Charity number 1140259
THE FAVERSHAM MUNICIPAL CHARttIES 2010
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024

THE FAVERSHAM MUNICIPAL CHARITIES 2010
CONTENTS
Page
Legal and administrative details
Truste￿, report
Independent auditors. report
10-13
statement of comprehensTve income
14
Statement of changes in equity
15
Statement of financial position
16
ststement of cash flows
17
Notes to the financial statements
18-41

THE FAVERSHAM MUNICIPAL CHARITIES 2010
LEGAL AND ADMINISTRATIVE DETAILS
Trustees
Mr D H S Simmons, Chair (resigned 31 May 20241
Mr J N Coutter, Vice Chair (resigned 31 May 2024)
Mr K Barker (resigned 22 February 20241
Mrs C Davis (resigned 18 April 2024}
Mr S A Fisher (resigned 31 May 20251
Mr M S Gates, VI￿ Chair (resigned 31 Nay 2024)
Ms J Hennessey (resigned 31 Nay 20241
Cllr C Jackson (resigned 31 May 2024)
air C Martin (appointed by Fave￿harn Town Counal 23 February 2024,
resigned 31 May 20241
Cllr T Marbn (resigned 31 May 20241
Mrs D Neame [r￿igned 31 May 2024)
Mr B Planner (resigned 31 May 20241
Mrs A Reynolds (r￿Igned 31 May 20241
Mr A Shepherd (resigned 31 M3y 2024)
Mr D G Wade (resigned 23 April 2024)
Dr E J Wilcox (resigned 31 May 2D24)
Municipal Charities ol Faversham {appointed 31 May 20241
Charlty reylstratlon number
1140259
Registered office
5 The Almshouses
South Road
FaVe￿haM
Kent
ME13 7LU
Auditors
Magee Gammon Corporate ￿Mited
Henw(KMI House
Henwo¢KI
Ashlord
Kent
TN24 8DH
Bankers
National We5trninster Bank
Canterbury Cty Centre
11 The Parade
Canterbury
12SQ
Schroders Personal Wealth
l London Wall
London
EC2Y SEA
Solicitors
Furley Page
39 St Mèrgaret's st￿et
Canterbury
12TX
Page I

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Truste& present their annual report together with the audited financial statements of the charity
Faversharr Municipal Charities 2010 flhe Charity,? lor the year l January 2024 to 31 December 2024.
Under the revisions to our governing d(Kurnent in May 2024. Municipal chariti￿ of Faversham was
appointed sole trustee of The Faversham Municipal Chariti& 2010 on 31 May 2024. On the same date, all
indiwdual trustees resigned from The Faversham Municipal Charitie5 2010 and were all Ippointed tNstees of
Municipal Charities of Favershèm.
The member5 of the Board of Trustee5 01 The FaVe￿harn Municipal Char"rf(ies 2010 during the peri(KJ 01
January to 31 May were..
Mr D H S Sirnrnons, Chair (resigned 31 May 2024)
Mr J N Coulter, Vice Chair (resigned 31 May 20241
Mr K BarkeT (resigned 22 February 2024)
Mrs C Dams (resigned 18 April 2024)
Mr S A FisheT (resigned 31 May 20251
Mr M S Gate5, Vice Chair (resigned 31 May 2024)
Ms J Hennessey (resigned 31 May 2024)
Cllr C Jackson {resgned 31 Nay 2024)
Cllr C Martin (appointed by Faversharn Towrj Council 23 February 2024,
resigned 31 May 2024)
Cllr T Martin (resigned 31 May 2024}
Mrs D Neame (r￿19￿ed 31 May 2024)
Mr B Planner1fft5igned 31 May 2024)
Mrs A Reynolds (resigned 31 May 20241
Mr A Shepherd Iresigned 31 May 2024)
Mr D G Wade (resigned 23 April 2024)
Dr E J Wilcox (resign￿ 31 May 20241
The Membe￿ of the Board of Trust￿ of Municlpal Charitie5 91 Faversharn (CIO) during the period 31 May
to 31 December were..
Mr D H S Simmons, Chair
Mr J N Coulter, Vice Chair (died 2 June 2024)
Mr S A Fisher (resigned 14 April 20251
Mr M S Gates, WI￿ Chair
Ms J Hennessey
air C Jackson
air C Martin (appointed by Favetsham Town Counol 23 Febwary 20241
Cllr T Ma￿n
Mrs D Neame (resigned 15 January 2025}
Mr B Planner
Mrs A Reynolds
Mr A Shepherd
Mr5 J Sttsnor (co-opted 15 january 20251
Mr5 M Vanden Berghe {ctropted 18 July 2024)
Dr E J Wilcox
Mr L Young (c(k-OPted 17 Ortober 2024)
The members of the Board of Trust￿ who have served during the year were..
Municipal chariti￿ of Faver5ham (registered chaiity 119(X)42) apwjinled as sole corporate trustee
on 31 May 2024
All Indlvldual Trustees resigned from the Board of Trustees of Faversham Municipal Charities 2010
on 31 May 2024.
Page 2

THE FAVERSHAM MUNICIPAL CHARMES 2010
TRusfEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Referen￿ to trustee in the following report means a trustee of The Faversharn Nuniapal Charities for the
period to 31 May 2024 and trustee of The Faversham Municipal Charities 2010 and Municipal Charities of
Faversham Irorn 31 May 2024.
RUCTURE, GOVERNANCE AND MANAGEMENT
1.1 Con5titutÉon
The Faversham Municipal Charities 2010 exists under its gtsverning instrument, a Charity Commission
scheme of 11 De￿rnber 2012: as amended 31 May 2024, and, in relation to The Faversham Heritage
Fund and Henry Hatch Charity, a Charity Commission stheme of 29 November 2012. The Faversharn
Municipal Charitie5 2010 Is an L)nlncorporated trustee body. Its area of benefrc is the town ol
Faversham a5 at 2012.
The Charity's principal objectives a￿ relief of poverty by provision of almshouses. advaN￿ment of
education by provision of grants and bursaries to organisations or Indivlduals,. relief ol poverty by the
making ol grants and payments to orgènisations or indiwduals; and provision of a recreation ground.
The principal object￿& ol the heritage charity are preservation and improvernent of historic buildings
and tOw￿5(ape and lanthpe.
The￿ have been no changes in the Objectiv￿ sinte the last annual report.
1.2 Method of appointment or election of trustees
Under the scheme of 11 December 2012, as atnended 31 May 2024, there should be five nomlnated
trustees apwinted for a four-year term by Faversham Town Counol at a meeting ol the countil and
ten co-opted trustees appointed for 3 five-yeor term by the trustees at a special meeting. The trustees
are truste￿ of The Faversham Heritage Fund and Henry Hatch Charty by wrtue ol its scheme of 29
November 2012.
In recent years, co-options of new co-opted tDJStees (other than co-optitsns of a trusiee who was
immediately previously a council appointee) have mostly been by election from two or three
candidates, who are asked to provide a CV. In appointing a co-opted trustee. the trustees are mindful
of the types of profe55ional and volunteer experience that would assist the Charivg wtsrk.
New trustees are gfven the Charitys governirvj instrument and latest accounts and a trustee
declaration and are invited to meet the Clerk and view the Charity's Almshouses site.
1.3 Oryanisational stNrture and decision making
Monagement of the Charity ￿ the responsibi5ity of the trustees.
The tx)ard of trustees has overall responsibility for achiewing the Charity's aims and objective5.
The trustees meet quarterly to review the Charity's strategy and performance and to set objectives,
operating pl8n5 and budgets. A General Purpose5 Committee deals Wlth day-to-day rvnning of the
Charity, meeting in most months between quarterly meeungs. The Appointments and Welfare
Committee meets as needed to consider matters relating to alrnshouse residency. Working groups are
occasionally appointed for particular purposes.
p￿e3

