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2023-12-31-accounts

Company number: 00305704 Charity Number: 216041

The Lucis Trust

Report and financial statements For the year ended 31 December 2023

The Lucis Trust

Contents

For the year ended 31 December 2023

Reference and administrative information ...................................................................................... 1 Independent examiner’s report .................................................................................................... 14 Statement of financial activities (incorporating an income and expenditure account) ................... 16 Balance sheet ............................................................................................................................... 17 Statement of cash flows ................................................................................................................ 18 Notes to the financial statements ................................................................................................. 19

The Lucis Trust

Reference and administrative information

For the year ended 31 December 2023

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 00305704
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
110 Golden Lane
London, EC1Y 0TG
Investment managers Rathbones
8 Finsbury Circus
London
EC2M 7AZ

1

The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2023

The trustees present their report and the financial statements for the year ended 31 December 2023.

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 2023:

Diana Arcache Derek Fraser Barbara Valocore

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

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2023

2006 – what trustees need to know”. They will also be emailed the link to: 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. In the past this was organised by Hiteishee, who also arrange Microsoft Spam filtering. The on-site installations are now handled by an in-house employee. 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. There are two people responsible for the maintenance of the school’s website under the direction of Fosferon, the company responsible for software updates, liaising with students on ASMIS issues and maintenance work.

3

The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2023

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 4[th] December 2023 by the Trustees focussing on Staff and training for the future, Internal and External Risk, Data Protection and Business Continuity. A summary of this meeting is included in the minute book. A Risk Directory has also been set up.

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.

Investments

Rathbones continues to operate our investment funds with a value of £1,263,683, a total increase in investments of £28,215 in 2023, therefore the gain on investments in 2023 is £74,532 reduced by a drawdown of funds of £40,000 and Rathbones management fee of £6,317. Received dividends were £38,592. The drawdown from Investments was slightly more than dividends received in the year.

Long Term investments are £2,673 in an Australian account. £4,500 is an Interest Free Loan held in our COIF account. Donations to our foreign accounts in 2023 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 outlook for 2023 suggested more weakness with a prediction of likely recession however the portfolio increased in value and though challenges still lie ahead investment managers consider there will also be opportunities to capitalise upon.

The Lucis Trust maintained the £50,000 loan to Natural Business Partnership as a financial asset at this value in 2023. Interest on the loan was received in July 2023 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 received annually and reported at the AGM.

4

The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2023

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. Reference: Page 10 of the staff Handbook Controlling Risks.

The Board is 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.

5

The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2023

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 2023 staff continued to follow a hybrid working policy of working partly from home and partly from the office.

The Arcane School annual conference was successfully held on 3 & 4[th] June 2023. The conference this year continued to be a hybrid event with invitations being sent to school students and coworkers to attend the physical meeting at the Trust. It was heartening to see that numbers increased this year, with the majority of attendees, students and co-workers from around the world, continuing to join the conference online. There was an equal mix of presenters speaking in the room with others being 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 produced, and transcripts of presentations were made available to students in English and Greek.

Online Meetings :

The monthly public full moon meditation meetings continued to be held in the library of the Trust with simultaneous zoom broadcasts, while the monthly new moon meetings are offered as online audio broadcasts only.

The Goodwill Meditation Group webinars continued to be broadcast on the last Wednesday of each month, hosted by World Goodwill staff from all three centres. The format of the meeting changed to include goodwill servers from various fields to be guest presenters. The webinar’s aim is to further the use of the Goodwill meditation and to empower the work of goodwill by featuring its creative application in building right relationships.

The Triangles webinar continued its weekly broadcast and changed to a monthly frequency in the Autumn to align with the monthly frequency of the Trust’s other broadcasts. The format of the webinar was modified to place a greater emphasis on the Great Invocation and its role in the Triangles service. The webinar continued to attract an international group of participants and to encourage the formation of new Triangles. The webinar is hosted by representatives from the 3 centres who invite experienced Triangles co-workers to give presentations, and all are archived on the Triangles section of the website with transcripts provided via the Triangles blog where possible.

