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 st￿et
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 educat￿ll, 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 S￿lIable 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 re￿IVed 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 estimat￿rn Un￿rial￿tY 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
GIOU￿ster 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 De￿mber 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 one￿ff 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-