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2022-10-31-accounts

ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2022

THE INTERNATIONAL HERMENEUTIC SOCIETY

CHARITY REGISTRATION No: 263101

Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS

1

THE INTERNATIONAL HERMENEUTIC SOCIETY

CONTENTS

Page 3 Legal and Administrative Information
Pages 4 to 5 Trustees' Report
Page 6 Independent Examiner's Report
Page 7 Statement of Financial Activities
Page 8 Balance Sheet
Pages 9 to 17 Notes to the Financial Statements

2

THE INTERNATIONAL HERMENEUTIC SOCIETY

LEGAL AND ADMINISTRATIVE INFORMATION

CHARITY NUMBER 263101 DATE OF REGISTRATION 23rd September 1971 START OF FINANCIAL YEAR 1st November 2021 END OF FINANCIAL YEAR 31st October 2022 TRUSTEES AT 31ST OCTOBER 2022 Ken Lowe Derek Murray Richard Freeman Naomi O'Toole Janet Norwood Sara Goode (Appointed 27th September 2022) Christian Hanschug (Appointed 27th September 2022) Leeon Wong (Resigned 20th March 2022) Elizabeth Nesbitt (Resigned 27th September 2022) Rose Preston (Resigned 5th December 2021) LEGAL STATUS Unincorporated Charity

GOVERNING INSTRUMENT

Rule Adopted 23rd September 1971, as Amended 24th January 1999, as Amended 28th January 2001, as Amended 26th January 2003, as Amended 31st January 2016, as Amended 7th October 2018.

OBJECTS

To promote research and study into spiritual psychological and scientific knowledges for the purposes of discovering principles for the practical improvement and spiritual and physical well-being of mankind and to to teach and otherwise provide facilities for the dissemination to the public of the results of such research and study and for that purpose to provide libraries study centres and other suitable places where such research study teaching and dissemination as foresaid may be conducted or carried on.

CORRESPONDENCE ADDRESS Tan Y Garth Hall
Pontfadog
Llangollen
LL20 7AS
PRIMARY BANKERS TSB Bank Plc
Henry Duncan House
120 George Street
Edinburgh
EH2 4LH
INDEPENDENT EXAMINERS Castle View Accounting Ltd
New Barn
Mudberry Lane
Bosham
Chichester
West Sussex
PO18 8TS

3

THE INTERNATIONAL HERMENEUTIC SOCIETY

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31ST OCTOBER 2022

2022 was the second year of the Society’s three year Covid recovery plan, Survive & Thrive". The year in which we planned returning to holding residential retreats after a two year absence due not only to the Covid 19 pandemic, but also to fit for purpose issues related Tan-y-Garth Hall, most specifically, the roof and fire risk precautions.

Other key objects of the plan were:-

We successfully managed to return to running residential retreats in March 2022 after having installed a new state-of-the-art fire alarm system. We held 8 retreat courses across the remainder of the year which were programmed by our Teaching Steering Group against a brief set by the trustees. These yielded income of £9,152, which represents 116 bed nights sold. An increase of over 100% on the last year we held retreats prior to our shutdown. The demand for self-catering accommodation remained good and provided a substantial contribution towards our running costs with a total of 333 bed nights sold yielding £10,524 and making a combined total with those for retreats of 439 bed nights sold in the year.

In addition we ran six one day events under our Lottery funded “Covid Recovery for All” programme which were free to local residents. These were very well received and allowed us to build a new team of professional wellbeing practitioner partners with whom we are developing a new strand of retreat based courses in the coming year. This will double the number of retreats we are able to offer in 2023. The programme allowed us to develop our outdoor facilities which not only enabled our users to benefit from using the outdoor terrace gardens for activities which connected them with nature, but also provided us with a degree of resilience in the event of a future pandemic lockdown.

During the summer season, to celebrate our 50th anniversary of being open as a centre, we held an exhibition and sale of original art work by Vidah Roberts, one of the founding members of Tan-y-Garth Hall. This comprised seven Sunday afternoon openings of our pop-up cafe and resulted in the sale of £3,790 worth of art by commission. These events appealed to both local users and our members from further afield. It also facilitated greater interaction between members of the charity and the Eugene Halliday Association who were already known to the artist and were attracted to the exhibition.

Membership remained stable at around 70 people with the trend towards a lowering of the age profile continuing as older members were replaced by younger ones. Friends of Tan-y-Garth Hall gained ground to fourteen subscriptions, which was a significant increase in it’s slow burn progress suggesting it had worthwhile long term potential.

