REGISTERED CHARITY NUMBER.. 281749 REPORTOFTHE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR HERMESTRUST BK Plus Limited 6 Manor Park Business Centre Mackenxie Way Chellenham Gloucestershire GL519TX
HERMES TRUST CONTENTS OF THE FINANCIAL sfATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2023 Page Reference and Adminislrative D&lails Report of the Trustees Indgpondent Examine$ Report Slatement gf Financial Actlvitie5 Slatement uf Financial Position Notes lo the Financlal Slalemenls 7 10 20 Detailed Slalemenl of Financlal AGlivilies
HERMESTRUST REFERENCE AND ADMINISTRATIVE DAlLs FDR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES M Fuller lappoinled 28.11.231 J Smith M BalcDmbe Ms M Jonas PRINCIPAL ADDRESS Old Painswick In Gloucesl&r StrEel Slroud Gloucestershire GL51QG REGISTERED CHARITY NUMBER 281749 INDEPENDENTEXAMINER BK Plus Limited 6 Manor Park Btssiness Centre Mackenzie Way Chellenham Gloucestershire GL519TX Page I
HERMESTRUST REPORTOFTHETRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2023 The trustees presenl their report with the financlal slalemenls of the charity for the year ended 31 December 2023. The Iruslees have adopted the provisiuns of Accounling and Rèporting by Charities.. Slalemenl of RecDmmènded Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicablp in the UK and Republic al Ireland IFRS 1021 {elf&clive l January 20191. OBJECTIVES AND AcTIVlEs Principal objpcts and gclivilips The Trust 15 esl3bli5hed lo lurlher the spirttual science of Or Rudolf Steiner and lo promote ils application in the fields ol education, the arts and sciences. medicine, religion and spiritual develllpment, social development and welfare, agriculture and other lor public benefit. The Trust achieves this by receiving and providing grants and loans. Public benelil In selting the charity's objectives and planning its activitiès the Iruslees have givén eonsideration to the Charily Commission goneral guidantè on public benefit. By giving linantial hèlp to Steiner schools, hDlistic approach ta edtatION is being supportÈd which pays attention to thè edutalion ol 'head, heart anrt hand,. In nurturing what is oltÈn called emotional intelligence, social 5en51tivity 15 engenderÈd which benefits society at large. By contributing a150 to the bursary funds ol such schools, access to them is broadened lo include families that struggle financially. The Trust also supports adult education which leads lo more informed and capable citizens, which in turn enhances the functioning ol society. The Trust also supports medical projects that relieve ihe sullering ol the sick. The Trust also supports the development of the bio-dynamic approach to agriculture which has strong environmental / ecological benefits. improving the wellbeing ol 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 end&avour. These too nourish and enrich the mental, mDral and Emational aspects ol the human being, whith in turn promotes more informed and £onsidered contributlDn5 to society. Social invèstmènts Hermes Tru51 makes loan5 to schnols, olher charities, and individuals in pursuance of 115 charitable objectives. The terms of th& loans vary. ACHIEVEMENT AND PERFORMANCE Achievements and performance During Ihe year the Trust made 26 grants from unreslricled funds to supporl activities lullilling Ihe charitable Dbjè£ts. Approximately hall ol this money was given to support education, and hall was given to other projects. A further 16 granls were made from restricted funds. and about ono quarter of these funds were mad& in support ol education. Al the balance sheèt dale there were 7 loans oulstanding, 6 01 which were in support ol Waldorf ¢ducalitsn and one was in supporl ol care for (hose with special noeds. FINANCIAL REVIEW Financial review During the year, the Trust made 42 grants lamouriling lo £60,520 from unrestricted funds and £107,741 from restricted funds) in support of