The trend toward online events, which gained momentum during the pandemic continues, and this year’s World Goodwill seminar was also an online event which was additionally broadcast on the Trust’s Facebook page. On Saturday, 11[th] November 2023, the Seminar was held on the same day in all three centres, focussing on the theme Human Responsibility in an Age of Transformation – Forging a Moral Direction in Science and Technology, the videos of which are available for viewing on www.worldgoodwill.org. Apart from opening and closing presentations by World Goodwill staff, the London seminar highlighted the inspirational thoughts of two guest presenters, Edi Billimoria, a Trustee of the Science and Medical Network, and Susan Manewich, the President of the

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2023

New Energy Movement. Following each presentation, the conversation continued in a panel of selected co-workers who engaged with them in discussion. In preparation for the event, an accompanying compilation of quotes and reflections on the theme was produced and distributed with the Trust’s Autumn mailing.

On the invitation of CANA (Christians Awakening to New Awareness) a joint webinar was held with World Goodwill on October 21 on the theme “What is the Way of Love?” and included a joint exploration of goodwill and compassion from both Christian and Esoteric perspectives. World Goodwill speakers were Christine Morgan and Steve Nation and the event was promoted via a special Charity Digital campaign.

Special acknowledgement

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

The Trust received the following legacies within the year.

Shirley W Wade £132,253 Pascale Porteres £12,021 Debtor 2022 £2,278 Bev McCormick £45,000 Debtor 2022 (£479) Judy Jacka £1,091 £6,614 Debtor 2023 J L Parkinson £26,000

Gift Aid claims from 2023 of £12,809 (2022: £9,135) 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

In order to keep in touch with all co-workers as far as possible, it was decided to continue with postal mailings 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

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2023

Invocation Day, as well as the dates of the Arcane School conference. This process is repeated for the Autumn mailing which included the promotion of the World Goodwill Seminar on 11[th] November, 2023.

Three issues of the World Goodwill Newsletter – “Goodwill in World Affairs” were published in 2023 for print and digital distribution in English and in Greek. #1

“Global Conflict and the Road to Right Relationship” looking into the potential of present conflicts to lead into right relationship, from four different perspectives. Two of the four articles comprising this newsletter were contributed by co-workers, offering a perspective from the point of diplomacy, and Buddhism respectively. #2

“Towards a New Spirituality: Building bridges for an integrated world”. The newsletter focuses on the efforts now underway to bridge differing viewpoints of the One Reality and facilitate the integration of the One World in consciousness and function. Three articles were contributed by the three centres, and included an outside contribution, from the point of view of human rights law. #3

“Human Responsibility in an Age of Transformation: Forging a Moral Direction in Science and Technology” - focusing on the WG annual seminar contributions, it explores the role that wisdom and morality have to play in science and technology, and essentially asking the question: What is Human Responsibility in an Age of Transformation?

The Cycle of Conferences initiative continued to focus mainly on UN events in 2023. These included meetings on:– the High-Level Segment of the UN Conference on Disarmament in Geneva, Switzerland, 27 February-3 March; The UN 2023 Water Conference in New York, 22-24 March; the annual G7 Summit in Hiroshima, Japan, 19-21 May and the UN High-Level Political Forum on Sustainable Development in New York, 10-19 July; UN SDG Summit 2023,18-19 September, New York and COP 28 UN Climate Change Conference Dubai,30 November -12 December). The Cycles of Conferences initiatives were promoted on the WG website and via specific email campaigns. There are now roughly 1,250 subscribers to Cycles of Conferences.

Over the year, ten articles were posted on the World Goodwill blog highlighting diverse themes. World Goodwill also has a social media presence on FaceBook with approximately 4,500 followers, Instagram, and X. Posts are drawn from the Alice Bailey material as well as from past Newsletter issues and Trust articles. The World Goodwill meditation webinar mentioned earlier is also advertised, broadcast and available on the World Goodwill Facebook page.

Triangles continued to publish its quarterly Triangles Bulletin and the tri-annual Esoteric Group in Triangles communications. 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 is also made available in Dutch, French, German, Italian, Polish, Portuguese, Russian and Spanish.

8

The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2023

There were 71 Triangle registrations in the year, of which at least 6 were revised Triangles. On average, this is just over one a week but an increase of about 18% on the number registered in the previous year. As mentioned, the Triangles webinar continued its weekly broadcast changing to a monthly broadcast in October 2023. It seeks to attract an international group of participants and to stimulate greater interest and the formation of new Triangles.

Website :

The development and maintenance company, HOP, continued to assist the Trust with its maintenance needs. The total cost for the group was $25,240 (HOP only Jan-Dec 23 cost was $20,372. The sterling equivalent of total website related costs for the London charity amounted to £10,372. The Arcane School website (ASMIS) cost for London in 2023 was £6,064 with New York paying a similar amount, this included some development upgrading to Version 3.

