The Trustees present their report and financial statements for the year ended 31 December 2024.
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)".
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.
Charitable expenditure amounted to £288,213 (2023: £157,392) during the year, in addition to this £nil (2023: £nil) 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 £3,222,829 (2023: £2,566,709). The Charity is dependent on the ongoing support of its trustees and donors.
The Charity continued its efforts 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 first half of 2024 was taken up with the architectural team interviewing and assessing bids from several construction companies deemed capable of renovating the ancient site. A third-generation firm, Cardin & Sons, known to and local to the district, came in at the lowest bid, in part due to its proximity to the site and ease of access. Two months of careful review by the Foundation's legal advisors (Withers Worldwide) followed and the contract with Cardin was adjusted several times. Construction finally began in September of '24 and has been moving forward at a steady and rapid pace ever since, the crew working through the winter months and the Trustees updated on a monthly basis with visual and architectural documentations. Completion has been projected for September of 2026.
Risk management and reserves policy
The Trustees intend to ensure that any intended expenditure for charitable projects is funded before the commitment is entered into. Additionally, reserves will be maintained to cover expected administrative costs covering a period of not less than 6 months.
Investment powers
In accordance with the Memorandum and Articles of Association the Charity has the power to invest in such charitable purposes as the Trustees see fit. Surplus funds are invested through a managed account in short term instruments to maintain capital value.
Principal risks and uncertainties
The Trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The principal risk is the reliance on a principal donor however no commitments would be entered into without adequate funding in place.
Robert F. and Gina Goldhammer Memorial Foundation is a company limited by shares governed by its Memorandum and Articles of Association dated 11 May 2017.
The method of appointment and resignation of trustees is set out in the Articles of Association. This report represents the directors’ report as required by the Companies Act 2006.
The Memorandum and Articles of Association allow for an unlimited number of trustees but a minimum of two.
Trustees may be appointed by ordinary resolution. Appointment of trustees is considered on the basis of the requirements of the Charity and the skills and expertise that each trustee would bring.
Meetings of trustees occur at such frequency as the Trustees consider suitable in the circumstances of the Charity and not less than once a year.
The sole share in the Charity is held by the Trustees of the Robert F. and Gina Goldhammer Memorial Charity (US).
The Trustees' Report was approved by the Board of Trustees. This report represents the Directors' Report required by company law.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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.
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.
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.
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.
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.
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.
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:
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.
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.
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.
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.
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.
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.
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.
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.
Legal and professional
Bank charges
Preliminary works in relation to memorial garden
Exchange gains or losses
Overseas taxes paid
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.
The carrying value of land, including the historical monastery remains, in land and buildings comprises:
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.
The charity received donations of £718,967 (2023: £nil) from Trustee G Goldhammer.
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.