Charity No. 281749
## **Hermes Trust**
# **Report and Unaudited Financial Statements**
**31 December 2022**
## **Hermes Trust**
## **Reference and administrative details**
|**For theyear ended 31 December 2022**|**For theyear ended 31 December 2022**|
|---|---|
|**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 2022**
The trustees present their report and the examined financial statements for the year ended 31 December 2022. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Trust Deed 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 24 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 16 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 7 loans outstanding, 6 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 40 grants (amounting to £57,941 from unrestricted funds and £77,127 from restricted funds) in support of charitable activities arising from the work of Rudolf Steiner, and at the balance sheet date there were 7 loans outstanding to such projects, which amounted to £1,087,230.
2
## **Hermes Trust**
## **Report of the trustees**
## **For the year ended 31 December 2022**
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 £1,250,000 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- 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
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
3
## **Hermes Trust**
## **Report of the trustees**
## **For the year ended 31 December 2022**
## **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 15 May 2023 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 2022, which are set out on pages 6 to 22.
## **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:
- (1) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- (2) the accounts do not accord with those records; or
- (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: 15 May 2023
## **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 2022**
|Restricted
Note
£
**Income from:**
Donations and legacies
62,646
Investments
3
-
Fees
-
**Total income**
62,646
**Expenditure on:**
Grants payable
4
77,127
Interest payable
-
Administration fees
170
Travel and expenses
-
Independent examination
-
Insurance
-
Rent and cleaning
-
Telephone and internet
-
Stationery, printing and postage
-
Depreciation
-
Sundries
-
**Total expenditure**
77,297
**Net expenditure before gains**
(14,651)
Net gains on investments
-
5
(14,651)
**Reconciliation of funds:**
Total funds brought forward
563,765
**Total funds carried forward**
549,114
**Net income / (expenditure) and net**
**movement in funds**|Unrestricted
£
1,588
39,790
6,560
47,938
57,941
750
13,000
127
1,200
360
1,427
448
323
263
183
76,022
(28,084)
3
(28,081)
1,280,527
1,252,446|**2022**
**Total**
**£**
**64,234**
**39,790**
**6,560**
**110,584**
**135,068**
**750**
**13,170**
**127**
**1,200**
**360**
**1,427**
**448**
**323**
**263**
**183**
**153,319**
**(42,735)**
**3**
**(42,732)**
**1,844,292**
**1,801,560**|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|
|---|---|---|---|
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 2022**
**----- Start of picture text -----**
2022 2021
Note £ £ £
Fixed assets
Tangible assets 7 789 170
Investments 8 261,974 261,971
Social investments 9 1,087,230 1,017,206
1,349,993 1,279,347
Current assets
Debtors 10 3,343 3,935
Short term deposits 261,487 260,807
Cash at bank and in hand 206,363 346,770
471,193 611,512
Liabilities
Creditors: amounts falling due within 1 year 11 (19,626) (46,567)
Net current assets 451,567 564,945
Net assets 12 1,801,560 1,844,292
Funds 13
Restricted income funds:
Steiner School loan fund 411,700 411,700
Other funds for grants and donations 137,414 152,065
Unrestricted funds:
General funds 1,252,446 1,280,527
Total charity funds 1,801,560 1,844,292
**----- End of picture text -----**
Approved by the trustees on 15 May 2023 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 2022**
**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, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.
## **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 2022**
**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 2022**
## **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 February 2023 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 2022**
## **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
**Total expenditure**
**Net expenditure before gains**
Net gain on investments
**Net income / (expenditure) and net**
**movement in funds**|Restricted
£
100,230
-
-
100,230
109,473
-
157
-
-
-
-
-
-
-
-
109,630
(9,400)
-
(9,400)|£
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
Unrestricted|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|
|---|---|---|---|
11
