Charity No. 281749
Hermes Trust
Report and Unaudited Financial Statements
31 December 2020
Hermes Trust
Reference and administrative details
For the year ended 31 December 2020
Charity number 281749 Registered office and Old Painswick Inn operational address Gloucester Street Stroud Gloucestershire GL5 1QG Trustees Trustees who served during the year and up to the date of this report were as follows: Mr M Balcombe Mr G Holman Resigned 31 October 2020 Ms M Jonas Mr J Smith Independent examiners Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
1
Hermes Trust
Report of the trustees
For the year ended 31 December 2020
The trustees present their report and the examined financial statements for the year ended 31 December 2020. 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 and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).
Structure, governance and management
The organisation is an unincorporated trust subject to a Trust Deed dated 10 December 1980. The organisation is also a registered charity, registered 29 January 1981. From time to time, the trustees increase their number and appoint an additional trustee after having considered suitable candidates.
Principal objects and activities
The Trust is established to further the spiritual science of Dr Rudolf Steiner and to promote its application in the fields of education, the arts and sciences, medicine, religion and spiritual development, social development and welfare, agriculture and otherwise for public benefit. The Trust achieves this by receiving and providing grants and loans.
Achievements and performance
During the year the Trust made 28 grants from unrestricted funds to support activities fulfilling its charitable objects. Approximately two thirds of this money was given to support education, and one third was given to other projects. A further 17 grants were made from restricted funds, and about one third of these funds were made in support of education. At the balance sheet date there were 10 loans outstanding, 9 of which were in support of Waldorf education and one was in support of care for those with special needs.
Public benefit
In setting the charity's objectives and planning its activities the trustees have given consideration to the Charity Commission general guidance on public benefit. By giving financial help to Steiner schools, a holistic approach to education is being supported which pays attention to the education of ‘head, heart and hand’. In nurturing what is often called emotional intelligence, social sensitivity is engendered which benefits society at large. By contributing also to the bursary funds of such schools, access to them is broadened to include families that struggle financially. The Trust also supports adult education which leads to more informed and capable citizens, which in turn enhances the functioning of society. The Trust also supports medical projects that relieve the suffering of the sick. The Trust also supports the development of the bio-dynamic approach to agriculture which has strong environmental / ecological benefits, improving the wellbeing of society at large. The Trust also supports projects offering the public opportunities to develop their understanding of, and participation in, the arts, the sciences, and spiritual / religious endeavour. These too nourish and enrich the mental, moral and emotional aspects of the human being, which in turn promotes more informed and considered contributions to society.
Financial review
During the year, the Trust made 45 grants (amounting to £55,025 from unrestricted funds and £32,339 from restricted funds) in support of charitable activities arising from the work of Rudolf Steiner, and at the balance sheet date there were 10 loans outstanding to such projects, which amounted to £1,255,904.
2
Hermes Trust
Report of the trustees
For the year ended 31 December 2020
The financial position of the Trust remains sound and we confirm that our liquid assets exceed those required by our liquidity policy, which is to ensure that the Trust holds sufficient cash and/or maturing investments to cover all worst-case maturing liabilities. The trustees have performed a thorough assessment of the risks to which the Trust is/could be exposed, and are satisfied with the various ways in which these risks have been mitigated. All the Trust's borrowers must demonstrate financial viability, and most of the loans provided by the Trust are secured by charges over land and
The trustees have considered what impact the Covid-19 pandemic could have on the charity’s current and future financial position. The main risk is that its borrowers might struggle to meet loan repayments because of their own cash flow difficulties. To mitigate against this risk, the Trust will maintain an operating reserve sufficient to cover running costs for at least 12 months. Although thought to be considerably less likely, a further risk to the charity is that an extreme economic downturn leads to failure in one or another financial institution holding Trust funds. To mitigate against this risk, the Trust will spread its cash reserves across several institutions.
