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2022-03-31-accounts

Charity Number: 230146

GORHAM’S GIFT

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2022

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GORHAM’S GIFT FINANCIAL STATEMENTS – 31 MARCH 2022

CONTENTS PAGE
TRUSTEES REPORT 3 – 6
INDEPENDENT EXAMINER’S REPORT 7
FINANCIAL STATEMENTS 8 –10
NOTES TO THE FINANCIAL STATEMENTS 11 –14

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GORHAM’S GIFT (REGISTERED CHARITY NO: 230146)

Report for Financial Year ending 31 March 2022

This report has been drawn up in accordance with the requirements of the Charities Act 2011 and the 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 (FRS102) (effective 1 January 2015).

Governing Document

High Court Scheme dated 10 December 1935 (trust deed), as amended by schemes of the Charity Commissioners dated 30 April 1970, 25 April 1978, 20 May 2004 and 25 February 2020.

Registered Office

Brighton & Hove City Council Hove Town Hall Norton Road Hove BN3 3BQ

Trustees

Dr B. Hunt (Parochial Church Council representative) Lynne Martin (ex-officio for Chief Executive, Brighton & Hove City Council) Rev Tim Mills (ex-officio – Incumbent) Cllr Joe Miller resigned March 2022 Cllr Lizzie Deane resigned May 2022 Cllr Bridget Fishleigh Cllr Pete West appointed May 2022 Cllr Steve Bell appointed May 2022

Co-opted Trustees

Mrs Pamela Stiles (Chair) Mr Brian Fitch

Managing Agents

Savills Chartered Surveyors Exchange House Petworth GU28 0BF

Independent Examiner

Hannah Doherty Galloways Accounting (Hove) Limited 28 Fourth Avenue Hove BN3 2PJ.

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Others who attend meetings of the Trustees

Mary Grealish (Accountant, Brighton and Hove City Council) John Peel (Clerk, Brighton & Hove City Council)

At Brighton & Hove City Council’s full council meeting each year three Trustees from three different political parties are appointed to the Trust board. The Reverend of St Laurence’s Church in Telscombe village as well as a representative from the Parish Council also, sit on the board of Trustees. Up to two co-opted Trustees are appointed to the board who at present are appointed from previous Trustees because of their knowledge and understanding of the Trust’s history and affairs. A Brighton & Hove City council officer is appointed as an exofficio Trustee on behalf of the Chief Executive of Brighton & Hove City Council. Any new Trustees are briefed on their major duties which include scrutinising financial information and raising concerns or requesting further clarification on any matters relating to the Trusts’ activities. The Trustees meet at least twice a year.

The Trust is supported by officers of the council and the Managing Agents.

Background

Ambrose Gorham was a bookmaker and horse trainer, who was resident at Stud Farm in about 1890. Almost the entire village operated as a racing stable at one time and Ambrose acted as Squire and benefactor. He managed over twenty apprentices at the Stud and built the Village Club to provide for their social needs. In 1902 his horse Shannon Lass won the Grand National.

With winnings from the Grand National, he helped to restore St Laurence Church in Telscombe Village and in 1905 commissioned two murals, which can be seen today. Later he purchased land in the adjoining area to expand his interests, and on his death in 1933, bequeathed his property and land for charitable purposes.

Objectives and Activities

In accordance with his will a Trust was established. The purpose of the Trust is to keep Telscombe Village as Ambrose Gorham would have liked, and for the property as far as possible, to be of benefit to the people in the surrounding environs of Brighton and Hove including Telscombe Cliffs for their quiet and peaceful enjoyment.

The Trust’s objectives in liaison with the Charity Commission were amended in February 2020 to reflect modern times. The objects of the charity are as follows:

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The Trust owns 8 cottages in the Village and the whole of Stud Farm. One of the cottages is a holiday rental cottage. It also owns some sheep ‘leazes’ which afford the right to graze over 200 sheep on Telscombe Tye. Telscombe Tye is owned and managed by Telscombe Town Council.

Trustees delegate their day to day work to Managing Agents who liaise with the tenant of Stud Farm and other tenants and are in contact with Telscombe Town Council on matters relating to the Tye.