charitable activities ar15ing from the work ol Rudolf Steiner, and al the balance sheet date there were 7 laans outstanding lo such projecls. which amounls to £850.197. The financial position of the Trust remains sound and we confirm that our liquid asse15 exceed those required by our liquidity policy, which is lo ensure that the Trust holds sullicient cash andlor maturing investments to cover all worsl-case maturing liabilities. The trustées have pèrformed a IhoroLtgh assÈssment of the risks lo which the Trust isjcould be exposed, and ère satisfied with the various ways in which thèsÈ risks havè bèen mitigated. All the Trust's borrowers must dèmonstratÈ financial viability, and most ol the loans providÈd by the Trust are sècured by charges ovèr land and buildings. Page 2
HERMES TRUST REPORT OFTHETRusfEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW R•serv95 pollcy As a funding charity which provides grants and loans, the Trust is able to 'ltsture-proof ils income stream by lending out ils own capital Icirca £1,250,000 unrestrictèd and É400,000 rèstricledl such that the interest paid by borrowers covers basic office running costs wilh a high dégrèè ol prediclabElily. Latterly, ba51C running costs have beèn covèred by this stable income stream by a margin ol some 267°%. srRUC7URE. GOVERNANCE AND MANAGEME strucluro. governanc• and management The charity is controllèd by ils governing document, a dèed ol trust and CDnslitule5 an unincorporatett charity. The organisation is an unintorporaled trust subject lo a Trust Deed dated 10 December 1980. The organisation is also a registerèd chèrily, registered 29 January 1981. Form time lo time, the trustees iticrease their number and app¢int an additional trustee aller having considered suitable candidates. sfATEMEMf OFTRU51EES' RESPONSI8ILmES The trustees are r¢sp)nsible lor preparing the Report ol the Trustees and the financial statements in ac¢ordan¢e with applicable lèw and United Kingdom Accounting Slandards (United Kingdom Generally Accepled A¢¢¢unling Pra¢ll¢EI. The law èppll¢able lo charities in England and Wales, Ihe Charities Act 2011, Charity (Accounts and Repor151 Regylaliuns 2008 and the provisions ol the Irusl deed requires the trusteès to prepare financial slalemenls lor each linancial year which give a true and lair view ol the state tsl affairs ol the charity and of the incoming rpsource5 and application ol re50urce5, including the income and expenditure. ol the charity lor that periud. In preparing those financial 51alement5, the Iruslees are required lo selerl suitable accpunling policies and then apply them consistently., ob5ervp the method5 and principles in the Charity SORP- make judgemen15 and estimates that are reasonablè and prudènt., prepare the financial slalemenls on the going concern basis unless il is inappropriale to presume Ihal the charity will continue in business. The Iruslees are responsible lor keeping proper aecounting records which disclose with reasonable accuracy al any lime the linancial position ol thè charity and to enable them to enstjre that the financial statements comply with the Charities Act 2011, the Charity (Accovnls and Reports) Regulativn5 2008 and the provision5 01 the Iru51 deed. They are also responsible Ic>r safeguarding the assets ol the charity and hence lor lakirig reasonable steps lor the prèvention and detèction ol fraud and olher irregularitie5. Approvèd by order ol the board ol trustees on signed on its behalf by: M5 M Jonas - Trustee Page 3