Reserves policy
As a funding charity which provides grants and loans, the Trust is able to ‘future-proof’ its income stream by lending out its own capital (circa £1,000,000 unrestricted and £400,000 restricted) such that the interest paid by borrowers covers basic office running costs with a high degree of predictability. Latterly, basic running costs have been covered by this stable income stream by a margin of some 200%. However, given the Covid-19 risks outlined above, the Trust will, for the time being, maintain an operating reserve sufficient to cover running costs for at least 12 months.
The trustees
A list of the trustees serving during the year and up to the date of this report is included on page 1. Trustees have no beneficial interest in the charity.
Statement of responsibilities of the trustees
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees are to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
3
Hermes Trust
Report of the trustees
For the year ended 31 December 2020
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other
Independent examiners
Godfrey Wilson Limited were re-appointed as examiners to the charity during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 25 May 2021 and signed on their behalf by
M V Jonas
Ms M Jonas - Trustee
4
Independent examiner's report
To the trustees of
Hermes Trust
I report to the trustees on my examination of the accounts of Hermes Trust (the charity) for the year ended 31 December 2020, which are set out on pages 6 to 24.
Responsibilities and basis of report
As trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s 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 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
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.
Alison Godfrey
Date: 27 May 2021
Alison Godfrey FCA Member of the ICAEW
For and on behalf of:
GODFREY WILSON LIMITED
Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
5
Hermes Trust
Statement of financial activities
For the year ended 31 December 2020
| Restricted Note £ Income from: Donations and legacies 3 36,387 Investments 4 131 Fees - Total income 36,518 Expenditure on: Grants payable 5 32,339 Interest payable - Administration fees 77 Travel and expenses - Independent examination - Insurance - Rent and cleaning - Telephone and internet - Stationery, printing and postage - Depreciation - Sundries - Bad debt provision - Total expenditure 32,416 Net income / (expenditure) before losses 4,102 Net losses on investments - 6 4,102 Reconciliation of funds: Total funds brought forward 569,063 Total funds carried forward 573,165 Net income / (expenditure) and net movement in funds |
Unrestricted £ 17,586 49,504 285 67,375 55,025 6,459 11,830 - 1,060 240 1,441 363 444 75 204 7,070 84,211 (16,836) (311) (17,147) 1,269,871 1,252,724 |
2020 Total £ 53,973 49,635 285 103,893 87,364 6,459 11,907 - 1,060 240 1,441 363 444 75 204 7,070 116,627 (12,734) (311) (13,045) 1,838,934 1,825,889 |
2019 Total £ 211,720 56,635 65 |
|---|---|---|---|
| 268,420 | |||
| 127,992 12,195 12,026 118 810 238 1,362 349 254 100 304 30,000 |
|||
| 185,748 | |||
| 82,672 (321) |
|||
| 82,351 1,756,583 |
|||
| 1,838,934 |
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 15 to the accounts.
6
Hermes Trust
Balance sheet
As at 31 December 2020
| Note Fixed assets Tangible assets 8 Investments 9 Social investments 10 Current assets Debtors 11 Short term deposits Cash at bank and in hand Liabilities Creditors: amounts falling due within 1 year 12 Net current assets Total assets less current liabilities Creditors: amounts falling due after 1 year 13 Net assets 14 Funds 15 Restricted income funds: Steiner School loan fund Other funds for grants and donations Unrestricted funds: General funds Total charity funds |
£ 6,483 260,572 141,745 408,800 (35,550) |
2020 £ 226 196,509 1,255,904 1,452,639 373,250 1,825,889 - 1,825,889 411,700 161,465 1,252,724 1,825,889 |
2019 £ 301 196,821 1,416,566 |
|---|---|---|---|
| 1,613,688 3,651 499,108 78,631 |
|||
| 581,390 (66,544) |
|||
| 514,846 | |||
| 2,128,534 (289,600) |
|||
| 1,838,934 | |||
| 411,700 157,363 1,269,871 |
|||
| 1,838,934 |
Approved by the trustees on 25 May 2021 and signed on their behalf by
M V Jonas
Ms M Jonas - Trustee
7
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)).
