in 2021: £42,253). Both these individuals are trustees of the charity. In addition Laurence Newey received an additional payment of £870 in 2022 in order to provide Lucis Trust staff a benefit of dental care. Remuneration to Trustees is permitted by the charity's governing documents.

One charity trustee claimed travel expenses whilst participating in voluntary work totalling £4,403 (one Trustee in 2021: £2,581) .

8 Staff numbers

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

Lucis Press
World Goodwill
Lucis Trust General
Governance
Arcane School
Triangles		 2022
No.
2.36
1.09
0.62
2.65
1.06
0.73		 2021
No.
1.51
1.42
0.67
3.65
1.06
0.70
8.5 9.0

24

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2022

9 Related party transactions

Related party transactions between Lucis Trust and Lucis Press are:

Related party transactions between Lucis Trust and Lucis Press are:
2022 2021
£ £
Lucis Trust Publishing Grant to Lucis Press 13,000 5,500
Debtor at year end due to Lucis Press - 4,083
Creditor at year end due from Lucis Press 6,648 -

Aggregate unrestricted donations from Trustees of £3,423 were received in the year (£3,451 in 2021).

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 £25 relating to travel and subsistence for voluntary attendance to events relating to the charity and its objects (2021: £0.00).

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:

2022 2021
£ £
UK corporation tax at 19% (2021: 19%) - 1

11 Tangible fixed assets

The group & the charity

The group & the charity
At the start of the year
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
Net book value
Depreciation
At the start of the year
Additions in year
Disposals in year
At the end of the year		 Leasehold
property and
improvements
£
221,207
258
-		 Fixtures and
fittings
£
136,473
11,346
(16,635)		 Computer
equipment
£
142,704
28,207
(19,335)		 Total
£
500,384
39,811
(35,970)
221,465 131,184 151,576 504,225
85,670
2,100
-		 120,625
8,061
(16,635)		 126,198
32,762
(19,335)		 332,493
42,923
(35,970)
87,770 112,051 139,625 339,446
133,695 19,133 11,951 164,779
135,537 15,848 16,506 167,891

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 2022

12 Listed investments

Listed investments
Business loan - Natural Business Partnership (note 13)
Investments comprise:
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
Historic cost at the end of the year
Cash held by investment broker pending reinvestment
Cash
Unlisted shares in UK registered companies
UK Common investment funds
Investment in trading subsidiary		 2022
2021
£
£
1,534,810
1,452,852
202,768
112,050
(284,466)
(223,051)
(231,067)
192,959
1,222,045
1,534,810
-
-
13,423
2,733
1,235,468
1,537,543
1,006,835
1,070,134
2022
2021
£
£
1,222,045
1,534,810
-
-
50,000
50,000
13,423
2,733
1,285,468
1,587,543
The group
The group		 2022
2021
£
£
1,534,810
1,452,852
202,768
112,050
(284,466)
(223,051)
(231,067)
192,959
1,222,045
1,534,810
6,028
6,028
13,423
2,733
1,241,496
1,543,571
1,006,835
1,070,134
2022
2021
£
£
1,222,045
1,534,810
6,028
6,028
50,000
50,000
13,423
2,733
1,291,496
1,593,571
The charity
The charity
1,285,468 1,587,543 1,291,496 1,593,571

13 Social or mixed motive investments

Business loan to The Natural Business Partnership who are engaged in the development of services that benefit the social, environmental and/or ethical considerations of its corporate clients. Thi is an investment that is based on an 3.75% annual return.

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 2022

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:

The aggregate of the assets, liabilities and funds was:
Gross profit
Administrative expenses
Cost of sales
Profit on ordinary activities
Turnover
Other operating expenses
Other Income
Funds
Assets
Liabilities		 2022
£
55,832
(35,403)		 2021
£
55,634
(30,629)
20,429
(2,203)
(32,296)		 25,005
(41)
(30,725)
(14,070)
13,598		 (5,761)
5,594
(472) (167)
105,360
(64,237)		 107,391
(65,796)
41,123 41,595

15 Parent charity

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

16
Gross income
Result for the year
Finished goods
Stock		 2022
2021
£
£
73,166
84,179
73,166
84,179
The group		 2022
2021
£
£
73,166
84,179
73,166
84,179
The group		 2022
£
115,726
(297,018)		 2021
£
404,734
36,825
73,166 84,179 - -