During the year the Trust made the decision to proceed with the production of a new website. The decision made was partly to do with rising maintenance costs and the need to change to a more user-friendly content management system (CMS). After due consideration a group decision was made to begin the search for the right designer for the Trust and Takis Doukeris was appointed in July 2023. After deliberation, the decision was made to choose WordPress as the new CMS.

New Website design and development cost for the group in 2023:

A small team started the process of the design of the main home page and when completed, the group moved to the 4 remaining home pages for the Lucis Publishing companies, World Goodwill, Triangles and the Arcane School, drawing on advice from facilitators in those activities. As of March 2024, homepage designs are expected to be finalised, and work has begun on the design of subsidiary pages. Initial development work is proceeding concurrently with the design, and this is being led by the Lucis Trust webmaster who is contracted through the New York Headquarters.

A company (Zweidevs) was appointed to recreate the books-on-line for the new website as well as to create an App for the Alice Bailey books with features for searching and highlighting text, making notes etc. Liaising with a small group from the Trust, the free version of the App, which will be part of the website, was completed in January 2024. Development on the second phase of this project will take place in 2024 and will involve the production of a cross-platform app for smartphone and desktop. When completed, the App will be made available for purchase on the new website scheduled to launch later next year.

In 2023, $14,850 was spent by the group on the Books Online/App development with the London Charity’s share being half (sterling equivalent was £5,352).

9

The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2023

Lucis Press

In total 7 audio books were prepared for distribution through Audible/iBooks. Four compilations were development as eBooks. Both the Audiobook and eBook projects are ongoing. Together with the Lucis Publishing company, Lucis Press started the development of a new mobile and desktop App featuring the 24 books.

After adjusting for reallocations to Lucis Publishing, New York (£54,264 - £12,510), the total sales revenue for Lucis Press in 2023 was £41,754). Cost of books maintained at realistic levels enabling distribution of the books to trade accounts of up to 50% discount and at a similar selling price.

In 2023 turnover decreased by approximately 11% on 2022 after reallocation. The sales of AAB books in print and eBook decreased, while audio book sales increased by approximately 40%. This reflects a trend of interest in audio books. The ’24 book sets’ continued to be popular with 22 sets sold (3 cloth, 15 paperback and 4 audio); in 2022 19 were sold. A number of promotional campaigns by email were carried out, with free shipping offers to UK and European customers,

The number of Lucis Press publications sold in 2023 totalled 4,728 and included AAB books, CDROM of The Twenty-Four Books of Esoteric Philosophy (including downloads), audio books (including Downloads) eBooks and books from other publishers.

2023 best-selling titles for printed books are:

The year’s best-selling titles are Glamour: A World Problem, A Treatise on White Magic, Esoteric Healing, Telepathy and the Etheric Vehicle and Ponder on This.

Financial review

The value of Lucis Trust group funds increased by £183,791 from £1,794,106 at the end of 2022 to £1,977,897 at the end of 2023.

The amount of £1,977,897 consists of:

£1,475,368 fixed assets comprising £161,684 the lease of the office space and essential equipment for pursuing the aims of the charity and £1,313,684 currently held as long-term investments.

£82,991 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.

£ 408,259 cash and bank balances, debtors £40,630 and creditors of £29,351.

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2023

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 £1,977,897 would provide for around five years 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 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, the Trust proceeded with its plan to redesign and create a new website which work will continue into 2024.

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 2023

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.

In so far as the trustees are aware:

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

The Trustees

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

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

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The total number of such guarantees as at 31 December 2023 was 8 Trustees (2022 : 8). The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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The Lucis Trust

Trustees’ annual report

For the year ended 31 December 2023

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 20[th] May 2024 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 The Lucis Trust and its subsidiary undertakings for the year ended 31 December 2023.

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

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accounts in England and Wales, which is one of the listed bodies.

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:

14

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.

