**REGISTERED CHARITY NUMBER: 1002470**
**REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024**
## **FOR**
## **HASTINGS AREA COMMUNITY TRUST**
Gibbons Mannington & Phipps LLP Chartered Accountants 20 Eversley Road Bexhill-on-Sea East Sussex TN40 1HE
**HASTINGS AREA COMMUNITY TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024**
||**Page**|**Page**|**Page**|
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**||6||
|**Notes to the Financial Statements**|7|to|14|
**HASTINGS AREA COMMUNITY TRUST**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024**
The trustees present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of 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).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objects for which the Charity is established are:
a) The promotion of any charitable purposes for the benefit of the community in the area of Hastings Borough and Rother District and in particular the advancement of education, the protection of good health, both mental and physical, and the relief of poverty and sickness.
b) Other exclusively charitable purposes which are in the opinion of the Trustees beneficial to the community in the area of Hastings Borough and Rother District.
## **Working Name**
The Charity's working name as agreed with the Charity Commission is "Relief'.
## **Public benefit**
The Trustees have considered their duty set out in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission, and in their opinion the foregoing report demonstrates that they have complied therewith.
## **Grantmaking**
The Clerk to the Trustees under delegated powers makes grants within limits set down from time to time; but in addition the Trustees meet regularly to review all applications dealt with by the Clerk and consider all other applications received which fall outside those delegated powers. Where the Trust is acting as agent for other Grant Makings Charities, the Clerk also reports direct to their Trustees.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The Trustees throughout the year continued to provide accommodation within the property to other local organisations and charities and also continued to provide an administration service to various grant making charities. In addition, following the transfer of Permanent Endowments from a number of small Charities previously administered by the Trust, the Trustees made Grants in their own right out of income generated by these Endowment funds, in line with the Trust's objects.
The rental income relating to the provision of accommodation to other organisations showed an increase of approximately 8% over the previous year. Property costs (excluding Depreciation) amounted to £15,084 in the current year, which was £3,618 higher than the previous year. Most of the costs increased but repairs were the main reason, which included £1,600 repairs to the fire wall.
Out of the Charity's own Endowment Funds and from Restricted monies administered on behalf of other Charities, grants distributed amounted to £50,244.This included 260 Individual Beneficiaries and the towards costs of the 'Baby Pantry" [Restricted]. The funds are given to ETC Sussex and the "Baby Pantry" is run by the Fellowship of St. Nicholas.
## **Investment performance**
The Trust's invested funds provided the required level of income and the Market Value of the Investments at the year end showed a unrealised gain of £89,595 which reversed the loss shown in last years accounts.
Page 1
**HASTINGS AREA COMMUNITY TRUST**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024**
## **FINANCIAL REVIEW**
## **Financial position**
Total Income from all sources for the year was £66,805 (£64,910 in 2023) and total expenditure was £89,641 (£68,929 in 2023) which resulted in a deficit of £22,836 (£4,019 in 2023).
There was a gain in the market value of the investments of £89,595 (loss of £52,512 in 2023) so there was an overall surplus for the year of £66,759 (deficit of £56,531 in 2023).
The unrestricted funds (excluding depreciation) showed a deficit of £5,932. At the end of the year the general unrestricted funds stood at £110,619, this included the designated property reserve account, which is the net written down value of the freehold property which was £112,000, therefore general unrestricted fund was in deficit by £1,391. As part of the endowment fund is expendable, this deficit is covered by funds which can be transferred if required.
At the end of the year Restricted funds has a balance of £2,094.
## **Investment policy and objectives**
The Charity has no restrictions with regard to investments, but has adopted a policy (with regard to the funds held as Permanent and Expendable Endowment) of long term investment, with low to medium risk, provided by way of a diversified well balanced spread of investments, designed to help with both growth and income requirements. To this end all monies have been invested in COIF Charities Funds.
