Charity registratlon number 281749 IEngland and Wale5} HERMES TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
HERMES TRUST LEGAL AND ADMINISTRATIVE INFORMATION TrustÈès Mr M Fuller Mr M Balcornb8 Ms M Jonas Mr J Smith Charity nuwnber IEngland and Wales) 281749 Princlpal address Old Painswick Inn Gloucester stet stroud Glouceslershire England GL5 1QG Independent examlner BK Plus Limited 6 Manor Park Business Centre Mackenzie Way Chellenham GIL)uLeslershire England GL51 9TX
HERMES TRUST CONTENTS Page Trusteès, report Independent examinerfs report Statemont c>1 financial aetivilies Stalemenl of financial positlon Notes to the financlal statements
HERMES TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Th¢ trustees present their annual report and financial s1818menls for th8 year ended 31 December 2024. The financial slalernents have been prepared in 2ccordance with the accounting policies sel out In notè 1 lo the linancial slalemenls and comply with the charity's governing doeumenl, the Charities Act 2011, FRS 102 The Financial Reporting Standard applicable in Ihe UK 2nd Republic ol Ireland" and Ihe Charities SORP "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicablg lo ¢hèrltles preparing their accounts ir) accordanc8 wlth the Financial Reporting Sland8rd applicable in the UK and Republic of Ireland IFRS 1021.. Objecttves and 8Ctivitle5 Prlnclpal objects and actlvllles The Trust is established to further Ihe spiritual science of Dr Rudolf Sl@In6r and lo promote ils application in the fields ol educatll, the arts and sclentss, medicine, religion and spiritua1 development, so¢ial development and welfare, agriculture and olh8r foT public b6nefit. The Trust achieves this by receiving and providing granls and loans. Public benefit In selling th8 charity's c>bjectives and planning its activities the trustees h8ve given consideralion to the Chaiity Comrni55i0n general guidance on public benefil. By giving financial help lo Steiner schools. a holistic approach to education is being supported which pays allenlion lo the educ8tion of 'head, heart and hand,. In nurturing what Ès c>ften called emotional inle11igence, social sensitivity is engendered which benefits SOGiety al 13rge. By contributing also lo the bursary funds of such schools, access lo them is broadened lo include farnilies that struggle fin8nci811y. The Trust also SUPPOrts adult education which leads to tnore informed ciiid Ldpdble citizens, which In ILErn enhances the functioning of society. The Trust also supports medlcal projects that relieve the suffering of the slck. The Trust also supporis the development ol the bio-dynamic approach lo agriculturè whid) has strong environmental I ecologic81 benefits, improving the wellbeing ol society at 12rge. The Trust also supports projects offering the public opporlunilies lo d8vo1op their umderslandino of, and participation in, the arts, Ihe sciences, and spiritual I religious endeavour. These loo nourish and enrich th8 m8nl81, moral and emotional aspecEs of the human being, which in tum promotes more informed and considered contributions lo society. Social investments Hermpq Trust makes loans lo schools. other charities, and individuals in pursuance of ils charitable obJ8cllves. The terms ol the loans vary. Achievemen15 and perfprmance During the year the Trust rnade 35 grants from unrestricted funds to svpporl aclivitle5 fulfilling the charitable objecls. Approximately 60Wa of this mon8y W8s givén lo gupporl education, training and research, and 40°/o was given lo other projects. A further 17 gr2nls were made from restrieled fLJnds, and about 60,10 ol these fund8 were made i support ol edueation, training and research. Al the balance sheet date the were 6 loans outstanding, 5 of which were in support of Waldorf education and one was in support of Gare for those with special needs. Flnanclal review During the year, the Trust made 52 grants lamounling lo £77,250 from unre51ricled funds and £150,019from reslricled fulld51 in support of Charilable 8clivilies arising from the work of Rudolf Steiner. and gt the balance sheet dale there were 6 loans outstanding to such projects, which amounls lo £717,494. The financial position ol the Trust remains sound and w8 conllrm that our liquid assttls exceed those requirod by our liquidity policy, which is to ensure Ihat the Trust holds stjfficient cash andlor maturing investments lo cover all worst- case maturing liabillties. The trustees have performed a thorough assessment of the risks to which Ilie Trust islcould be exposed, and are satisfied with the various ways in which th8se risks have been mitlg3led. All the Trust's borrowers musl demonstrate linan¢ial viabilily, and most of the loans provided by Ihe Tiust are secured by Charges over land and buildiT)gs. Reserves policy As a funding charity which provides grants aTrd loan5, the Trust is able to 'fulure-proof ils incorne 8tr8am by lending oul ils own capital Icirca £1,250,000 unre51ricled and £400,000 re5tricledl such that the interest paid by borrowers covers basic office running cosls with a high d8gr8e of prediclabilily. Lallerly, basic running costs have been overed by Ihis stable income stream by a margin of Scbme 267D/ts.