Signed:

Name: Noelia Serrano FCA Address: Sayer Vincent LLP, 110 Golden Lane, London, EC1Y 0TG Date: 7 June 2024

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The Lucis Trust

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

For the year ended 31 December 2023

For theyear ended 31 December 2023
Note
Income from:
2
3
4
5
5
12
Reconciliation of funds:
21a
Donations and legacies
Charitable activities
Arcane School
World Goodwill
Triangles
Other Restricted
Royalties VSA
Investments
Total income
Expenditure on:
Other trading activities
Net income/(expenditure) for the year
Total expenditure
Net income/(expenditure) before net gains
on investments
Charitable activities
Arcane School
World Goodwill
Triangles
Other restricted
Net gains/(loss) on investments
Other Trading Lucis Press
Lucis Trust
Total funds brought forward
Total funds carried forward
Transfers between funds
Net movement in funds		 Unrestricted
£
415,876
-
-
-
-
-
67,931
45,282		 Restricted
£
-
26,232
2,889
2,173
600
285
-
-		 2023
Total
£
415,876
26,232
2,889
2,173
600
285
67,931
45,282
Unrestricted
£
193,150
-
-
-
-
-
69,430
38,681		 Restricted
£
-
24,180
53,246
6,102
600
280
-
4		 2022
Total
£
193,150
24,180
53,246
6,102
600
280
69,430
38,685
529,089 32,179 561,268 301,261 84,412 385,673
138,747
-
-
-
-
68,158		 -
111,254
59,486
33,560
2,212
-		 138,747
111,254
59,486
33,560
2,212
68,158		 166,258
-
-
-
-
69,902		 -
112,832
67,620
35,459
24
-		 166,258
112,832
67,620
35,459
24
69,902
206,905 206,512 413,417 236,160 215,935 452,095
35,940
322,184		 -
(174,333)		 35,940
147,851		 (231,067)
65,101		 -
(131,523)		 (231,067)
(66,422)
358,124
(173,005)		 (174,333)
173,005		 183,791
-		 (165,966)
(132,383)		 (131,523)
132,383		 (297,489)
-
185,119
1,759,239		 (1,328)
34,867		 183,791
1,794,106		 (298,349)
2,057,588		 860
34,007		 (297,489)
2,091,595
1,944,358 33,539 1,977,897 1,759,239 34,867 1,794,106

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.

16

The Lucis Trust

Company no. 00305704

Balance sheets

As at 31 December 2023

Note
Fixed assets:
11
12
Current assets:
16
17
Liabilities:
18
17
21a
Total unrestricted funds
Creditors: amounts falling due within one year
Net current assets
Total net assets
Debtors: amounts falling due after one year
Fair value reserve
Non-charitable trading funds
General funds
Total funds
Investments
Cash at bank and in hand
Investments
Tangible assets
Total assets less current liabilities
Stock
Debtors
Funds:
Restricted income funds
Unrestricted income funds:
Designated funds		 2023
2022
£
£
161,684
164,779
1,313,684
1,285,468
The group		 2023
2022
£
£
161,684
164,779
1,313,684
1,285,468
The group		 2023
2022
£
£
161,684
164,779
1,319,712
1,291,496
The charity		 2023
2022
£
£
161,684
164,779
1,319,712
1,291,496
The charity
1,475,368
82,991
40,630
2,673
405,586		 1,450,247
73,166
91,845
7,315
215,537		 1,481,396
-
34,593
2,673
392,194		 1,456,275
-
84,849
7,315
196,986
531,880
29,351		 387,863
44,004		 429,460
30,968		 289,150
38,927
502,529 343,859 398,492 250,223
1,977,897
-		 1,794,106
-		 1,879,888
63,141		 1,706,498
52,513
1,977,897 1,794,106 1,943,029 1,759,011
33,539
113,399
1,491,618
304,472
34,868		 34,867
124,866
1,370,645
228,633
35,095		 33,540
113,399
1,491,618
304,472
-		 34,867
124,866
1,370,645
228,633
-
1,759,239 1,724,144
1,944,358 1,909,489
1,977,897 1,794,106 1,943,029 1,759,011

For the year ending 31 December 2023 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 20th May 2024 and signed on their behalf by:

Christine P Morgan Director

17

The Lucis Trust

Consolidated Statement of cash flows

For the year ended 31 December 2023

Note
23
(Increase) in cash held by investment manager
24
Partial disposal of fixed asset
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/(used in) investing activities
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Cash flows from operating activities		 £
£
159,238
45,282
964
(27,802)
175,862
(156,837)
(11,300)
26,169
185,407
222,852
408,259
2023		 £
£
159,238
45,282
964
(27,802)
175,862
(156,837)
(11,300)
26,169
185,407
222,852
408,259
2023		 £
£
(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
185,407
222,852		 (20,486)
243,338
408,259 222,852

18

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

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.

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.