Hermes Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
b) Going concern basis of accounting
The accounts have been prepared on the assumption that the charity is able to continue as a going concern. The trustees have considered the on going impact of the COVID-19 pandemic on the charity’s current and future financial position. The charity holds unrestricted, general reserves of £1,252,724, a cash balance of £402,317 and unrestricted net current assets of £211,785 and has a low level of general running costs. The trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.
c) Income
- Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably. Donations are recognised on a receipts basis when the relevant criteria for recognition are deemed to have been met.
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 executors 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 treated as a contingent asset and disclosed if material.
d) 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.
The charity makes loans to schools, other charities, borrowing communities and individuals. These loans are repayable in due course and the terms of the loans vary. Interest on concessionary loans is included when receivable and the amount can be measured reliably by the charity: this is normally when the loan interest falls due.
e) Funds accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
8
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
1. Accounting policies (continued)
f) Expenditure and irrecoverable VAT
Expenditure and recognised once there is a legal or constructive obligation to make a payment to a third party, it is probably that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
g) Tangible fixed assets
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
Furniture and equipment
25% reducing balance
h) Financial instruments
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.
i) Listed investments
Investments listed or traded on a recognised stock exchange are stated at fair value at the reporting date. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.
j) Investment property
The charity holds 34.24% of an investment property. This was originally valued at the appropriate share of the historical cost, and subsequently is held at fair value at the reporting date. Investments are reviewed for impairments on a regular basis. Realised and unrealised gains are recognised in the Statement of Financial Activities.
k) Social investments : concessionary loans
The charity holds social investments made exclusively to further its charitable aims in the form of concessionary loans. Concessionary loans are recognised when the commitment is entered into and the relevant loan documentation has been completed. The loans are initially recognised and measured at the amount paid, with the carrying amount adjusted in subsequent years to reflect repayments and if necessary for any impairment.
l) Debtors
Debtors and provisions are recognised where the charity has a present asset resulting from a past event that will probably result in the transfer of funds from a third party and the amount due to settle the asset can be measured or estimated reliably. Debtors are normally recognised at their settlement amount.
m) 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.
9
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
1. Accounting policies (continued)
n) Creditors
Creditors 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 are normally recognised at their settlement amount after allowing for any trade discounts due.
o) Accounting estimates and key judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Investments
Hermes Trust holds a 34.24% interest in a freehold property within investments. The trustees have obtained an informal valuation of the property as of March 2016 and the balance sheet value of this property is 34.24% of this estimate. The trustees regard this valuation adequately reflects the market value on the balance sheet date.
10
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
2. Prior period comparatives: statement of financial activities
| Income from: Donations and legacies Investments Fees Total income Expenditure on: Grants payable Interest payable Administration fees Travel and expenses Independent examination Insurance Rent and cleaning Telephone and internet Stationery, printing and postage Depreciation Sundries Bad debt provision Total expenditure Net income / (expenditure) before losses Net losses on investments 3. Donations and legacies Donations Legacies Total donations and legacies Net income / (expenditure) and net movement in funds |
