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2023-03-31-accounts

Charity Number: 230146

GORHAM’S GIFT

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023

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GORHAM’S GIFT FINANCIAL STATEMENTS – 31 MARCH 2023

CONTENTS PAGE
TRUSTEES REPORT 3 – 7
INDEPENDENT EXAMINER’S REPORT 8
FINANCIAL STATEMENTS 9 - 11
NOTES TO THE FINANCIAL STATEMENTS 12 –16

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GORHAM’S GIFT (REGISTERED CHARITY NO: 230146)

Report for Financial Year ending 31 March 2023

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) resigned April 2023 Cllr Lizzie Deane resigned May 2022 Cllr Bridget Fishleigh Cllr Pete West resigned May 2023 Cllr Steve Bell resigned May 2023 Cllr Liz Loughran appointed May 2023 Cllr Theresa Fowler appointed May 2023

Co-opted Trustees

Mrs Pamela Stiles (Chair) Mr Brian Fitch resigned March 2023

Managing Agents

Savills Chartered Surveyors Exchange House Petworth GU28 0BF

Independent Examiner

Carol Rigby 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 annual council meeting each year three Trustees usually from three different political parties are appointed to the Trust board they are normally appointed for a 4 year term. 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 can be appointed to the board. At present these were 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 ex-officio 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 purpose of the Trust remains the same (see above), but the Trust’s objectives 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 oil tank, repairs to boilers and installing a ramp at the Village Hall.

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 £515,306 (2022: £563,699). The Trustees consider there are no evident risks to the continued operations of the charity at the current time.

Financial Review and Achievements

The 2022/23 Accounts will be presented at a meeting of the Trustees in September 2023. The deficit for the year was £34,026.

Through the Trust’s agents, the properties and land continued to be let producing an annual income of £117,644 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 2022/23 £90,028 was spent on general repairs and maintenance. Properties under the Stud Farm tenancy incurred costs of £68,942 which included repairs and roofing works to farm buildings known as “Flint Barn” and “Stable”. £3,259 was incurred at Holly Cottage for redecoration, cleaning, replacement of bath panel and boiler repairs in preparation for new tenant. £3,683 was incurred at Box Tree cottage on costs associated with the long-term tenant vacating the property in preparation for major works being completed in 2023/24 before a new tenancy can be started. A defibrillator at a cost of £3,470 was installed in the old BT phone box in the village.

During the year the Managing Agents project managed repairs to buildings under the Stud Farm tenancy, negotiated with the tenants and arranged a new tenancy at Holly cottage. Major time and effort were made by managing agents and professional advisors in continuing Successions negotiations with tenants.

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 2021/22 there was a deficit of £18,172 which was partly funded by the Grants Reserve Fund and the General Reserve Fund. Distribution is specified on page 11.

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.

Future plans

The Trustees are undertaking a major refurbishment to Box Tree cottage to preserve and maintain the building and also, to secure a new tenant at a higher rental value. At present the Trust’s income is funding improvements to the property portfolio and general village maintenance to meet the Landlords obligations. The Trust has not had surpluses to distribute for a couple of years but, they hope that in future years there will be funds available once major improvements have been made to the properties and the surrounding areas.

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company and charity law requires the Trustees to prepare financial statements for each financial year. 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 group and parent charity and of the incoming resources and application of resources, including its income and expenditure, of the group for the year. In preparing those financial statements the Trustees are required to:

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The trustees are responsible for keeping adequate and proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and regulations made thereafter and with the requirements of 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website.

In so far as the trustees are aware:

information and to establish that the auditors are aware of that information.

The Trustees report was approved by the board of trustees on 14 September 2023 and signed on their behalf by:

Pamela Stiles (Chair) 14 September 2023

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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 2023.

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.

Carol Rigby FCCA Galloways Accounting (Hove) Limited The Old Casino 28 The Fourth Avenue Hove East Sussex BN3 2PJ Date: 8 January 2024

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Statement of Financial Activities For the year ended 31 March 2023

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
2023
£
117,745
6,912
124,657
158,682
158,682
(34,026)
0
(14,367)
(48,393)
563,699
515,306		 Restricted
Funds
2023
£
0
0
0
0
0
0
0
0
0
4,345,000
4,345,000		 Total
Funds
2023
£
117,745
6,912
124,657
158,682
158,682

(34,026)
0
(14,367)
(48,393)
4,908,699
4,860,306		 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

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Balance sheet at 31 March 2023

