Charity No. 281749
Hermes Trust
Report and Unaudited Financial Statements
31 December 2021
Hermes Trust
Reference and administrative details
For the year ended 31 December 2021 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 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 2021
The trustees present their report and the examined financial statements for the year ended 31 December 2021. 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 32 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 18 grants were made from restricted funds, and about one quarter of these funds were made in support of education. At the balance sheet date there were 8 loans outstanding, 7 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 50 grants (amounting to £76,673 from unrestricted funds and £109,473 from restricted funds) in support of charitable activities arising from the work of Rudolf Steiner, and at the balance sheet date there were 8 loans outstanding to such projects, which amounted to £1,017,206.
2
Hermes Trust
Report of the trustees
For the year ended 31 December 2021
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 buildings.
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 285%.
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 2021
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 jurisdictions.
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 23 May 2022 and signed on their behalf by
MV 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 2021, 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: 25 May 2022
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 2021
| Restricted Note £ Income from: Donations and legacies 100,230 Investments 3 - Fees - Total income 100,230 Expenditure on: Grants payable 4 109,473 Interest payable - Administration fees 157 Travel and expenses - Independent examination - Insurance - Rent and cleaning - Telephone and internet - Stationery, printing and postage - Depreciation - Sundries - Bad debt provision - Total expenditure 109,630 Net expenditure before gains / losses (9,400) Net gains / losses on investments - 5 (9,400) Reconciliation of funds: Total funds brought forward 573,165 Total funds carried forward 563,765 Net income / (expenditure) and net movement in funds |
Unrestricted £ 4,877 50,833 1,230 56,940 76,673 750 13,000 61 1,110 246 1,427 761 343 56 172 - 94,599 (37,659) 65,462 27,803 1,252,724 1,280,527 |
2021 Total £ 105,107 50,833 1,230 157,170 186,146 750 13,157 61 1,110 246 1,427 761 343 56 172 - 204,229 (47,059) 65,462 18,403 1,825,889 1,844,292 |
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 |
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 13 to the accounts.
6
Hermes Trust
Balance sheet
As at 31 December 2021
| Note Fixed assets Tangible assets 7 Investments 8 Social investments 9 Current assets Debtors 10 Short term deposits Cash at bank and in hand Liabilities Creditors: amounts falling due within 1 year 11 Net current assets Net assets 12 Funds 13 Restricted income funds: Steiner School loan fund Other funds for grants and donations Unrestricted funds: General funds Total charity funds |
£ 3,935 260,807 346,770 611,512 (46,567) |
2021 £ 170 261,971 1,017,206 1,279,347 564,945 1,844,292 411,700 152,065 1,280,527 1,844,292 |
2020 £ 226 196,509 1,255,904 |
|---|---|---|---|
| 1,452,639 6,483 260,572 141,745 |
|||
| 408,800 (35,550) |
|||
| 373,250 | |||
| 1,825,889 | |||
| 411,700 161,465 1,252,724 |
|||
| 1,825,889 |
Approved by the trustees on 23 May 2022 and signed on their behalf by
MV Jonas
Ms M Jonas - Trustee
7
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2021
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 ongoing impact of the COVID-19 pandemic on the charity’s current and future financial position. The charity holds unrestricted, general reserves of £1,280,527, a cash balance of £607,577 and unrestricted net current assets of £412,880 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 2021
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 follows:
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 2021
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 2022 with reference to market data. 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 2021
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 Net income / (expenditure) and net movement in funds |
Restricted £ 36,387 131 - 36,518 32,339 - 77 - - - - - - - - - 32,416 4,102 - 4,102 |
£ 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) Unrestricted |
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) |
11
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2021