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.

19

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

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:

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:

20

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

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.

21

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

For the year ended 31 December 2023 For the year ended 31 December 2023
2
Unrestricted
£
247,639
168,237
415,876
3
Unrestricted
£
67,931
67,931
4
Unrestricted
£
4,815
1,875
38,592
45,282
Income from business loan
Gifts
Bank accounts
Income from donations and legacies
Legacies
Income from investments
Lucis Press
Income from other trading activities
Income from listed investments		 Restricted
£
-
-		 2023
Total
£
247,639
168,237		 Unrestricted
£
118,776
74,374		 Restricted
£
-		 2022
Total
£
118,776
74,374
415,876 - 415,876 193,150 - 193,150
Restricted
£
-		 2023
Total
£
67,931		 Unrestricted
£
69,430		 Restricted
£
-		 2022
Total
£
69,430
67,931 - 67,931 69,430 - 69,430
Unrestricted
£
4,815
1,875
38,592		 Restricted
£
-
-
-		 2023
Total
£
4,815
1,875
38,592		 Unrestricted
£
1,043
1,875
35,763		 Restricted
£
4
-
-		 2022
Total
£
1,047
1,875
35,763
45,282 - 45,282 38,681 4 38,685

22

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

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 2023
Total expenditure 2022		 Lucis Press
£
23,378
-
-
35,345
-
-
-
384
-
-
-
-
1,448
526
699
-
223
-
348
-		 Lucis Trust
£
56,232
-
-
-
-
-
-
-
-
-
-
-
839
-
-
-
-
-
-
13,000		 Arcane
School
£
63,395
1,935
3,386
-
-
-
-
1,699
-
418
3,000
-
-
-
-
-
-
-
-
-		 World
Goodwill
£
28,922
-
6,302
-
-
-
-
3,800
-
-
-
-
-
-
42
-
-
245
-		 Triangles
£
14,129
-
6,359
-
-
-
-
3,216
-
-
-
-
-
-
-
-
-
-
-
-		 Other
Restricted
£
-
1,963
-
-
-
-
-
-
-
-
-
-
249
-
-
-
-
-
-		 Governance
costs
£
14,214
-
-
-
-
-
-
-
-
-
-
-
-
-
6,780
-
-
-
-
-		 Support
costs
£
-
-
11,063
-
17,605
16,149
1,558
7,348
2,611
-
8,638
1,501
183
17,711
-
762
2,531
29,932
3,349
-		 2023
Total
£
200,270
3,898
27,110
35,345
17,605
16,149
1,558
16,447
2,611
418
11,638
1,501
2,719
18,237
7,479
804
2,754
29,932
3,942
13,000		 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
62,351
5,807
-		 70,071
58,085
10,591		 73,833
31,650
5,771		 39,311
17,063
3,112		 23,704
8,336
1,520		 2,212
-
-		 20,994
-
(20,994)		 120,941
(120,941)
-		 413,417
-
-		 452,095
-
-
68,158 138,747 111,254 59,486 33,560 2,212 - - 413,417 452,095
69,902 166,258 112,832 67,620 35,459 24 - - -

23

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

5b Analysis of expenditure (previous 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/Development
Legal and professional charges
Audit and accountancy
Library and media costs
Bank charges
Depreciation
Miscellaneous
Donation
Support Costs
Governance costs
Total expenditure 2022		 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
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
-
-
69,902 166,258 112,832 67,620 35,459 24 - - 452,095

24

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2023 2022
£ £
Depreciation 29,932 42,923
Independent Examiner's fee 6,150 6,480
Additional Professional fee 240 21

Staff costs were as follows:

Staff costs were as follows:
Contribution to Pension Scheme
Social security costs
Other staff costs and staff benefits
Volunteer costs
Salaries and wages		 2023
£
156,139
3,248
8,485
27,226
5,172		 2022
£
156,302
3,097
8,962
23,512
4,403
200,270 196,276

Nil employee earned more than £60,000 during the year (2022: nil).

The total employee remuneration, including employer's national insurance and pension contributions, of 2 key management personnel, Christine Morgan and Laurence Newey in 2023, were £45,191 combined (Two personnel in 2022: £44,812). Both these individuals are trustees of the charity. Remuneration to Trustees is permitted by the charity's governing documents.

One charity trustee claimed travel expenses whilst participating in voluntary work totalling £5,172 (one Trustee in 2022: £4,403 ) .

