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||



1 



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: 

2 



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. 

3 



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. 

4 



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: 

- To advance education and learning in general and primarily in the fields of comparative religion, philosophy, science and art. 

- To relieve human suffering and promote mental and moral improvement in the human race. 

- To promote the advancement of religion on a non-sectarian basis. 

## 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. 

5 



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 

6 



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. 

7 



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. 

8 



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 

9 



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: 

- Select suitable accounting policies and then apply them consistently 

10 



The Lucis Trust 

## Trustees’ annual report 

## For the year ended 31 December 2022 

- Observe the methods and principles in the Charities SORP 

- Make judgements and estimates that are reasonable and prudent 

- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation 

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 

11 



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 

12 



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: 

- 1 Accounting records were not kept in respect of the as required by section 386 of the 2006 Act; and with respect to its subsidiaries were not kept as required by section 386 of the Companies Act 2006; or 

- 2 The accounts do not accord with those records; or 

- 3 The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities 

13 



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 

14 



## 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. 

15 



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: 

- (i) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006, 

- (ii) The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts 

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 

16 



The Lucis Trust 

## Statement of cash flows 

## For the year ended 31 December 2022 

|Note<br>23<br>(Increase) / decrease in cash held by investment manager<br>24<br>Net cash (used in) operating activities<br>Cash flows from investing activities:<br>Dividends, interest and rents from investments<br>Cash flows from operating activities<br>Purchase of fixed assets<br>Change in cash and cash equivalents in the year<br>Cash and cash equivalents at the beginning of the year<br>Cash and cash equivalents at the end of the year<br>Proceeds from sale of investments<br>Purchase of investments<br>Net cash provided by investing activities|£<br>£<br>(90,368)<br>38,685<br>(39,811)<br>284,466<br>(202,768)<br>(10,690)<br>69,882<br>(20,486)<br>243,338<br>222,852<br>2022|£<br>£<br>(90,368)<br>38,685<br>(39,811)<br>284,466<br>(202,768)<br>(10,690)<br>69,882<br>(20,486)<br>243,338<br>222,852<br>2022|£<br>£<br>(153,134)<br>28,459<br>(25,991)<br>223,051<br>(112,050)<br>155<br>113,624<br>(39,510)<br>282,848<br>243,338<br>2021|£<br>£<br>(153,134)<br>28,459<br>(25,991)<br>223,051<br>(112,050)<br>155<br>113,624<br>(39,510)<br>282,848<br>243,338<br>2021|
|---|---|---|---|---|
||||||
|||(20,486)<br>243,338||(39,510)<br>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) 

- 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. 

- h) Fund accounting 

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: 

- Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose 

- Expenditure on charitable activities includes the costs of delivering services, exhibitions and other educational activities undertaken to further the purposes of the charity and their associated support costs 

- Other expenditure represents those items not falling into any other heading 

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. 

- Lucis Trust General including Manage 39.69% 

- Arcane School 27.77%  World Goodwill 12.83%  Triangles 7.29%  Lucis Press 12.42% Net expenses without LP contribution LP 4.53%  and LT 47.58% 

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: 

- Leasehold property Length of lease 

- Leasehold improvements Depreciated to amount held in reserve  Fixtures, fittings, and computers 5 years 

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

- 5a Analysis of expenditure (current year) 