## **Hermes Trust**
## **Notes to the financial statements**
## **For the year ended 31 December 2022**
## **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
£
-
-
-
-|£
38,421
1,337
32
39,790
£
50,772
7
54
50,833
Unrestricted
Unrestricted|**2022**
**Total**
**£**
**38,421**
**1,337**
**32**
**39,790**
2021
Total
£
50,772
7
54
50,833|
|---|---|---|---|
12
## **Hermes Trust**
## **Notes to the financial statements**
## **For the year ended 31 December 2022**
## **4. Grants payable**
|Grants made to institutions of £1,000 or more:
Acacia Tree Nursery
Alder Bridge School
Anthroposophical Society in Great Britain
Camphill School Aberdeen
Emerson College
Eurythmy Association of Great Britain
London Steiner School
Marylebone Theatre
New View
Peredur Centre
Rudolf Steiner Association
Rudolph Steiner Press
Steiner Online Library
Steiner Waldorf Schools Fellowship
Tablehurst Farm
Wellsbourne Health Centre
Willow Tree Parent and Child
**Total grants payable**
Total grants made to 10 institutions of up to
£1,000 each:
Total grants made to 13 individuals:|Restricted
£
25,130
4,945
-
22,700
-
-
9,950
-
-
5,213
-
-
5,000
-
-
-
-
-
4,190
77,127|£
6,341
-
2,000
-
5,000
1,200
-
3,000
2,500
-
1,500
15,000
-
3,000
10,000
2,000
2,000
3,500
900
57,941
Unrestricted|**2022**
**Total**
**£**
**31,471**
**4,945**
**2,000**
**22,700**
**5,000**
**1,200**
**9,950**
**3,000**
**2,500**
**5,213**
**1,500**
**15,000**
**5,000**
**3,000**
**10,000**
**2,000**
**2,000**
**3,500**
**5,090**
**135,068**|
|---|---|---|---|
13
## **Hermes Trust**
## **Notes to the financial statements**
## **For the year ended 31 December 2022**
**4. Grants payable (continued) Prior period comparative**
|Grants made to institutions of £1,000 or more:
Association of Anthroposophic Therapeutic Arts
Acacia Tree Nursery
Anthroposophical Society in Great Britain
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
Patients and Friends of Athroposophic Medicine
Pahkla Camphill
Peredur Centre
Rudolf Steiner Association
Rudolph Steiner Press
St Lukes Therapy Centre
Steiner Waldorf Schools Fellowship
Tablehurst Farm
Temple Lodge Publishing
The Grove
U.H. Films
Wynstones Press
York Steiner School
**Total grants payable**
Total grants made to 11 individuals:
Total grants made to 6 institutions of up to
£1,000 each:|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|
|---|---|---|---|
14
## **Hermes Trust**
## **Notes to the financial statements**
## **For the year ended 31 December 2022**
**5. Net movement in funds**
This is stated after charging:
|Depreciation
Accountants' remuneration:
Independent examination (including VAT)
Trustees' indemnity insurance
Trustees' reimbursed expenses|**2022**
**£**
**263**
**Nil**
**Nil**
**1,200**|2021
£
56
Nil
Nil
1,110|
|---|---|---|
## **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**||
|---|---|
|**Cost**|**£**
**Furniture &**
**equipment**|
|At 1 January 2022|4,850|
|Additions in year|882|
|At 31 December 2022|5,732|
|**Depreciation**||
|At 1 January 2022|4,680|
|Charge for the year|263|
|At 31 December 2022|4,943|
|**Net book value**||
|**At 31 December 2022**|**789**|
|At 31 December 2021|170|
15
## **Hermes Trust**
## **Notes to the financial statements**
## **For the year ended 31 December 2022**
## **8. Investments**
|Listed investments: Santander shares
Investment property: freehold property|**2022**
**£**
**989**
**260,985**
**261,974**|2021
£
986
260,985
261,971|
|---|---|---|
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
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|**2022**
**£**
**986**
**3**
**989**
**2022**
**£**
**260,985**
**-**
**260,985**
**2022**
**£**
**1,070**
**56,062**
**57,132**|2021
£
947
39
986
2021
£
195,562
65,423
260,985
2021
£
1,070
56,062
57,132|
|---|---|---|
16
## **Hermes Trust**
## **Notes to the financial statements**
## **For the year ended 31 December 2022**
**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:
|Ekopia Social Investments Ltd
Nutley Hall
**Total**
At 1 January
Loan advances during the year
Loan repayments during the year
**At 31 December**
**Loan repayments falling due:**
Within one year
After more than one year
Wynstones School
Cambridge Steiner School
Cardiff Steiner School
Gabriel Education Trust
Iona School
Rudolf Steiner School South Devon|**2022**
**£**
**228,471**
**104,960**
**43,065**
**18,578**
**-**
**310,969**
**81,187**
**300,000**
**1,087,230**
**2022**
**£**
**1,017,206**
**350,000**
**(279,976)**
**1,087,230**
**61,690**
**1,025,540**
**1,087,230**|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|
|---|---|---|
17
## **Hermes Trust**
## **Notes to the financial statements**
## **For the year ended 31 December 2022**
## **10. Debtors**
|Interest receivable
Tax recoverable|**2022**
**£**
**669**
**2,674**
**3,343**|2021
£