3. 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 £ - - - - Restricted £ - 131 - 131 |
£ 50,772 7 54 50,833 £ 48,204 1,299 1 49,504 Unrestricted Unrestricted |
2021 Total £ 50,772 7 54 |
|---|---|---|---|
| 50,833 | |||
| 2020 Total £ 48,204 1,430 1 |
|||
| 49,635 |
12
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2021
4. Grants payable
| Grants made to institutions of £1,000 or more: AATA Acacia Tree Nursery ASGB Ashdown Hub Biodynamic Agricultural Association Christian Community Edinburgh Steiner School Emerson College Eurythmia in India Eurythmy Association of Great Britain Firefly Initiative Hermanus Camphill Holywood Steiner School Integrative Health Online Marylebone Theatre Michael Hall School Nant - y - Cwm Mourne Grange New View West Midlands Eurythmy PAFAM Pahkla Camphill Peredur Centre Rudolf Steiner Association Rudolph Steiner Press St Lukes Therapy Centre SWSF Tablehurst Farm Temple Lodge Publishing The Grove U.H. Films Wynstones Press York Steiner School Total grants payable Total grants made to 6 institutions of up to £1,000 each: Total grants made to 11 individuals: |
Restricted £ 8,424 5,000 9,099 - - - 50,000 - - 2,508 3,928 - 2,575 - - - - - 2,000 10,483 - 5,000 - - - 5,000 - - - 2,250 - - - - 3,206 109,473 |
£ 8,203 - - 650 1,000 3,000 - 3,000 1,000 - - 3,000 - 2,500 2,000 2,500 4,000 2,000 - - 4,000 - 3,000 2,000 15,820 - 2,500 2,500 5,000 - 2,500 2,000 2,000 1,600 900 76,673 Unrestricted |
2021 Total £ 16,627 5,000 9,099 650 1,000 3,000 50,000 3,000 1,000 2,508 3,928 3,000 2,575 2,500 2,000 2,500 4,000 2,000 2,000 10,483 4,000 5,000 3,000 2,000 15,820 5,000 2,500 2,500 5,000 2,250 2,500 2,000 2,000 1,600 4,106 |
|---|---|---|---|
| 186,146 |
13
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2021
4. Grants payable (continued) Prior period comparative
| 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 11 individuals: Total grants made to 6 institutions of up to £1,000 each: |
Restricted £ 16,659 5,000 - - - - 4,000 - - 1,100 - - - - - - - 1,800 - - 3,780 32,339 |
£ 11,200 - 3,000 4,000 2,500 1,000 - 1,000 3,000 - 1,000 2,150 2,000 1,000 4,000 1,300 14,030 - 2,345 1,000 500 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 |
14
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2021
5. Net movement in funds
This is stated after charging:
| Depreciation Accountants' remuneration: ▪Independent examination (including VAT) Trustees' indemnity insurance Trustees' reimbursed expenses |
2021 £ 56 Nil Nil 1,110 |
2020 £ 75 Nil Nil 1,050 |
|---|---|---|
6. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
7. Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Furniture & | |
| equipment | |
| £ | |
| Cost | |
| At 1 January 2021 | 4,850 |
| Additions in year | - |
| At 31 December 2021 | 4,850 |
| Depreciation | |
| At 1 January 2021 | 4,624 |
| Charge for the year | 56 |
| At 31 December 2021 | 4,680 |
| Net book value | |
| At 31 December 2021 | 170 |
| At 31 December 2020 | 226 |
15
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2021
8. Investments
| Listed investments : Santander shares Investment property : freehold property |
2021 2020 £ £ 986 947 260,985 195,562 261,971 196,509 |
|---|---|
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 gains / (losses) Market value at end of year Investment property : Freehold property Market value of investments at start of year Unrealised gains Market value at end of year Historical cost Listed investments : 398 Santander shares Investment property : freehold property |
2021 £ 947 39 986 2021 £ 195,562 65,423 260,985 2021 £ 1,070 56,062 57,132 |
2020 £ 1,259 (312) |
|---|---|---|
| 947 | ||
| 2020 £ 195,562 - |
||
| 195,562 | ||
| 2020 £ 1,070 56,062 |
||
| 57,132 |
16
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2021
9. 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 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 Wynstones School Manchester Steiner School Cambridge Steiner School Cardiff Steiner School Gabriel Education Trust Iona School Rudolf Steiner School South Devon |
2021 £ - 188,854 113,714 47,655 23,579 2,614 - 333,961 89,245 217,584 1,017,206 2021 £ 1,255,904 130,000 (368,698) - 1,017,206 265,849 751,357 1,017,206 |
2020 £ 2,340 155,819 122,126 52,065 6,516 5,358 376 356,164 44,147 510,994 |
|---|---|---|
| 1,255,904 | ||
| 2020 £ 1,416,566 52,784 (206,508) (6,938) |
||
| 1,255,904 | ||
| 101,679 1,154,225 |
||
| 1,255,904 |
17
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2021
10. Debtors
| Interest receivable Tax recoverable |
2021 2020 £ £ 2,009 2,339 1,926 4,144 3,935 6,483 |
|---|---|
11. Creditors : amounts due within 1 year
| Creditors : amounts due within 1 year | ||