## Charitable activities 

|Staff costs (Note 7)<br>Travel<br>Post and carriage<br>Cost of book sales<br>Service charge<br>Building costs<br>Insurance<br>Printing & stationery<br>Telephone & fax<br>Conference, seminar, meetings<br>Office equipment costs<br>Repairs and maintenance<br>Advertising/Development<br>Legal and professional charges<br>Audit and accountancy<br>Library and media costs<br>Bank charges<br>Depreciation<br>Miscellaneous<br>Donation<br>Support Costs<br>Governance costs<br>Total expenditure 2022<br>Total expenditure 2021|Lucis Press<br>£<br>23,834<br>-<br>-<br>35,403<br>-<br>-<br>-<br>831<br>-<br>-<br>-<br>-<br>2,203<br>-<br>621<br>-<br>293<br>-<br>-<br>-|Lucis Trust<br>£<br>59,769<br>-<br>-<br>-<br>-<br>-<br>-<br>- <br>-<br>-<br>-<br>-<br>10,330<br>984<br>-<br>-<br>-<br>-<br>-<br>13,000|Arcane<br>School<br>£<br>57,695<br>-<br>3,201<br>-<br>-<br>-<br>-<br>918<br>-<br>569<br>3,000<br>-<br>-<br>-<br>-<br>77<br>-<br>-<br>-<br>-|World<br>Goodwill<br>£<br>24,612<br>-<br>5,490<br>-<br>-<br>-<br>-<br>6,891<br>-<br>3,246<br>-<br>-<br>-<br>5,007<br>-<br>-<br>-<br>-<br>488<br>-|Triangles<br>£<br>13,985<br>-<br>6,070<br>-<br>-<br>-<br>-<br>2,791<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>177<br>-|Other<br>Restricted<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>24<br>-<br>-<br>-<br>-|Governance<br>costs<br>£<br>16,381<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>5,880<br>-<br>-<br>-<br>-<br>-|Support<br>costs<br>£<br>-<br>25<br>11,533<br>-<br>23,493<br>13,023<br>1,573<br>10,782<br>3,130<br>-<br>10,205<br>1,097<br>-<br>24,334<br>-<br>256<br>3,055<br>42,923<br>2,896<br>-|2022<br>Total<br>£<br>196,276<br>25<br>26,294<br>35,403<br>23,493<br>13,023<br>1,573<br>22,213<br>3,130<br>3,815<br>13,205<br>1,097<br>12,533<br>30,325<br>6,501<br>357<br>3,348<br>42,923<br>3,561<br>13,000|2021<br>Total<br>£<br>184,039<br>-<br>27,824<br>30,629<br>28,568<br>14,085<br>1,956<br>20,406<br>3,292<br>540<br>11,412<br>2,826<br>784<br>23,988<br>7,110<br>1,692<br>2,893<br>30,048<br>3,364<br>5,500|
|---|---|---|---|---|---|---|---|---|---|---|
||63,185<br>6,717<br>-|84,083<br>70,575<br>11,600|65,460<br>41,190<br>6,182|45,734<br>19,030<br>2,856|23,023<br>10,813<br>1,623|24<br>-<br>-|22,261<br>-<br>(22,261)|148,325<br>(148,325)<br>-|452,095<br>-<br>-|400,956<br>-<br>-|
||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)<br>Travel<br>Post and carriage<br>Cost of book sales<br>Service charge<br>Building costs<br>Insurance<br>Printing & stationery<br>Telephone & fax<br>Conference, seminar, meetings<br>Office equipment costs<br>Repairs and maintenance<br>Advertising<br>Legal and professional charges<br>Audit and accountancy<br>Library and media costs<br>Bank charges<br>Depreciation<br>Miscellaneous<br>Donation<br>Support Costs<br>Governance costs<br>Total expenditure 2021|Lucis Press<br>£<br>21,353<br>-<br>-<br>30,629<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>41<br>-<br>1,560<br>-<br>348<br>-<br>469<br>-|Lucis Trust<br>£<br>70,890<br>-<br>-<br>-<br>-<br>-<br>-<br>- <br>-<br>-<br>-<br>-<br>-<br>665<br>-<br>1,470<br>-<br>-<br>-<br>5,500|Arcane<br>School<br>£<br>35,636<br>-<br>3,263<br>-<br>-<br>-<br>802<br>-<br>24<br>1,250<br>-<br>-<br>-<br>-<br>97<br>-<br>-<br>-<br>-|World<br>Goodwill<br>£<br>28,679<br>-<br>8,324<br>-<br>-<br>-<br>-<br>5,698<br>-<br>477<br>-<br>-<br>-<br>-<br>-<br>36<br>-<br>-<br>406<br>-|Triangles<br>£<br>13,452<br>-<br>6,168<br>-<br>-<br>-<br>-<br>2,934<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Other<br>Restricted<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>53<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Governance<br>costs<br>£<br>14,029<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>5,550<br>-<br>-<br>-<br>-<br>-|Support<br>costs<br>£<br>-<br>-<br>10,069<br>-<br>28,568<br>14,085<br>1,956<br>10,972<br>3,292<br>39<br>10,162<br>2,826<br>690<br>23,323<br>-<br>89<br>2,545<br>30,048<br>2,489<br>-|2021<br>Total<br>£<br>184,039<br>-<br>27,824<br>30,629<br>28,568<br>14,085<br>1,956<br>20,406<br>3,292<br>540<br>11,412<br>2,826<br>784<br>23,988<br>7,110<br>1,692<br>2,893<br>30,048<br>3,364<br>5,500|
|---|---|---|---|---|---|---|---|---|---|
||54,400<br>6,995<br>-|78,525<br>77,696<br>11748|41,072<br>23,700<br>3287|43,620<br>22,302<br>3093|22,554<br>10,460<br>1451|53<br>-<br>-|19,579<br>-<br>(19,579)|141,153<br>(141,153)<br>-|400,956<br>-<br>-|
||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 

