## **Trustees Annual Report and Statement of Financial Affairs for 2023-2024**
The past year was a very tough one due to the cost-of-living crisis, which the charity did well to survive. This was a continuing trend from the year before and meant that it was in effect another year of austerity. During the first half of the year, income from retreats courses were down as were Airbnb bookings. Grants were down by two thirds. By late spring the Society’s cashflow projections were looking grim due to the reduction in these key income streams and it was clear that we needed to take significant action to redeem the situation. As there was little or no prospect of increasing course income we undertook extensive research into the Airbnb market and decided to target larger groups for bookings as the competition for smaller groups had intensified significantly since we first enter the market. This proved to be a successful strategy and had a significant positive impact on the remainder of the year helping us to avert potential disaster.
Broadly speaking, overall income on the year was down by £14,000 on the previous year from around £59,000 to £45,000, approximately 25%. Correspondingly, expenditure was down by £26,000 from £74,000 to £48,000, roughly one third. This meant a net loss on the year of £3,367. However, when elective maintenance works are taken into consideration this represented a small underlying trading surplus on the year. This was reflected in a corresponding reduction of £3,367 in the charity’s balance sheet from £746,000 to £743,000 net asset value. The Trustees still consider this to be a healthy position and a satisfactory outcome considering the trading headwinds that were navigated.
The twin policies of slashing expenditure whilst making up ground by focusing on Airbnb trading, proved to be the successful formula that the circumstances called for and clearly indicated the potential for future development of Tan-y-Garth Hall as a self sustaining asset. The following breakdown of income and expenditure details highlights this point.
On the income side Donations and Grants were down two thirds from around eighteen and half thousand pounds to just over six thousand pounds. At the same time accommodation income was up nearly £10,000 from £17,373 to £27,627. This went a long way to mitigate the shortfall in course income which fell by around twelve thousand pounds from twenty one and half thousand to nine and half thousand pounds. There was also a significant reduction of around 40% in membership fees down from £3,842 to £2,314, which again was attributable to the cost of living crisis as individuals looked for ways to tighten their budgets by cutting none essential expenses. This represented a significant reduction in the number of members from sixty nine to fifty one.
On the expenditure side, freelance staff costs on administration, marketing and maintenance were cut by two thirds from around fifteen thousand to four and half, with the loss of two of our three part-time staff. This put significant extra workloads on the resident volunteers. Other significant cost saving came from vehicle expenses, down from two thousand five hundred to one thousand and maintenance costs down from twenty-one and half thousand to eight thousand pounds. Insurances, Council tax and telecoms costs all went up above inflation.
In cashflow terms the net position at the year end was satisfactory with a bank balance of over nine thousand pounds against a target of eight thousand. The Trustees are therefore satisfied with the financial outcome of the year as a whole and feel that the cashflow crisis it represented was successfully managed. However, the situation and the measures taken to ensure this financial outcome did have a significant impact on the work of the charity.
The new wellbeing programme was abandoned as it did not prove to be self sustaining in the way anticipated and because it was draining the already overburdened capacity of the charity. A total of ten courses were run during the year with several more cancelled due to lack of bookings. These were variously run by Rose Preston, Christian Handschug, Mathew Donnachie, Sara Goode, Dani Sudlow, Alan Roberts, Jeanette Picken and Derek Murray. They included a successful pilot signature retreat at the end of the year which was designed to lessen the demands of the individual volunteer teachers, reduce cancellations and simplify event marketing by being collective endeavours.
Although the charity succeeded in navigating the financial hazards thrown up during the year, the Trustees also recognised the need to return to solving the fundamental structural problems it had been addressing prior to Covid. This could only be done by returning to the business development planning process suspended during lockdown. It was therefore decided that this should be given priority over running a normal programme as without such, the charity was not sustainable and Tan-y-Garth Hall would have to close.