HERMES TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Strueturè, governancè and management The charily is Controlled by ils gtsvefning do¢umenl. a deed of trust and ¢onstilules an unincorporated charily. The organisalion is an unincorporaled trust subj?cl lo a Trust Deed dated 10 DeTrmber 1980. The organisation is also a registered charily, registered 29 January 1981. From lime lo lirne, the Iruslees increase their number and appoint an additional trustee after having considered SlIable candidates. statoment of Trustees. r98ponsibilitie$ The trustees are responsible lor preparing the Report of the Trustees and the financial slalemenls In J¢cordaneè wilh applicable law and Uniled Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practicel. The law applicable ID charities in England and Wales, the Charities Act 2Q11, Charily IAcEounts and Reports) Regulations 2008 and the provislons of the trust deed requires the Iwslees lo prepare finan¢lal slalemenls for ea¢h financlal yÈ3r whi¢h glve a truè #nd lair vlèw ol thè slate of affairs ol the charily and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial slalements, the trusle&s are required lo select sultable a¢¢ounling ptslicies and then apply them Gonsislenlly., observe Ihe methods and principles in Ihe Charity SORP., make judgements and estimates that are reasonable and prudent., prepare the financial slalemenls on the going concern basis unless it is inappropriate lo presume charity will continue in businèss. The trustees 2re responsible for keeplng proper a¢Gounling record3 which disclose with iea50nable accuracy al any lime the financial position of the eharily and lo enable them lo ellsure that the financial statements comply with the Charitiès Act 2011, thé Ch8rily (Accounts and Replirtsl Regulations 2008 and the provisions ol the trust deed. They are also responsible for 53leguarding the as5els of the charity and henee lor taking reasonable steps lor th8 prevention and detection of fraud and other irregularities. The trustees, report was approved by the Board ol Trusteés. M5 M Jonas Tru$tee Dale..
HERMES TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HERMES TRUST report lo tho trustees on my examination of the financial stst8m8nls of H8rmes Trust Ithe charity) lor the year ended 31 December 2024. Rèsponslbllltles and basls of report As the tru51ees ol the charity YOU 8re responsible for the preparation ol the financial slat8ments accordance with tha requirements of the Charities Act 2011, I report in respect of my examin8llori of the charity's financial statement8 carried out under section 145 of the Charities Aet 2011. In carrying out my examination I have followed IhB Directions given by the Charity Cornrnissiori under se¢lion 14515llbl of the Charllies Acl 2011. Independent examinerfs statement Your attention is draivn to the facl that the charity has prepared the financial sl8lements In accordance Mrilh the relevant version of the Stalemenl of Rewmmended Prècllce applicable lo charities prepaiing Ih8ir financial statèments in èecordance with the Fin3nci81 Reporting Stand8rd applicable in the UK and Republic of Ireland IFRS 1021 in preferenc8 to the AccoLJnling and Reporting by Charities.. Slalement of Recommended Practice issued on 1 April 2005 which is referred lo in the ttxlant regulations bul has now been withdrawn. l understand thal this has been done in order lor the financial slalements lo provide a Irue and lair view in accordance with UK Generally Accepled Accounting Praclice. I have completed my examinatic)n. I confirm that no matters have come to my allenlion in Gc>nnection wlh the examination giving me cause lo believe that In any mat8rial respecl.. accounting records were not kept in respect ol the charity as required by seclic)n 130 of Ihe Charities Act 2011. the financial statements do not accord with those records., or th& financial st8temenls do not comply with the applicable requirements conceming the form and content of financial statements sel out In the Ch3rllles (Accounts and Reports) Regu18tlons 2008 other than any requirement that the financial slalemen15 give a tiue and lair view. which is not 8 matter considered as pèrt of an independent examinatlon. I have no concerns aiid have Come acr055 no other matters in connection w41h Ihe examination lo which attention should be drawn in this report in ord9r to enab18 8 proper understanding ol the financial slalemenls to be reached. Cinzia Hensle Associalion of Charlerod Certified Accountants BK Plus Lirnited 6 Manor Park BEEsiness Centr6 Mackenzie W8y Chellenh3m Gloucestershire GL519TX England Date..