The Council of managing trustees met seven times during the year. All but one of these meetings were held via Zoom video conference. A total of nine managing trustees served during the course of the year. After extending his period as Chairman to steer the charity through the Covid pandemic, Leeon Wong stepped down from the Council at the end of the AGM and Richard Freeman became the new Chair. Two new trustees were elected in September after the resignation of Elizabeth Nesbit due to ill health resulting in six members for the remainder of the year.

This sudden change caused some difficulty in maintaining a quorum which led the Council to recommend to the following AGM that the Constitution be amended to reduce the quorum from five to four so as to avoid the possibility of not being able to appoint replacement trustees if the circumstances should arise again. The aforementioned teaching steering group consisting of senior members of the charity also met by video conference on three occasions to discharge their duties.

A total of 60 people volunteered in some capacity during the year which was a 10% increase from pre-pandemic levels. However, despite this and the fact 33 people signed up on our new volunteer register, we found we could not obtain help from them on a regular enough basis to run the core functions of the centre as had been the case in earlier years pre-pandemic. This resulted in even greater pressure being put on the two resident volunteers and underlined the need to implement the long term plan to develop a new house team to run the centre based on paid staff. We received a grant of £8,000 from the Mr & Mrs F. C. Freeman Charitable Trust to pay for part-time freelance support workers for one year which helped to begin the process of transition. The intended subsidiary trading company to run the centre was incorporated as Tan-y-Garth Hall Retreat Ltd. and re-registered in preparation for the forthcoming year, being year three of the recovery plan.

4

THE INTERNATIONAL HERMENEUTIC SOCIETY TRUSTEE¥APa4UAL REPORT Icontlnu•dl FOR THE YEAR ENDED 31ST OCTOBER 2022 Eaty tn th8 the se of rArc cl ￿l.C1)) as prwsty was th8 cJJre of our eovKI rerA>very ￿ and alk)w8d u5to rewy £21.l￿ IA wxt.term hJan8 to b2JStee5 whth W facrfitat8d fft kn purpages takry pèc8 cfi dury lh8 ￿. Tr rgTr0irY8r of the fuThts th& of 8 fir8 arm System rAu$ rn#Fx repairs to a soctim ofthe rcof abm the M￿litat¥￿ cther tts L￿1￿￿1￿ ryetriryJsly affectsd byW¢rI￿rn￿. T￿ acthJnts f¢r th8 yar s￿rIfi￿t frcffj tha yw. to £52,632. funds (rTh)gty￿￿B reven￿1, the Freyi￿￿ year ty 12%. m8int8narK8 and firg s&fety ffasurns. Net (xrtgo'TrJ Texurc88 w¥e 46% to £17,519 whxth is ar0￿rrted fty by the taken ¢thJring kXkdr￿ which had to bg rg-xhgJLl8d. ryJr inve8lment in F¥Dfes¥￿l bdp fcr grant fiJTrY. r8isr#J. allhwh ￿rEsS￿l ￿ rasiNJ £10,CKX) trthe CoY Re0￿ dvJ Trjt ¢¥Wts Sot ID wr rec>)wy P￿n. Desprte thi8 s￿1￿¢0n1 tC¢a fvrKts carriBd fonward an imwv4emBnt cl £34528 to £781.444. up by 4.5% m Ihe kY8M(yJ$ fftr. current olQS.LW b8 seen in Ihis suthnat#"lty 1$ wfvrvJ. CharTbè5 ALt 2011 r8qLHfg tro IDJth8 to stem8rts year whth gi¥8 a true fair wow of Ihe 4ate of affaFrs of Clwity aTr1 of thè 9Jr¥￿5 of th8 CW Ihat wic4J. In th)$0 . Seknt surtatAe wxrtiry aTrS awytthn r￿St8n￿ . make1￿jgeffnts )d are ro8￿￿Je •KI kwvJer4 reasonatA8 st¢ps fry the rwtion ￿ dotth Ortra￿ arnl ¢Ah8r rnguL8rkn89. &gnBd cffj th•"r tha￿ty Tru8tee.. ....