THE FAVERSHAM MUNICIPAL CHARrrIE5 2010
TRusfEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
1.4 Rlsk management
The trustee5 have assessed ihe major ris￿ to which the Charity is exposed, in particular those ￿lated
to operatiors and finances of the Charity and ère satisfied that systern5 and procedure5 are in place to
tnitigate exposure to the major risks.
1.5 Trustees. Indemnltles
A Charity Protection Policy is in place with a £1 rnillion litnit ol indemnity, which meets Charity
Comtnission requirements.
OBJEcfIvES AND AcmirnES
2.1 Policies and objectives
In settirhg objectives and planning for artivities, the Trustees have given due consideration to
general guidan￿ published by the Charity Cornrnission and Homes England relating to public
benefit.
The tharities administered by the Trustees are set Dut below with general notes on the operations
and have all been disbursed in accordan￿ with their respective schemes. Exart finanaal details are
set out in the fin31 accounts. The Trustees have reviewed the operation of these d)arities and are
satisfied that they provide funds and grants for purposes that are charitable and of public benefit.
The Charity comprises four branche5 with the following objectives:
Almshouse and Chapel Branch
For relief ol poverty by provision of almshouse accommodation for people resident in the area of
benefit for not I￿S than five years preceding appointment and for such charitable purposes for the
itnefit of the residents as the trustees decide.
Education Branch
For the advantrment of education by the provision of grants and bursaries to organisation5 or
individuals resident in the area of benefit and pupils or former pupils of QLJeen EIoBbeth's Grarnmar
School.
Relief in Need Branch
For relief of PDverty by provision of grants and payments to organisations or indNiduals resident in
the area of benefit.
Recreation Branch
For provision of a recreation ground in the area of benefit for the enjoyrnenl of the public.
and The Faversham Heritage Fund and Henry Hatch Charity Ilinked charity 1140259-1), whose
objects are preservation and improvement of historic buildings, the disknnctwe character of the
tOWr￿Pe, landsEape and the creek and preservation ol historic artefacts, regalia and cèremonia15
in the area of benefit.
2.2 Grant-making policies
Grants are made to applicants in accordance with the PTovisions of the trust schem￿.
Page q

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
TRU￿EEs, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
ACHIEVEMENTS AND PERFORMANCE
3.1 Goin9 concern
After makang appropriate enquiries, the trustees have a reasonèbSe expertation that the charity has
adequate resources to continue in operational existence for the foreseeable future. For this reason.
they continue to adopt the going concern basis in preparing the financial statements. Further detBi15
about adopknon of the going concern basis are in the Accounting Polities.
3.2 Review of activities
In lune 2020, the Charity Commission Confirmed that the Municipal Charities of Favershatn ICIO)
had been successfully registered, following a prO￿s$ that began In 2017. In May 2024, the CIO
became sole corwrate trustee of the Charfty and the FavershaFn Heritage Fund and Henry Hatch
Charity following the satisfactory cornpletion of processes wth Homes England and the Charity
Cornmission. The CIO will hold the assets ie Faversham Almshou￿ Bnd the Faversharn Recreation
Ground. The registration is Cur￿ntlY pending with the Land Registry.
During the year, work continued to develop policy docurnents, to a￿15t with the management of the
charity.
The Trust￿ have reviewed the Operat￿0￿ of the Charity and are satisfied that they have complied
with their duty tt> have due regard lo public beneTIt guidance when exercislng their tharitable
purposes.
The Truste￿, at their Aprll meeting, reviewed reserve funds of the four branches and the he￿tage
charity and were satisfied that income had largely either been used Of was being held ready for
grant-reCipient￿ projects to begin, with no undue accumulation.
Thls report provides hlghlights of the year. Gr3nt*ivirsg is reported for each branch.
AlnL8house and Chapel Branth
Provlsion of Almshouses
The branch provides, at ￿S site in South Road, Faversharn, 69 almshouse units for about 75
neficiaries, t(yJether with a chapel, a residents, lounge, a laundry room and a guest room.
The work of this branch is primarily supported by invethent incorne and by weekly malntenan
tontribLJtions from almshouse resident5.
The 2021 quinquennial inspection of the building by our architects identified that the roofs of the
main 1863 building need repaiTing uryently. Phase one of the work to repair the south£astern block
began in August 2023 and was completed at the end of the 2024. Phase iwo of the work to repair
the north-westem block will Cornmen￿ ono sufficient funds have been raised. Fundraislng
Initiativ￿ for phase tr40 of this essential work, which is costing E520,000, are ongoin9.
The Charty continued ￿S progratnme of ongoing maintenance, repair and refiJrb15hment dLJring the
year. Repair spending was £24,671 for general everyday issues, and Cyclical Maintenance Fund
spending was £52,880, which included refurbishtnent of 5 flats.
The annual internal inspection of Residenlg flats by a Sutveyor, was completed in November 2024.
Prior to this was a rnid-year inspection undertaken by FMC staff.
ThÈ Charitrls Appointments and Weffare Q>mmittee continues to monltor and refine pro￿SseS for
5electsng alrnshouse residents to ensure thèt these processes are Iran5parent and ensure
appropriBre appointments in line with the Charity's scheme. Five flats changed hands during the
year. When there has been a change of occupant, each flat has been upgraded.
Page 5

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Charity t(K)k part in the South and South East in Bloom competition and was awarded a Level 4
Award in the"It's Your Neighbourhood" category by the Royal Horticultural Society. The grounds are
not only tended to by professional gardeners, but also by some of the Residents.
Benefits to residents
The Alm5house5 promde good accommodation and a supportive environment for about 75
beneficiaries. The Charty works with various public agencies in admitting and supporting some
residents with particular problems, so providing a wider benefit to society. The Importan￿ of the
Almshou5es' semce to the Faversham community has been increased by major housing as50ciation5'
c1￿ure of tr40 sites of sheltered housing for the elderly in the town in recent years.
Residents, Satisfaction Survey
The Charity is committed to improving services and to reviewing what are the rn05t prominent
Issues and prforit4es for OL5r residents by gathering their valuable feedback. A surnrnary of the
Residents, Satisfaction SuNey carrled out In 2024 are below..
Question
Very
SaiSsfied
Fairly
Satisfied
Satisf3Ction with overall servi
58%
26Y
Satisfattion with repairs Se￿iCe from the Charity
58%
31%
Satisfaction with time taken to complete most recent repalr
54%
27%
Satisfaction with prowding a home thays well maintsined
61%
29%
SatisfaLtion of fdling safe living in your almshouse
61%
29%
Satisfaction that the Charity listens to your views and acts upon them
55%
29%
Satisfaction that the Charity keeps you inform& about things that matter to you
58%
29%
Satisfaction that the Charity'lreats tne fairty and wtth re5pecV
52%
32%
Satisfaction with the way that the Charity responds to complaints
Salisfacbon that the Charity keeps communal areas clean and well maintained
63%
30Y.
SatisfaLtion that the Charity makes a positive wntributyon to neighbDurhoods
55%
26%
Satisfaction with the way in which the tharty tsckles anti-soaal behaviour
61%
19%
Complaints
The Complaints Policy was updated during the year to meet the requirements of the Housing
Ombudsman Compliir)t Handling C(Kle 2024. A copy ol the policy is available on the Charity's
website and in the Residents Handbook. There were four cornplaints during the year,. one related
to housiry repairs. and three related to anti-social behaviour concerns. None of the complaints
were referred to, or investigated by, the Housing Ombudsman Servi￿.
Chapel
Trustees reappointed as Chaplain the Rev Simon Rowlands, Priest-in-charge at St Mary of Charty.
Monthly serVI￿S have continued.