## **Reserves policy**
The Trust holds its unrestricted reserves in order to maintain the freehold property and cover outgoings relating to the property when there are significant voids.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The Charity is controlled by its Declaration of Trust dated 12th June 1990 and constitutes an unincorporated charity.
## **Recruitment and appointment of new trustees**
The power of appointing new or additional Trustees is vested in the Trustees.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1002470
## **Principal address**
Bolton Tomson House 49 Cambridge Gardens HASTINGS East Sussex TN34 1EN
## **Trustees**
P R Carcas M B Glynn FCA (resigned 29/1/2024) Mrs R C Foster Mrs J V Howe Miss H V Barraclough
Page 2
**HASTINGS AREA COMMUNITY TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Independent Examiner**
Clare Corke FCCA Gibbons Mannington & Phipps LLP Chartered Accountants 20 Eversley Road Bexhill-on-Sea East Sussex TN40 1HE
## **Bankers**
CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ
Approved by order of the board of trustees on 10th February 2025 and signed on its behalf by:
P R Carcas - Trustee
Page 3
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HASTINGS AREA COMMUNITY TRUST**
## **Independent examiner's report to the trustees of Hastings Area Community Trust**
I report to the charity trustees on my examination of the accounts of Hastings Area Community Trust (the Trust) for the year ended 31st March 2024.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Clare Corke FCCA
Gibbons Mannington & Phipps LLP Chartered Accountants 20 Eversley Road Bexhill-on-Sea East Sussex TN40 1HE
14th February 2025
Page 4
**HASTINGS AREA COMMUNITY TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024**
|Unrestricted
funds
Notes
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
2
**104**
**Charitable activities**
Rents receivable
**24,463**
Administration fees
**4,000**
Investment income
3
**899**
**Total**
**29,466**
**EXPENDITURE ON**
**Charitable activities**
4
Charitable activities
**39,397**
Net gains/(losses) on
investments
**-**
**NET**
**INCOME/(EXPENDITURE)**
**(9,931)**
**Transfers between funds**
15
**272**
**Net movement in funds**
**(9,659)**
**RECONCILIATION OF**
**FUNDS**
Total funds brought forward
**120,269**
**TOTAL FUNDS CARRIED**
**FORWARD**
**110,610**|Restricted
funds
£
**6,000**
**-**
**-**
**-**
**6,000**
**15,699**
**-**
**(9,699)**
**(272)**
**(9,971)**
**12,065**
**2,094**|**2024**
Endowment
**Total**
funds
**funds**
£
**£**
**-**
**6,104**
**-**
**24,463**
**-**
**4,000**
**31,339**
**32,238**
**31,339**
**66,805**
**34,545**
**89,641**
**89,595**
**89,595**
**86,389**
**66,759**
**-**
**-**
**86,389**
**66,759**
**1,105,331**
**1,237,665**
**1,191,720**
**1,304,424**|_2023_
_Total_
_funds_
_£_
_6,400_
_22,616_
_4,000_
_31,894_
_64,910_
_68,929_
_(52,512)_
_(56,531)_
_-_
_(56,531)_
_1,294,196_
_1,237,665_|
|---|---|---|---|
## **CONTINUING OPERATIONS**
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 5
**HASTINGS AREA COMMUNITY TRUST**
## **BALANCE SHEET 31ST MARCH 2024**
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
11
**112,000**
Investments
12
**-**
**112,000**
**CURRENT ASSETS**
Debtors
13
**169**
Cash at bank
**3,566**
**3,735**
**CREDITORS**
Amounts falling due within
one year
14
**(5,125)**
**NET CURRENT ASSETS**
**(1,390)**
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
**110,610**
**NET ASSETS**
**110,610**
**FUNDS**
15
Unrestricted funds
Restricted funds
Endowment funds
**TOTAL FUNDS**|Restricted
funds
£
**-**
**-**
**-**
**-**
**2,094**
**2,094**
**-**
**2,094**
**2,094**
**2,094**|Endowment
funds
£
**-**
**1,136,994**
**1,136,994**
**-**
**54,726**
**54,726**
**-**
**54,726**
**1,191,720**
**1,191,720**|**2024**
**Total**
**funds**
**£**
**112,000**
**1,136,994**
**1,248,994**
**169**
**60,386**
**60,555**
**(5,125)**
**55,430**
**1,304,424**
**1,304,424**
**110,610**
**2,094**
**1,191,720**
**1,304,424**|_2023_
_Total_
_funds_
_£_
_116,000_
_1,047,399_
_1,163,399_
_152_
_78,012_
_78,164_
_(3,898)_
_74,266_
_1,237,665_
_1,237,665_
120,269
12,065
1,105,331
1,237,665|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 10th February 2025 and were signed on its behalf by:
P R Carcas - Trustee
The notes form part of these financial statements
Page 6
**HASTINGS AREA COMMUNITY TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
The main building has been included at market value in March 2003. The building is in constant use in furtherance of the charity's objects and is properly maintained to the standards that ensure that its residual value is not less than its book value. It is depreciated over 50 years on a straight line basis.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Cash at bank**
Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the opening of the deposit.
