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 c￿rty 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 liabil￿e$.
TRusfEES' RESPONSIBILMES sfATEMENT
The trustees a￿ responsible for preparing the trustees, report and the financial ststernents in
accordance with applicable law and United ￿"ngdoM Accounts"ng Standards (United Kingdom Generally
Accepted Ac(Dunting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial
statements for each finarioal year which give a true and fair view of the state of affair5 of the Charity
and of the incoming resour￿$ and application of resources of the Charity for that perlod. In preparing
these financial statements, the tTUStees are required to..
select Suitab￿ accounting pol￿eS 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
p￿8￿me 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
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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 b￿n 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 Organi￿tion 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 d￿gnated 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