As there was not sufficient capacity to do everything needed, the Trustees decided to suspend the retreat programme in the coming year, other than to develop new ideas, expand the scope of the accommodation business it had successfully developed and assemble a business development team with the skills to bring forward a business plan that could attract the necessary investment. As a significant donation of four thousand books relevant to our teaching work was received from the Eugene Halliday Association during the year, the Trustee decided to find a way to include housing as many of these as possible and to make access to them an integral part of the business development plan, with any surplus being sold off or otherwise disposed of.
Registered Charity Number: 263101
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 October 2024
1
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **CONTENTS**
||**Page**|
|---|---|
|**Reference and administrative information**|**3**|
|**Statement of financial activities**|**4**|
|**Balance sheet**|**5**|
|**Notes to the financial statements**|**6 - 13**|
2
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Ken Lowe|
|---|---|
||Derek Murray|
||Christian Handschug|
||Jeanette Picken (Elected 24thMarch 2024)|
||Sara Goode (Resigned 27thJuly 2024)|
||Richard Freeman (Resigned 9thSeptember|
||2023)|
||Naomi O'Toole (Resigned 5thDecember 2023)|
|**Charity Registered Number**|263101|
|**Date of Registration**|23rdSeptember, 1971|
|**Start of Financial Year**|1stNovember, 2023|
|**End of Financial Year**|31stOctober, 2024|
|**Principal Office**|Tan Y Garth Hall|
||Pontfadog|
||Llangollen|
||LL20 7AS|
|**Primary Bankers**|TSB Bank Plc|
||Henry Duncan House|
||120 George Street|
||Edinburgh|
||EH2 4LH|
|**Independent Examiners**|Bowdon Accounting Services|
||Bartle House|
||Oxford Court|
||Manchester|
||M2 3WQ|
3
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED OCTOBER 31, 2024**
|**Note**
**Income from:**
Donations and Legacies
3a
Charitable Activities
3b
Activities for Generating Funds
3c
Other Incoming Resources
3d
**Total Income**
**Expenditure on:**
Charitable Activities
4a
Governance Costs
4b
**Total Expenditure**
**Net Movement in Funds**
**Reconciliation of Funds:**
Total Funds Brought Forward
Profit on Disposal Of Fixed Assets
Transfer Between Funds
Net Movement in Funds
**Total Funds Carried Forward**|Unrestricted
Funds
£
6,192
38,055
380
416
45,043
46,560
1,850
48,410
(3,367)
746,361
-
-
(3,367)
742,994|Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total Funds**
**2024**
**£**
**6,192**
**38,055**
**380**
**416**
**45,043**
**46,560**
**1,850**
**48,410**
**(3,367)**
**746,361**
**-**
**-**
**(3,367)**
**742,994**|Total Funds
2023
£
18,529
39,201
218
899
58,847
72,604
1,325
73,929
(15,083)
761,444
-
-
(15,083)
746,361|
|---|---|---|---|---|
The notes form part of these financial statements
4
THE INTERMTKINALHEIIMENEUn¢ socieTY
BAw¢e $HEeT AS AT O¢T08ER 31 2024
N¢t•
Unr•s¢t•d
Funds
Rastrthd Tol•l Fur•d•
Fund8
JI-12024
Totsi Fund¥
31_123
Flx•d AM•ts
T8nybl• FixedAsséts
Inve¥tments
773.170
77J,170
772,451
773,170
773.170
TT2.451
Ctsrr•ntABI•tr
6.552
9,180
15,731
s.1
10.750
Cash at B*nkand in Hand
9,110
14731
16,811
Crndltorn." Anx)unts DU•In Ona Yaar
70,907
4,824
10.907
{824
10.9
5,910
N•t¢ur•nt A•¥•ts
Tot•1 A•w¢• ¢urywrt ts11••
¢r•dltrys.' Long T•nn
10
ClIty FurKI¥
G•narnl Fund6
Tl•strct•d FuTrds
742.994
142,9
746,361
T01•1 fund•
742 994
748 381
Th• Inanoal Itat•tMnts %%*r• tytho Bo•rdof Ind •uthDrised foriosuo on......... .... . ......