|---|---|---|
| Loans Interest payable Accruals Grants payable |
2021 £ 25,000 350 2,217 19,000 46,567 |
2020 £ 25,000 350 2,200 8,000 |
| 35,550 |
18
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2021
12. 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 2021 Prior year comparative Fixed assets Investments Social investments Net current assets Net assets at 31 December 2020 |
£ - - 411,700 152,065 563,765 £ - - 411,700 161,465 573,165 Restricted funds Restricted funds |
£ 170 261,971 605,506 412,880 1,280,527 £ 226 196,509 844,204 211,785 1,252,724 Unrestricted funds Unrestricted funds |
Total funds £ 170 261,971 1,017,206 564,945 |
| 1,844,292 | |||
| £ 226 196,509 1,255,904 373,250 Total funds |
|||
| 1,825,889 |
19
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2021
| 13. Movements in funds At 1 January 2021 £ Restricted funds Steiner School Loan Fund 411,700 Other funds for grants and donations: 4,634 ACTS Fund 882 488 21,995 ASGB Fund 4,000 Breede Centre Fund - 2,509 10,241 15,936 Hermanus Camphill - 100 13,528 Liberation of Acting 6,000 563 5,321 5,017 62,500 830 460 747 Teichman Book Appeal 714 Unibus 5,000 Total restricted funds 573,165 General funds 1,252,724 1,252,724 Total funds 1,825,889 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 Total unrestricted funds Eurythmy Centenary Fund Unrestricted funds New Adult Learning Movement New View Fund Philip Martyn Fund Acacia Tree Nursery Fund Economics Conference Lichtblick Verein Fund |
13. Movements in funds At 1 January 2021 £ Restricted funds Steiner School Loan Fund 411,700 Other funds for grants and donations: 4,634 ACTS Fund 882 488 21,995 ASGB Fund 4,000 Breede Centre Fund - 2,509 10,241 15,936 Hermanus Camphill - 100 13,528 Liberation of Acting 6,000 563 5,321 5,017 62,500 830 460 747 Teichman Book Appeal 714 Unibus 5,000 Total restricted funds 573,165 General funds 1,252,724 1,252,724 Total funds 1,825,889 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 Total unrestricted funds Eurythmy Centenary Fund Unrestricted funds New Adult Learning Movement New View Fund Philip Martyn Fund Acacia Tree Nursery Fund Economics Conference Lichtblick Verein Fund |
£ - 4,494 - - 140 - 60 69,400 - 2,834 2,575 150 13,990 - 750 - - - - 5,160 - 677 - Income |
£ - (9,128) - - (5,483) - - (69,400) - (1,420) (2,575) - (6,000) (2,000) (875) (110) (5,017) - - (5,484) (747) (1,391) - Expenditure |
£ - - - - - - - - - - - - - - - - - - - - - - - Investment gains |
£ 411,700 - 882 488 16,652 4,000 60 2,509 10,241 17,350 - 250 21,518 4,000 438 5,211 - 62,500 830 136 - - 5,000 At 31 December 2021 |
|---|---|---|---|---|---|
| 573,165 | 100,230 | (109,630) | - | 563,765 | |
| 1,252,724 | 56,940 | (94,599) | 65,462 | 1,280,527 | |
| 1,252,724 | 56,940 | (94,599) | 65,462 | 1,280,527 | |
| 1,825,889 | 157,170 | (204,229) | 65,462 | 1,844,292 |
20
Hermes Trust
Notes to the financial statements
For the year ended 31 December 2021
13. 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 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 2021
13. 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 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 2021
13. Movements in funds (continued) Prior year comparative
| Movements in funds (continued) Prior year comparative |
Movements in funds (continued) Prior year comparative |
||||
|---|---|---|---|---|---|
| At 1 January 2020 £ Restricted funds Steiner School Loan Fund 411,700 Other funds for grants and donations: Acacia Tree Nursery - ACTS Fund 1,182 Art of the Spoken 488 Artura Fund 21,928 ASGB Fund 4,000 Breede Centre Fund - Directed Donations 13,309 Economics 10,241 Eurythmy Centenary 12,036 Hermanus Camphill 625 Hermanus Waldorf 145 Houghton Budd Fund 2,575 Liberation of Acting 6,000 Lichtblick Verein Fund 750 Living Forms 5,330 London College of Eurythmy Fund 5,017 Meijer Fund 62,500 New Adult Learning 830 New View Fund 275 Philip Martyn Fund 747 Ruskin Mill Education 4,000 Teichman Book 385 Unibus 5,000 Total restricted funds 569,063 General funds 1,269,871 1,269,871 Total funds 1,838,934 Unrestricted funds Total unrestricted funds |
£ - 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 |
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Hermes Trust
Notes to the financial statements
For the year ended 31 December 2021
14. Related party transactions
There were no related party transactions during the current or previous year.
15. Financial instruments at fair value
2021 2020 £ £ Financial assets that are debt instruments measured at fair value: Investments in listed shares 986 947
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