## **Debtors**
Debtors are recognised at their recoverable amounts to which the trust is entitled.
## **Creditors**
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement value.
continued...
Page 7
**HASTINGS AREA COMMUNITY TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024**
## **2. DONATIONS AND LEGACIES**
|Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Donations
**104**
**-**
**-**
Grants
**-**
**6,000**
**-**
**104**
**6,000**
**-**
Grants received, included in the above, are as follows:
Sussex Housing Trust for the Elderly
**3.**
**INVESTMENT INCOME**
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Deposit account
interest
**899**
**-**
**-**
Dividends received
**-**
**-**
**31,339**
**899**
**-**
**31,339**
**4.**
**CHARITABLE ACTIVITIES COSTS**
Grant
funding of
Direct
activities
Costs (see
(see note
note 5)
6)
£
£
Charitable activities
**38,185**
**50,244**
**5.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
Staff costs
Electricity
Gas
Rates
Water
Insurance
Repairs
Cleaning services and materials
Printing, postage, telephone and stationery
General expenses
Depreciation|**2024**
**Total**
**funds**
**£**
**104**
**6,000**
**6,104**
**2024**
**£**
**6,000**
**2024**
**Total**
**funds**
**£**
**899**
**31,339**
**32,238**
Support
costs (see
note 7)
£
**1,212**
**2024**
**£**
**18,064**
**9,646**
**432**
**177**
**586**
**1,353**
**2,519**
**371**
**1,017**
**20**
**4,000**
**38,185**||_2023_
Total
funds
_£_
_400_
_6,000_
_6,400_
_2023_
_£_
_6,000_
_2023_
Total
funds
_£_
_318_
_31,576_|_2023_
Total
funds
_£_
_400_
_6,000_|
|---|---|---|---|---|
|||||_6,400_|
|||||_2023_
_£_
_6,000_|
||||_31,894_||
||||Totals
£
**89,641**||
||||_2023_
_£_
_14,379_
_8,383_
_233_
_88_
_231_
_1,182_
_729_
_620_
_748_
_290_
_4,000_||
||||_30,883_||
continued...
Page 8
**HASTINGS AREA COMMUNITY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024**
|**6.**
**GRANTS PAYABLE**
Charitable activities
The total grants paid to institutions during the year was as
follows:
Projects
Education Training Consortium Sussex
The total grants paid to individuals during the year was as
follows:
Individuals
**7.**
**SUPPORT COSTS**
Charitable activities
Support costs, included in the above, are as follows:
Independent examiners fees
Accountancy|**2024**
_2023_
**£**
_£_
**50,244**
_37,086_
**2024**
_2023_
**£**
_£_
**-**
_3,322_
**763**
_-_
**763**
_3,322_
**2024**
_2023_
**£**
_£_
**49,481**
_33,764_
Governance
costs
£
**1,212**
**2024**
_2023_
Charitable
Total
activities
activities
**£**
_£_
**684**
**_960_**
**528**
**_-_**
**1,212**
**_960_**|
|---|---|
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023.
continued...