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Education Branch
Truste￿ provided, for PLJplls of Queen Elizabeth's Gramrnar School, three prlzes ol E80 each for
academic excellence and three £80 awards to 5UPPOrt students in contir)uing education. The three
awards for support in tertiary edurats'on were listed as Andrew Teller memorial awards.
Grants of £500 each were given to Cinque Ports Rowing and FaVe￿harn Youth Choir.
Under Scheme Clause 3916), on reallocating surplus income, E984 was set aside towards the repair
of the Almshouse roof.
Relief in f4eed Branch
Under Scheme Clause 3916), on reallocating surplu5 income, £4,051 was given and £3,742 was ￿t
side to help with the Tepair of the Almshouse roofs.
Retreatlon Bftnch
Ownership of the freehold of the 20-aC￿ Faversham Recreation GroLJnd, operated by Swale Borough
Counal as lessee, is In the proC￿S of being transferred from the Charity to the CIO. The
registration 15 currently pendin9 Wlth the Land Registry. The Charity holds modest funds for
recreation branch purposes.
Truste￿ continue to seek to ensure that the Rec serves for the benefit and enjoyment ol the public.
Trustees are tnindful that the governiry instrument by which they are b￿nd 5peaficalW requires
that tre Rec be used as a public recreation ground.
Under Scheme Clliuse 39 {61, on reallooling surplus income, £418 was sel aside towards the repair
of the Almshouses roof.
The Faversham Herita9e Fund and Henry Hatch Charfty
É3,125 was sel aside towards the repair of the Wmshou5es roof.
FINANCEAL REVIEW
4.1 Reserves policy
In order to fund the maintenance and repair ol the Almshouse property frorn its own resources, the
Charity holds cash ènd investments to generate income. If required, all opportunTties for grants from
ststutory authoriti￿ and other funders will be accessed. Cyclic313nd extraordinary repairs are funded
annually out of current-year income frorn the weekty rnaintenance contributions frorn r￿Idents of the
Aknshouses, together with impniveTnents in accomrnodation as dwellings become vacant.
4.2 Principal fundlng
The gifts of past benefattors, mainly in wills, form the basi5 01 the p￿ent charities and enable the
trustees to SUPPOrt Faversharn today. Money donated in this way is not spent but Invested 50 that
income rnay be available for present and future generations.
4.3 Materlal investments policy
Schroder5 Personal w￿1th tnanages the Charity's main investments, seeking a balanted return
through a diversified FK>rtfolio of collective instruments.
PagE 7

THE FAVERSHAM MUNICIPAL CHARTtIES 2010
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
VALUE FOR MONEY (VFM)
Thi5 report sets out our VFM perf0rrnan￿ looknng back over 2024 and promdes our VFM tsrgets going
forward. It aims to provide the ￿ader with a tran5parer)t account of how we are striving to rnake the
most ol the resource5 at our cfisp05al in the pursuit of our strat￿lC objecbve5. We positively
encourage feedback and challenge from our customers and other stskeholders on our VFM
performance. The report IS Struttured to meet the requirements of the RSH'S VFM standard with
which we must comply as a Registered Provider.
Metric
RSH
metrics
2024
2025
Target
Global
accounts
lower quartÉle
Reinvestment Wo
New SU
ply delivered
New social housin
su
New non- social housing supply
Gearin D/o- debt as a
ercenta
EBITDA MRI Interest Cover ¢J/o
Headline social houslng cost per unlt
Operdting margin 0/0 . social housing
Operdting margin 0/0 - overall
Return on ca ital em
ROCE
Yes
Yes
Ye5
Yes
Yes
Yes
Ye5
Yes
Yes
Yes
18%
15%
4.70%
0%
0%
4.1%
-24930/0
E12,903
10.53%
23.64%
5.OIU/o
0%
ooh
4U/o
IOOWO
£12,000
12¥0
20Yo
5¥0
0.70%
0.00%
32.10%
107D
£3,700
17.609/p
14.309
2.40Q
e of 35sets
In a very difficu￿ year, our stsff have performed extremely well in continuing, and improving, the
provision of soaal housing. As a charity, we would expett our costs to be greater, and our operating
maryins and return on capitsl employed to be lower, than the global metrics, to meet our charitable
airns. The Charity uses its resources to maintain the properties to a high standard, and lo make
improvement5 where possible, Tather than acquiring new units,. this strategy is Unlike￿ to change in
the foreseeable future, as a significant improvement prograrnme was carried out during the year.
FufuRE DEVELOPMENTS
The Quinquennial Report in 2021 identified that the rcK)fs of the rnain 1863 building need repairing
urgentw. The work to ￿pair the roof of the south-eastem block began in August 2023 and was
completed at the end of 2024. The work to repair the north-eastem block will comrnence once
sufficient fvnds have been raised. Fundraising initiatives for this essential work are ongoing.
EMPLOYEE INVOLVEMENT AND EMPLOYMENT OF THE DISABLED
Employees are kept infomied of all rnatters which may direttly affett them, and also on the day-to-
day running of the Charity. In particular, regular consultation5 take place speafically regarding
residents and their weffare, and on matters identified whith may require an update of policy. All
empk)yee issues are discussed with trustees, and support andlor appropriate action taken without
delay.
In accordance with the requirement for equal opportunities, the Charity has established fralr
employment pr3rtlces in retru((ment, selection etc of disabled staff.
staff remuneratlon is reviewed annually, and any increases are based upon inflation figures. When
available, more specific cornparisons are rnade with other almshouse charities of a similar size and
operation.
Page 8

THE FAVERSHAM MUNICIPAL CHARITIES 2010
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
TRUSTEES, RESPONSIBILrtIES ￿ATEME
The trustees are responsible for preparing the trustees, report and the financial statements in
accordance with applicable law and United Kirydom Accounting Stsndards (United knngdotn General
Accepted Accountr"ng Practice).
The law applicab￿ to charities in England & Wales reqvire5 the trusiees to prepare financial
statements for each financial year which give a true and fair view of the state of affairs ol the Charlty
ènd of the incoming resources and application of resources of the Charity for thal period. In preparing
these finanaal statements, the trustees are Tequired to-.
se￿tt suitable accounting policies and then apply them con515tently*
observe the ffielhods and principles in the Charities SORP,.
make judgements and acmunting estirnate5 that are reasonable and prudent,.
prepare the financial statements on the gging conttm basis unless it is inappropriate tr>
pr&L)me that the charity will continue in operation.
The trustees are r￿ponSIble for keeping proper actounting records that are Suffic￿nt to show and
explain the Charivs transactions and dlsclose 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, the Statement of Recommended Practice Accounting by Registered Soaal Housing
Providers 2014 and the Accounting Direttion for Private Reg￿tered Providers of Social Housng 2015
nd the prowsions of the Trust Deed. They are also responsible for safeJr uarding the 355ets of the
Charity and hence for tskin9 reasonab￿ steps for the prevention and delettion of fraud and other
irre9uL3rities.
s report was approved by the trustees, on .. . .
2025 and slgned on their behalf by..
Mr D H S Sitlltnons, Chaimian
lon behalf of the CIO)
Mr M Gates, Wice Chairman
lon behalf of the CIO)
Mrs C Flanagan, aerk to the Trustees
Page g

THE FAVERSHAM MUNICIPAL CHARThIES 2010
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF
THE FAVERSHAM MUNICIPAL CHARrrIES 2010
Oplnlon
We have audited the financial statements of Faversham Municipal Chaiities 201Q (the 'charity) for the year
ended 31 December 2024 which comprise the 51atetnenl of cotnprehell5ive income, the Statement of
changes in equity, Ihe ststement of financial position, the statement ol cash flows and the relhted note5.
The f1nancial reporting framework that has been applied in their preparation is applicable law and United
Kingdom Accounting Standards, including Finanaal Keporting Standard 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland, {Unrf(ed ￿ngdoM Generally Accepted Accounbng
Practice).
The fin3ntial statements have been prepared in accordance wth The Atcoullbng Direttion for Priv*e
Registered Providers of Social Housing from April 2015 and the Statement of Recommended Prattice ISORPI
Accounting by registered social housing providers (updated 20181.
This has been done in order for the accounts to provide a true and frdir view in accordan￿ with the
Generally Acceptd Accounting Practice effertive ftsr reporting periods beginning on or after l January 2019.
In our opinion the financial statements:
give 3 true and fair Mew of the st3tÉ of the charity's affairs as at 31 De￿rnher 2024, and of its
incoming resources and application of resources, including its incorne and expenditure, for the year
then ended,.
have been properly prepared in acwrdance with United KingdoTn Generally AC￿pted Accounting
Practice,. and
have been prepared in accordance with the Charilies Att 2011, the HDu5ing and Regeneration Act
2008 and The Accounting Direction for Social Housing in England from April 2015.
Basls for opinion
We conducted our audit in accordante with International Standards on Auditing IUKI (Isk {UKI) and
applicable law. Our responsibilities under tho* standards are further described in the Auditor5,
responsibilities for the audit of the finanaal statements sertion ol our report. We are independent of the
charity in accordan￿ with the ethical requirements that are relevant to our audit of the financial statements
in the United Kingdom, including the Financial Reporting Council s Ethical Stsndard, and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to pro*ide a basis for our opinion.
Coneluslons relatlng to golng concern
We have nothing to report in respect of the following matters in relatson to which the ISAS (UK) require LJ5 10
report to you where..
the trustees, use of the going concem basis of acctsunting in the preparation of the financial
statements is not appropriate; or
the trustees have noi distlosed in the financial statements any identsfied material uncertainties that
may cast significant doubt about the c￿rity'S ability to continue to adopt the going concern basis of
accounting for a period of at least tsvelve months from the date when the finanual ststernents are
authorised for issue.
Page io