HERMES TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unmsirlcted Restrl¢ted funds Total Unrestrlct¥d Restrlcted Total fund$ funds 2023 funds 2024 2024 2024 2023 2023 Notes Income from: Donations and legaeles F8es Investments 3,683 1,080 48,170 99,993 103,676 1,080 48,170 8,650 1,290 48,172 87,448 g6.098 1,290 48,172 Total income 52,933 99,993 152,926 58,112 87.448 145,560 Expenditure on- Charltable activities 96,736 150,098 246,834 78.220 107,994 186,214 Total expendlture 96,736 150,098 246,834 78,220 107,994 186,214 Net gain51llossesl on investments 159 159 320 320 Net expenditure and mov8ment in funds 143,6441 150,1051 {93,7491 119,7881 120,5461 140,3341 Reconciliation of funds.. Fund balanGe5 al 1 January 2024 1,232,657 528,569 1,761,226 1,252,445 549,115 1,8J1,560 Fund bal8n¢0s 8t 31 December 2024 1,18g,013 478,464 1,667,477 1,232,657 528,569 1,761,228 The notes on page5 6 10 16 form part of th85e financial statements.
HERMES TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 2024 2023 Notes Flxgd assets Tangible assets Investment property Investments 10 11 12 443 262,482 718.963 591 260,985 851,5Q8 981.888 1.113,084 Current assets DeblDrs Cash al bank and in hand 13 7,583 694.786 3.527 651.C)18 702,369 654,545 Cradltors.. amounts falling duè withln one year 14 116,780} 16,4031 Nèt current a#sots 685,589 648,142 Total assèts less currènt Ilabllltl•s 1,667,477 1.761,226 The funds of thg charity Reslricted income lunds Unrestricted funds 18 16 478.464 1,189,013 528,589 1,232,657 1,667,477 1,761,226 The notes on pages 610 16 form part of thes¢ finan¢tal slalemenls. The finanGial slalemenl8 weF8 approved by the Iruslees on Ms M Jon8S Trustee
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles 1.1 Accounting convenllon The financial 8talemenls have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS IQ2 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities SORP Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and RepubliG of Ireland IFRS 1021" The charity 15 a Public Benefit Entily as defined by FRS 102. The financial 5talements have departed from the Charities (Accounls and Reportsl Regulations 2008 only lo th8 extent r8quir8d lo provide a Irua and fair view, This departur8 has involved following the Slalement of Recommended Practice for charities applying FRS 102 rather than the version of the Slalement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are piep3red In sterling, which is the function31 currency of the charity_ Monetary amounts in these financial slalements are rounded lo the nearest £. The financial s181ernenls have been prepared under the historical cost convention, modified lo include ihe revaluation of freehold properties and lo include investment properties and certain linana31 instruments at fair value. The principal accounting policies adopted are set out bebw. 4.2 Income Income is rècognised wh8n the ch8rily has 8ntltl8m8nt to th8 funds, any p8rform8nc8 conditions attached to the inD)me have been met, it is probably that the income will be received and the amount can be me2surÈd reliably. Donations are recognised on 3 receipts basis when the relevant ci'iteri3 for recognition are deemed lo have been mel. For legacies, enlillemenl is taken as the earlier tyf the d81e which either.. the charity Is aware th81 probate has been granted. the eslale has been fina1ised and nolilicalion has been made by the executors lo the charity thal a distribution will be made, or when a distribution is reIVed from Ihe estate. Receipt ol a legacy. in whole or in part, is only considered probably when the amount can be tneasured reliably and the charity h3S been nolifled of the exeGulor's inlenllon lo rngke a distiibulion. Where legacies have been nolilied lo the charity, or thg ¢h3rily is aware of the granting ol probate, and the criteria lor income rgcognilion have nol bgen met, then the lègacy is treated as a contingent asset and disclosed if material. Interest recelvable Interest on fund5 held on deposit is includEd when receivable 3nd the arnount can