27

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2022

17 Debtors

Debtors
Trade debtors
Due after more than 1 year from subsidiary company
Prepayments
Amounts due from subsidiary
Other debtors		 2022
2021
£
£
6,426
4,669
72,163
17,233
13,256
16,930
-
-
91,845
38,832
-
-
The group		 2022
2021
£
£
-
-
71,593
16,599
13,256
16,930
-
-
84,849
33,529
52,513
62,965
The charity
91,845 38,832 84,849 33,529
- - 52,513 62,965

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

Amounts owed to subsidiary
Taxation and social security
Loans
Other creditors
Trade creditors
Accruals		 2022
2021
£
£
4,500
9,500
24,909
8,936
7,491
4,746
504
256
6,600
6,750
-
-
44,004
30,188
The group		 2022
2021
£
£
4,500
9,500
24,909
8,936
7,491
4,746
504
256
6,600
6,750
-
-
44,004
30,188
The group		 2022
2021
£
£
4,500
9,000
13,904
7,805
7,491
4,746
504
256
5,880
5,550
6,648
4,083
38,927
31,440
The charity		 2022
2021
£
£
4,500
9,000
13,904
7,805
7,491
4,746
504
256
5,880
5,550
6,648
4,083
38,927
31,440
The charity
44,004 30,188 38,927 31,440

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 2022

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

Investments
Net current assets
Tangible fixed assets
Net assets at the end of the year		 General
unrestricted
£
164,779
1,285,468
184,126		 Designated
funds
£
-
-
124,866		 Restricted
funds
£
-
-
34,867		 Total funds
£
164,779
1,285,468
343,859
1,634,373 124,866 34,867 1,794,106

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

Net current assets
Tangible fixed assets
Investments
Net assets at the end of the year		 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

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
Total funds
Public Library
World Service
Arcane School
World Goodwill
Triangles
VSA Fund
Fair value reserve
Tibetan Book Fund
Staff Benefits Fund
Tibetan Book Fund
Unrestricted funds:
Designated funds:		 At 1 January
2022
£
-
-
-
1,334
1,518
120
31,035		 Income &
gains
£
24,180
53,246
6,102
360
120
120
284		 Expenditure
& losses
£
(112,832)
(67,620)
(35,459)
-
(24)
-
-		 Transfers
£
88,652
14,374
29,357
-
-
-
-		 At 31
December
2022
£
-
-
-
1,694
1,614
240
31,319
34,007 84,412 (215,935) 132,383 34,867
-
67,347
47,937		 -
15,378		 (870)
(4,926)		 -
-		 66,477
58,389
115,284
467,409		 15,378
-		 (5,796)
(238,776)		 -
-		 124,866
228,633
1,439,328
2,022,021
35,567		 216,453
231,831
69,430		 (152,753)
(397,325)
(69,902)		 (132,383)
(132,383)
-		 1,370,645
1,724,144
35,095
2,057,588 301,261 (467,227) (132,383) 1,759,239
2,091,595 385,673 (683,162) - 1,794,106

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 2022

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
Public Library
Tibetan Book Fund
Arcane School
Fair value reserve
Designated funds:
Staff Benefits Fund
Tibetan Book Fund
VSA Fund
Unrestricted funds:
World Goodwill
Triangles
World Service
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

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.

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 2022

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. The fund balance at the start of the year was £67,347 with £870 paid to a trustee for dental expenses provided as a benefit to staff members. This fund has a total balance of £66,477 at the end of the year. 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

i d

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

2022 2021
£ £
Net income / (expenditure) for the reporting period
(as per the statement of financial activities) (297,489) 36,658
Depreciation charges 42,923 30,047
Loss/(Gains) on investments 231,067 (192,959)
Dividends, interest and rent from investments (38,685) (28,459)
(Increase) / decrease in stocks 11,013 (7,237)
Decrease / (increase) in debtors (53,013) 7,717
Increase / (decrease) in creditors 13,816 1,099
Net cash (used in) operating activities (90,368) (153,134)

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
2022
£
240,649
2,689		 Cash flows
£
(25,112)
4,626		 Other
changes
£
-
-		 At 31
December
2022
£
215,537
7,315
243,338 (20,486) - 222,852

31

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2022

25 Contingent assets – legacy income

As at 31 December 2022, the charity was notified of two residuary legacies, the values of which are uncertain. One is dependant on the sale of the property and subject to equity release commitments. The other legacy is Australian shares the value of which are unkown, steps are being taken to transfer these to our investment company. As at 8th May 2023, no further information has beeen received and so these legacies have not been accrued.

32