THE INTERNATIONAL HERMENEUTIC SOCIETY

INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS

Report to the trustees/ members of The International Hermeneutic Society on the accounts for the year ended 31st October 2022 set out on pages 7 to 17.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in, any material respect, the requirements:

  2. to keep accounting records in accordance with section 130 of the Charities Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be

Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS

Date:

6

THE INTERNATIONAL HERMENEUTIC SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2022

Notes
INCOMING RESOURCES
Incoming Resources from Generated Funds
Donations, Grants & Legacies
3a
Charitable Activities
3b
Activities for Generating Funds
3c
Other Incoming Resources
3d
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Costs of Generating Funds
Cost of Charitable Activities
4a
Governance Costs
4b
TOTAL RESOURCES EXPENDED
NET INCOMING (OUTGOING) RESOURCES
Funds Brought Forward
Profit on Disposal of Fixed Assets
Revaluation of Land & Buildings
2 & 17
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Restricted
TOTAL
TOTAL
Funds
Funds
2021/22
2020/21
£
£
£
£
8,753
18,000
26,753
11,403
9,579
-
9,579
40
16,201
-
16,201
14,481
99
-
99
180
34,632
18,000
52,632
26,104
54,463
11,193
65,656
60,689
4,495
-
4,495
3,650
58,958
11,193
70,151
64,339
(24,326)
6,807
(17,519)
(38,235)
726,913
-
726,913
695,148
52,050
-
52,050
-
-
-
-
70,000
754,637
6,807
761,444
726,913

Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.

The notes on pages 9 to 17 form part of these financial statements.

7

THE INTERNATIONAL HERMENEUTIC SOCIETY BALANCE SHEET ¥IS AT 31ST OCTOBER 2022 Totsl 31tht.22 FuThJ5 FuTrts 314)Et-21 Tangl￿e As&ets In¥estrn8nts Totsl Flx•d As•• 773270 772,W21 7n.270 771270 T12,021 110 2.215 2.325 Cash at Barkand in Ha Total Curr8rt A•• 7.117 7.117 807 13,924 13.924 1QT50 10.750 31.983 NEfcuRRENT ASS 3.174 (a6581 TOTALASSEfs1888 curronLilio 7ts,637 (007 776A44 741363 15DXI 15.L 7S450 NET ASSETS 754.637 6￿7 781.444 726,913 Fund¥ ofth•Chvlty Go￿ra1 Funds Restr￿8￿ Funds 754.637 754.637 6.￿7 7￿.918 6.￿7 Totsi Fun 754.637 807 761,444 726,913 S￿n8d cfi th￿"r t1 byTruBtse........... Prff)ted Nome..

THE INTERNATIONAL HERMENEUTIC SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2022

1. ACCOUNTING POLICIES

Basis of Preparation & Assessment of Going Concern

Basis of Preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.

The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.

Assessment of Going Concern

Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

Incoming Resources

Recognition of Incoming Resources

These are included in the Statement of Financial Activities (SOFA) when:

▪ the charity becomes entitled to the resources;

Incoming Resources with Related Expenditure

Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.

Grants and Donations

Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.

Tax Reclaims on Donations and Gifts

Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.

Contractual Income and Performance Related Grants

This is only included in the SOFA once the related goods or services has been delivered.

Gifts in Kind

Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.

Donated Services and Facilities

These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.

Volunteer Help

The value of any voluntary help received is not included in the accounts.

Investment Income

This is included in the accounts when receivable.

Investment Gains and Losses

This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

9

THE INTERNATIONAL HERMENEUTIC SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST OCTOBER 2022

1. ACCOUNTING POLICIES (continued)

Expenditure and Liabilities

Liability Recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Governance Costs

Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.

Grants with Performance Conditions

Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.

Grants Payable without Performance Conditions

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.

Investments

Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.

Unrestricted funds

These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities.

Restricted funds

These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes.

Designated funds

These funds are funds set aside by the trustees out of unrestricted general funds for particular purposes or projects.

Fixed Assets

Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.

Depreciation Expense

Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:

Fixtures, Fittings and Equipment 25% - Reducing Balance Motor Vehicles 25% - Reducing Balance

Amortisation

No amortisation is charged to freehold Land and Buildings as the Land and Buildings is maintained to such a standard that the estimated residual value is not less than cost.

Changes in Accounting Policies and Methods of Accounting

There has been no change to the accounting policies (variation rules and methods of accounting) since last year.