bE measured reliably by the chaiily.. this Is nc>rmally upon nolificalion of th8 int8r8sI paid or payabl8 by the bank. The charity n13kes loans to sohools, other charities, borrowing communities and individuals, These loans are repayable in due cc>uise and the terms of the loans vary. Interest on conce55ionarw loans is included when receivable 8nd the amc>unt can be measured reliably by the charity.. this is norm8lly when the loan interest falls due. 1.3 Expenditure Expendllure are recognised once Ihere is a legal or conslriicllve obllgallon to make a paymenl to a Ihird patly, it is probable that selllement will be required and the amount of the obligation can be measured reliably. Irr8COV8rab18 VAT Is charged as a cost against the activity which the expendilur8 was incurred. Grants offered subject lo condilions which have nol been met at the year end date are noted as a commitment bul not accrued as expenditure. 1.4 Tangible frx8d assets Tangible fixed assets are inltially measured at cost and subsequently measured at eosl or vaSuation. net of depreclation and any impairmont losses.
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies ICDntÈnuedl Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the followin9 bases., Fixtures and fittings 25Vo on reducing balance The gain or loss arising Dn the disposal ol an asset is determined as the difference between the sale pioceeds and the carrying value of the assel. 2nd is recognised in the statement ol financial activities. 1.5 Investvnent property Investment property is shown al most rscenl valuation. Any 3ggregate surplus or deficit arising from changés in fair value is recognised in the Statement of Financial Activilies. 1.6 Fixed asset Invèstmants Hermes Trusl holds a 34.24°A interest in a freehold property within inv8Strii8nts. The trustees have obtained ari infortllalion valuation of the property as of February 2023 with reference lo market dèla. The trustees regard this valuation adequately reflects the market value on the balance sheet date. Investment property The charity holds a 34.24°A of an investment PfOP8rty. This was originally valued at the approprialg Share ol the historical c05t, and subsequently is held at fair value at the reporting dale. Investments are reviewed for iwpairmenls on a regulaT basis. Realised and unrealised gains are rewgnlsed in the Statement of Financial Aclivilies. Listed ihvestments Investments Ilsled or traded on a recognised stock exchange are slated al fair value al the reporting date. Any g3in OF loss, whether realised or unrealised, is taken lo the Slalernenl of Fin8ncial Activiues. Social investment5'. concessionary loans The charily holds social inveslmenls madg exclusively to furthei Its char41able aims in the forw of concessionary loans. Conce5sion3ry loans are recognlsed when the commitment is entered into and Ihe relevant 108n documentation has been cornpleled. The loans are initially recoonised and measLJfed al the amounl paid, wilh the carrying amounl 8djusled In subsequenl years lo reflect repayM8nls and il necessary for any Impairmenl. 1.7 Flnancial Instruments The charity onsy has financial assets and financI31 liabllllles of 2 kind that qualify as basic financ1al Instruments. Basic financial instruments are initially recognised at tran5acllon valiie and subseqijenlly measured at Ihelr setileEn6nt value. 1.8 Debtors Debtors and provisions are recognised where Ihe charity has a present asset resulting from a past event that will probably result in thè transfer ol funds from a third party and the amount due to setllo the asset can be measured or estlm81gd reliably. Deblors are normally recognised at their settlement amount. 1.9 Credltors Credilois are recognised where the charity has a present obligation resulting from a past event that w511 probably result in the tr2nsfer ol funds lo a third party and the amount due to Settle the obligatian can be measured Dr eslim3ted reliably. Creditor5 are normally recognised at their settlement amount after allowing for any trade discounts due.
