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 D￿AlLs
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 AcTIV￿lEs
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 ed￿tatION 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
CRED￿oR5
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 AcTIV￿lEs
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