INDEPENDENTEXAMINER'S REPORTTO THETRUSTEES OF HERMESTRUST Independent examinerfs report to the Iruslees of Hèrmes Trust 5 report tD the charity trustees on my examination of the accounts of Hermes Tr¢Jst (the Tru511 for the year ended 31 OetembÈr 2023. Responsibilities and basls of report As the charity Iru51ee5 01 the Trust you are responsible lor the preparation ol thè accounts in accordance with the requirements ol Ihe Charitie5 Act 20111.lhe Act?. I report in respect ol my examination gf the Tru51's accounts carried out under Section 145 01 the Act and in carrying out my examination I have followed all applicable Oireclions given by thÈ Charity Commission under Sèttion 14515llbl ol the Act. Independent Èxaminevs statement I have completed my examination. I confirm Ihal no materi31 matters have come lo my altenlion in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Trust a5 required by Sectiotrb 130 of the Act; or the accounts do not atctsrd wilh those records.. or the accounts do not comply with the applicable requiremen15 concerning the IDrm and conlenl DI accDunls sel out in the Charilies {AccDunts and RepDrlsl Regulations 2008 other than any requirpment that the accounts give a true and fair view which is not a maller considered as parl of an independent examinalic*n. I have no concerns and have EDme across No other mattèrs in tonneclion with the examination to whi£h attention should be drawn in this reporl in order lo enable a proper understanding ol the account5 to be reached. Cinzia Hensley FCA 8K Plus Limited 6 Manor Park Buslne55 Centre Mackenzie Way Cheltenham Gloucestershire GL519fA Date: Page
HERMES TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THEYEAR ENDED 31 DECEMBER 2023 31.12.23 Tolal funds 31.12.22 Total funds Unre51ricted lund5 Restricted funds Notes INCOME AND ENDOWMENTS FROM DonatlDns and legacies 8.650 87,448 96,098 64,234 Fees Investment income 1,290 8,172 1,290 48,172 6,560 39,790 Total 58,112 87,448 145,560 110,584 EXPENDrruRE ON Charitable aclivilie5 Charitable activities 78.220 107,994 186.214 153,319 Nel gaifis on investments 320 320 NEf INCOMEIIEXPENDITURE) 119,788) 120,546) 140.3341 112,7321 RECONCILIATION OF FUNDS Total funds brought forward 1,252,445 5a9,115 1,801.560 1,844,292 TOTAL FUNDS CARRIED FORWARD 1,232,657 528,569 1,761,226 1,801.560 The notes form parl ol these financial slalemen15 Page S
HERMES TRUST srATEMENfoF FINANCIAL POSMON 31 DECEMBER 2023 31.12.23 Total funds 31.12,22 Total l¢Jnds Unreslricled lunds Reslri¢ted lunds Notes FIXED ASSErs Tangible assels Investments Inveslmenls Inveslmenl propèrty Social invèslmenls 591 591 789 12 13 14 1,310 260,985 438,498 1,310 260,985 850,198 989 260,985 1,087,230 411,700 701,3815 411,700 1.113,084 1,349,993 CURREMfASSErs Debtors Cash at bank 15 3.527 534,149 3,527 651.018 3,3&3 67,85J 116,869 537.676 116,869 654.545 471,193 CREDoR5 Amounts falling due within one year 16 16,4031 16,ib031 119,6261 NEf CURRENT ASSErs 531.273 116,869 6&8,142 451.567 TOTAL ASSEfs LESS CURRENf LIABILMES 1.232,657 528,569 1,761,226 1,801,560 NEfASSErs 1,232,657 528,569 1,761,226 1,801,560 FUNDS Unrestricted funds Restricted funds 18 1,232,657 528,569 1,252,445 549.115 TOTAL FUNDS 1,761,226 I,BOI,560 ancial statemènts were approved by the Board ol Trustees and aulhorised for issue on were signed on ils behalf by. M Jonas - Trustee The notes form parl of Ihese financial 51alemenls Page 6
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLSCIES Basis of preparing the financlal slalemenls The financial slalements ot the charity, which is a public benelil enllly under FRS 102, have been prèpared in acccirdance wilh the Charities SORP IFRS 1021 'Accounling and RepDrling by Charities.. Stalemenl ol R8cDmmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in thè UK and Republic ol Ireland IFRS 1021 lelleclSve l January 20191,, Financial Reporting Standard 102 The Financial Reporting Standard appllcable in thé UK and Republic of Ireland. and the Charitiès Act 2DI1. The financial slalemenls have been prepared und¢r the historical cost convention, with Ihe exceplion ol investments which are included al market value, as modified by the revaluation ol certain assÈts. Income Income is recognised when the charity has entillEmenl to the funds, any performance conditions ttached lo the income