- 6 Net incoming/(outgoing) resources for the year 

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|



- 7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel 

Staff costs were as follows: 

|Staff costs were as follows:|||
|---|---|---|
|Salaries and wages<br>Social security costs<br>Other staff costs and staff benefits<br>Volunteer costs|2022<br>£<br>159,399<br>8,962<br>23,512<br>4,403|2021<br>£<br>151,072<br>7,399<br>22,987<br>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<br>World Goodwill<br>Lucis Trust General<br>Governance<br>Arcane School<br>Triangles|2022<br>No.<br>2.36<br>1.09<br>0.62<br>2.65<br>1.06<br>0.73|2021<br>No.<br>1.51<br>1.42<br>0.67<br>3.65<br>1.06<br>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<br>At the end of the year<br>Charge for the year<br>At the start of the year<br>Eliminated on disposal<br>At the end of the year<br>Cost<br>Net book value<br>Depreciation<br>At the start of the year<br>Additions in year<br>Disposals in year<br>At the end of the year|Leasehold<br>property and<br>improvements<br>£<br>221,207<br>258<br>-|Fixtures and<br>fittings<br>£<br>136,473<br>11,346<br>(16,635)|Computer<br>equipment<br>£<br>142,704<br>28,207<br>(19,335)|Total<br>£<br>500,384<br>39,811<br>(35,970)|
||221,465|131,184|151,576|504,225|
||85,670<br>2,100<br>-|120,625<br>8,061<br>(16,635)|126,198<br>32,762<br>(19,335)|332,493<br>42,923<br>(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)<br>Investments comprise:<br>Additions at cost<br>Disposal proceeds<br>Net profit on change in fair value<br>Fair value at the end of the year<br>Fair value at the start of the year<br>Historic cost at the end of the year<br>Cash held by investment broker pending reinvestment<br>Cash<br>Unlisted shares in UK registered companies<br>UK Common investment funds<br>Investment in trading subsidiary|2022<br>2021<br>£<br>£<br>1,534,810<br>1,452,852<br>202,768<br>112,050<br>(284,466)<br>(223,051)<br>(231,067)<br>192,959<br>1,222,045<br>1,534,810<br>-<br>-<br>13,423<br>2,733<br>1,235,468<br>1,537,543<br>1,006,835<br>1,070,134<br>2022<br>2021<br>£<br>£<br>1,222,045<br>1,534,810<br>-<br>-<br>50,000<br>50,000<br>13,423<br>2,733<br>1,285,468<br>1,587,543<br>The group<br>The group||2022<br>2021<br>£<br>£<br>1,534,810<br>1,452,852<br>202,768<br>112,050<br>(284,466)<br>(223,051)<br>(231,067)<br>192,959<br>1,222,045<br>1,534,810<br>6,028<br>6,028<br>13,423<br>2,733<br>1,241,496<br>1,543,571<br>1,006,835<br>1,070,134<br>2022<br>2021<br>£<br>£<br>1,222,045<br>1,534,810<br>6,028<br>6,028<br>50,000<br>50,000<br>13,423<br>2,733<br>1,291,496<br>1,593,571<br>The charity<br>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:<br>Gross profit<br>Administrative expenses<br>Cost of sales<br>Profit on ordinary activities<br>Turnover<br>Other operating expenses<br>Other Income<br>Funds<br>Assets<br>Liabilities|2022<br>£<br>55,832<br>(35,403)|2021<br>£<br>55,634<br>(30,629)|
|---|---|---|
||20,429<br>(2,203)<br>(32,296)|25,005<br>(41)<br>(30,725)|
||(14,070)<br>13,598|(5,761)<br>5,594|
||(472)|(167)|