10

THE INTERNATIONAL HERMENEUTIC SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST OCTOBER 2022

2. TANGIBLE FIXED ASSETS

Cost
01-Sep-21
Additions
Net Book Value
31-Oct-22
Depreciation
01-Sep-21
Charge
Depreciation at
31-Oct-22
Net Book Value
31-Oct-22
Net Book Value
31-Oct-21		 Land &
Motor
Equipment
Total
Buildings
Vehicle
Cost
2021/22
£
£
£
£
770,000
2,695
-
772,695
-
-
2,339
2,339
770,000
2,695
2,339
775,034
-
674
-
674
-
505
585
1,090
-
1,179
585
1,764
770,000
1,516
1,754
773,270
770,000
2,021
-
772,021

The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st October 2022 : None

31st October 2021 : None

11

THE INTERNATIONAL HERMENEUTIC SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST OCTOBER 2022

3. INCOMING RESOURCES

a) Donations, Grants & Legacies
Gift Aid
Gifts & Donations
Grants Received
b) Charitable Activities
Courses
Tapes & Publications
c) Activities for Generating Funds
Accommodation Income
Fundraising Income
Membership Subscriptions
Venue Hire
d) Other Incoming Resources
Sundry Income		 Unrestricted
Restricted
TOTAL
TOTAL
Funds
Funds
2021/22
2020/21
£
£
£
£
-
-
-
1,619
8,753
-
8,753
9,784
-
18,000
18,000
-
8,753
18,000
26,753
11,403
9,512
-
9,512
-
67
-
67
40
9,579
-
9,579
40
10,524
-
10,524
7,655
3,301
-
3,301
1,623
2,166
-
2,166
3,468
210
-
210
1,735
16,201
-
16,201
14,481
99
-
99
180
99
-
99
180

12

THE INTERNATIONAL HERMENEUTIC SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST OCTOBER 2022

4. RESOURCES EXPENDED

a) Cost of Charitable Activities
Advertising & Publicity
Cleaning Costs
Depreciation Expense
Equipment Costs
Freelance Contractors
Fundraising Costs
House Keeping Costs
Insurance Costs
Motor Vehicle Costs
Printing, Postage & Stationery
Rent & Rates
Repairs & Maintenance
Sundry Expenses
Tapes & Publications
Telephone Costs
Travel & Subsistence
Utility Costs
Volunteers Expenses
`
b) Governance Costs
Independent Examiners Fees
9
Legal & Professional Fees
Loan Interest		 Unrestricted
Restricted
TOTAL
TOTAL
Funds
Funds
2021/22
2020/21
£
£
£
£
1,027
176
1,203
1,003
1,771
-
1,771
865
1,090
-
1,090
674
124
1,147
1,271
982
3,004
3,706
6,710
-
1,424
3,413
4,837
2,716
4,280
-
4,280
4,574
5,405
-
5,405
4,988
2,088
-
2,088
1,713
183
-
183
355
2,388
2,400
4,788
3,610
21,985
-
21,985
29,995
225
-
225
345
97
-
97
87
1,017
-
1,017
957
178
351
529
1,665
8,177
-
8,177
6,160
-
-
-
-
54,463
11,193
65,656
60,689
750
-
750
700
3,295
-
3,295
2,500
450
-
450
450
4,495
-
4,495
3,650

13

THE INTERNATIONAL HERMENEUTIC SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST OCTOBER 2022

5. RESTRICTED FUNDS

CURRENT FINANCIAL YEAR

Roof Repair Fund
National Lottery Community Fund
Freeman Charitable Trust
PREVIOUS FINANCIAL YEAR
Roof Repair Fund		 Balance
Balance
01-Nov-21
Income
Expenditure
Transfers
30-Oct-22
£
£
£
£
£
-
-
-
-
-
-
10,000
7,487
-
2,513
-
8,000
3,706
-
4,294
-
18,000
11,193
-
6,807
Balance
Balance
01-Nov-20
Income
Expenditure
Transfers
30-Oct-21
£
£
£
£
£
10,000
-
11,502
1,502
-
10,000
-
11,502
1,502
-

The Restricted funds held are wholly represented by the Charity's cash reserves are to be expended as specified above.

14

THE INTERNATIONAL HERMENEUTIC SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST OCTOBER 2022

6. INVESTMENTS

The Charity held no fixed assets investments during this or the previous financial year.