Restricted £ £ 84,066 127,654 131 56,504 - 65 84,197 184,223 66,192 61,800 - 12,195 112 11,914 - 118 - 810 - 238 - 1,362 - 349 - 254 - 100 - 304 - 30,000 66,304 119,444 17,893 64,779 - (321) 17,893 64,458 Restricted £ £ 36,387 - - 17,586 36,387 17,586 Unrestricted Unrestricted |
2019 Total £ 211,720 56,635 65 |
|---|---|---|
| 268,420 | ||
| 127,992 12,195 12,026 118 810 238 1,362 349 254 100 304 30,000 |
||
| 185,748 | ||
| 82,672 (321) |
||
| 82,351 | ||
| 2020 Total £ 36,387 17,586 |
||
| 53,973 |
11
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
3. Donations and legacies (continued) Prior period comparative
| Donations Legacies Total donations and legacies Investment income Interest receivable on loans Dividends Total investment income Prior period comparative Interest receivable on loans Dividends Total investment income Interest receivable on short term deposits and bank accounts Interest receivable on short term deposits and bank accounts |
Restricted £ £ 84,066 3,210 - 124,444 84,066 127,654 Restricted £ £ - 48,204 131 1,299 - 1 131 49,504 Restricted £ £ - 53,915 131 2,525 - 64 131 56,504 Unrestricted Unrestricted Unrestricted |
2019 Total £ 87,276 124,444 |
|---|---|---|
| 211,720 | ||
| 2020 Total £ 48,204 1,430 1 |
||
| 49,635 | ||
| 2019 Total £ 53,915 2,656 64 |
||
| 56,635 |
4. Investment income
12
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
5. Grants payable
| Grants payable | ||
|---|---|---|
| Grants made to institutions of £1,000 or more: ASGB Biodynamic Agricultural Association Cambridge Steiner School Camphill Aberdeen Christian Community Compassionate Mental Health Cultural Freedom Trust Elysia Therapeutic Centre Eurythmy Association of Great Britain Gabriel Education Trust Kildare Steiner School Lindens Early Years Pahkla Camphill Peredur Centre Performing Arts International Rudolf Steiner Association Temple Lodge Publishing York Steiner School Zanzibar Steiner School Total grants payable Total grants made to 8 institutions of up to £1,000 each: Total grants made to 18 individuals: |
Restricted £ £ 16,659 11,200 5,000 - - 3,000 - 4,000 - 2,500 - 1,000 4,000 - - 1,000 - 3,000 1,100 - - 1,000 - 2,150 - 2,000 - 1,000 - 4,000 - 1,300 - 14,030 1,800 - - 2,345 - 1,000 3,780 500 32,339 55,025 Unrestricted |
2020 Total £ 27,859 5,000 3,000 4,000 2,500 1,000 4,000 1,000 3,000 1,100 1,000 2,150 2,000 1,000 4,000 1,300 14,030 1,800 2,345 1,000 4,280 |
| 87,364 |
13
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
5. Grants payable (continued) Prior period comparative
| Grants made to institutions of £1,000 or more: Acacia Waldorf Schools ASGB Devon Biodynamic Land Trust Camphill Wakefield Edinburgh Steiner School Eurythmy Association of Great Britain Eurythmy India Eurythmy West Midlands Festival of the Child Goethanum Hermanus Camphill Community Hermanus Waldorf School Kairos Rehabilitation Kildare Steiner School Lichtblick Verein London Steiner School New View Perecles Theatre Peredur Centre Robins Nest Rudolf Steiner Association Steiner Education Trust Tablehurst Farm Temple Lodge Publishing York Steiner School Total grants payable Total grants made to 17 individuals: Total grants made to 8 institutions of up to £1,000 each: |
Restricted £ £ 33,213 15,200 6,065 - - 1,500 - 1,000 - 1,000 - 3,000 - 2,000 1,300 - - 1,000 - 1,000 11,192 - 500 - 622 - - 3,500 - 2,500 1,083 - 5,000 - 987 - - 2,500 - 2,250 - 3,500 - 14,000 - 1,000 - 4,000 3,960 - - 1,000 2,270 1,850 66,192 61,800 Unrestricted |
2019 Total £ 48,413 6,065 1,500 1,000 1,000 3,000 2,000 1,300 1,000 1,000 11,192 500 622 3,500 2,500 1,083 5,000 987 2,500 2,250 3,500 14,000 1,000 4,000 3,960 1,000 4,120 |
|---|---|---|
| 127,992 |
14
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
6. Net movement in funds
This is stated after charging:
| Depreciation Accountants' remuneration: Independent examination (including VAT) Trustees' indemnity insurance Trustees' reimbursed expenses |
2020 £ 75 Nil Nil 1,050 |
2019 £ 100 Nil Nil 810 |
|---|---|---|
7. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
8. Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Furniture & | |
| equipment | |
| £ | |
| Cost | |
| At 1 January 2020 | 4,850 |
| Additions in year | - |
| At 31 December 2020 | 4,850 |
| Depreciation | |
| At 1 January 2020 | 4,549 |
| Charge for the year | 75 |
| At 31 December 2020 | 4,624 |
| Net book value | |
| At 31 December 2020 | 226 |
| At 31 December 2019 | 301 |
15
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
9. Investments
| Listed investments : Santander shares Investment property : freehold property |
2020 £ 947 195,562 196,509 |
2019 £ 1,259 195,562 |
|---|---|---|
| 196,821 |
Hermes Trust holds a 34.24% interest in a property and will benefit from the increase in value when the property is eventually sold. The investment in the property is carried at its market value at the balance sheet date.