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		 2023
No.
2.47
1.33
0.65
2.81
1.08
0.66		 2022
No.
2.36
1.09
0.62
2.65
1.06
0.73
9.0 8.5

25

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

9 Related party transactions

Related party transactions between Lucis Trust and Lucis Press are:

Related party transactions between Lucis Trust and Lucis Press are:
2023 2022
£ £
Lucis Trust Loan to Lucis Press 63,141 52,513
Lucis Trust Publishing Grant to Lucis Press 13,000 13,000
Creditor at year end due to Lucis Press 3,704 -
Debtor at year end due from Lucis Press - 6,648

Aggregate unrestricted donations from Trustees of £4,331 were received in the year (£3,423 in 2022).

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 £1,935 relating to travel and subsistence for voluntary attendance to events relating to the charity and its objects (2022: £25).

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:

2023 2022
£ £
UK corporation tax at 19% (2022: 19%) - 1

11 Tangible fixed assets

The group & the charity

The group & the charity
At the start of the year
Additions in year
Disposals in year
At the end of the year
At the end of the year
Cost
Net book value
Depreciation
At the end of the year
Charge for the year
At the start of the year
Eliminated on disposal
At the start of the year		 Leasehold
property and
improvements
£
221,465
2,664
-		 Fixtures and
fittings
£
131,184
3,556
(2,176)		 Computer
equipment
£
151,576
21,582
(27,725)		 Total
£
504,225
27,802
(29,901)
224,129 132,564 145,433 502,126
87,770
2,825
-		 112,051
7,316
(1,212)		 139,625
19,791
(27,724)		 339,446
29,932
(28,936)
90,595 118,155 131,692 340,442
133,534 14,409 13,741 161,684
133,695 19,133 11,951 164,779

All of the above assets are used for charitable purposes.

26

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

12 Listed investments

Listed investments
Business loan - Natural Business Partnership (note 13)
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
Additions at cost
Disposal proceeds
Net profit on change in fair value
Fair value at the end of the year
Fair value at the start of the year
Investments comprise:		 2023
2022
£
£
1,222,045
1,534,810
156,837
202,768
(175,862)
(284,466)
35,940
(231,067)
1,238,960
1,222,045
-
-
24,723
13,423
1,263,683
1,235,468
959,211
1,006,835
2023
2022
£
£
1,238,960
1,222,045
-
-
50,000
50,000
24,724
13,423
1,313,684
1,285,468
The group
The group		 2023
2022
£
£
1,222,045
1,534,810
156,837
202,768
(175,862)
(284,466)
35,940
(231,067)
1,238,960
1,222,045
6,028
6,028
24,723
13,423
1,269,711
1,241,496
959,211
1,006,835
2023
2022
£
£
1,238,960
1,222,045
6,028
6,028
50,000
50,000
24,724
13,423
1,319,712
1,291,496
The charity
The charity
1,313,684 1,285,468 1,319,712 1,291,496

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. This 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.

27

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

14 Subsidiary undertaking

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

Funds
Assets
Liabilities
Other Income
Profit on ordinary activities
Turnover
Other operating expenses
The aggregate of the assets, liabilities and funds was:
Gross profit
Administrative expenses
Cost of sales		 2023
£
54,264
(35,345)		 2022
£
55,832
(35,403)
18,919
(1,448)
(31,365)		 20,429
(1,745)
(32,754)
(13,894)
13,667		 (14,070)
13,598
(227) (472)
106,699
(65,803)		 105,360
(64,237)
40,896 41,123

15 Parent charity

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

16
Stock
Gross income
Result for the year
Finished goods		 2023
2022
£
£
82,991
73,166
82,991
73,166
The group		 2023
2022
£
£
82,991
73,166
82,991
73,166
The group		 2023
£
493,337
148,078		 2022
£
316,243
(65,950)
82,991 73,166 - -

28

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

17 Debtors

Debtors
Other debtors
Due after more than 1 year from subsidiary company
Prepayments
Amounts due from subsidiary
Trade debtors		 2023
2022
£
£
4,942
6,426
26,249
72,163
9,439
13,256
-
-
40,630
91,845
-
-
The group		 2023
2022
£
£
-
-
24,866
71,593
9,439
13,256
288
-
34,593
84,849
63,141
52,513
The charity
40,630 91,845 34,593 84,849
- - 63,141 52,513