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting polici8S ICDntinuedl 1.10 Accounting estimales and key judgèments In the application of the charity's accounling policies, the IrustÉÈs are required to make judgements, eslimales and assumptions about the carrying values ol asseis and liabilities that are not readily apparent from other sources. The eslimales and underlying assumptions are based on historical experients and other factors that ar8 considered lo be relevant. Aclual results may differ from these eslimales. The key sources of estimatrn UnrialtY that h8ve a slgnilicant effect on the amounts r8cognised In the financial statements are descfibed below. Income from donations and fees Unr2strict&d Résirlctod Total Unr6$tri¢ted funds Restvicted Total lunds fLsrTrds funds 2024 2024 2024 2D23 2023 2023 Donations 3,683 99,993 103,676 8,650 87,448 96,098 Fees UnrestTlCted Unre8trl¢led funds funds 2024 2023 Fees 1,080 1.290 Income from investments Unrè5trlcted Unrestricted funds funds 2024 2023 Dividends Interest receivable Deposit account inlefest 58 33,394 14.718 42 42,2Q9 5,921 48,170 48,172
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charitable activltS?$ Unrestrl¢led funds Resf¥lcted funds Total Total 2024 2024 2024 2023 Dlrect costs Depieciation and impairrnent Insurance Telephone Postage and slalionery Sundri&s Rent cleaning Adminislralive fees Travel and meetings Professional fees 148 443 396 911 173 1,667 12,833 515 1,080 148 443 396 911 252 1,667 12,833 515 1,080 197 392 381 476 374 1,560 fj3,253 79 18,166 79 18.245 16,633 Grgnl funding of activities (see note 61 77,250 150,019 227,269 168,261 Share of support and governance costs15ee note 71 Governance 1,320 1,320 1,320 96,736 150,098 246,834 186,214 Analy515 by fund Unreslricled funds Reslri¢led funds 96,736 150,098 78,220 107,994 246,834 t86,214
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable Unreslrlcted funds 2024 Re51rictBd funds Total Total 2024 2024 2023 Acacia Nursery School All Africa Anthroposophical Apple Treet Kinclergarten Biodynamic Agric.ulLItLiral Association Bristol Steiner School Cciinphill Garvald Coleclivo Drumduan School Earth & Man Eurylhmy Associatitsn Eurythmy India Eurylhmy Outreach Eurylhmy UK Fourfold Living Arts Gener31 Anlhrop050phlcal Society Mbagathl Stèiner School Nairobi Steiner School New View Nibble Stiftelsen Oakbrook Communliy Farm Rhythmic Massage Therapy Training Roseway Wzldorf School Rsonline Rudolf Steiner School The Grove Voice & Word W Holistic Living Cotnrnunlty WillDW Tree Kindargarten Tol81 grants of up lo £7,000 made to 8 inslilulion5 York Stéiner School Nat-y-cwm Parcilal Youth Society G6orgl3 Sleiner Onlina Library Eurylhmy West Midlands Performing Arts Inlernallonal Garrald Edinburgh Wellsbourne Healltt Centre GIOUster Theatre Pericles Theatre Lichtblick Verein 4,550 4,550 3,000 3,655 3,000 1,500 1,500 3,000 2,500 17,500 13,725 2,500 1,000 2,000 2,000 4,000 6,545 2,000 23,434 62,500 2,000 3,125 1.589 3.000 13.700 2,500 2,000 1,500 6,000 3,518 3,000 3,655 3,000 1,5 1,500 3,000 2,500 3,000 2.500 2.000 17,500 13.725 2,500 1,000 2,000 2.000 2.500 12,450 1,500 6,545 40,021 1,500 2,000 23,434 62,500 20,016 2,000 3,125 1.589 3,000 13,700 2,500 2.000 1,500 6.000 2.095 15,000 2,500 1,423 4,250 4,000 4,000 3,000 3,000 2,500 2,000 2,000 2,000 1,50D 1.500 1,063 62,950 135,892 196,842 129,800 Grants lo 15 individua15 14,3 14,127 28,427 38,461 77,250 150,019 227.269 168,261 10