have been mel, it is probably that Ihe income will be receivèd and the amount can bè measured reliably. Donation5 are recogni5ed on a receipts basi5 when thé relevant criteria lor recognilion are deemed to have been met. For legacies, entitlèment is taken as the earlier of the dale on which either.. the charity 15 aware that probate has been grantèd, the estate has been finalised and notilicalion has been made by the executors lo the charity that è distribution will be made, or when a distributlon is received from Ihe estate. Receipt of a legacy. in whole or in parl, is only considered probably when the amount can be measured reliably and the charity has been nolilied ol the executor's intenliun to make a distribution. Where legacies have been notified to the charity, or the charity 15 aware of the granting of probate, and the criteria lor income recognition hève not been mel. then the legacy is treated as a contingent asset and disclosed il material. Expènditure Expenditure are recognised once there is a legal or tonstruclive obligation to make a payment to a third party, it is probable that selllemenl will be required and the amount of the obllgalion can be measured reliably. Irrecoverable VAT is charged as a cost against the aclivily which the expenditure wa5 incurred. Grants offered subject ID conditions which have not been Mel al the year end dale are noled a5 a commitment bul not acrrued a5 expenditure. Interest receivable Interest Dn funds held on deposit 15 included when receivable and the amount can be measured rèliably by the charity.. this is normally upon notification of the intere51 pald or payable by the bank. The charily makes loans lo schoo15. Other charitie5, borrowing communities and individuals. These loans are repèyable in due course and the terms ol the loans vary. Interest on concessionary loan5 is included when receivable and the amount can be measured reliably by the charity.. this is normally when the loan Interest falls due. Flnanelal Instruments The charity only has financial assets and linancial liabilitie5 nf a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value. Tangible lixed assets Depreciation is provided al th? lallowirhg annual rates in order to writé oll each asset over it5 estimated useful life. Fixtures and litlings 25°A on rpduciny balance Page 7 continued...
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THEYEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - continuèd Debtor5 Debtor5 and provisions are recognised whère the charity has a present asset resulting from a past event that will probably result in the transler ol funds from a third party and the amount due lo sellle the as5el can be measured or eslimaled reliably. Debtors are normally recognised at their selllemenl amount. Investment properly Investment properly is shown at most receht valuation. Any aggregate surplus ar dèficit arising Irom chang&s in lair value is recognised in the Statement ol Financial Aclivities. Taxation The charity is exempt from tax on ils charilable activities. CredSlors Creditors are recognised where the charity has a present obligation resulting from a past event Ihèt will probably re5uII in Ihe Iransler of funds lo a third party and the amuunl due lo sellle the obliyation can be measured or eslimaled reliably. Creditors are normally rerognised at their settlement amount aller allowing lor any trade discounts duè. Accounting eslimales and key judgements In the application ol the charity's accounting policles, the trustees ère required lo make judgements. eslimales and assumptions about the carrying values ol assets and liabilitie5 that are not reèdily apparent trom othèr sources. The eslimales and underlying assumptions are based on historical experiènce and other laclors that are considered to be relèvant. Actual re5u115 may differ from these Èstimates. The key sources of e5timalion uncerlaiThly Ihal hav2 a