Charity number 1190042 MUNICIPAL CHARtriES OF FAVERSHAM Charitable Incorporated Organisation REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MUNICIPAL CHARrrIES OF FAVERSHAM CONTENTS Page Legal and adtnini5trative detai15 Trustees, report statement of Financial Activities Balance Sheet Notes to the financial 5tstements
MUNICIPAL CHARrrIES OF FAVERSHAM LEGAL AND ADMINIsfRATIVE DETAILS Trustees Mr D H S Simmons, Chair Mr J N Coulter, Vice Chair (died 2 June 2024) Mr M S Gates Mr S A Fisher (resigned 14 April 2025} Ms J Hennessey air C Jackson air C Marbn (appointed 23 February 2024) Cllr T Martin Mr5 D Neatlle (resigned 15 January 20251 Mr B Planner Mrs A Reynolds Cllr J Rowlands lapplynted 15 April 20251 Mr A Shepherd Dr E J WilLDX Mrs J Stonor lapw)inted 15 January 2025) Mrs M Vanden Berghe (appointed 18 July 2024) Mr L Young {appointed 17 October 20241 aerk to the TNstees Mrs C M Hanagan Charity registration number 1190042 Registered offi 5 The Almshov5es South Road Faversham Kent ME13 7LU Accwntants Magee Gammon Corporate Limf(ed Henwo(¥l House Henwood fjhford Kent TN24 8DH Pa9e I
MUNICIPAL CHARITIES OF FAVERSHAM TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees presenl their annual report together with financial stalements of the Municipal Charities of Faversham l-the Charitfl for the year l January 2024 to 31 December 2024. STRUCTURE, GOVERNANCE AND MANAGEMENT 1.1 Constitution The Charity is constituted as a Charitable Incorporated Or8anisation ICIOI and 15 governed by its constitution approved on 20 May 2020. 1.2 Method of appointment or elertion of Trustees Under the Constitution of 20 May 2020, there should be five nominated trustees appointed for J four- vear term by Faversham Town Council at a meeting of the council and ten co-opted trustees appointed for a five-year term by the trustees at a special meeting. 1.3 Organi5ètlonal structure antl declslon maklng Man3Eement ol the Charity is the responsibility of the trustees. The board of trustee5 has overall responsibility for achieving the Charity's aims and objectives. Followin8 approval of a Scheme submittert to the Charity cornmi55ion, the Charity became the sole trustee of Faversham Municipal Charities 2010, registered charity number 11402591.the Sub5idiary"I, with effect from 31 May 2024. In accordance with $24.15 through s24.19 of the Charities SORP, the Chèrity demonstrates control of the Subsidiary by way of the sole trusteeship, creating a group for accountin@ purposes. As stated in note 3 lo the Financial Statements. the Charity is exernpt from the requiretllent to prepare group accounts. The trustees meet quarterly to review the Charitvs strategy and performance and to set objectives. operating plans and budgets. 1.4 Rlsk management The trustees have assessed the major risks to which the Charity is exposed. in particular those related 10 operation5 and finances of the Charity and are satisfied that systems and procedures are in place io mitigate exposure to the major risks. OBJECTIVES AND ACTIVITIES 2.1 Policies and tsbjectives In setting objective5 and plannlng lor aetivitle5. the trustees have given due eonsider8tion to general guidance published by the Charity Commission and Homes England relating to public benefit. The object5 of the Charity are.. The relief of poverty by the provision ol social housing in the form of almshouse accommodation for people resident in the area of benefit for not less than five years preceding appointment.. and Such charitable purposes for the benefit of the lalmshousel residents as the trustees decide. The provision of a chapel. The advancement ol education by the provision of grants and bursaries to organi5ations or individua15 resident in the area of benefit and pypils OT foimer pupils of Queen Elizabeth's Grammar School. Page 2
MUNICIPAL CHARITIES OF FAVERSHAM TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The relief or povety by the provision of grants and payrnents to organisations or individuals resident in the area of benefit. The provision of 3 recreation ground in the area of benefit for the benefft and enjoyment of the public. The preservation and improvement of historical buildings, the distinctive character of the townscape and landscèpe and the historiol artefacts, regalia, and reMonIal$ of the town of Faversham, a metnber of the Confederation Of Cinque Ports. Any other chantable purpose within the law in Engbnd and Waleg in the area of benefit whith shall be selected by the trustw in heir absolute discretion from tirne to time. These objeLtive5 are consistent with those of the Subsidiary. ACHIEVEMENTS AND PERFORMANCE 3.1 Current year During the period under review the Charity has betome sole trustee of the Subsidiary after tisfactory compktion of the processes with Homes England, the Regulator of Social Housing and the Charity Commission. 