THE FAVERSHAM MUNICIPAL CHARITIES 2010
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF
THE FAVERSHAM MUNICIPAL CHARrrIES 2010
Other information
The trustees are responsible for the other infortnation. The other inforrnation comprises the information
induded in the Annual Report, other than the financial statements and our Auditors. Report thereon. Our
opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any forrn of assurance conclusion thereon.
In connettion with our audit of the financial staternents, our r￿ponsIbIlity is to read the other information
and, in doing so, consider whether the other information is materlalty Inconsistent with the financlal
statements, or our knowledge obtained in the audit or otherwise appea￿ to be materially rnisstated. If we
identify such rnaterial inconsistenoes or apparent material misstaternents, we are required to determine
whether there is a material misstatement in the financial statements or a material misstaternent of the other
inforrnalion. If, based on the work we have perfortned, we conclude that there 15 a material mi5Statement of
thi5 Other Information, we are required to report that fart.
We have nothing to report in this regard.
Matters on which we are required to report by exteption
We have nothing to report In respect of the following matters where the Charities {Accounts and Reports)
R￿UlationS 2008 requires us to report to you il, in our opinion..
the inforrnation given in the Trustees. Annual Report is inconsistent in any material respert with the
rinanoal statements,. or
suffiaent accounting records have not been kept,. or
the financial statements are not in agreernent with the accoLtnting records and retums- or
we have not received all the inforrnation and explanations we require for our audit.
En addition, we have tK)thing to report in respett of the following matter where the Housing and
R4eneration Att 2008 requires us trj report to you if, in OLTr opinion..
a 5atisfartory system of controi over transactions has not been maintsined.
Responslbllities of trustees
As explained more ful￿ in the gtatement Of trustees, responsibilities set out on ￿ge 8, the trustees are
r&pDnsible for the preparation ol the financial statements and for being satisfied that they give a true and
ir view and for such internal control as the trustees detemiine is neCeS￿ry to enable the preparation of
flnancial statements that are free from rnaterial misstatement, whether due to fraud or error.
En preparing the financial staternents, the trustees are rÈsw)nsible for aSse￿n9 the Charity's ability to
continue as a going concern, disdosing, as applicable, matter5 related to going concern and using the going
concern basis ol accounting unless the directors either intend to liquidate the Charty or to ce35e operations,
or have no realistic alternative but to do so.
Paw 11

THE FAVERSHAM MUNICIPAL CHARITIES 2010
XNDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF
THE FAVERSHAM MUNICIPAL CHARMES 2010
Audltors, responsibilities for the audit of the financial statements
Our objettives are to obtsin reasonable assuran￿ about whether the financial statements as a whole are
free from material Mi￿tatement, whether due to fraud or error, and to issue an Auditors, Report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted In accordance with ISAS {UK} will always detett a material misstatement when it exists.
Misstatements can arise frorn fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic deCIs￿n$ ol users taken on the basis of these
finanoal statements.
Irregulartties, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our respon51biliti&, outlined above, to detert rnaterial misstatetnents in respect of
irregulaiities, induding fraud. The exient to which our pT0￿ureS are Capab￿ of detectin9 irregu5arities,
including fraud 15 detailed below:
Capability of the audit in detecting irregularities ir)cluding fraud
Based on our understsnding of the Charity, we have considered those kws and regulations that have a
direct impart on the preparation of the financial statements such as the Charities Act 2011. We evaluated
management incentives and opportunrfcies for fraudulent manlpulatSon of the financial statements including
management override, and considered that the principal risk wa5 related to the posting of inappropriate
purnal entries to improve the result before tax for the year.
We d￿l9￿ed audrt Pro￿dUreS to r￿pond to the risk, recognising that the risk of not detecting a ￿￿terIal
misststement due to fraud is higher than the risk of not detecting tsne res￿￿1n9 from error, as fraud may
involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
procedu￿ perfortned by the audit team included..
Discussions with management regarding known or susperted instsnces ()f non-cornplian￿ with law5
and r￿ulatiOns.
Evaluation tsf controls deslgned to prevent and detert irregularities,. and
Assessing journal entries as part of our planned aLJdrt approach.
There are inherent limitations in the aud￿ proced*Jres described above, and the further removed non-
Complian￿ with laws and regulation5 is from the events and transartions refiectsd in the financial
5totements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of
management override of internal controls, Including testing Journals and evaluating whether there was
e￿den￿ of bias by the directors that represented a risk of material misstatement due to Fraud.
A further description of our ￿SponSIbl11t￿eS for the audit of the financial ststements is located on the
Finanaal Reporting Counol's We￿Ite at.. www.frc.org.uklauditorsre5ponsibilities.
Thls description fomis part of our awjitors report.
Magee Gammon Corporate kntnited is eligible for appointment as auditor of the tharity by virtue of its
eligibility for appointment a5 auditor of o company under settion 1212 of the Companies Att 2006.
Page 12

THE FAVERSHAM MUNICIPAL CHARMES 2010
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF
THE FAVERSHAM MUNICIPAL CHARrrIES 2010
USÈ of our report
This report is made solely to the charitys trustees, as a body, in accordance with Part 4 of the Charities
(Account and Reports) Regulations 2008 and section 137 of the Houslng and Fiegenerab"on Art 2008. Our
audit work has been undertaken so that we might stste lo the charity'5 trustees those matters we are
required to State to them in an auditor's report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume restx)nsibility to anyone other than the charity and its trusiees as a body,
for our èudit work, for this report, or for the opinions we have formed.
Mr Andrew J Childs FCA (Senior Statutory Auditor)
For and on behalf of Magee Gammon Corptrrnte Limited
Chartered Accourhtants
statutory Audltor
Henwoi)d House
Henwood
A£hford
Kent
TN24 8DH
Pèg2 13

THE FAVERSHAM MUNICIPAL CHARITIES 2010
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Notes
2024
R£%tricted
2024
Unrestricted
2024
Total
2023
Total
Turnover
379,409
379,409
349,805
Opernting costs
Direct costs
Support cost5
(437)
{2131
1264,1081
169,7421
1264,545)
169,9551
1328,649)
170,803)
650
333 850
334 500
399 452
Operating (deficit)lsurplus
650
other Income
Donations and legaci
Interest receivable and other incorne
Gains on inve5trnent disposals
45,000
6,923
16.433
4,789
55,967
117.496
49,789
62,890
133,939
246 618
25,482
38,654
1,365,233
17
178 252
1420 369
OthÈr Èxpendlture
Interest payable
InV￿trnent management expenses
Grants payable
Governan￿ costs
14
{16,195)
16,444)
13,082)
{30,788)
167,302
116,1951
{7,4311
13,082}
132,808)
232,011
116,3471
{8.9601
(3,8151
(11,7511
1,329,849
1987)
io
12,020)
64,709
(Deftclt)1Surplus for the year
Unrealised gainsl(lossesl
on investrnents
Total comprehensivo incomel
{expenditure) for the year
17
1260 266
152 935
bèhalf of the trustees:
r D H S Simrnon5, Chairman
lon beha￿ ol the CIO)
Mr M Gates, Vice Chairmèn
lon beha￿ of the CIO)
*(,kw f LoffjJcv'
C Flanagan, Clerk to the Tru5tee5
Page 14