D•nk Munay
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Tho np¢•i fo pwrt ofth•8e fin•no818lat•Thnts
**THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **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 note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1st January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (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**_
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.
6
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **1 Accounting Policies (continued)**
## _**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
## **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.
## _**Fixted 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.
7
**THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **1 Accounting Policies (continued)**
## _**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.
## **2 Tangible Fixed Assets**
|**Cost**
At 01 November 2023
Additions
Disposals
At 31 October 2024
**Depreciation**
At 01 November 2023
Charge for the year
At 31 October 2024
**NET BOOK VALUE**
At 31 October 2024
At 31 October 2023|**Land &**
**Buildings**
**£**
770,000
1,332
-
**771,332**
-
-
**-**
**771,332**
770,000|**Motor**
**Vehicles**
**£**
2,695
-
-
**2,695**
1,558
284
**1,842**
**853**
1,137|**Equipments**
**£**
2,339
-
-
**2,339**
1,025
329
**1,354**
**985**
1,314|**Total**
**£**
**775,034**
**1,332**
**-**
**776,366**
**2,583**
**613**
**3,196**
**773,170**
772,451|
|---|---|---|---|---|
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31st October 2024 : None
31st October 2023 : None
8
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **3 Incoming Resources**
|**a) Donations, Grants & Legacies**
Gifts & Donations
Grants Received
Membership Subscriptions
**b) Charitable Activities**
Accomodation Income
Courses
Tapes & Publications
**c) Activities for Generating Funds**
Fundraising Income
Venue Hire|Unrestricted
Funds
£
3,878
-
2,314
6,192
27,627
9,702
726
38,055
380
-
380|Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-|**Total Funds**
**2023-24**
**£**
**3,878**
**-**
**2,314**
**6,192**
**27,627**
**9,702**
**726**
**38,055**
**380**
**-**
**380**|Total Funds
2022-23
£
8,567
6,120
3,842
18,529
17,373
21,538
289
39,201
218
-
218|
|---|---|---|---|---|
## **d) Other Incoming Resources**
Sundry Income
|416
416|-
-|**416**
**416**|899
899|
|---|---|---|---|
9
**THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **4 Resources Expended**
|**a) Cost of Charitable Activities**
Advertising & Publicity
Bank Charges
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
Legal & Professional Fees
Loan Interest|Unrestricted
Funds
£
706
-
2,818
613
76
4,539
134
5,241
6,987
946
292
5,030
8,054
307
-
1,024
376
9,345
74
46,560
500
750
600
1,850|Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total Funds**
**2023-24**
**£**
**706**
**-**
**2,818**
**613**
**76**
**4,539**
**134**
**5,241**
**6,987**
**946**
**292**
**5,030**
**8,054**
**307**
**-**
**1,024**
**376**
**9,345**
**74**
**46,560**
**500**
**750**
**600**
**1,850**|Total Funds
2022-23
£
1,360
342
1,998
819
1,220
15,165
-
5,399
6,244
2,569
327
4,620
20,679
351
-
941
346
9,882
344
72,604
900
425
-
1,325|
|---|---|---|---|---|
10
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **5 Restricted Funds**
## **Current Financial Year**
|National Lottery Community Fund
Freeman Charitable Trust
**Previous Financial Year**
National Lottery Community Fund
Freeman Charitable Trust|**Balance**
**01-Nov-23**
**£**
-
-
**-**
**Balance**
**01-Nov-22**
**£**
2,513
4,294
**6,807**|Income
£
-
-
**-**
Income
£
-
6,120
**6,120**|Expenditure
£
-
-
**-**
Expenditure
£
2,513
10,814
**13,327**|Transfers
£
-
-
**-**
Transfers
£
-
400
**400**|**Balance**
**31-Oct-24**
**£**
-
-
**-**
**Balance**
**31-Oct-23**
**£**
-
-
**-**|
|---|---|---|---|---|---|
The Restricted funds held are wholly represented by the Charity's cash reserves are to be expended as specified above.