3.2 Future developments It is Intend that the Charty sources ban funding from the crty Bank to facilitste the roof repair phase 2 th3t is required on the properties held in trust by the Charity on behaw of the Subsidlary. FINANCIAL REVXEW As noted above the Charity has no income, expenditure, as*ts or liabile$. TRusfEES' RESPONSIBILMES sfATEMENT The trustees a responsible for preparing the trustees, report and the financial ststernents in accordance with applicable law and United "ngdoM Accounts"ng Standards (United Kingdom Generally Accepted Ac(Dunting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each finarioal year which give a true and fair view of the state of affair5 of the Charity and of the incoming resour$ and application of resources of the Charity for that perlod. In preparing these financial statements, the tTUStees are required to.. select Suitab accounting poleS and then apptry them consisfrntly; observe the methods and principles in the Charities SORP,. make judgements and accounting estimates that are reasonable and prudent,. prepare the financial 5tstements on the going concern basis tsnth it is inappropriate to p8me that the charity will continue in operation. Pagè 3
MUNICIPAL CHARrrIES OF FAVERSHAM TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity's transèrtions and disclose with reasonable accuracy at any time the financial posrf(ion ol the Charity and enable them to ensure that the financral staternents comply with the Charities Act 2011 and the provisions ol the Trust Deed. They are aLso responsible for safeguarding the assets of the arity and hen for ta.ng reasonable steps for the prevention and detection of fraud ènd other irregularities. This report was approved by the trustee5, on ... 2025 arKS signed on their behalf by.. Mr D H S Simmons, Chairrnan Mr M Gates, Vice Chairman Mrs C Flanagan, aerk to the Trustees Pap8 4
MUNICIPAL CHARrrIES OF FAVERSHAM srATEMENT OF FINANCIAL AcrivmES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total 2023 Totsl Income Expendltu Opek3ting (deficit)lsurplus Total funds brought forward Totsl funds carried forward During year or the preceding financial year. the Charity received no income and incurred no expenditure and therefore made neither a surplus or deficit. PayÈ S
MUNICIPAL CHARrrIES OF FAVERSHAM BALANCE SHEEr AT 31 DECEMBER 2024 2024 2023 Flxed assets Current assots Creditor5'. amounts falling due within one year 14et current assets Total assets less current liabilities Total net assets Reserves The Financial Ststements were approved by the trustees, on .. their behalf by.. J.6....JoLtsJ 2025 and slgned on Mr D H S Simmons, Chaiman Mr M Gates, WI Chairman Mrs C Flanagan, Clerk to the Trustees Page 6
MUNICIPAL CHARrriES OF FAVERSHAM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.1 Basls of preparation The accounts have bn prepared in accordance with the receipts and payments basis in accordance with the Charity commission guidance. 1.2 Charity status The Charity is constituted as a charitab Incorporatsd Organition ICIO). 1.3 Fund accountln9 General funds are unrestriLtrd funds which a available for use at the discrebon of the trustees in furtherance of the general objettives of the Charity and which have not been dgnated for other purpose5. Restricted funds are funds which are to be used in accordance with specific restrictions irnposed by donors gf which have been raised by the Charity for pathcular purposes. The cost of ralslng and administering such funds are charged against the speafic fund. The aim and use of each rÈstriLted fund is *t out in the notes to the financial statements. 1.4 R&eipts All Incoming resources are included in the Statement of Financial Activlties On the Charity obtains legally entiued income. 1.5 Payments All expenditure is accounted for In payments basis and has been cb5sified under headlngs that aggregate all costs related ts> the category. Member5 liabilities The members of the CIO have no liability to contriiute to its assets or personal responsibility for settling its debts and liabSlltiÈ%. ExÈmption from preparing group attounts The Charity is exempt from the requirement ol preparing consolidated finanaal statements as it is parent entity of a small group a5 defined in Appendix 3 of the Charitie5 SORP. Controlling party The Charlty Is controlled by the trustees. Durlng the year the trustees recelved no ernoluments or inajrred any expen using trust fund5. Page 7