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

18 Creditors: amounts falling due within one year

Accruals
Trade creditors
Amounts owed to subsidiary
Taxation and social security
Loans
Other creditors		 2023
2022
£
£
4,500
4,500
8,798
24,909
4,613
7,491
2,936
504
8,504
6,600
-
-
29,351
44,004
The group		 2023
2022
£
£
4,500
4,500
8,798
24,909
4,613
7,491
2,936
504
8,504
6,600
-
-
29,351
44,004
The group		 2023
2022
£
£
4,500
4,500
7,194
13,904
4,613
7,491
2,935
504
7,734
5,880
3,992
6,648
30,968
38,927
The charity		 2023
2022
£
£
4,500
4,500
7,194
13,904
4,613
7,491
2,935
504
7,734
5,880
3,992
6,648
30,968
38,927
The charity
29,351 44,004 30,968 38,927

19 Pension scheme

Fully compliant with statutory pension scheme and all payments made.

29

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

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

Net assets at the end of the year
Tangible fixed assets
Investments
Net current assets		 General
unrestricted
£
161,684
1,313,684
355,590		 Designated
funds
£
-
-
113,399		 Restricted
funds
£
-
-
33,539		 Total funds
£
161,684
1,313,684
502,528
1,830,958 113,399 33,539 1,977,897

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

21a
Restricted funds:
Total restricted funds
Total designated funds
General charity funds
Total charity unrestricted funds
Non-charitable trading funds
Total unrestricted funds
Tibetan Book Fund
Staff Benefits Fund
Tibetan Book Fund
Unrestricted funds:
Designated funds:
Tangible fixed assets
Investments
Net assets at the end of the year
Triangles
VSA Fund
Fair value reserve
World Service
Movement in funds (current year)
Arcane School
World Goodwill
Total funds
Net current assets
Public Library		 At 1 January
2023
£
-
-
-
1,694
1,614
240
31,319		 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
Income &
gains
£
26,232
2,889
2,173
360
120
120
285		 Expenditure
& losses
£
(111,254)
(59,486)
(33,560)
-
-
(249)
(1,963)		 Transfers
£
85,022
56,596
31,387
-
-
-
-		 At 31
December
2023
£
-
(1)
-
2,054
1,734
111
29,641
34,867 32,179 (206,512) 173,005 33,539
66,477
58,389		 -
18,796		 -
(30,263)		 -
-		 66,477
46,922
124,866
228,633		 18,796
75,839		 (30,263)
-		 -
-		 113,399
304,472
1,370,645
1,724,144
35,095		 402,463
497,098
67,931		 (108,484)
(138,747)
(68,158)		 (173,005)
(173,005)
-		 1,491,619
1,909,490
34,868
1,759,239 565,029 (206,905) (173,005) 1,944,358
1,794,106 597,208 (413,417) - 1,977,897

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

30

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

21b Movements in funds (prior year)

Movements in funds (prior year)
Restricted funds:
Total restricted funds
Total designated funds
General charity funds
Total charity unrestricted funds
Non-charitable trading funds
Total unrestricted funds
Total funds
Fair value reserve
Designated funds:
Staff Benefits Fund
Tibetan Book Fund
VSA Fund
Unrestricted funds:
World Goodwill
Triangles
World Service
Arcane School
Public Library
Tibetan Book Fund		 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

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.

31

The Lucis Trust

Notes to the financial statements

For the year ended 31 December 2023

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. This fund has a balance of £66,477 at the beginning and end of 2023. This fund is to cover unforeseen medical or financial expenses of staff that the Council of Management deem as suitable to receive assistance. It may also include payments to retired staff who experience financial hardship. The fund will continue while funds are available to replenish and indefinitely as required.

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 income/(expenditure) to net cash flow from operating activities

2023 2022
£ £
Net income / (expenditure) for the reporting period
(as per the statement of financial activities) 183,791 (297,489)
Depreciation charges 29,932 42,923
(Gains)/Loss on investments (35,940) 231,067
Dividends, interest and rent from investments (45,282) (38,685)
decrease / (Increase) in stocks (9,825) 11,013
decrease / (increase) in debtors 51,215 (53,013)
(decrease) / Increase in creditors (14,653) 13,816
Net cash provided by/(used in) operating activities 159,238 (90,368)

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
2023
£
215,537
7,315		 Cash flows
£
190,049
(4,642)		 Other
changes
£
-
-		 At 31
December
2023
£
405,586
2,673
222,852 185,407 - 408,259

32