THE FAVERSHAM MUNICIPAL CHARrriES 2010
STATEMENT OF CHANGES IN EQUITY
ENDED 31 DECEMBER 2024
Revenve
Reserves
Designated
Reserves
Restrirted
Funds
Totsl
Balanceat l January 2023
Surplus I Ideficitl from statement or
cornprehensive
Income
Unrealised Ibssesl I gain5 on investments
2,709,324
265,962
210,424
3,185,710
1,185,667
{1,033,3571
{53,0041
{68,664)
197,186
1158,2451
1,329,849
11,260,266}
2,861,634
144,294
249,365
3,255,293
Transfers between funds
1244,937)
274,187
129,2501
Balance at 31 December 2023
2 616 697
418 481
220 115
3 255 293
Balance at l January 2024
Surplus I Idefiatl from statement of
cornprehen&ve income
Unrealised (bsses) 19ains on iTh￿tments
2,616,697
418,481
220,115
3,255,293
223,225
161,0301
{55,9221
18,6991
64,709
{9,3461
232,011
(79,075)
2,778,891
168,547
353,860
1129,2831
275,478
(39,2631
3,408,228
Transfers betryeen funds
Balance at 31 DeCeM￿r 2024
2 947 438
224 576
3 408 228
Pag8 15

THE FAVERSHAM MUNICIPAL CHARTtIES 2010
STATEMENT OF FINANCIAL posrrioN
AS AT YEAR ENDED 31 DECEMBER 2024
Notes
2024
2023
Fixed assets
Tangible fixed assets
Investments
16
17
2,814,026
1,377,408
2,322,660
1,57S,500
4,191,434
3,989,160
Current a55ets
Trade and other debtors
Cash and cash equivalents
18
27
224,081
179,254
390,159
171.398
403,335
561,557
Creditors: amounts falling due
within one year
19
160,852)
155,3291
NÈt current assets
342,483
506,228
Total assets less current liabilities
4,533,917
4,404,388
Credltor5: amounts falling due
after more than one year
20
(1,125,688)
{1,149,0951
Total net assets
3 408 229
3 255 293
24
Revenue reserve
Designated reserves
Restricted reseNes
2,947,438
224,575
236,2J6
2,616,697
418,480
220,116
3 408 229
3 255 293
These financial ststements were approved by the truste￿ and authori5ed for i55ue on .J..ip...J4cLJL .. 2025.
n beha￿ of the trustees..
Mr D H S Simmons, Chairman
lon behalf ol the CIO)
Mr M Gates, Vice Chairrnan
lon behalf of the CIO)
C Flanagan, Clerk to the Trustees
P￿e 16

THE FAVERSHAM MUNICIPAL CHARrriES 2010
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Net cash generated operating actlvltles
201,004
1247,2561
Cash flow from 5nvestlng aetlvltles
Dividends, interest and rents from investments
Purchase of tangible fixed a55els
Proceeds from sales of investments
Purchase of investments
62,890
1507,2981
1,547,048
11,294,094)
191454
38,654
1119,6721
1,869,699
11,538,145)
250 536
Cash flow from ffinanclng attlvities
Repayment of borrowings
11,6941
11,5471
Net change In cash and cash equfvalents
7,856
1,734
Cash and cash equivalents at the beginning of the year
171,398
169,664
Cash and cash equivalents at the end of the year
179 254
171 398
Page17

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting poliaes
1.1 Basis of preparatlon
The financial ststements have been Prepa￿ to give a'true and fair. view and have departed from the
Charityes (Accounts and Reports) Regulations 2008 On￿ to the extent required to provide a 'true and
fairf view. The departure has involved following the chariti￿ SORP IFRS 102) published on 16 July
2014 rather than the Accounting and Reporting by Chariti￿. Statement ol Recornmended Practi
effective from l April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with iierns
recogni5ed at C05t or tran5artion value unless otherwise stated in the relevant notes to these
accounts. The financial 5tatement5 have been prepared in accordan￿ with the Statement of
Recommended Practi￿. Accounting and Reporting by Charities preparing their accounts in accordance
th the Financial Reporting Standard applioble in the UK and Republic of Ireland {FR51021, Houslng
SORP 2014.. Statement of Recomrnended Practice for Registered Social Housing Providers and complv
with the Accounting Direction for PrNate Registered Providers of Sotial Housing 2015 and Charities
Att 2011.
The Faversham Municipal Charities 2010 consts.iu￿ a public benefit entty as defined by FRS 102.
1.2 Income
All income is recognised once the Charlty has entitlement to the income, it is probable that the income
will be ￿e1ved, and the amount ol income re￿1vable can be measured reliably.
For legacie5, entidement is tsken as the earlier of the date on whlch either: the Charity 15 aware that
probate has been granted, the estate has been finalised and notific3kn.on ha5 been made by the
executorls) to the Tmst that a distribution has been made, or when a distribution is received from the
estate. Receipt of a I￿ary, in whole or in part, is only considered probable when the amount can be
measured reliably, and the Charity has been notified of the executors intention to make a distribution.
Where kgacies have been notified to the Charity, or the Charity is aware of the granting of probate,
and the criteria for income reCOgn￿on have not been rnet, then the legacy is treated as a contingent
asset and disdosed if rnaterial.
Donated servi￿5 or facilities a￿ ret￿nISed when the Chority has control over the item, anv
conditions associated with the donated item have been met, the receipt of economic benefit from the
use of the Charity of the item is probable and that economic benefit can be measured reliably. In
accordance with the Charities SORP (FRS 102), the general volunteer kn.me of the Frlends is not
recogntsed and refer to the trustees, report for more infomatton about their tontribution.
On re￿ipt, donated professional servi￿5 and donated facilities are recognised on the basls of the
value of the gift to the Charity which is the amount the Charity would have been willing to pay to
obtain services or facilities ol equivalent economic benefit on the open market,. a corresponding
amount 15 then recognised in expendituie in the period of re￿IPt.
Income tsx recoverable in relation to donations received under Gift AJ"d or deeds of covenant is
recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment
income is receivable.
Tumover represents rental income (net of void losses), other income re￿1vable from PToperties
owned by the Association and aTnort15ation of Social Housing Grant {SHG) under the accrual method.
Page 18

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
Attountlny polldes (contlnued)
1.3 Expenditure
Expenditure is recognised once there is a legal or construrtive obligation to transfer economlc benefft
to a third party, it is probable that a transfer of economic benefits will be required in settlernent ond
the amount of the obligation can be Measure reliably. Expenditure is cla￿lfIed by artivlty. The costs of
each attivlty are made up of the total direct costs and shared costs, inclLJding support Costs involved
in undertaking eèch attNity. Dirert costs attributable to a single activity are allocated directly to that
activity. Shafed costs which contribute to more than one activity and support cost which are not
attribLrtable to a single artivity ère apportioned beiween those artiMties on a basis consistent with the
use of reSoUr￿s. Central siaff costs are albcated on the bosis ol time spent, and depreciation charg
are aSlocated on the ￿rtion of the asset's use.
Support Costs are those costs incurred directly in ssjpport of expenditure on the object5 of the Charfty
and include project5 managements orried out at Headquarter5. Governance costs are those incurred
in connertion with administration ol the Charity and compliance with constitutional and statirtory
requirements.
Costs of generating fijnds are Costs inCU￿d in a￿8(￿￿9 voluntary income, and those incurred in
trading aclNities that raise funds.
Charitable attivf(ies and Govemantr costs are costs Incurred to the Chanty's education31 operètions,
including support costs and costs rekting to the goverTran￿ of the Charity apportioned to charitable
rtiiqties.
Grants payable are charged in the year when the offer is made eX￿pt in those cases where the offer
is conditional, such grants being recognised as expenditure when the conditions attachiry are fulfilled.
Grants offered subjert to condition5 which have not beern met at the year*nd are noted as
commitment, but not accrued as expenditure.
1.4 Tangible fixed assets and depreciation
A ￿VIeW for Impairment of a fixed assets Is caryiert out If events or changés in (ircUmstsn￿S Ir￿lcate
that the Carry￿n9 value of any fixed asset rnay not be recoverable. Shortfalls tse￿een the carrying
value of fixed assets and the*r recoverab￿ amounts are recognised as impairments. Impaim)ent1055es
are ￿09n]Sed in the Ststement of comprehens(ve income.
Tangible fixed assets are carried at CL￿¢ net ol depreciation and any provi51on for imp3irrnents.
Depreciation is provided èt rates talcLJlated to write off the cost ol fixed assets, les5 their estimate
residual value, over their experted useful live5 on the following base5.'
Freehokl Property
Fixtures and fittings
Roots
Bathrooms
Kitchens
Boilers
50 years
25 years
50 years
25 years
25 years
20 year5
Page 19