Listed investments : Santander shares
| Market value of investments at start of year Unrealised gain / (loss) Market value at end of year Investment property : Freehold property Market value of investments at start of year Additions Market value at end of year Historical cost Listed investments : 398 Santander shares Investment property : freehold property |
2020 £ 1,259 (312) 947 2020 £ 195,562 - 195,562 2020 £ 1,070 56,062 57,132 |
2019 £ 1,580 (321) |
|---|---|---|
| 1,259 | ||
| 2019 £ 194,500 1,062 |
||
| 195,562 | ||
| 2019 £ 1,070 56,062 |
||
| 57,132 |
16
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
10. Social investments : concessionary loans
Hermes Trust makes loans to schools, other charities, and individuals in pursuance of its charitable objectives. The terms of the loans vary. Outstanding amounts at the year end are as follows:
| Calder Valley Steiner School Ekopia Social Investments Ltd Nutley Hall Total before provisions for bad debts Bad debt provision Total Wynstones School Marie Waring Manchester Steiner School Cambridge Steiner School Cardiff Steiner School Gabriel Education Trust Iona School Moray Steiner School Rudolf Steiner School South Devon |
2020 £ 2,340 155,819 122,126 52,065 6,516 5,358 376 - - 356,164 44,147 510,994 1,255,904 - 1,255,904 |
2019 £ 3,326 161,571 130,209 - 9,338 7,995 580 106,965 52,784 377,600 65,874 530,324 |
|---|---|---|
| 1,446,566 (30,000) |
||
| 1,416,566 |
- The bad debt provision was made in 2019 against the loan to Marie Waring.
| At 1 January Loan advances during the year Loan repayments during the year Bad debts provided for At 31 December Loan repayments falling due: Within one year After more than one year |
2020 £ 1,416,566 52,784 (206,508) (6,938) 1,255,904 101,679 1,154,225 1,255,904 |
2019 £ 1,368,240 180,948 (102,622) (30,000) |
|---|---|---|
| 1,416,566 | ||
| 179,698 1,236,868 |
||
| 1,416,566 |
17
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
11. Debtors
| Debtors | ||
|---|---|---|
| Interest receivable Tax recoverable |
2020 £ 2,339 4,144 6,483 |
2019 £ 694 2,957 |
| 3,651 |
12. Creditors : amounts due within 1 year
| Loans Interest payable Accruals Grants payable 13. Creditors: amounts falling due after 1 year (a) Rudolf Steiner Association (loan A) (b) Rudolf Steiner Association (loan B) (c) Steiner Waldorf Schools Fellowship |
2020 £ 25,000 350 2,200 8,000 35,550 2020 £ - - - - |
2019 £ 44,900 6,184 960 14,500 |
|---|---|---|
| 66,544 | ||
| 2019 £ 140,000 61,600 88,000 |
||
| 289,600 |
(a) is a long term loan subject to 3.75% interest and repayable over a five year period only after one year's notice. (b) is a long term loan subject to 3.75% interest and repayable over a 5 year period only after 6 months' notice.
- (c) is a long term loan subject to 3.5% interest and repayable over a 5 year period only after one years notice.