The Village Club lease to Telscombe Town Council expired October 2015. Since that time the club has continued to be available for use by the wider community.

The Trustees have a programme of repairs and maintenance for their buildings and also consider proposals for development as they are made. Recent improvements include roofing and structural repairs, works to buildings under the Stud Farm tenancy, underground drainage issues, rewiring, new boilers and repairs to sash windows.

Trustees make at least one visit per year to the Village to inspect their properties, review the work undertaken on their behalf and to consider future proposals.

Public Benefit Guidance

The Trustees have complied with their duty under section four of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission and confirm that all the grants made within the period of these accounts support the aims and objectives of the charity as set out above.

Reserves policy and risk management

It is the Trustees’ policy to maintain sufficient reserves to ensure current levels of expenditure can be maintained for the foreseeable future regardless of donation or other income. At the year end the total unrestricted reserves amounted to £563,699 (2021: £522,960). The Trustees consider there are no evident risks to the continued operations of the charity at the current time.

Financial Review and Achievements

The 2021/22 Accounts will be presented at a meeting of the Trustees in December 2022. The deficit for the year was £18,172.

Through the Trust’s agents, the properties and land continued to be let producing an annual income of £120,037 in the current year.

Savills, Property and Rural Estates, act as Agents for the Trust and ensure the upkeep of all Trust property in line with Ambrose Gorham’s wishes.

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In the year 2021/22 £96,404 was spent on general repairs and maintenance. Properties under the Stud Farm tenancy incurred costs of £76,857 which included £70,356 for repairs and roofing works to a farm building known as “Flint Barn”. £6,357 was incurred at Oak Tree Cottage for a new oil tank, plumbing and repairs to the boiler.

During the year the Managing Agents project managed repairs to buildings under the Stud Farm tenancy, negotiated with the tenants, arranged a new tenancy at Church cottage, a tree conditions survey and report, and arranged for the provision and agreed terms, for the usage of a defibrillator in the decommissioned BT phone box.

The Trust scheme specifies how the annual surplus is distributed . The surplus in a year is not known until the end of that financial year, so can only be distributed in the following year after the financial statements have been approved at committee and the independent examination has taken place. Any deficits in any year reduce the net assets of the Trust and are not carried forward to the following year. In 2020/21 there was a surplus of £6,487 whereby the majority was distributed in 2021/22.Distribution is specified on page 8.

In 2021/22 various grants were made from the Grants Reserve. £1,000 was paid to the ABC Fund a local children’s charity that provides trips and treats to local families in need. £1,000 was provided to the Brighton and Hove Music Trust to enable music education for pupils in the Telscombe/Peacehaven area unable to afford the cost of lessons and instruments. £1,500 was paid to Telscombe Village Club due to the lack of funds received during COVID and to assist with promoting the Village Hall as a venue to increase bookings.

Investments held by the Trust have been acquired in accordance with the powers contained in the governing instrument of the Trust. Most of these investments are in COIF shares, and any cash surplus is invested in Brighton & Hove City Council.

There has been no change in accounting policies in the year.

The Trustees report was approved by the board of trustees on 6 December 2022 and signed on their behalf by:

Pamela Stiles (Chair) 6 December 2022

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Independent Examiner’s Report to the trustees of Gorham’s Gift

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

· the accounting records were not kept in accordance with section 130 of the Charities Act; or

· the accounts did not accord with the accounting records; or

· the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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 accounts to be reached.

Hannah Doherty FCCA Galloways Accounting (Hove) Limited The Old Casino 28 The Fourth Avenue Hove East Sussex BN3 2PJ Date 26/01/23

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Statement of Financial Activities For the year ended 31 March 2022

Note
Income and endowments from:
Charitable activities
2
Investments
3
Total
Expenditure on:
Charitable activities
4, 5
Total
Net income/(expenditure)
Other Recognised gains/losses
Distribution of previous years'
surpluses
6
Net gains (losses) on investments
8
Net Movement in funds
Reconciliation of funds:
Funds balance brought forward
Funds balance carried forward		 Unrestricted
Funds
2022
£
120,137
6,647
126,784
144,956
144,956
(18,172)
(5,500)
64,681
41,009
522,690
563,699		 Restricted
Funds
2022
£
0
0
0
0
0
0
0