Note
Fixed Assets:
Tangible assets
7
Investments
8
Total Fixed Assets
Current Assets:
Debtors
Cash held by Savills
Investments
8
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
513,988		 2023
£
4,858,988
1,318		 £
4,345,000
578,355		 2022
£
4,923,355
(14,656)
62,891
9,675
50,000
(12,601)
(108,647)		 48,368
11,052
100,000
(7,400)
(166,676)
4,345,000

4,860,306 4,908,699

4,345,000



515,306		 4,345,000
18,708
5,500
557,663
(18,172)
18,708
4,039
526,585
(34,026)
4,860,306 4,908,699

The financial statements were approved by the Trustees on the 14 September 2023 and signed on their behalf by:

Pamela Stiles (Chair) 14 September 2023

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Distribution Account 31st March 2023

2021/22
£
(6,487)
(6,487)
2,000
2,487
2,000
0
6,487		 Surplus/Deficit Available for Distribution
(Surplus)/Deficit (previous year paid in the following year)
Total Available for Distribution
DISTRIBUTION
St Laurence Parish Council
Transfer to Extraordinary Repairs Fund (ERF)
Grants Reserve
Transfer to Reserve Fund
TOTAL DISTRIBUTION FOR YEAR		 2022/23
£
18,172
18,172
0
0
(1,461)
(16,711)
(18,172)

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Notes to the Financial Statements for the Year Ended 31 March 2023

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.

The accounts are prepared on a going concern basis after consideration by the trustees that there are no material uncertainties about the Charity's ability to continue as a going concern. Such consideration includes a review of committed income and expenditures, cash flows and reserves. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.

The accounts are prepared in sterling, which is the functional currency of Gorham’s Gift. Monetary amounts in these financial statements are rounded to the nearest £1

(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.

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(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.

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 from Cash held at Savills
Total		 2023
£
117,644

101
117,745
2023
£
6,775
137
6,912		 2022
£
120,037
100
120,137
2022
£
6,642
5
6,647

4. EXPENDITURE ON CHARITABLE ACTIVITIES

2023 2023 2022 2022
£ £ £ £
General Repairs and Maintenance:
Box Tree Cottage 4,520 918
Hawthorn Cottage 456 120
Village Hall 672 1354
General Village maintenance 1,888 2,143
Oak Tree Cottage 195 6,861
Stud Farm (inc. Blackthorn Cottage) 68,942 76,521
White Cottage 306 846

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Cow Shed
174
Holly Cottage
4,540
Church Cottage
716
Shannon Cottage (inc. holiday let expenses)
4,149
Defibrillator (in BT phone box)
3,470
Management fees - Savills
Professional fees – Savills
Professional fees – Other
Interest charge for cash overdrawn at BHCC
Governance costs (see note 5 below)
Total		 450
857
833
5,501
0
90,028
15,127
18,300
27,222
2,100
5,905
158,682
96,404
11,088
14,556
17,124
377
5,407
144,956

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 2022/23 this included major works to a property under the Stud farm tenancy. Other Savills professional fees were incurred due to tenancy negotiations and reletting fee for Holly cottage.

Other professional fees include legal advice on tenancies and an engineer’s report.

5. GOVERNANCE COSTS

Administration fees - Brighton & Hove City Council
Financial
Committee Clerk
Independent Examiner's fee
Trustee expenses
Total		 2023
£
2,400
2,319
1,112
74

5,905		 2022
£
2,400
1,927
1,080
0
5,407

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.

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Gorham’s Gift has no employees.

There was 1 related party disclosure. During the year a Trustee was reimbursed £74 for personal expenses incurred which included travel and administration costs.

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

6. DISTRIBUTION OF PREVIOUS YEARS SURPLUS AND TRANSFER FROM FUNDS

In 2022/23 the Trust funded £1,461 of the deficit from the Grants Reserve Fund and the remaining amount was deducted from the General Reserve Fund.

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

For further details of this please see the Distribution statement on page 10.

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
678,355
Additions
0
Disposals
(100,000)
Net Unrealised Gains
0
Net Unrealised Losses
(14,367)
Market Value at 31 March

Total Investments		 2023
£
£
613,674
0
0
64,681
0
563,988

563,988
 2022
£
678,355
678,355

COIF shares are funds invested in the Charities Official Investment Fund. These are written into the accounts at market value on 31[st] March 2023.

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9. MOVEMENT IN FUNDS

Unrestricted funds
Restricted funds
Total Funds		 Brought
forward
Incoming
Resources
Resources
Expended
Other
Gains/Losses
Carried
forward
£
£
£
£
£
563,699
124,657
(158,682)
(14,367)
515,306
4,345,000
0
0
0 4,345,000
4,908,699
124,657
(158,682)
(14,367)4,860,306

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