18
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
14. Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Fixed assets Investments Social investments Net current assets Net assets at 31 December 2020 Prior year comparative Fixed assets Investments Social investments Net current assets Creditors: falling due after 1 year Net assets at 31 December 2019 |
£ - - 411,700 161,465 573,165 £ - - 411,700 157,363 - 569,063 Restricted funds Restricted funds |
£ 226 196,509 844,204 211,785 1,252,724 £ 301 196,821 1,004,866 357,483 (289,600) 1,269,871 Unrestricted funds Unrestricted funds |
Total funds £ 226 196,509 1,255,904 373,250 |
| 1,825,889 | |||
| £ 301 196,821 1,416,566 514,846 (289,600) Total funds |
|||
| 1,838,934 |
19
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
15. Movements in funds
| Movements in funds | Movements in funds | ||||
|---|---|---|---|---|---|
| At 1 January 2020 £ Restricted funds Steiner School Loan Fund 411,700 Other funds for grants and donations: - ACTS Fund 1,182 488 21,928 ASGB Fund 4,000 Breede Centre Fund - 13,309 10,241 12,036 Hermanus Camphill 625 145 2,575 Liberation of Acting 6,000 750 5,330 5,017 62,500 830 275 747 4,000 Teichman Book Appeal 385 Unibus 5,000 Total restricted funds 569,063 General funds 1,269,871 1,269,871 Total funds 1,838,934 Total unrestricted funds Eurythmy Centenary Fund Unrestricted funds New Adult Learning Movement New View Fund Philip Martyn Fund Ruskin Mill Education Trust Fund Acacia Tree Nursery Fund Economics Conference Lichtblick Verein Fund Art of the Spoken Word Fund Artura Fund Directed Donations Fund Living Forms Research Fund Hermanus Waldorf School Fund Houghton Budd Fund Meijer Fund London College of Eurythmy Fund |
£ - 4,664 - 3,235 390 - 180 2,300 - 5,000 - 663 15,953 - 750 131 - - - 1,123 - - 2,129 - Income |
£ - (30) (300) (3,235) (323) - (180) (13,100) - (1,100) (625) (708) (5,000) - (937) (140) - - - (938) - (4,000) (1,800) - Expenditure |
£ - - - - - - - - - - - - - - - - - - - - - - - - Investment losses |
£ 411,700 4,634 882 488 21,995 4,000 - 2,509 10,241 15,936 - 100 13,528 6,000 563 5,321 5,017 62,500 830 460 747 - 714 5,000 At 31 December 2020 |
|
| 569,063 | 36,518 | (32,416) | - | 573,165 | |
| 1,269,871 | 67,375 | (84,211) | (311) | 1,252,724 | |
| 1,269,871 | 67,375 | (84,211) | (311) | 1,252,724 | |
| 1,838,934 | 103,893 | (116,627) | (311) | 1,825,889 |
20
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
15. Movements in funds (continued) Purposes of restricted funds
The Steiner School Loan Fund is a revolving loan fund established to support Steiner Schools and Kindergartens in the UK.
The Acacia Tree Nursery Fund acts as a conduit for donations to this Waldorf kindergarten in South Africa.
The ACTS Fund stewards donations for the educational project Acknowledging Creative Thinking Skills.
The Art of the Spoken Word Fund acts as a conduit for donations in support of research and publication carried out by Sibylle Eichstaedt.
The Artura Fund supports educational work undertaken by Dr Brien Masters.
The ASGB Fund supports the Anthroposophical Society in Great Britain.
The Breede Centre Fund acts as a conduit for donations to this project in McGregor, South Africa which provides training for the unemployed.
The Directed Donations Fund is a conduit for one-off donations made in furtherance of the Trust's charitable objects.
The Economics Conference supports research into economics as elucidated by Rudolf Steiner.
The Eurythmy Centenary Fund acts as a conduit for donations to support the staging of performances to celebrate 100 years of eurythmy.
The Hermanus Camphill Fund is a conduit for funds raised for the Camphill School in the township of Hermanus, South Africa.
The Hermanus Waldorf School Fund is a conduit for funds raised for the Steiner school in the township of Hermanus, South Africa.
The Houghton Budd fund acts as a conduit for donations in support of Christopher Houghton Budd’s work on associative economics.
The Liberation of Acting Fund exists to support speech and drama training.
The Lichtblick Verein Fund acts as a conduit for donations to support the development of colour and light therapy.
The Living Forms Research Fund supports research into the relationship between planetary phenomena and the development of bud and leaf growth, and also the human heart and uterus.
The London College of Eurythmy Fund holds charitable funds arising from the closure of the LCE.