||105,360<br>(64,237)|107,391<br>(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<br>Gross income<br>Result for the year<br>Finished goods<br>Stock|2022<br>2021<br>£<br>£<br>73,166<br>84,179<br>73,166<br>84,179<br>The group|2022<br>2021<br>£<br>£<br>73,166<br>84,179<br>73,166<br>84,179<br>The group|2022<br>£<br>115,726<br>(297,018)|2021<br>£<br>404,734<br>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<br>Due after more than 1 year from subsidiary company<br>Prepayments<br>Amounts due from subsidiary<br>Other debtors|2022<br>2021<br>£<br>£<br>6,426<br>4,669<br>72,163<br>17,233<br>13,256<br>16,930<br>-<br>-<br>91,845<br>38,832<br>-<br>-<br>The group||2022<br>2021<br>£<br>£<br>-<br>-<br>71,593<br>16,599<br>13,256<br>16,930<br>-<br>-<br>84,849<br>33,529<br>52,513<br>62,965<br>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<br>Taxation and social security<br>Loans<br>Other creditors<br>Trade creditors<br>Accruals|2022<br>2021<br>£<br>£<br>4,500<br>9,500<br>24,909<br>8,936<br>7,491<br>4,746<br>504<br>256<br>6,600<br>6,750<br>-<br>-<br>44,004<br>30,188<br>The group|2022<br>2021<br>£<br>£<br>4,500<br>9,500<br>24,909<br>8,936<br>7,491<br>4,746<br>504<br>256<br>6,600<br>6,750<br>-<br>-<br>44,004<br>30,188<br>The group|2022<br>2021<br>£<br>£<br>4,500<br>9,000<br>13,904<br>7,805<br>7,491<br>4,746<br>504<br>256<br>5,880<br>5,550<br>6,648<br>4,083<br>38,927<br>31,440<br>The charity|2022<br>2021<br>£<br>£<br>4,500<br>9,000<br>13,904<br>7,805<br>7,491<br>4,746<br>504<br>256<br>5,880<br>5,550<br>6,648<br>4,083<br>38,927<br>31,440<br>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<br>Net current assets<br>Tangible fixed assets<br>Net assets at the end of the year|General<br>unrestricted<br>£<br>164,779<br>1,285,468<br>184,126|Designated<br>funds<br>£<br>-<br>-<br>124,866|Restricted<br>funds<br>£<br>-<br>-<br>34,867|Total funds<br>£<br>164,779<br>1,285,468<br>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<br>Tangible fixed assets<br>Investments<br>Net assets at the end of the year|General<br>unrestricted<br>£<br>167,891<br>1,587,543<br>186,870|Designated<br>funds<br>£<br>-<br>-<br>115,284|Restricted<br>funds<br>£<br>-<br>-<br>34,007|Total funds<br>£<br>167,891<br>1,587,543<br>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:<br>Total restricted funds<br>Total designated funds<br>General charity funds<br>Total charity unrestricted funds<br>Non-charitable trading funds<br>Total unrestricted funds<br>Total funds<br>Public Library<br>World Service<br>Arcane School<br>World Goodwill<br>Triangles<br>VSA Fund<br>Fair value reserve<br>Tibetan Book Fund<br>Staff Benefits Fund<br>Tibetan Book Fund<br>Unrestricted funds:<br>Designated funds:|At 1 January<br>2022<br>£<br>-<br>-<br>-<br>1,334<br>1,518<br>120<br>31,035|Income &<br>gains<br>£<br>24,180<br>53,246<br>6,102<br>360<br>120<br>120<br>284|Expenditure<br>& losses<br>£<br>(112,832)<br>(67,620)<br>(35,459)<br>-<br>(24)<br>-<br>-|Transfers<br>£<br>88,652<br>14,374<br>29,357<br>-<br>-<br>-<br>-|At 31<br>December<br>2022<br>£<br>-<br>-<br>-<br>1,694<br>1,614<br>240<br>31,319|
||34,007|84,412|(215,935)|132,383|34,867|
||-<br>67,347<br>47,937|-<br>15,378|(870)<br>(4,926)|-<br>-|66,477<br>58,389|
||115,284<br>467,409|15,378<br>-|(5,796)<br>(238,776)|-<br>-|124,866<br>228,633|
||1,439,328<br>2,022,021<br>35,567|216,453<br>231,831<br>69,430|(152,753)<br>(397,325)<br>(69,902)|(132,383)<br>(132,383)<br>-|1,370,645<br>1,724,144<br>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 