## **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|Unrestricted
Funds
£
9,180
9,180|Restricted
Funds
£
-
-|**Total Funds**
**31-Oct-24**
**£**
**9,180**
**9,180**|Total Funds
31-Oct-23
£
10,750
10,750|
|---|---|---|---|---|
11
**THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **8 Debtors and Prepayments**
|Sundry Debtors
VAT Recoverable|Unrestricted
Funds
£
-
6,552
6,552|Restricted
Funds
£
-
-
-|**Total Funds**
**31-Oct-24**
**£**
**-**
**6,552**
**6,552**|Total Funds
31-Oct-23
£
1,662
4,439
6,061|
|---|---|---|---|---|
## **9 Creditors: Amounts Falling Due within One Year**
|Independent Examiners Fees
Member Loans
Advances|Unrestricted
Funds
£
500
10,000
407
10,907|Restricted
Funds
£
-
-
-
-|**Total Funds**
**31-Oct-24**
**£**
**500**
**10,000**
**407**
**10,907**|Total Funds
31-Oct-23
£
900
10,000
-
10,900|
|---|---|---|---|---|
## **10 Creditors: Amounts Falling in more than One Year**
|Bridging Loan
Member Loans
Rental Deposits|Unrestricted
Funds
£
15,000
15,000
5,000
35,000|Restricted
Funds
£
-
-
-
-|**Total Funds**
**31-Oct-24**
**£**
**15,000**
**15,000**
**5,000**
**35,000**|Total Funds
31-Oct-23
£
15,000
12,000
5,000
32,000|
|---|---|---|---|---|
During the financial year 2022, the Trustee of The International Hermeneutic Society agreed to obtain a Bridging 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.
## **11 Analysis of Net Assets between Funds**
|Tangible Fixed Assets
Net Current Assets
Long Term Liabilities
**Total Funds**|Unrestricted
Funds
£
773,170
4,824
35,000
742,994|Restricted
Funds
£
-
-
-
-|**Total Funds**
**31-Oct-24**
**£**
**773,170**
**4,824**
**35,000**
**742,994**|Total Funds
31-Oct-23
£
772,451
5,910
32,000
746,361|
|---|---|---|---|---|
12
**THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **12 Staff Costs and Numbers**
The Charity employed no members of staff during this or the previous financial year.
## **13 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.
## **14 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.
## **15 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.
13
Registered Charity Number: 263101
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 October 2024
1
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **CONTENTS**
||**Page**|
|---|---|
|**Reference and administrative information**|**3**|
|**Statement of financial activities**|**4**|
|**Balance sheet**|**5**|
|**Notes to the financial statements**|**6 - 13**|
2
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Ken Lowe|
|---|---|
||Derek Murray|
||Christian Handschug|
||Jeanette Picken (Elected 24thMarch 2024)|
||Sara Goode (Resigned 27thJuly 2024)|
||Richard Freeman (Resigned 9thSeptember|
||2023)|
||Naomi O'Toole (Resigned 5thDecember 2023)|
|**Charity Registered Number**|263101|
|**Date of Registration**|23rdSeptember, 1971|
|**Start of Financial Year**|1stNovember, 2023|
|**End of Financial Year**|31stOctober, 2024|
|**Principal Office**|Tan Y Garth Hall|
||Pontfadog|
||Llangollen|
||LL20 7AS|
|**Primary Bankers**|TSB Bank Plc|
||Henry Duncan House|
||120 George Street|
||Edinburgh|
||EH2 4LH|
|**Independent Examiners**|Bowdon Accounting Services|
||Bartle House|
||Oxford Court|
||Manchester|
||M2 3WQ|
3
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED OCTOBER 31, 2024**
|**Note**
**Income from:**
Donations and Legacies
3a
Charitable Activities
3b
Activities for Generating Funds
3c
Other Incoming Resources
3d
**Total Income**
**Expenditure on:**
Charitable Activities
4a
Governance Costs
4b
**Total Expenditure**
**Net Movement in Funds**
**Reconciliation of Funds:**
Total Funds Brought Forward
Profit on Disposal Of Fixed Assets