Page 9
**HASTINGS AREA COMMUNITY TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024**
|**9.**|**STAFF COSTS**|||||||
|---|---|---|---|---|---|---|---|
||||||**2024**||_2023_|
||||||**£**||_£_|
||Wages and salaries||||**18,064**||_14,379_|
||||||**18,064**||_14,379_|
||The average monthly number of employees during the year was as|||follows:||||
||||||**2024**||_2023_|
||Staff||||**3**||_3_|
||No employees received emoluments in excess of £60,000.|||||||
|**10.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|||||||
|||Unrestricted|Restricted||Endowment||Total|
|||funds|funds||funds||funds|
|||£|£||£||£|
||**INCOME AND ENDOWMENTS FROM**|||||||
||Donations and legacies|400|6,000|||-|6,400|
||**Charitable activities**|||||||
||Rents receivable|22,616||-||-|22,616|
||Administration fees|4,000||-||-|4,000|
||Investment income|318||-|31,576||31,894|
||**Total**|27,334|6,000||31,576||64,910|
||**EXPENDITURE ON**|||||||
||**Charitable activities**|||||||
||Charitable activities|31,843|15,307||21,779||68,929|
||Net gains/(losses) on investments|-||-|(52,512)||(52,512)|
||**NET INCOME/(EXPENDITURE)**|(4,509)|(9,307)||(42,715)||(56,531)|
||**RECONCILIATION OF FUNDS**|||||||
||Total funds brought forward|124,778|21,372||1,148,046||1,294,196|
||**TOTAL FUNDS CARRIED FORWARD**|120,269|12,065||1,105,331||1,237,665|
continued...
Page 10
**HASTINGS AREA COMMUNITY TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024**
## **11. TANGIBLE FIXED ASSETS**
|**COST**
At 1st April 2023 and 31st March 2024
**DEPRECIATION**
At 1st April 2023
Charge for year
At 31st March 2024
**NET BOOK VALUE**
At 31st March 2024
At 31st March 2023|Freehold
property
£
**200,000**
**84,000**
**4,000**
**88,000**
**112,000**
_116,000_|
|---|---|
The freehold property, 48-49 Cambridge Gardens, Hastings, was valued in March 2003 by Estate Agents "Rush, Witt & Wilson".
## **12. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1st April 2023
Revaluations
At 31st March 2024
**NET BOOK VALUE**
At 31st March 2024
At 31st March 2023|Listed
investments
£
**1,047,399**
**89,595**
**1,136,994**
**1,136,994**
_1,047,399_|
|---|---|
The historical cost of the investments is £678,918.
There were no investment assets outside the UK.
## **13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Other debtors|**169**|_152_|
continued...