significant ellecl Dn the amounts recognised in the financial slalemenls are described below. Investments Hermes Trust holds a 34.24% interest in a freehold prDperly within investments. The Irtsstees have oblained an information valualian of the properly as of February 2023 with reference lo market data. The trustees regard this valuation adÈ4uately rellecls the market value on the balance sheet dale. Inve51menl properly The charity holds a 34.24°A of an investmènt properly. Thi5 Wa5 originally valued at the appropriate share of the hi51oric&l cost. and subsequently is held al fair valve al the reporting dale. Investments are reviewed lor impairments on a regular basis. Realised and vnrealised gains are recognised in the Statemenl DI Financial Activitie5. Listed investments InvÈslmenls listed or traded a recognised stock exchange are slated al lair value at the reporling date. Any gain or Ios5. whether realised or unrealised, is taken lo the Statement of Financial Activilies. Social investmen15: concessionary loans The charity holds social investments made exclusively lo ftjrlher its charitable aims in the form ol concessionary loans. Concessionary loans are recogni5ed when the Eommilmenl is entered into and the relevBnl loan documentation has been completed. The loan5 are initially recognisèd and measured al the amount paid, with the carrying amount adju51ed in subsequent years to rèflect repayments and il necessary lor any irnpairmènt. Pag& 8 continued..,
HERMESTRusr NOTES TO THE FINANCIAL STATEMENT5 - continued FOR THEYEAR ENDED 31 DECEMBER 2023 DONAMONS AND LEGACIES 31.12.23 Tatal lund5 31.12.22 Total funds Unrestricted funds Reslricled funds Dttnalions 8,650 87,448 96,098 64,234 FEES 31,12.23 Total Funds 31.12.22 Total funds Unrestricted funds Reslricled funds Fees 1,290 1,290 6,560 INVESTMENT INCOME 31.12.23 Total lund5 31.12.22 Total lund5 Unreslricled Restricted funds funds Deposit account interest Interest receivablè Dn loans Dividends 5,921 42,209 42 5,921 2,209 42 1,337 38.421 32 48,172 &8,172 39,79D CHARITABLE ACT(VITIES COSTS Grant funding of Direcl Costs Isee note 61 Support costs (see note 81 (see natè 71 Totals Charitable aclivilies 16.633 168.261 1,320 186,214 Page 9 continued...
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THEYEAR ENDED 31 DECEMBER 2023 DIRECT COSTS OF CHARITABLE ACTivillES 31.12.23 31.12.22 Insurance Bank inlore5t paid Telephone Postage and slalionéry Sundries Rent and cleaning Administrative lees Depreciation 392 360 750 448 323 183 1,554 13.17D 263 381 476 374 1,56Q 13,253 197 16,633 17.051 GRANTS PAYABLE 31.12.23 31.12.22 Charitable activities 168,261 135,068 Page ID continued...
HERMESTRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 GRANTS PAYABLE - continued Th$ total grants paid ta inslilulions during the year was as follows.. 31.12.23 31.12.22 Grants made to 10 individuals Anthroposophical Society in Gréat Britain Newview Rudolf Sleiner Association Eurylhmy A5SDciation ol Great Brilain York Steiner School Nat-y-cwm Biodynamic A550cialion Parcilal Youth Society Gecrgia Steinèr Online Library W Holistic Living Community West Midlands Eurylhmy Bri5101 StÈiner School Total grants below £1,000 made lo 7 institutions Performing Arts International Garrald Edinburgh Wellsbourne Health Centre Camphill School AbÈrdeen Mbagarth Siein2r School Glocuester Theatre Pericles Theatre Lichlblick Verein Steiner Waldort Schools Fellowship Rudcill Steiner Press Acacia Tree Nursery Willow Tree Parent and Chlld London Steiner School Steiner OnliriÈ Library Marylebone ThealrÈ Tablehursl Farm Alder Bridge School Peredur Centre Emerson College 38,461 IkO,021 20,016 15,000 12,450 ,000 4,000 3,OOQ 3,DOO 3,ODD 2.500 2.500 2.500 4,250 2,000 2,ODO 2,000 2,000 1,500 1,500 1.500 1,063 31,470 22,700 5,213 15,000 9,950 5,090 2,QOO s,ooo 10,000 5,000 4,945 3,500 3,000 3,000 2,500 2,000 2.000 1,500 1,200 168,261 135,068 Page11 continued...