Transfer Between Funds
Net Movement in Funds
**Total Funds Carried Forward**|Unrestricted
Funds
£
6,192
38,055
380
416
45,043
46,560
1,850
48,410
(3,367)
746,361
-
-
(3,367)
742,994|Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total Funds**
**2024**
**£**
**6,192**
**38,055**
**380**
**416**
**45,043**
**46,560**
**1,850**
**48,410**
**(3,367)**
**746,361**
**-**
**-**
**(3,367)**
**742,994**|Total Funds
2023
£
18,529
39,201
218
899
58,847
72,604
1,325
73,929
(15,083)
761,444
-
-
(15,083)
746,361|
|---|---|---|---|---|
The notes form part of these financial statements
4
THE INTERMTKINALHEIIMENEUn¢ socieTY
BAw¢e $HEeT AS AT O¢T08ER 31 2024
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Unr•s¢t•d
Funds
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JI-12024
Totsi Fund¥
31_123
Flx•d AM•ts
T8nybl• FixedAsséts
Inve¥tments
773.170
77J,170
772,451
773,170
773.170
TT2.451
Ctsrr•ntABI•tr
6.552
9,180
15,731
s.1
10.750
Cash at B*nkand in Hand
9,110
14731
16,811
Crndltorn." Anx)unts DU•In Ona Yaar
70,907
4,824
10.907
{824
10.9
5,910
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10
ClIty FurKI¥
G•narnl Fund6
Tl•strct•d FuTrds
742.994
142,9
746,361
T01•1 fund•
742 994
748 381
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**THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **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 note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1st January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (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**_
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.
6
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **1 Accounting Policies (continued)**
## _**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
## **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.
## _**Fixted 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.
7
**THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **1 Accounting Policies (continued)**
## _**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.
## **2 Tangible Fixed Assets**
|**Cost**
At 01 November 2023
Additions
Disposals
At 31 October 2024
**Depreciation**
At 01 November 2023
Charge for the year
At 31 October 2024
**NET BOOK VALUE**
At 31 October 2024
At 31 October 2023|**Land &**
**Buildings**
**£**
770,000
1,332
-
**771,332**
-
-
**-**
**771,332**
770,000|**Motor**
**Vehicles**
**£**
2,695
-
-
**2,695**
1,558
284
**1,842**
**853**
1,137|**Equipments**
**£**
2,339
-
-
**2,339**
1,025
329
**1,354**
**985**
1,314|**Total**
**£**
**775,034**
**1,332**
**-**
**776,366**
**2,583**
**613**
**3,196**
**773,170**
772,451|
|---|---|---|---|---|
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31st October 2024 : None
31st October 2023 : None
8
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **3 Incoming Resources**
|**a) Donations, Grants & Legacies**
Gifts & Donations
Grants Received
Membership Subscriptions
**b) Charitable Activities**
Accomodation Income
Courses
Tapes & Publications
**c) Activities for Generating Funds**
Fundraising Income
Venue Hire|Unrestricted
Funds
£
3,878
-
2,314
6,192
27,627
9,702
726
38,055
380
-
380|Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-|**Total Funds**
**2023-24**
**£**
**3,878**
**-**
**2,314**
**6,192**
**27,627**
**9,702**
**726**
**38,055**
**380**
**-**
**380**|Total Funds
2022-23
£
8,567
6,120
3,842
18,529
17,373
21,538
289
39,201
218
-
218|
|---|---|---|---|---|
## **d) Other Incoming Resources**
Sundry Income
|416
416|-
-|**416**
**416**|899
899|
|---|---|---|---|
9
**THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **4 Resources Expended**
|**a) Cost of Charitable Activities**