7. CASH AT BANK AND IN HAND

Cash at Bank & in Hand
8. DEBTORS AND PREPAYMENTS
Sundry Debtors		 Unrestricted
Restricted
Total
Total
Fund
Fund
31-Oct-22
31-Oct-21
£
£
£
£
7,117
6,807
13,924
2,215
7,117
6,807
13,924
2,215
Unrestricted
Restricted
Total
Total
Fund
Fund
31-Oct-22
31-Oct-21
£
£
£
£
-
-
-
110
-
-
-
110

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Independent Examiners Fees
Member Loans
Sundry Creditors		 Unrestricted
Restricted
Total
Total
Fund
Fund
31-Oct-22
31-Oct-21
£
£
£
£
750
-
750
700
10,000
-
10,000
31,000
-
-
-
283
10,750
-
10,750
31,983

10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR

Bridging Loan Unrestricted
Restricted
Total
Total
Fund
Fund
31-Oct-22
31-Oct-21
£
£
£
£
15,000
-
15,000
15,450
15,000
-
15,000
15,450

During the previous financial year, the Trustee of The International Hermeneutic Society agreed to obtain a loan from Mr P. Richards to assist with supporting the short term cashflow requirements in furtherance of the Charitable objects. The loan will become payable when the Charity has sufficient resources to settle outstanding liabilities and the short term loan has been taken at a rate of 3% payable per annum.

15

THE INTERNATIONAL HERMENEUTIC SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST OCTOBER 2022

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Fixed Assets
Net Current Assets
Long Term Liabilities
TOTAL FUNDS		 Unrestricted
Restricted
Total
Total
Fund
Fund
31-Oct-22
31-Oct-21
£
£
£
£
773,270
-
773,270
772,021
(3,633)
-
(3,633)
(29,658)
-
-
-
-
769,637
-
769,637
742,363

12. STAFF COSTS AND NUMBERS

The Charity employed no members of staff during this or the previous financial year.

13. PAYMENTS TO TRUSTEES AND OTHER RELATED PARTIES

During the financial year Trustee Derek Murray received £7,800 (2020/21:£7,800) in benefits in kind for boarding and lodging costs in his capacity as the Resident Building Custodian in furtherance of the Charitable objects. Trustee Derek Murray made voluntary rent contribution of £4,200 (2020/21:£4,200) in the year as part of the Charity’s Covid Recovery Plan.

During the financial period Trustee Sara Goode received £866 for providing freelance admirative services and £200 in practitioners fees for the Wellbeing Workshop for work carried for The International Hermeneutic Society in furtherance of the Charity's objects.

During the financial period Matthew Donnachie (Partner to Trustee Sara Goode) received £2,495 for providing building and maintenance services and £375 in practitioners fees for the Wellbeing Workshop for work carried for The International Hermeneutic Society in furtherance of the Charity's objects.

During the financial year the Charity repaid the interest free loan of £4,500 taken from Trustee Derek Murray and the Charity also repaid the interest free loan of £500 taken from Trustee Elizabeth Nesbitt. The loans were provided in the previous financial year to support the short term cash flow requirements of the International Hermeneutic Society in furtherance of the Charity's objects.

During the financial year the Charity repaid the interest free loan of £16,000 taken from Way Project Management Ltd (Registered Company Number 12360397). The loan was provided in the previous financial year to support the short term cash flow requirements of the International Hermeneutic Society in furtherance of the Charity's objects. Trustee Mr L. Wong and Mrs G. Wong are also the Directors and shareholders of Way Project Management Ltd (Registered Company Number 12360397) and all conflicts of interest have been managed and documented in accordance with the Charity's Governing Document.

No other payments were made to the Trustees or any persons connected with them during this financial year. No other material transaction took place between the organisation and a Trustee or any person connected with them.

14. RISK ASSESSMENT

The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

16

THE INTERNATIONAL HERMENEUTIC SOCIETY

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST OCTOBER 2022

15. RESERVES POLICY

The Trustees have considered the level of reserves they wish to retain, appropriate to the Charity's needs. This is based on the Charity's size and the level of financial commitments held. The Trustees aim to ensure the Charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.

16. PUBLIC BENEFIT

The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the Charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the Charity should undertake

17. REVALUATION OF LAND & BUILDINGS

During the financial year the Trustees of The International Hermeneutic Society sought guidance and advice regarding the current market valuation of the Land and Buildings held at Tan Y Garth Hall, Pontfadog, Llangollen, LL20 7AS. The Trustees have agreed that the current market value of the Land and Buildings held should be reflected at a cost £770,000 as at the 31st October 2021.

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