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Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
15. Movements in funds (continued)
The Meijer Fund holds an endowment in support of projects run by Reinoud and Annie Meijer in Sweden that are in keeping with the charity's objects.
The New Adult Learning Movement Fund supports the adult training, education and research facilitated by NALM.
The New View Fund acts as a conduit for donations in support of the magazine New View.
The Philip Martyn Fund is a conduit for directed donations from Philip Martyn in furtherance of the charity's objects.
The Rudolf Steiner Film Fund acts as a conduit for donations to support the making of a documentary by Jonathan Stedall.
The Ruskin Mill Education Trust Fund supports the arts, sciences, education and research.
The Teichmann Book Appeal is for the translation of works by author Frank Teichmann.
The Unibus Fund acts as a conduit for funds to support the Unibus youth project.
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Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
15. Movements in funds (continued) Prior year comparative
| At 1 January 2019 £ Restricted funds Steiner School Loan Fund 411,700 Other funds for grants and donations: Acacia Tree Nursery 3,104 ACTS Fund - Art of the Spoken 488 Artura Fund 22,034 ASGB Fund - Directed Donations 1,009 Economics 5,232 Eurythmy Centenary 11,036 Hermanus Camphill - Hermanus Waldorf 105 Houghton Budd Fund - Liberation of Acting 10,000 Lichtblick Verein Fund 1,100 Living Forms 5,308 London College of 6,317 Meijer Fund 62,500 New Adult Learning 830 New View Fund - Philip Martyn Fund 747 Rudolf Steiner Film 660 Ruskin Mill Education 4,000 Teichman Book - Unibus 5,000 Total restricted funds 551,170 General funds 1,205,413 1,205,413 Total funds 1,756,583 Unrestricted funds Total unrestricted funds |
At 1 January 2019 £ Restricted funds Steiner School Loan Fund 411,700 Other funds for grants and donations: Acacia Tree Nursery 3,104 ACTS Fund - Art of the Spoken 488 Artura Fund 22,034 ASGB Fund - Directed Donations 1,009 Economics 5,232 Eurythmy Centenary 11,036 Hermanus Camphill - Hermanus Waldorf 105 Houghton Budd Fund - Liberation of Acting 10,000 Lichtblick Verein Fund 1,100 Living Forms 5,308 London College of 6,317 Meijer Fund 62,500 New Adult Learning 830 New View Fund - Philip Martyn Fund 747 Rudolf Steiner Film 660 Ruskin Mill Education 4,000 Teichman Book - Unibus 5,000 Total restricted funds 551,170 General funds 1,205,413 1,205,413 Total funds 1,756,583 Unrestricted funds Total unrestricted funds |
£ - 2,990 1,182 4,951 305 4,000 34,992 11,341 1,000 1,125 688 15,135 - 750 131 - - - 1,263 - - - 4,344 - Income |
£ - (6,094) - (4,951) (411) - (22,692) (6,332) - (500) (648) (12,560) (4,000) (1,100) (109) (1,300) - - (988) - (660) - (3,959) - Expenditure |
£ - - - - - - - - - - - - - - - - - - - - - - - - Investment losses |
£ 411,700 - 1,182 488 21,928 4,000 13,309 10,241 12,036 625 145 2,575 6,000 750 5,330 5,017 62,500 830 275 747 - 4,000 385 5,000 At 31 December 2019 |
|---|---|---|---|---|---|
| 551,170 | 84,197 | (66,304) | - | 569,063 | |
| 1,205,413 | 184,223 | (119,444) | (321) | 1,269,871 | |
| 1,205,413 | 184,223 | (119,444) | (321) | 1,269,871 | |
| 1,756,583 | 268,420 | (185,748) | (321) | 1,838,934 |
23
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2020
16. Related party transactions
A trustee, Jeremy Smith, is also a director of Tablehurst Farm. In 2019, a grant of £4,000 was made to Tablehurst Farm.
17. Financial instruments at fair value
2020 2019 £ £ Financial assets that are debt instruments measured at fair value: Investments in listed shares 947 1,259
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