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 SLEPPDrt costs allocated to aclivilies 2024 2023 Gov8rn8nee eosls 1,320 1,320 Analysed between- Independenl examiners fee 1,320 1,320 TTUStees None of the Iruslees lor any persons connected with them) received any remuneration or benefits from the charily during the year. Trustees expenses There were no trustees, 8xpens8s paid for Ih@ year ended 31 Dember 2024 nor for Ihe year ended 31 December 2023. Taxatlon The chartly Is exempl from taxation on its aGliiillos because 211 ils income is applied for charitab18 purposes. 10 Tanglble flxed assÈts Flxtures and Cost Al 1 January 2024 5,732 Ai 31 December 2024 5,732 Depreciation and Impairment At 1 January 2024 Deprecialion charg8d in th8 year 5,141 148 At 31 Dec8mb8r 2024 5,289 Carrylng amount At 31 December 2024 443 At 310ecember 2023 591
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Investment property 2024 Fair value At 1 January 2024 Addiliong 260,g84 1,498 Al 31 December 2024 262,482 Hermes Trust huldb a 34.24°k interest in 8 prop8rty and will benelil from the increase in v8lue when thB prop¢ty is evenlually sold. The inveslment in the property is ¢arried 81 ils market value al the balance sh8é1 date. 12 Flxed asset Investments Listed Inve$tm£nts Soclal Investment5 rolal Cost or valuatlon At 1 January 2024 Valu2lion changes Additions Disposals 1.310 159 850,198 851,508 159 65,650 1198,3531 65,650 1198,3531 At 31 Dec@mbeT 2024 1.469 717,495 718,964 Carrylng amount At 31 Decembei 2024 1,469 717,495 718,964 At 31 Decernber 2023 1,310 850,198 851,508 2024 2023 Investments at fair value COTllpris8'. Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation In 2024 Cost 39 39 321 159 947 321 947 1,469 1,310 398 Santander shares. Hermes Tru51 Inakes103ns lo schools, olher charities, 2nd Individuals in pursuance ol its charit8ble 8clivilies, The terms of the loans vary. 12
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Debtors 2024 2023 Amounts falling due within one year: Other deblors Prepayments and accrued income 885 6,698 1,033 2,494 7,583 3,527 14 Creditors.. amoun15 falllng due within one year 2024 2023 Other creditors Accruals and de18rred income 13,500 3,280 4,000 2,403 16,780 6,403 15 Reslrict8d funds The resl¥icted funds of Ihe charily comprise the unexpended balances ol donations and gFants h61d on trust subject to SP8cific conditions by donors as to how they may be used. At 1 January 2024 IncomÈng resources Resources expended At31 December 2024 Steiner School Loan Fund Acacia Tree Nursery ACTS Art of the Spoken Wc>rd Artura Fund ASGB Fund C Houghlon Budd Fund Direcled Donations Fund Economics Confer@nte Fund EurylhTny Assooiation Fund Harmanus Waldorf School Lichbllck Verein Living Forms Research Fund Mbagalhi Steiner School Mpij&r Fund NALM Fund New View directed donations Unibus 411,700 4,580 882 488 11.096 11.800 6.068 534 4,235 5,150 38 125 4.868 411,700 2,080 882 2,488 11,187 20,05Q) 1,444 493 1,462 8,908 53 9?5 4,743 8,219 2,080 14,5801 2,000 91 27,378 5,126 10,091 119,1281 19,7501 110.1321 12,7731 110,6001 14,356 800 11251 16,5751 162,5001 14.794 62,500 830 175 3.500 830 23,260 123,4351 15001 3,000 528.569 99,993 1150,0981 478,464 13
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Restrlct8d funds Icontlnuedl Previous year: At l January 2023 Incoming resources Resources expended At31 December 2023 steiner School Loan Fund Ac3CIB Treel Nursery ACTS Art of the Spoken Word Artura Fund ASGB Fund Breede Centre C Houghton Budd Fund Directed Dor)alions Fund Economics Ctsnlerence Fund Eurythmy Association Fund Hermanus Waldorf School Liberalion ol Aclillg Lichblick Verein Living Forms Research Fvnd Meijer Fund NALM Fund New Vlew dlreGled donallons Unibus 411,700 411,700 4,580 882 488 11,096 11,800 4,580 882 488 10,993 12,300 10S 18,823 1,949 7,406 10.100 3,060 103 39,521 13,0601 140,0211 7.245 5,835 120,0001 17,2501 13,1711 110.4501 Ib251 12,0001 11,0631 12331 6,088 534 4,235 5,150 38 5.500 663 2,000 438 5.101 62.50D 830 750 125 4,868 62,500 830 175 3,500 20.191 120,0161 3,500 549,115 87,448 1107,9941 528,569 14