0
0
4,345,000
4,345,000		 Total
Funds
2022
£
120,137
6,647
126,784
144,956
144,956

(18,172)
(5,500)
64,681
41,009
4,867,690
4,908,699		 Total
Funds
2021
£
115,797
6,511
122,308
115,821
115,821
6,487
(7,000)
114,622
114,109
4,753,581
4,867,690

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Balance sheet at 31 March 2022

Note
Fixed Assets:
Tangible assets
7
Investments
8
Total Fixed Assets
Current Assets:
Debtors
Cash held by Savills
Investments
Liabilities:
Creditors: Amounts falling due
within one year
Cash Overdrawn
NET CURRENT ASSETS
NET ASSETS
The Funds of the charity:
Restricted Fund:
Permanent endowment - Land &
Buildings
Unrestricted Funds:
Designated - Extraordinary Repairs
Fund
Designated - Grants Reserve
General - Reserve Fund
General - Revenue Account		 £
4,345,000
578,355		 2022
£
4,923,355
(14,656)		 £
4,345,000
523,675		 2021
£
4,868,675
(985)
48,368
11,052
100,000
(7,400)
(166,676)		 33,541
29,207
90,000
(37,969)
(115,764)
4,345,000
4,908,699 4,867,690

4,345,000



563,699		 4,345,000
16,220
7,000
492,983
6,487
18,708
5,500
557,663
(18,172)
4,908,699 4,867,690

The financial statements were approved by the Trustees on the 6 December 2022 and signed on their behalf by:

Pamela Stiles (Chair) 6 December 2022

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2020/21
£
(36,661)
(36,661)
7,000
12,221
7,000
10,440
36,661		 Gorham's Gift
Distribution Account
31st March 2022
Surplus/Deficit Available for Distribution
(Surplus)/Deficit (previous year paid in the following year)
Total Available for Distribution
DISTRIBUTION
Surplus Distribution was amended in February 2020 with the
2020/21 surplus distributed according to details on page 2 of
the Trustees' Annual Report.
St Laurence Parish Council
Transfer to Extraordinary Repairs Fund (ERF)
Grants Reserve
Transfer to Reserve Fund
TOTAL DISTRIBUTION FOR YEAR		 2021/22
£
(6,487)
(6,487)
2,000
2,487
2,000
0
6,487

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Notes to the Financial Statements for the Year Ended 31 March 2022

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Charities SORP ‘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 for (FRS102) (effective 1 January 2015)’ and applicable accounting standards.

(a) Accounting convention

The financial statements are prepared under the historical cost convention.

(b) Investments

Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net realised and unrealised gains and losses arising on revaluations and disposals throughout the year.

(c) Income

Income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Investment income received is accounted for on a receivable basis and Rent income is accounted for on an accruals basis.

(d) Expenditure

All expenditure is accounted for on an accrual basis.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and includes governance costs. Governance costs are those costs associated with meeting the constitutional and statutory requirements of the charity.

(e) Fund Accounting

The Trust has restricted and unrestricted funds.

Restricted funds are subject to specific restricted conditions imposed by donors. The Trust’s land and buildings are investment assets that must be permanently retained by the Trust. For the purposes of these accounts the land and buildings are classed as a capital fund called a permanent endowment.

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Unrestricted general funds comprise those amounts received for use at the discretion of the Trustees in the furtherance of the general objectives of the charity.

Unrestricted designated funds are unrestricted amounts put aside by the Trustees for specific purposes. The Trust has set aside a fund called Extraordinary Repairs Fund which is used by the Trustees for specific repairs and maintenance of the Trust’s land and buildings. The Grants Reserve is funds set aside for grants to organisations working to prevent or relieve poverty or to advance education in the area of benefit.

