Charity Registration No. 1174662 Company Registration No. 10766561 (England and Wales) ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED ## LEGAL AND ADMINISTRATIVE INFORMATION |Trustees|G Goldhammer| |---|---| ||The Rev'd Dr R M Fermer| |Secretary|G Goldhammer| |Charity number|1174662| |Company number|10766561| |Principal address|6th Floor 9 Appold Street| ||London| ||United Kingdom| ||EC2 2AP| |Registered office|Third Floor| ||20 Old Bailey| ||London| ||EC4M 7AN| |Independent examiner|Moore Kingston Smith LLP| ||6th Floor| ||9 Appold Street| ||London| ||EC2A 2AP| |Bankers|C. Hoare & Co.| ||37 Fleet St| ||London| ||EC4P 4DQ| |Solicitors|Withers LLP| ||20 Old Bailey| ||London| ||EC4M 7AN| ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED ## CONTENTS ||Page| |---|---| |Trustees' report|1 - 2| |Statement of Trustees' responsibilities|3| |Independent examiner's report|4| |Statement of financial activities|5| |Balance sheet|6| |Notes to the accounts|7 - 13| ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED ## TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) For the year ended 31 December 2023 The Trustees present their report and financial statements for the year ended 31 December 2023. The legal and administrative information page included before the Index page forms part of this report. The company was incorporated on 11 May 2017 and was registered as a charity on 15 September 2017. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". ## Objectives and activities Robert F. and Gina Goldhammer Memorial Foundation Limited is a registered charity. The objectives of the Charity are such charitable purposes for the public benefit in any part of the world as the Trustees may in their absolute discretion determine, including but without limitation: (a) The advancement of the Christian religion - (b) The advancement of education - (c) The promotion of the arts, culture and heritage The Charity will operate as a grant-maker and the Trustees intend primarily to provide grants towards operational charities for the advancement of Christianity, advancement of education and promotion of the arts, culture and heritage (including music). The Trustees also propose to build and manage a sacred outdoor space to introduce people to and educate them about the Christian faith, as well as provide a contemplative and educative experience for children and adults of all backgrounds and faiths. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. ## Achievements and performance ## Financial review Charitable expenditure amounted to £157,392 (2022: £123,397) during the year, in addition to this £nil (2022: £686,195) was spent in relation to the purchase land and initial stage development of an outdoor worship site in Italy in furtherment of the Charity objectives. At year end funds were £2,566,709 (2022: £2,648,895). The Charity is dependent on the ongoing support of its trustees and donors. In 2023 the Charity continued its efforts to articulate more fully and realistically its founding principle, which is to create a sacred outdoor space for prayer, pilgrimage and contemplation on the site of the medieval Benedictine monastery of Santa Maria Annunziata of Monte Orbieso, situated on a hillside inside a natural preserve above the historic Valsanzibio Gardens in the Veneto region of Italy. The site having been granted Monument status, which was a precondition of the Charity obtaining permission to purchase and develop the site, a further series of individual applications had to be filed for licenses to create access to such basic utilities as water and electricity, which are necessary to renovation of the existing ruins. The lead architect and local Withers legal team worked closely to make sure that these were filed with absolute accuracy as any, however minor, perceived lack of compliance could necessitate the application process to begin over again. With all permissions and licenses finally granted in the fall of 2023, basic decisions made as to how the monastery buildings and surrounding land would look and be utilized, and a realistic budget in hand, the groundwork was laid to obtain bids from several construction companies to develop the site, with the beginning of actual work anticipated to start at the end of spring or early summer 2024. Probably the most important conceptual alteration to the original idea for the site was the decision to table plans for erecting Page 1 Docusign Envelope ID 4CCF8834-951C486A-865&48E2DA46C1F6 ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (Continued) For the year ended 31 December 2023 a sacred sculplLJre loriqinally a Crucifixionl until the scale and appearance of the monastery buildinqs and surrounding lands¢ape were more clearly defined. Risk management and reseThfes policy The Trustees intend lo ensufe that any intended expenditure for charitable projects is funded before the commitment is entered into. Additionally. reserves will be mainlained lo cover expecied adminislralive costs covering a period ol not less than 6 months. Investment powers In JLLordJnce wilh Ihe Memorandum and Articles of Association the Charity has the power to invest In such ¢hariiable purposes as the Trusiees see fil Surplus funds are Invesled through a managed account in short term instruments lo maintain capital value. Principal risks and uncertaintie5 The Trustees have asse55ed Ihe major ri5k5 lo which Ihe chariiable company Is exposed. and 8rtr satisfied Ihat systems are in place lo miligale exposuie lo the major risks. The principal risk 15 the reliance on a principal donor however no commilmenls would be entered inlo wilhoul adequate funding in place. Slruclure, governance and management The Trustees. %vho are also the directors lor the purpose ol company law. and who served during the ye8r were.. Mrs G Goldhammer The Rev'd Dr R M Fermer Mr l Dungav81 (Resiqned 6 April 20231 Robert F. and Gina Goldhammer Memorial Foundation is a company limited by shares governed by ils Memorandum and Ariicle5 oIAssocialion (Jaled 11 May 2017. The method of appointment and resignation of Iruslees is sel out in the Articles of Association. This report represents the directors, report as required by the Companies Act 2006. The MemorandLJm and Articles ol Associalion allow for an unlimited number of Iruslees but a minimum of two. Trustees may be appointed by ordinary resolution. Appointment of Iruslees is considered on the basis ol the requirements ol the Charity and the skills and expertise (hal each Irus(ee would bring. Meetings of Iruslees occur al such frequency as the Trustees consider suitable in the circumstances of the Charity and not less than once a year. The sole share In Ihe Charity Is held by the Trustees ol Ihe Roberl F. and Gina Goldhammer Memorial Charity (USI. The Trustees, Report was approved by Ihe Board of Trustees. This report represents the Direclors, Report reqLJired by company law. SW79E1D4(¢4$9 Mrs G Goldhammer Dated." 