- 21b Movements in funds (prior year) 

|Movements in funds (prior year)||||||
|---|---|---|---|---|---|
|Restricted funds:<br>Total restricted funds<br>Total designated funds<br>General charity funds<br>Total charity unrestricted funds<br>Non-charitable trading funds<br>Total unrestricted funds<br>Public Library<br>Tibetan Book Fund<br>Arcane School<br>Fair value reserve<br>Designated funds:<br>Staff Benefits Fund<br>Tibetan Book Fund<br>VSA Fund<br>Unrestricted funds:<br>World Goodwill<br>Triangles<br>World Service<br>Total funds|At 1 January<br>2021<br>£<br>-<br>-<br>-<br>874<br>1,451<br>-<br>30,688|Income &<br>gains<br>£<br>27,300<br>12,472<br>11,402<br>460<br>120<br>120<br>347|Expenditure<br>& losses<br>£<br>(68,059)<br>(69,016)<br>(34,464)<br>-<br>(53)<br>-<br>-|Transfers<br>£<br>40,759<br>56,544<br>23,062<br>-<br>-<br>-<br>-|At 31<br>December<br>2021<br>£<br>-<br>-<br>-<br>1,334<br>1,518<br>120<br>31,035|
||33,013|52,221|(171,592)|120,365|34,007|
||67,347<br>50,391|-<br>29,163|-<br>(31,617)|-<br>-|67,347<br>47,937|
||117,738<br>367,253|29,163<br>100,156|(31,617)<br>-|-<br>-|115,284<br>467,409|
||1,501,199<br>1,986,190<br>35,734|194,845<br>324,164<br>61,229|(136,351)<br>(167,968)<br>(61,396)|(120,365)<br>(120,365)<br>-|1,439,328<br>2,022,021<br>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<br>Short term investments<br>Total cash and cash equivalents|At 1 January<br>2022<br>£<br>240,649<br>2,689|Cash flows<br>£<br>(25,112)<br>4,626|Other<br>changes<br>£<br>-<br>-|At 31<br>December<br>2022<br>£<br>215,537<br>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