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting policies (contlnued)
Freehold land 15 not subjert to depreciation.
Housing properties are stated at their historical c￿t less depreaation and any provision lor
impairment. Costs include the cost of acquisition, construction and irnprovement. Irnprovements are
works which in an enhan￿Ment of the economic benefits ol the asset to the Charity arising
from an increase in the net rental income over the Ilfe of the asset, such ès the reduction of future
maintenance costs, or which results in the 5BJnificant extension ol the useful economic life of the
property.
Depreciation 15 (harged so as to write down the cost or valuation Inet of Housing Association Grant,
and other capital grants) of the freehold housing properties and major components on a straight-line
basis over their expetted useful economic lives. Major components are treated as separable assets
and depreciated over their experted useful economic lives or he lives of the struciure to which they
relate, if shorter.
The estirno￿ useful economic life for each component has been based on the Charity's current
experien￿ of component repla￿Ment. The Charlty wlll continue to monitor ar￿ review the useful
economic life of each component and make revisions where susiained material changes occur.
Where there is evidence of impairment, the fixed assets are written down to the recoverable amount
and any write down would be charyed to the operating surplus.
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their
transaction cost and subsequendy measured at fair value at the Statement of financial position date,
unless fair value cBnrK)t be measured reliably in which case it is rreasured at cost less impairment.
Investment gains and losses, whether realised or unrealised, are combined atyj shown In the headlng
'Gains/ (losses) on investsnents on the Ststement of comprehensive income.
1.6 Interest receivablè
Interest on funds hekl on deposit is included when receivable and the amount can be measured
reliably by the tharity,. this is normally upon notification of the interest paid or payable by the Bank.
1.7 Debtor5
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the atnount repaid net of any trade discounts due.
1.8 Cash at bank and In hand
Cash at bank and in hand includes cash and short term highly liquid investsnents with a Short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 20

THE FAVERSHAM MUNICIPAL CHARrriES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
Atttsuntlng pollcles (contlnued)
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Statement ol flnancial position date as a
result of a past event, it is probable that a transfer of economic benefit will be required in settlement,
and the amount of the settlement can be estimated reliably. Liabilits"es are recognised at the amount
that the Charlty antitipates it wlll pay to settle the debt or the amount it hès received as a(tvanced
payments for the goods or servi￿5 it must provide. Provisions are measured at the best estimate of
the amounts required to settle the obligation. Where the effert of the time value of money is material,
the provision is based on the present value of those amounts, discounted at the pre-tax discount rate
that reflects the risks speofic to the liability. The unwinding of the discount is recognised within
interest payable and similar charges.
1.10 Financlal Instruments
The Charity onSy has financial assets and financial liabilities of 3 kind that qualify as basic financial
instruments. Basic financial instruments are initially ￿cogniSed at transaction value and subsequenlly
measured at their settlement value with the exceptTon of bank k)3ns which are subsequently
measured at amortised tost using the effertive interest method.
1.11 Penslotts
The Charity operates a defined contribution pension scheme and the pensi￿ charge represents the
amounts payable by the CharTty to the fund in respert of the year.
1.12 Fund accounting
General funds are unrestritted funds which are avaiL3ble for use at the discretion of the trust￿ in
furtherance of the general objectives of the Charity and which have not been designated ft>r Dther
purFM)SW.
Designated funds comprise unrestricted funds that have been set asde by the trustees For particular
purtK)se5. The aim and use of e￿h designated fL)nd Is set out in the note5 to the financial ststerrents.
Restricted funds are fuNJs which are to be used in accordance with specific iestrictions imposed by
donors of whith have been raised by the Charity for particular purposes. The c05t of raising and
administering such funds are charged against the specific fund. The airn and use ol each restricted
fund is sel out ln the not￿ to the finanaal ststements.
Investment income, gains and losse5 are allocated to the appropriate fund.
1.13 Critical accounting estimates and ?reas of judgemeDt
Estimates and judgernents are Continual￿ evaluated and are based on historical experien￿ and other
factors, induding expectats'ons of future events that are believed to be reasonable under the
orcuTnstanTr5.
Critical accounttng estimates and assumptions..
The Charity rnakes estimatss and assumptions concerning the future. The resulting accounting
estimates and assumptr.ons will, by definition, seldom equal the related actual results. The estitnates
and a5SUtnpb"ons that have a signifitsnt of causing a material adjustment to the carrying amounts of
assets and Ilabilities within the next year are discussed below.
Pa9e ZJ

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accountlng policies (continued)
Critical orea5 of judgement..
The trustees have reviewed the a5sel lives and residual valves of all fixed asset da5ses and have
concluded that the asset lives and residual values are appropriate.
1.14 Social Housing Grant
Social Housing Grant ISHGI is Ljsed to ￿duce the capital costs of housing property. 5HG ￿ initially
recognised at fair value as a long-term liability. specificalw as deferred grant Income, and released
through the income and expenditure as turnover income over the life of the structure of the housing
properties in accordan￿ with the accrual rnethod applicable to social housing landlords holding
housing properties at cost.
1.15 cycl1￿1 Repairs and Maintenance
The Charity has established a Tegular prograrnme of cyclital repairs and rna1ntenan￿. Costs are
charged to the Revenue account in the year in which they are inojrred.
1.16 Extraordinary KepaiTS
Costs of Extraordinary Repair5 unle55 representing irnprovements to the properties, are charged to the
Revenue account in the year in which they are incurred. The Extraordinary Repairs Reserve represents
the amounts set aside to carry out major repairs on Housing properties.
P24e 22

THE FAVERSHAM MUNICIPAL cHAR￿IE5 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
2. Income from donations and legacles
Restricted
funds
2024
Unrestrlcted
funds
2024
Total
funds
2024
Total
funds
2023
Donations
Legacies
Grants
738
738
482
45,000
4,051
49,051
25,000
TotJ12023
482
3. Tumover from social housing lettings
Restrirted
Unre5trirted
Totsl
Total
funds
funds
fund5
funds
2024
2024
2024
2023
Weekly rnaintenance contributions
Less.. low from voids
415,826
{58,1301
415,826
{58,130)
377,042
148,9501
357,696
357,696
328,092
Social housing grant utili5ed
21,713
21,713
21,713
379 409
349 805
Tota12023
349 805
349 805
Accommodation in management
2024
2023
Houslng for older people in need
69
69
Page 23

THE FAVERSHAM MUNICIPAL CHARThIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
4. Investment Income
Restricted
funds
2024
Unrestritted
funds
2024
Total
funds
2024
Total
funds
2023
Local listed inve5ttnent5
Locol invesfrnent properties
Local cash
6,704
52,493
18
3,456
59,197
18
3,675
35,473
17
3,164
219
Tota12023
5. Investment management costs
Restrirted
fund5
2024
Unrestrlcted
funds
2024
Total
funds
2024
Total
funds
2023
Investment rnanagernenl fees
987
7,431
8.960
987
Tota12023
6. Analysis of grants
Grantsto
Grants to
Individuals
2024
Institutions
2024
Totsl
2024
Totsl
2023
Almshouse & Chapel Branch
Relief in Need Brdnch
Education Branch
The Faversham Heritage Fund & Henry
Hatch Charity
Recreatiorl Branc
1,495
2,320
572
1,000
1,572
572
Tots12023
Pa9e 24