9 May 2024 Page 2 ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED ## STATEMENT OF TRUSTEES' RESPONSIBILITIES For the year ended 31 December 2023 The Trustees (who are also the directors for the purpose of company law) are responsible for preparing the Annual Report and the accounts in accordance with applicable law and regulations. Company Law requires the Trustees to prepare accounts for each financial year. Under that law the Trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these accounts, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; and - prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue to operate. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company' s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3 ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED ## INDEPENDENT EXAMINER'S REPORT ## TO THE TRUSTEES OF ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED I report to the Trustees on my examination of the financial statements of Robert F. and Gina Goldhammer Memorial Foundation Limited (the Charity) for the year ended 31 December 2023. ## Responsibilities and basis of report As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ("the 2006 Act"). Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that: - 1 accounting records were not kept in accordance with section 386 of the 2006 Act; or - 2 the financial statements do not accord with such records; or - 3 the financial statements do not comply with relevent accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Andrew Grieve FCA Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP Dated: 9 May 2024 Page 4 ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT For the year ended 31 December 2023 |||Unrestricted|Unrestricted| |---|---|---|---| |||funds|funds| |||2023|2022| ||Notes|£|£| |Income from:|||| |Investments|3|83,902|23,748| |Expenditure on:|||| |Charitable activities|4|157,392|123,397| |Net gains/(losses) on investments|7|(8,696)|306,295| |Net movement in funds||(82,186)|206,646| |Fund balances at 1 January 2023||2,648,895|2,442,249| |Fund balances at 31 December 2023||2,566,709|2,648,895| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. Page 5 Docusign Envelope ID 4CCF8834-951C486A-865&48E2DA46C1F6 ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED BALANCE SHEET As al 31 December 2023 2023 2022 Notes Fixed a55els Tangible assets Current assets Investments Cash al bank and in hand 681.313 683,754 1.570.905 326.076 1,627,207 354.353 1.896.981 1,981,560 Creditor5.' arnount5 falling due within one year 11.585 16.419 Nel current assets 1.885,396 1.965,141 Total assets less current liabilities 2.566,709 2.648,895 Income funds General unreslricled funds Share capital 2.566.708 2.648.894 Unrestricted lund5 2.566.709 2.648,895 2.566.709 2.648,895 For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 01 the Companies Act 2006 relating to small companie5. The Trustees acknowledge their responsibilities lor ensuring that the Charity keeps accounting records which comply with section 386 01 the Acl and for preparinq financial slalemenls which qive a true and fair view ol the slate ol affairs ol the company as al Ihe end ol Ihe financial year and ol Its Incoming resources and application ol resources. Including Ils Income and expendilure. lor the financial year In accordance with the reqLJirements ol sections 394 and 395 and which otherwise comply wilh the requiremenls ol the Companies Act 2006 relating lo financial slalemenls, so far as applicable lo Ihe company. These financial slalemenls have been prepared in accordance wilh Ihe provisions applicable lo companies subjecl lo the small companies regime. The financial slalements were approved by Ihe board ol directors and aulhorised for issue on 9 May 2024 and are signed on Ils behalf by". bhLr SEAC79D1D4014¢9 Mrs G Goldhafflmer Trustee Company Re9lStration No. 10766561 Page 6 ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 ## 1 Accounting policies ## Charity information Robert F. and Gina Goldhammer Memorial Foundation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, 20 Old Bailey, London, EC4M 7AN. ## 1.1 Accounting convention The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The accounts are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements, which are those of Robert F. and Gina Goldhammer Memorial Foundation Limited as an individual entity, have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## 1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. The Trustees have received indications of support from the Charity's donors to support its intended activities. The trustees will ensure any intended expenditure for charitable projects is funded before the commitment is entered into. ## 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity. ## 1.4 Incoming resources Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Page 7 ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 December 2023 ## 1 Accounting policies (Continued) Cash donations and income from fundraising events are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. In accordance with the Charities SORP (FRS102) volunteering time is not recognised. ## 1.5 Resources expended Resources expended are recognised in the period in which they are incurred on an accruals basis. Resources expended include attributable VAT which cannot be recovered. Costs of charitable activities include direct expenditure incurred through grants to partners and operational activities together with associated support costs. Grants are recognised in the period in which they are payable. Grants payable in furtherance of the Charity’s objects are attributed to the related classification heading in the SOFA. The costs of raising funds relate to the costs incurred by the charitable company in raising funds for the charitable work. Expenditure is allocated to the particular activity where the cost relates directly to that activity. ## 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings Land is not depreciated. Acquisition costs are depreciated over 10 years. Charitable asset In the course of construction Assets in the course of construction are not depreciated. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. ## 1.7 Impairment of fixed assets At each reporting end date, the Charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any. ## 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Page 8 ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED ## NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 December 2023 ## 1 Accounting policies (Continued) ## 1.9 Financial instruments ## Debtors Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. ## Creditors Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. ## Short term investments Investments are stated at fair value with any gains or losses arising on remeasurement recognised in the income and expenditure account. ## 1.10 Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period. ## 1.11 Taxation Robert F. and Gina Goldhammer Memorial Foundation Limited is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities as they fall within the various exemptions available to registered charities. As the Charity is effectively controlled by a US Charitable Trust this triggers US tax reporting which may in certain circumstances give rise to overseas tax which is provided for as its arises. Page 9 ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED ## NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 December 2023 ## 2 Critical accounting estimates and judgements In the application of the Charity’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## Critical judgements ## Fixed Assets As set out in more detail in the Trustees Report the charity has purchased land at a medieval monastery in Italy with the intention of undertaking various works so as to create a sacred outdoor space of prayer, pilgrimage and contemplation. The costs of this are shown in fixed assets and stated at cost, less depreciation where applicable to aspects other than land. The nature of the asset, the intended use and the potential restrictions applicable to the use and possible onward sale of the asset mean that the carrying value is difficult to gauge. The Trustees consider that to carry the asset at cost reflects the value to the company in what they hope will be a permanent feature of the landscape. But should the charity be put in a position of having to dispose of the asset there is no certainty it would recover the costs incurred. ## 3 Investments ||Unrestricted|Unrestricted| |---|---|---| ||funds|funds| ||2023|2022| ||£|£| |Income from listed investments|83,900|23,737| |Interest receivable|2|11| ||83,902|23,748| |For the year ended 31 December 2023|83,902|23,748| Page 10 ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED ## NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 December 2023 ## 4 Charitable activities |Depreciation and impairment
Legal and professional
Bank charges
Preliminary works in relation to memorial garden
Exchange gains or losses
Share of governance costs (see note 5)
Analysis by fund
Unrestricted funds
Governance costs
Accountancy
Analysed between
Charitable activities|2023
£
2,441
40,164
705
20,774
83,900
147,984
9,408
157,392
157,392|2023
£
9,408
9,408
9,408|2022
£
2,441
16,273
667
3,738
84,481| |---|---|---|---| ||||107,600
15,797| ||||123,397| ||||123,397| ||||2022
£
15,797| ||||15,797| ||||15,797| ## 5 Governance costs ## 6 Trustees None of the Trustees (or any persons connected with them) received any remuneration or had any expense reimbursement or benefits from the Charity during the year. ## 7 Net gains/(losses) on investments |Revaluation of investments
For the year ended 31 December 2023|Total
Total
2023
2022
£
£
8,696
(306,295)
8,696
(306,295)| |---|---| Page 11 ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 December 2023 ## 7 Net gains/(losses) on investments ## (Continued) ## 8 Tangible fixed assets |Tangible fixed assets|| |---|---| |Freehold land
and buildings
Charitable
asset
£
£
Cost
At 1 January 2023
579,518
106,677
At 31 December 2023
579,518
106,677
Depreciation and impairment
Depreciation charged in the year
4,882
-
At 31 December 2023
4,882
-
Carrying amount
At 31 December 2023
574,636
106,677
At 31 December 2022
577,077
106,677|Total
£
686,195| ||686,195| ||4,882| ||4,882| ||681,313| ||683,754| The carrying value of land, including the historical monastery remains, in land and buildings comprises: ||2023|2022| |---|---|---| ||£|£| |Freehold|555,110|555,110| The land and buildings comprises a monastery and surrounding land designated as a Monument in Italy. This status imposes certain restrictions on the use and disposition of the asset. ## 9 Creditors: amounts falling due within one year |Creditors: amounts falling due within one year||| |---|---|---| |Trade creditors
Accruals and deferred income|2023
£
-
11,585
11,585|2022
£
4,032
12,387| |||16,419| Page 12 ## ROBERT F. AND GINA GOLDHAMMER MEMORIAL FOUNDATION LIMITED ## NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 December 2023 |10|Share capital|2023|2022| |---|---|---|---| |||£|£| ||Ordinary share capital||| ||Issued and fully paid||| ||1 Ordinary share of £1 each|1|1| ## 11 Ultimate controlling party The Charity is controlled by the Trustees of the Robert F. and Gina Goldhammer Memorial Charity (US), a charitable trust established in New York, USA, by virtue of its shareholding. That entity is controlled by its trustees and treasurer, who include G Goldhammer. Page 13