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Restricted funds (Continued) Th8 Steiner School Loan Fur)d is a revolving loan fund established lo support Steiner Schools and Kindergartens iii the UK. The Acacia Tree Nijrsery Fund acts as a conduit for donations to Waldorf Kindergarten in South Africa. The ACTS Fund stewards donations for the education project Acknowledging Creative Thinking Skllls. The Arts ol the Spoken Word Fund acts as a conduit for donations in support of research and publication carried out by Sibylla Eiehsl8edt, The Artura Fund supports educatlonal work undertaken by Dr Brien Masters. The ASGB Fund 5UPPOrtS the Anthroposophical Society in Great Britain. The Breede Centre Fund acts as a conduit for donations to this projeBI in McGregor, South Africa which provides trainlng lor the unemployed. The Dirocted Donations Fund is a conéuil for oneff donations made in furtherance ol the Trust's charlt2ble objects. The Economics Conference supports resear¢h Into economics 38 eluGid81ed by Rudolf Steiner. The ELErylhmy Centenary Fund acts a5 a coinduil for donations to support the staging of perfomiances to celebrate 100 years of eurylhmy. The Hermanus Catnphill Fund is g condult for funds raised for the Camphill School in the township ol H8rmanus. South Africa. The HermanLlS Waldorf School is a conduit for fLinds raised lor th8 St8in8r school in the townshlp of Hermanus, South Africa. The Houghton Budd Fund a¢ls as a conduit for donations in support of Christopher Houghlon Budd's work on associative economics. The Llbeiation olAcling Fund exists lo support speesh and drama training. Th8 Lichlblick V8rein Fund acts as a conduil for donations to support the development of colour and Ilght therapy. The Llving Forms Research Fund suppc>rts r8search Into the relationship between planetary phenomena and the devfjlopmenl of bud and leaf growth, and 81so the human heart and uterus The Meijer Fund htslds an endowment in sUPPOrt ol projects run by Reinoud and Annie Meijer in Swetlen Ihat are in keeping wilh the charilF5 0bleGts. The New Adult Learning Movement Fund supports Ehe adult training, education and research facilitated by NALhA, The New View Fund acts as a conduil for donations in support of th8 magazine New View. The Unlbus Fund acts as a conduit for funds lo support the Unibus youth project. The Mbagalhi Steiner School fund serves as a conduit for donations to this school near N8Srobl, Kenya.
HERMES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Unrestricted funds Th6 unr6stricl6d funds ol the ch8rily comprlse the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been sel aside out ol unrestricted funds by the Irijstees for specifio purposes. At 1 January 2024 Incoming resources Resources expended Gains and losses At31 December 2024 General funds 1,232,657 52,933 198,7361 159 1,189,013 Previous year: At 1 January 2023 Incomlng resources Resource5 expended Galn5 and losses A131 December 2023 General funds 1.252.445 58.112 178,2201 320 1,232,657 17 Re18ted parly tranBactlon8 There were no disc105able related party Iransaclions dijring the y9ar12C>23- none). 16-