2. INCOME FROM CHARITABLE ACTIVITIES

Rent receivable
Wayleaves
Total

3.INVESTMENTS
Share Dividends
Interest received from cash held at Savills
Total		 2022
£
120,037
100
120,137
2022
£
6,642
5

6,647





2021
£
115,596
201
115,767
2021
£
6,511
0
6,511

4. EXPENDITURE ON CHARITABLE ACTIVITIES

2022
£
General Repairs and Maintenance:
Box Tree Cottage
918
Hawthorn Cottage
120
Village Hall
1,354
General Village maintenance
2,143
Oak Tree Cottage
6,861
Stud Farm (inc. Blackthorn Cottage)
76,857
White Cottage
846
Cow Shed
450
Holly Cottage
857
Church Cottage
833
Shannon Cottage (inc. holiday let expenses)
5,501
Management fees - Savills
Professional fees – Savills		 2022
2021
£
£
9,197
6,505
0
5,090
5,653
35,057
7,158
108
588
1,465
5,491
96,740
11,088
15,876		 2021
£
76,312
10,200
21,259

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Professional fees – Other
Interest charge for cash overdrawn at BHCC
Miscellaneous expenses
Governance costs (see note 5 below)
Total		 15,468
377
0
5,407
144,956
 2,510
624
11
4,905
115,821

Savills (Chartered Surveyors) management fee covers day to day work in connection with the tenancies, arranging minor repairs and maintenance, collecting the rent income etc. They are the Managing Agents and were appointed on 1[st] April 2013.

Savills professional fees include project managing fees in respect of any contract over £5,000 whereby 10% of the total contract plus disbursements is payable to them. In 2021/22 this included major works to a property under the Stud farm tenancy. Other Savills professional fees were incurred due to tenancy negotiations, tree condition survey and report, reletting fee for Church cottage and agreeing terms for the usage of the BT phone box.

Other professional fees include legal advice on tenancies and engineers reports.

5. GOVERNANCE COSTS

Administration fees - Brighton & Hove City Council
Financial
Committee Clerk
Independent Examiner's fee
Trustee expenses
Total		 2022
£
2,400
1,927
1,080
0

5,407		 2021
£
2,400
1,391
1,080
34
4,905

Brighton & Hove City Council charge the Trust administration fees for any work they do on the Trust’s behalf.

Financial charges include preparing the financial statements, the annual report, completing the Charity Commission annual form and providing trustees with any financial information when required. Also liaising with the Managing Agents and paying invoices on behalf of the trustees.

Committee clerk fees include time spent by the Administrator for preparation, clerking and minuting for the Trust’s meetings and providing advice to trustees on any matter. Also, includes printing, stationery and postage of the minutes and agendas.

Gorham’s Gift has no employees.

None of the Trustees or any person connected with them has received or is due to receive any remuneration for the year.

There were no related party transactions during the year.

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6. DISTRIBUTION OF PREVIOUS YEARS SURPLUS AND TRANSFER FROM FUNDS

In 2021/22 the Trust distributed £5,500 that related to the 2020/21 surplus.

In 2020/21 the Trust distributed £7,000 that related to the 2019/20 surplus.

For further details of this please see the Distribution statement on page 8.

7. FIXED ASSETS – LAND & BUILDINGS

The land and buildings owned by the Trust were valued in April 2019 at the open market value of the freehold at £4,345,000. The land & buildings are investment assets that are to be held indefinitely by the Trust.

8. INVESTMENTS

£
COIF
Market Value at 1 April
613,674
Additions
0
Deletions
0
Net Unrealised Gains
64,681
Net Unrealised Losses
0
Market Value at 31 March
Total Investments		 2022

£
£

499,052

0

0

114,622

0
678,355

678,355		 2021

£
613,674
613,674

COIF shares are funds invested in the Charities Official Investment Fund. These are written into the accounts at market value on 31[st] March 2022.

9. MOVEMENT IN FUNDS

Unrestricted funds
Restricted funds
Total Funds		 Brought
forward
Incoming
Resources
Resources
Expended
Other
Gains/Losses
Carried
forward
£
£
£
£
£
522,690
126,784
(144,956)
59,181
563,699
4,345,000
0
0
0 4,345,000
4,867,690
126,784
(144,956)
59,181 4,908,699

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