THE FAVERSHAM MUNICIPAL CHARITIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
7. Analysis of expendlture on Charitable actfvlties
Restricted
funds
2024
Unrestrlcted
funds
2024
Total
funds
2024
Total
funds
2023
Al￿￿hOuSe & Chapel Branch
Relief in Need Branch
Education Branch
The Faversharn Heritage Fund & Henry
Hatch Charity
Recreation Branch
351,034
209
1,782
351,034
209
1,782
414,903
1,747
2,579
213
213
102
273
112
102
213
353 127
353 340
419 614
rota12023
273
419341
419 614
Page 25

uj￿

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
10. Governance costs
Restrlcted
funds
2024
Unrestrlrted
funds
Total
funds
2024
Total
funds
2023
2024
Auditors remuneration
753
8,763
9,516
9,450
Legal & professional fees
1,170
21,457
22,627
1,636
Trustee indemnity insuran
97
586
665
665
rots12033
650
During the year ended 31 December 2024, the Charity incurred the following governan￿ costs..
E27,36112023-£JO,000) included wlthin the table above in respect of the Almshouse & Chapel Branth.
£1,43912023-£462) included within the table above in respect of ihe Relief in Need Branch.
£1,65112023-£530 included within the tsble above in respect of the Education Branch.
E2,02012023-£JOS) included within the table ai))ve in respect of the Recreaty"on Branch.
E33712b23-£650) included within the table aL￿ve in respect of The Faversh3rn Heritage Fund and Henry
Hatch Charity.
Pa9e 28

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
11. Analysis of expendlture by expendlture type
Stsff
costs
2024
other
costs
2024
Depreciation
2024
Totsl
2024
Total
2023
Investment management
fees
7,431
7,431
8,960
Costs of raising funds
Almshouse & Chapel
Branch
Relief in Need Branch
Education Branch
The Faversharn
Heritsge Fund &
Henry Hatch
Charity
Re¢￿atIOn Branch
106,868
15,932
226,724
209
1,782
349,524
209
1,782
414,903
1,747
2,579
213
213
273
112
102
102
Charitable artivities
106 868
233 984
351830
419 614
Expenditure on governance
32,808
32,808
11,751
106 868
269 269
392 069
rota12023
325692
12. Net Income l (expenditure)
2024
2023
Auditors remuneration
Depreaation
9,516
15,932
9,450
16,609
No trusiees re￿iVed any remuneration, benefits in kinds or reimbursement of expenses (2023 - £nill.
The Clerk to the Trustees re￿1Ve￿ ernoluments of £53,22912023- £54,638).
Page 29

THE FAVERSHAM MUNICIPAL CHARThIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
13. Staff costs
2024
2023
Wage5 afKI Salaries
Social security costs
Pension costs
101,551
2,855
2,462
93,141
2,674
2,209
The average number of persons ernployed by the charty during the year was as follows..
2024
No.
2023
No.
Scheme Manager (Part timel
Caretsker and cleaner
Administration
No Èrnpk)yee received remuneration above £60.000 (2023 - none).
14. Interest payable
2024
2023
On loans wholly or partly payable in > 5 years
16,195
16,347
15. T4xation
Fartors èffecting tax tharge forthe year
The Housing Association Is a Registered Charity and is therefore exempt frorn liability to taxation on Its
income and capitsl gains.
Fathr4 that may affert future tax tharyes
There were no factors that may affect fvture tsx charges.
Poye 30

THE FAVERSHAM MUNICIPAL CHARMES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
16. Tangible fixed assets
Freehold
property
2024
Fixtures
and ftting
2024
Total
2024
Cost or valuation
At l January 2024
2,804,432
390,109
3,194,541
Addth"ons
Disposals
486,951
130,000}
20,347
507,298
(30,000)
At 31 December 2024
3 261 383
410 456
3 671839
DÈprecSatlon
At l January 2024
Charge for the year
Depreaation on disposals
798,077
73,804
15,932
871,881
15,932
(30,0001
130,000)
At 31 De￿rnber 2024
768 077
857 813
Net book value
At 31 December 2024
2 493 306
320 720
2 814 026
At 31 Decernber 2023
006 355
316305
The above details relate to improvements and developments of the properties whith were tranSfer￿d on I
January 2013 from Faversham Unlted Munidpal Charitles and there are no records of original cost of
them.
They were funded by Houslng corpora￿on Grants totalling El,737,OD9.91 and Residual Mortgage Loans of
£57,523 at an annual interest rate of 14% per annum over 30 Yea￿ from l November 1982, and
£190,465.24 al an annual interest rate of 9.375010 pei annum over 60 years from l Ottober 1989. The
balance was provided frorn ihe Charity's resour￿$.
Page 31

THE FAVERSHAM MUNICIPAL CHARrriES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
17. Investments
2024
2023
SPW Global Corporate Bond Q Inv- 104,559.49
units12023- 0}
SPW Global Govemment Bond Fund Q-
223,952.82 units12023- 0)
Schroder Global Equity Cornponent Fund - 243,094.24 units
12023- 0)
Schroder Global Equity Income Fund- 224,332.96
units12023- 0)
Schroder Income Fund- 141,543.29 units12023-
106,755
228,880
129,253
198,041
97,792
SPW Global (Ex UK) Equity Fund Q Inc- 64,359.43 units
12023- 0)
iShares North American Fund - 554.41 units (2023
01
ICVC High Income & Emerging Market- 58,533.32
uniis12023 511,403.871
ICVC Global Investment Bond Fund - 127,168.53
units12023 618,153.441
ICVC Global Sovering BOT￿ Fund- 253,476.04
units12023 - 54,S60.591
Vanguard Global Corporate Bond Fund- O unlts
12023- 1,826,781
ishares Japan Equity Fund Fund- O units12023 -
18,678,371
5chroder US EquTty Income Fund- O units12023-
16,251.501
SPW UK Equity Income Fund - O units {2023- 90,530.60)
SPW Asia Global Emerging Market- O unlts12023 -
29,105.161
SPW Jbpanese Equty Fund - O units {2023 - 7,915.L5)
SPW North American Equity Fund- O units12023- 69,144.16)
SPW Global Real Estate Fund - O units12023 - 45,055.741
Charities Investment Fund ERF Scheme- 142.61 units (2023 -
204.611
188,544
7,949
48,161
416,641
108,131
528,336
226,734
49,375
153,098
19,247
11,140
146,750
,855
8,873
81,521
85,921
37,166
50,743
1377 408
1575 500
The cost of investmenLq at 31 De￿mber 2024 is as fdlows..
5PW Global Corporate Bond Q Inv
SPW Global Government Bond Fund Q
Schroder Global Equity Comptsnent Fund
Schroder Global Equity Incorne Fund
Schroder Incorne Fund
SPW Global IFX UK) Eovity Fund Q Inc
Ishares North Amertcan Fund
107,592
231,567
125.923
197,613
98,786
166,961
6,860
P￿e 32

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
17. Investments {continued)
ICVC High Income & Emerging Market
ICVC Global InvestThenl Bond Fund
ICVC Global Sovering Bond Fund
Vanguard Global Corporate Bontj Fund
IShar￿ Japan Equity Fund Fund
Schroder US Equity Income Fund
SPW UK Equity Income Fund
SPW ￿13 Global Ernerging Market
SPW Japanese EqLJity Fund
SPW North Arnerican Equity Fund
SPW Global Real Estate Fund
Charities Investmert Fund ERF Scheme
44,038
100,782
228,332
384,320
488,804
46,714
142.584
18,494
10,900
140,141
23,357
8,564
77,856
77,856
16,097
11,219
1 319 672
1432 687
17. Investments (continued)
2024
2023
Market Value at l January
Additions
isposa15
Realised surplus
Unrealised defi(it
1,575,500
1,294,094
{1,547,048)
133,939
179,0761
1,811,087
1,538,145
11,869.6991
1,356,233
11,260,266)
1377 406
1575 500
18. Trade and other debtors
2024
2023
social housing rent arrears
other debtors
Prepayments and accrued income
4,262
1,045
200
388,914
219,819
224 081
390 159
Page 33