HERMES TRusr NOTES TO THE FINANCIAL STATEMENTS - continued FOR THEYEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS Governah¢e costs Charitable a¢livilies 1,320 Support costs, includÉd in the above, 3rÉ as follows- 31.12.23 Charitable activities 31.12.22 Total activities Independent examiners fee 1,320 1,200 TRUSTEES, REMUNERATION AND BENEFITS There were no Iruslèes, remuneration or other benÈlils for the year ended 31 December 2023 nor for the year ended 31 Decembér 2022. Trustees, expenses Ther? were no trustees, expènses paid fDr the year ended 31 December 2023 nor for the year ended 31 December 2022. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcTIVlEs Unreslricled funds Reslricled fund5 Total funds INCOME AND ENDOWMENfs FROM Donations and legafjies 1,588 62.646 64,234 Fees lTrvÈstmént income 6,560 39,790 6,560 39,790 Tolxl 47,938 62,646 110,584 EXPENDITURE ON Charitablè activities Charitable activities 76,021 77,298 153,319 Net gains on inve51Ments NET INCOMEIIEXPENDrruREI {28,080) 04,6521 142.732} RECONCILIATION OF FUNDS Total funds brought forward 1,280,525 563,767 1.844,292 TOTAL FUNDS CARRIED FORWARD 1,252.445 549,115 1.801,560 The above comp3raliv&s ralale to the year ended 31 December 2022. Page 12 ¢ontinued..
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 TANGSBLE FIXED ASSEfs Fixtures and COST At l January 2023 and 31 December 2023 5,732 DEPRECIATION At l January 2023 Charge for year 4.943 198 At 31 De¢ember 2023 5.141 NET BOOKVALUE At 31 December 2023 591 At 31 December 2022 789 12. FIXED ASSET INVESTMENTS Listed inv051menls MARKEfvALUE Al l January 2023 Revaluations 989 321 At 31 December 2023 1.310 NET BOOKVALUE At 31 Oecembér 2023 1,310 Al 31 December 2022 989 There were no investment asse15 outside the UK. Cost or valuation al 31 December 2023 is represented by.. Listed investments Valuation in 2021 Vèlualion 2022 Valuation in 2023 Cost 39 321 947 1,310 398 Sanlander shares Page 13 continued..
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 DECEMBER 2023 13. INVESTMENT PROPERTY FAIR VALUE Al l January 2023 and 31 Detember 2023 260,985 BOOKVALUE At 31 DecembÈr 2D23 260,985 Al 31 December 2022 260,985 Fair value at 31 December 2023 is represented by.. Valuation in 2021 Cost 204,923 56,062 260,985 Hèrmes Trust holds a 34.24% Interest in a properly and will benefit from the increase in value when the property is eventually sold. The investment in the properly is carried al its market valuè at the balance sheet dale. 14. SOCIAL INVESfMEiirs Othèr investments MARKET VALUE At l January 2023 Additions DispDs31s 1.087,23D 125,tioo 1362,0321 Al 31 Dècember 2023 850,198 NET8OOKVALUE Al 31 December 2023 850,198 Al 31 Decémber 2022 1,087,230 Hermes Trust Makes loans 10 schools, other ¢harilie5. and individua15 in pursuance of ils charitable activities. The terms ol the loans vary. Page 14 tontinued...
HERMESTRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 15. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Olher debtor5 Prepayments 1,033 2,494 2,674 669 3,527 3,343 16. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Bank loan5 ènd overdrafts (see note 171 Grants payable Accrued expenses 5,000 12,000 2,626 4000 2.403 6.403 19,626 17. LOANS An analysis ol the maturity ol loans is given bBIow'. 31.1223 31.12.22 AmDunls falling due within one year on demand: 8ank1gans 5,000 Page 15 ¢onlinued.-.
HERME5 TRUST NOTE5 TO THE FINANCIAL sfATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 1B. MOVEMENTIN FUNDS Nél movement In funds At 31.12.23 At 1.1.23 Unreslricled funds General fund 1,252,445 09,7881 1,232,657 Reslrl¢led funds Slelner School Loan Fund Acacia Tree Nursery ACTS Art ol the Spoken Word Artura Fund ASGB Fund Breede Centre C Houghton Budd Fund Directed Donalicn5 Fund Economics Conference Fund Eurylhmy Associalicn Fund Hermanus Waldorf 5chDol Liberation of Acting Lichblick VÈrein Living Forms Rgsearch Fund Meijer Fund NALM Fund New View direcled donations Unlbus 411,700 411,700 4,580 882 488 11,096 11,800 4,580 882 488 10,993 12.300 105 18,823 1,949 7,406 10,100 103 15001 1105) 112,7551 11,4151 {3.1711 14.95DI 38 12.0001 {3131 1233) 6,068 534 4,235 5,150 38 2,000 438 5,101 62,500 830 125 4.868 62,500 830 175 3,500 175 3,500 549.115 120,5461 528,569 TOTAL FUNDS 1,801,560 140,3341 1,761,226 Page 16 continued...
HERMESTRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 18. MOVEMENT IN FUNDS - conllnued Nel mDvemenl in funds, included in Ihe above are as follows.. Incoming resources Resourceg expended Gains and losses Movement in funds Unrestricted funds General fund 58,112 178,2201 320 119,7B81 Reslriclefl lund5 Acacia Tree Nursery Arl of the Spoker* Word Arlura Fund ASGB Fund Breedè Centre C H¢ughton Budd Fund Diretled Donations Fund Economi¢s Conference Fund Eurythmy Association Fund Hermanus Camphill Hermanus Waldorf School Liberation ol Acting Lichblick Verein Living Forms Research Fund New View direclèd donation5 4,580 3,060 103 39,521 4,580 13,060) 103 15001 1105) 112,7551 11,4151 {3,171) 14,950) 140,0211 11051 120,000) 17.2501 {3,1711 110,4501 16251 7,245 5,835 5,500 625 38 38 12,OODI 13131 (2331 175 12,0001 11,063) 1233 12D,0161 750 20,191 87,448 1107,994) 120.5461 TOTAL FUNDS 145,560 1186,2141 320 (40,3341 Page 17 continued...
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS - conllnued FOR THE YEAR ENDED 31 DECEMBER 2023 18. OVEMENT IN FUNDS - conllnued Comparatives l¢r movement in fLsnds Nèt movement in funds Al 31.12.22 Al 1.1.22 UnrÈslricled funds GenÈr31 fund 1,280,525 128.0801 1,252,445 Restricted funds Steiner School Loan Fund ACTS Art ol the Spoken Word Artura Fund ASGB Fund Breede Centre C Houghlon Budd Fund Directed Donètions Fund Economics Conf&rence Fund Eurythmy As50cialion Fund Hermanus Waldorf School Liberation of Acting Lichblick Verein Living Forms Research Fund Meijer Fund NALM Fund New View direcled donations Unibus 411,700 882 488 16,652 4,000 60 21,518 2,509 10,241 17,350 250 A,000 438 5,211 62,500 830 138 5,OOD 411,700 882 488 10,992 12,300 105 18,823 1.949 7,407 10,100 15,660) 8,300 45 12.6951 156UI 12,8341 17,250) 12501 12,000) 2,000 438 5,101 62,500 830 11381 11,5001 3,500 563,767 114,6521 549,115 TOTAL FUNDS 1,844,292 142,7321 1,801,560 Page18 conlinued...
HERMESTRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THEYEAR ENDED 31 DECEMBER 2023 18. MOVEMENT IN FUNDS- continuèd Ctsmparalive net movement in funds, included in Ih? above are as follows.. Incoming resource5 Resources expended Gains and lossès Movement in lunds Unreslricled funds General fund 47.93B 176,0211 (28,0801 Restricted funds Acècia Tree Nursery Artura Fund ASGB Fund Breede Cerilre C Houghlon Budd Fund Directed Donations Fund Economics ConferenEe Fund Eurylhmy Association Fund Hermanus Waldorf School Liberation ol Acting Lichblick V£réin Living Forms Research Fund New View directed donations Unibus 5,005 126 31,000 45 16,3Q5 2,480 510 2,700 150 15.0051 15.7861 122,7001 15,6601 8,300 45 12.695) 15601 12,8341 17,2501 1250) 12,ODOI 119,000) 13,D401 13,3441 19,9501 14001 12.0001 17501 750 3,575 13,7131 11,5001 11381 11,5001 62,646 177,298} 114,6521 TOTAL FUNDS 110,584 1153,3191 142,732) The Steiner School Loan Fund is è revolving loan lund established lo supporl sl8iner Schools and Kindergartens in the UK. The Acacia TrEe Nursery Fund ac15 as a conduit for donations lo Waldurl Kindergarten in South Africa. The ACTS Fund slewards donations lor the education project Acknowledging Crealive Thlnking Skills. The Arts of the Spoken Word Fund acts as a conduit lor donaliotis in support ol research and publication carried out by Sibylle Eichstaedt. The Arlura FÈtnd supports educational Work undertaken by Dr Brien Mastérs. The ASGB Fund supports the AnlhrDPDSophical Society in 6reat Britain. The 8reede Cènlre Fund acts a5 a conduit lor donalion5 to this proje¢t in McGregor, South Africa which provides training lor the unemployed. The Directed Dunalions Fund 15 a conduit lor one-oll donations made in furtherance ot the Trust's charitable objects. The Economics Conference supports research Into economics as elucidated by Rudolf Steiner. The Eurylhmy Centenary Fund acts as a condull for donalions to support the staging ol performances lo celebrate IDO y&ars ol eurythmy. Page 19 continued...
HERMESTRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THEYEAR ENDED 31 DECEMBER 2023 18. MOVEMENT IN FUNDS - continued The Hermanus Camphill Fund is a conduil lor funds ralsed lor the Camphill School in the township ol Hermanus, South Africa. The Hermanus Waldorf School is a conduit lor funds raised lor the Steiner school in the lown5hip of Hermanus. South Africa. The Houghton Budd Fund acts as a conduit lor donations in supporl ol Christopher Houghton Budd'5 work on associative economlcs. The Liberatior* ol Acting Fund exlsls lo support speech and drama training. The Lichlblick Ver8in Fund acts as a Conduit for donation5 to support the develDpmenl ol colour and light therapy. The Living Forms Research Fund supports research inlo the relationship between planelary phenomena and the development ol bud and leaf growth. and a150 the human heart and utèrus The Meijer Fund holds an epdowment in 5UPPOrt 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 tha adult Iralnlng, education and research facilitated by NALM. ThÈ New View Fund acts as a conduit IDr donations in support af the magazlne New View. The Unibus Fund ac15 a5 a candLiiI for funds to support the Unibus youth project. 19. RELATED PARTr DISCLOSURES There weré no related party transactions lor the year ended 31 December 2023. Page 20
HERMES TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THEYEAR ENDEO 31 DECEMBER 2023 31.12.23 Total funds 31.12.22 Total funds Unrestricted fund5 Reslricled fund5 INCOME AND ENDOWMENTS Donations and legacies Donations 8,65D 87,A48 96.098 64,234 Ftes Fees 1,290 1,290 6,560 Investment income Deposit account inleresl Inleresl receivable ort loans Dividends 5.921 42,209 42 5,921 42,209 42 1.337 38.421 32 48.172 48,172 39,790 Total Incoming resources 58.112 87,448 145,560 110,58 EXPENDITURE Charitable activities Insurance Bank interest paid TÈléphone Postaye and slalionery Sundries Rent and cleaning AdministrativÈ fees DÉpreciatitsn of tangible fixed assets Grants lo inslilulions 392 392 360 750 448 323 183 1,551 13,170 263 135.068 381 476 374 1,560 13,000 197 60,520 381 476 374 1,560 13,253 197 168,261 253 107,741 76,900 107,994 18A.894 152,119 Supporl costs Governance costs Independent examiners lee 1,320 1.320 1,200 Total resoyrces expènded 78,22D 107,994 186.214 153.319 Nel lexpeniliturÈifin£ome before gains and losses 120.1081 {20,5&6) (40.6541 142.7351 Reallsed re¢ognisÈd gains and losses Realised gains/llosses) on fixed asset investments 320 320 Nel lexpendilurel[Intome 09,788) 120,5461 1&0,3341 142.732) This page does not form parl al the slalulory financial statements Pa9e 21