2,009
1,926
3,935|
|---|---|---|
## **11. Creditors : amounts due within 1 year**
|Loans
Interest payable
Accruals
Grants payable|**2022**
**£**
**5,000**
**100**
**2,526**
**12,000**
**19,626**|2021
£
25,000
350
2,217
19,000
46,567|
|---|---|---|
## **12. Analysis of net assets between funds**
|Fixed assets
Investments
Social investments
Net current assets
**Net assets at 31 December 2022**
**Prior year comparative**
Fixed assets
Investments
Social investments
Net current assets
Net assets at 31 December 2021|£
-
-
411,700
137,414
**549,114**
£
-
-
411,700
152,065
563,765
Restricted
funds
Restricted
funds|£
789
261,974
675,530
314,153
**1,252,446**
£
170
261,971
605,506
412,880
1,280,527
Unrestricted
funds
Unrestricted
funds|**Total**
**funds**
**£**
**789**
**261,974**
**1,087,230**
**451,567**
**1,801,560**
£
226
196,509
1,255,904
373,250
1,844,292
Total
funds|
|---|---|---|---|
18
## **Hermes Trust**
## **Notes to the financial statements**
## **For the year ended 31 December 2022**
|**13. Movements in funds**
At 1
January
2022
£
**Restricted funds**
Steiner School Loan Fund
411,700
_Other funds for grants and donations:_
-
882
488
16,652
4,000
Breede Centre Fund
60
2,509
10,241
17,350
250
21,518
Liberation of Acting
4,000
438
5,211
62,500
830
136
Unibus
5,000
**Total restricted funds**
563,765
General funds
1,280,527
1,280,527
**Total funds**
1,844,292
Art of the Spoken Word Fund
Artura Fund
Directed Donations Fund
Living Forms Research Fund
Hermanus Waldorf School Fund
Houghton Budd Fund
Meijer Fund
**Total unrestricted funds**
Eurythmy Centenary Fund
**Unrestricted funds**
New Adult Learning Movement
New View Fund
Acacia Tree Nursery Fund
Economics Conference
Lichtblick Verein Fund
ACTS Fund
ASGB Fund|£
-
5,005
-
-
126
31,000
45
2,480
510
2,700
150
16,305
-
750
-
-
-
3,575
-
62,646
47,938
47,938
110,584
Income|£
-
(5,005)
-
-
(5,786)
(22,700)
-
(3,040)
(3,345)
(9,950)
(400)
(19,000)
(2,000)
(750)
(110)
-
-
(3,711)
(1,500)
(77,297)
(76,022)
(76,022)
(153,319)
Expenditure|£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
3
3
Investment
gains|**£**
**411,700**
**-**
**882**
**488**
**10,992**
**12,300**
**105**
**1,949**
**7,406**
**10,100**
**-**
**18,823**
**2,000**
**438**
**5,101**
**62,500**
**830**
**-**
**3,500**
**549,114**
**1,252,446**
**1,252,446**
**1,801,560**
**At 31**
**December**
**2022**|
|---|---|---|---|---|
## **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.
19
## **Hermes Trust**
## **Notes to the financial statements**
## **For the year ended 31 December 2022**
## **13. Movements in funds (continued)**
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 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 **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 **Unibus Fund** acts as a conduit for funds to support the Unibus youth project.
20
## **Hermes Trust**
## **Notes to the financial statements**
## **For the year ended 31 December 2022**
## **13. Movements in funds (continued) Prior year comparative**
|At 1
January
2021
£
**Restricted funds**
Steiner School Loan Fund
411,700
_Other funds for grants and donations:_
Acacia Tree Nursery
4,634
ACTS Fund
882
Art of the Spoken
488
Artura Fund
21,995
ASGB Fund
4,000
Breede Centre Fund
-
Directed Donations
2,509
Economics
10,241
Eurythmy Centenary
15,936
Hermanus Camphill
-
Hermanus Waldorf
100
Houghton Budd Fund
13,528
Liberation of Acting
6,000
Lichtblick Verein Fund
563
Living Forms
5,321
London College of Eurythmy Fund
5,017
Meijer Fund
62,500
New Adult Learning
830
New View Fund
460
Philip Martyn Fund
747
Teichman Book
714
Unibus
5,000
**Total restricted funds**
573,165
General funds
1,252,724
1,252,724
**Total funds**
1,825,889
**Unrestricted funds**
**Total unrestricted funds**|£
-
4,494
-
-
140
-
60
69,400
-
2,834
2,575
150
13,990
-
750
-
-
-
-
5,160
-
677
-
100,230
56,940
56,940
157,170
Income|£
-
(9,128)
-
-
(5,483)
-
-
(69,400)
-
(1,420)
(2,575)
-
(6,000)
(2,000)
(875)
(110)
(5,017)
-
-
(5,484)
(747)
(1,391)
-
(109,630)
(94,599)
(94,599)
(204,229)
Expenditure|£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
65,462
65,462
65,462
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**
**563,765**
**1,280,527**
**1,280,527**
**1,844,292**
**At 31**
**December**
**2021**|
|---|---|---|---|---|
## **14. Related party transactions**
There were no related party transactions during the current or previous year.
21
## **Hermes Trust**
## **Notes to the financial statements**
|**For**|**the year ended 31 December 2022**|||
|---|---|---|---|
|**15. **|**Financial instruments at fair value**|||
|||**2022**|2021|
|||**£**|£|
||Financial assets that are debt instruments measured at fair value:|||
||Investments in listed shares|**989**|986|
22