THE FAVERSHAM MUNICIPAL CHARThIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued}
FOR THE YEAR ENDED 31 DECEMBER 2024
19. Credltors: amounts falling due within one year
2024
2023
Other loans
Accruals and deferred income
Deferred grant
1,546
37,593
21,713
1,546
32,070
21,713
20. Credltors: amounts falling due aftèr more than one year
2024
2023
Deferred 9rant
other loans
955,342
170,346
977,055
172,040
1 125 688
1 149 095
21. Deferred Income
2024
2023
BalarKe brought forward
Released in year
Deferred during the year
4,653
14,6531
9,630
2,558
12,5581
4,653
Balan￿ carried frxward
22. Deferred grants
2024
2023
BalaTh￿ brought forbyard
Released in year
998,768
121,713)
1,202,481
121,713)
Balan￿ carried forward
977 055
998 768
The deferred grant represents a capital 9rant Te￿]Ved in 1980-84, 1988-91, 2003 and 2004-05 for tt
rnoderni5ation of the Almshouses, building of new Almshouses, replacing gas boilers and windows. The
grant Is being released over the estimated useful life of the property in association with FR5102.
Page 34

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
23. Loans
2024
2023
Due wlthln l Yeai
Due within 1-2 Years
Due within 2-5 Year5
Due In > 5 Years
1,546
1,550
4,750
164,D49
1,411
1,550
4,750
165,740
Balance carried forward
171,892
173 586
Loans are secured over the assets con￿rned.
Page 35

THE FAVERSHAM MUNICIPAL CHARMES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
24. Statement of funds
ststement of funds- current year
Balance
ati
January
2024
Balance
at31
December
2024
Income
Expenditure
Transfers
Inlout
Gain51
(Losses)
Designated
fvnds
Cyclical
maintenance
rund
Emergency
repair fund
HousiTrg
redevelopment
fvnd
Roof repair
fund
Roof phase I
fund
72,036
136,300)
68,547
104,283
50,742
129,8421
59,830
1,423
82,153
1,913
99
17
2,028
25,000
25,000
268 788
418,479
257 677
129 283
224 575
General
fitnds
General fund5
Education
branch
Retreayon
branth
Relief in need
branch
2,596,506
428,304
1315,5101
181,128
34,308
2,924,736
6,345
5,659
14,2401
14.6721
5,798
8,890
1,498
1,172
(6031
11,0171
1,181
2,231
12,348
3 035 176
4,932
(3,8611
390 356
16,8921
5,055
11,582
3 172 013
Restricted
nds
Organ
maintenance
fund
Faversham
Heritage fund
and HH Charlty
Roof repair
3,550
(4371
3,113
216,566
6,923
45,000
(3.2191
5,737
145,0001
7,097
233,103
220 116
236 216
Total of
funds
3 255 292 492 088
3 408 229
Page 36

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
24. Ststement of funds (continued)
Statement of
nds- Prior
Year
Balance
atl
January
2023
Balance
at31
December
2023
Income
Expendlture
Transfers
Inlout
Gainsl
(Losses)
Deslgnated
funds
Cyclical
illtenan￿ fijnd
Emergenry repair
fund
Housing
redevelopmerit
fund
Roof repair fund
Roof phase I fund
78,453
1125,4271
119,010
72,036
160,660
(7,9251
1113,6751
11,682
50,742
1,846
25,000
1,913
25,000
268 788
418 479
268 788
274 187
113 352
General funds
General funds
Education branch
Recreation brarbch
Relief in need
branch
2,690,469
5,256
3,541
375,820
3,972
826
{297,305)
14,082)
1418)
1226,5891
(7,9451
14,3131
54,110
9,145
1,863
2,569,506
6,345
1,498
10,058
3,463
(3,056)
16,090)
7,973
12,348
2 975 286
384 080
438 213
3 035 176
Restrirted fund5
Organ
maintenance fvnd
The Faversham
Heritage fund and
Henry Hatch Charty
3,550
3,550
206,874
29,861
12,112)
129,2501
11,193
216,566
210 424
220 116
Total of funds
3 185 710
413 941
3 255 292
Page 37

THE FAVERSHAM MUNICIPAL CHARITIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
24. Statement of funds (continued)
Summary of funds - Current Year
Balance
ti
January
2024
Balance
at31
December
2024
Income
Expenditure
Transfers
Inlout
Galnsl
(Losses)
De51gAated funds
General funds
418,480
2,616,697
99
440,066
166,142)
1324,214)
1129,283)
168,547
1,423
46,342
224,575
2,947,438
3 035 176
210,116
465 165
51,923
390 356
{3,6561
3 172 013
236,216
Restricted funds
(39,2641
7,097
3 255 293 492 088
3 4108 229
Summary of funds- Prior Year
Balance
atl
January
2023
Balance
Income
Expenditure
Transfers
Gainsl
(Losses)
at31
Inlout
December
2023
Designated funds
General funds
265,962
2,709,324
(133,352)
(304,861)
274,187
1244,937)
11,862
73,091
418,479
2,616,697
384,080
3 975 286
384 080
438 213
3 035 176
Restricted fvnds
210,425
29,861
12,1121
129,2501
11,193
220,116
3 185,709
413,941
440,325
95,966
3 255,292
Page 38

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
25. Analysis of net assets between funds
Analysis of net assets between fund5- current year
Restricted
funds
2024
Unrestricted
funds
2024
Totsl
funds
2024
Tangible fixed assets
Fixed a55et investments
Current assets
Creditors due within one year
Creditors due within more than one year
2,814,026
1,161,227
383,300
160,852)
11,125,688)
2,814,026
1,377,408
403,335
160,852)
(1,125,688)
216,181
20,035
236 216
3 172 013
3 408 229
Analysis of net assets between funds- prlor year
Restricted
funds
2023
Unrestrlcted
f￿ndS
2023
Total
funds
2023
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due within more than one year
2,322,660
1,373,012
543,929
155,329)
11,149,095)
2,322,660
1,575,500
651,557
155,3291
11.149,0951
202,488
17,628
220 116
3 035 177
3 255 293
Page 39

THE FAVERSHAM MUNICIPAL CHARITIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
26. Reconclliation in net movement in fund to net cash flow from operatlng activities
2024
2023
Net incomellexpenditure) for the year
Adjustments for:
Depreciation charges
(Gainsllbsses on investments
Dividends, interest and rents from inv￿tments
Loss on the sale of fTxed assets
(Increase) I decrease in debtors
(Decrease) / increase in ￿edItorS
152,935
69,583
15,932
154,8631
162,8901
16,609
195,967)
138.6541
166,078
116,189)
{179,994}
118,833)
Net cash (used in) I by operating activities
247 256
Analysls of net debt
Atl
January
2024
At31
December
2024
Cash flows
Cash at ballk and In hand
Debt due after l year
Debt due wlthin l year
171,397
1172,040)
{1,5461
7,857
1,694
179,254
1170,346)
{1,546)
{2,188)
9,542
7,362
27. Analysls of cash and cash equivalents
2024
2023
Cash in hand
179,254
171,398
28. Grant commitments
At the 31 December 2024 the Charity had commitments as follows:
2024
2023
within one year
Betsween one and two years
Page 40

THE FAVERSHAM MUNICIPAL CHARrrIES 2010
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
29. Pension commitments
The Charity operates a defined contribution pension scheme. The a￿etS OF the scheme are held
separately from those of the Charity in an Independently administered fund. The pension cort charge
represents contribution5 payable by the Charty lo the fund and amounted to £2,462 12023 - £2,209).
Contributions totalling Enil {2023 - £nill were payable to the fund at the Ststement of financial position
date.
30. Related party transartions
Cllr lackstsn is a member of Swale Borough Council. Cllr C Martin and Cllr T Martin are mernbers of
FaveT5harn Town Council. During the year lease payrnents were received lotslling £1 (2023 £1) from
Swale Borough Counal lor a recreation park held by the Charity. This is in respett of a long lease
entered in 2010. The council10￿ cannot use their po%titrn to their aovantrdge. No tllonies were
outstanding at the year end.
31. Leases arrangements
At the 31 De￿mber 2024 the Charity had future incoming resources from non-cancellable lease
ag￿ements a5 follow5..
2024
2023
Within one year
Between one and years
Between iwo and five years
More than five years
32
33
35
36
32. Capital commitments
At the 31 December 2024 the Charlty had ctsmmitments a5 follows:
2024
2023
Within one year
ii,iii
268,788
ii.iii
268,788
Page41