Advertising & Publicity
Bank Charges
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
Legal & Professional Fees
Loan Interest|Unrestricted
Funds
£
706
-
2,818
613
76
4,539
134
5,241
6,987
946
292
5,030
8,054
307
-
1,024
376
9,345
74
46,560
500
750
600
1,850|Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total Funds**
**2023-24**
**£**
**706**
**-**
**2,818**
**613**
**76**
**4,539**
**134**
**5,241**
**6,987**
**946**
**292**
**5,030**
**8,054**
**307**
**-**
**1,024**
**376**
**9,345**
**74**
**46,560**
**500**
**750**
**600**
**1,850**|Total Funds
2022-23
£
1,360
342
1,998
819
1,220
15,165
-
5,399
6,244
2,569
327
4,620
20,679
351
-
941
346
9,882
344
72,604
900
425
-
1,325|
|---|---|---|---|---|
10
## **THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **5 Restricted Funds**
## **Current Financial Year**
|National Lottery Community Fund
Freeman Charitable Trust
**Previous Financial Year**
National Lottery Community Fund
Freeman Charitable Trust|**Balance**
**01-Nov-23**
**£**
-
-
**-**
**Balance**
**01-Nov-22**
**£**
2,513
4,294
**6,807**|Income
£
-
-
**-**
Income
£
-
6,120
**6,120**|Expenditure
£
-
-
**-**
Expenditure
£
2,513
10,814
**13,327**|Transfers
£
-
-
**-**
Transfers
£
-
400
**400**|**Balance**
**31-Oct-24**
**£**
-
-
**-**
**Balance**
**31-Oct-23**
**£**
-
-
**-**|
|---|---|---|---|---|---|
The Restricted funds held are wholly represented by the Charity's cash reserves are to be expended as specified above.
## **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|Unrestricted
Funds
£
9,180
9,180|Restricted
Funds
£
-
-|**Total Funds**
**31-Oct-24**
**£**
**9,180**
**9,180**|Total Funds
31-Oct-23
£
10,750
10,750|
|---|---|---|---|---|
11
**THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **8 Debtors and Prepayments**
|Sundry Debtors
VAT Recoverable|Unrestricted
Funds
£
-
6,552
6,552|Restricted
Funds
£
-
-
-|**Total Funds**
**31-Oct-24**
**£**
**-**
**6,552**
**6,552**|Total Funds
31-Oct-23
£
1,662
4,439
6,061|
|---|---|---|---|---|
## **9 Creditors: Amounts Falling Due within One Year**
|Independent Examiners Fees
Member Loans
Advances|Unrestricted
Funds
£
500
10,000
407
10,907|Restricted
Funds
£
-
-
-
-|**Total Funds**
**31-Oct-24**
**£**
**500**
**10,000**
**407**
**10,907**|Total Funds
31-Oct-23
£
900
10,000
-
10,900|
|---|---|---|---|---|
## **10 Creditors: Amounts Falling in more than One Year**
|Bridging Loan
Member Loans
Rental Deposits|Unrestricted
Funds
£
15,000
15,000
5,000
35,000|Restricted
Funds
£
-
-
-
-|**Total Funds**
**31-Oct-24**
**£**
**15,000**
**15,000**
**5,000**
**35,000**|Total Funds
31-Oct-23
£
15,000
12,000
5,000
32,000|
|---|---|---|---|---|
During the financial year 2022, the Trustee of The International Hermeneutic Society agreed to obtain a Bridging 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.
## **11 Analysis of Net Assets between Funds**
|Tangible Fixed Assets
Net Current Assets
Long Term Liabilities
**Total Funds**|Unrestricted
Funds
£
773,170
4,824
35,000
742,994|Restricted
Funds
£
-
-
-
-|**Total Funds**
**31-Oct-24**
**£**
**773,170**
**4,824**
**35,000**
**742,994**|Total Funds
31-Oct-23
£
772,451
5,910
32,000
746,361|
|---|---|---|---|---|
12
**THE INTERNATIONAL HERMENEUTIC SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OCTOBER 31, 2024**
## **12 Staff Costs and Numbers**
The Charity employed no members of staff during this or the previous financial year.
## **13 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.
## **14 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.
## **15 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.
13