Page 11
**HASTINGS AREA COMMUNITY TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024**
## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
**15.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
Designated property reserve
**Restricted funds**
The Isabel Blackman Foundation Fund
Sussex Housing Trust for the Elderly
Orbit fund
Baby Pantry
**Endowment funds**
Permanent endowment
Expendable endowment fund
Hart expendable endowment fund
**TOTAL FUNDS**
Net movement in funds, included in the
**Unrestricted funds**
General fund
Designated property reserve
**Restricted funds**
The Isabel Blackman Foundation Fund
Sussex Housing Trust for the Elderly
Baby Pantry
**Endowment funds**
Permanent endowment
Expendable endowment fund
Hart expendable endowment fund
**TOTAL FUNDS**|Net
movement
At 1/4/23
in funds
£
£
**4,269**
**(5,931)**
**116,000**
**(4,000)**
**120,269**
**(9,931)**
**6,936**
**(7,073)**
**3,368**
**(1,863)**
**195**
**-**
**1,566**
**(763)**
**12,065**
**(9,699)**
**534,853**
**48,413**
**34,027**
**1,722**
**536,451**
**36,254**
**1,105,331**
**86,389**
**1,237,665**
**66,759**
above are as follows:
Incoming
Resources
resources
expended
£
£
**29,466**
**(35,397)**
**-**
**(4,000)**
**29,466**
**(39,397)**
**-**
**(7,073)**
**6,000**
**(7,863)**
**-**
**(763)**
**6,000**
**(15,699)**
**-**
**-**
**15,552**
**(13,830)**
**15,787**
**(20,715)**
**31,339**
**(34,545)**
**66,805**
**(89,641)**|**2024**
_2023_
**£**
_£_
**5,125**
_3,898_
Transfers
between
At
funds
31/3/24
£
£
**272**
**(1,390)**
**-**
**112,000**
**272**
**110,610**
**537**
**400**
**(809)**
**696**
**-**
**195**
**-**
**803**
**(272)**
**2,094**
**-**
**583,266**
**-**
**35,749**
**-**
**572,705**
**-**
**1,191,720**
**-**
**1,304,424**
Gains and
Movement
losses
in funds
£
£
**-**
**(5,931)**
**-**
**(4,000)**
**-**
**(9,931)**
**-**
**(7,073)**
**-**
**(1,863)**
**-**
**(763)**
**-**
**(9,699)**
**48,413**
**48,413**
**-**
**1,722**
**41,182**
**36,254**
**89,595**
**86,389**
**89,595**
**66,759**|
|---|---|---|
continued...
Page 12
**HASTINGS AREA COMMUNITY TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024**
## **15. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|||Net||
|---|---|---|---|
|||movement|At|
||At 1/4/22|in funds|31/3/23|
||£|£|£|
|**Unrestricted funds**||||
|General fund|4,778|(509)|4,269|
|Designated property reserve|120,000|(4,000)|116,000|
||124,778|(4,509)|120,269|
|**Restricted funds**||||
|The Isabel Blackman Foundation Fund|14,174|(7,238)|6,936|
|Sussex Housing Trust for the Elderly|1,604|1,764|3,368|
|Orbit fund|195|-|195|
|Baby Pantry|2,077|(511)|1,566|
|Pantry - Sussex Community fund|3,322|(3,322)|-|
||21,372|(9,307)|12,065|
|**Endowment funds**||||
|Permanent endowment|555,888|(21,035)|534,853|
|Expendable endowment fund|25,889|8,138|34,027|
|Hart expendable endowment fund|566,269|(29,818)|536,451|
||1,148,046|(42,715)|1,105,331|
|**TOTAL FUNDS**|1,294,196|(56,531)|1,237,665|
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|27,334|(27,843)|-|(509)|
|Designated property reserve|-|(4,000)|-|(4,000)|
||27,334|(31,843)|-|(4,509)|
|**Restricted funds**|||||
|The Isabel Blackman Foundation Fund|-|(7,238)|-|(7,238)|
|Sussex Housing Trust for the Elderly|6,000|(4,236)|-|1,764|
|Baby Pantry|-|(511)|-|(511)|
|Pantry - Sussex Community fund|-|(3,322)|-|(3,322)|
||6,000|(15,307)|-|(9,307)|
|**Endowment funds**|||||
|Permanent endowment|-|-|(21,035)|(21,035)|
|Expendable endowment fund|15,967|(7,829)|-|8,138|
|Hart expendable endowment fund|15,609|(13,950)|(31,477)|(29,818)|
||31,576|(21,779)|(52,512)|(42,715)|
|**TOTAL FUNDS**|64,910|(68,929)|(52,512)|(56,531)|
continued...
Page 13
**HASTINGS AREA COMMUNITY TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024**
## **15. MOVEMENT IN FUNDS - continued**
## **Restricted funds**
Regular grants are received from "The Isabel Blackman Foundation," and "Sussex Housing Trust for the Elderly" towards the housing and other needs of individuals, which Hastings Area Community Trust disperses to those in need.
## **Endowment funds**
## **The Hart Fund**
When the Trustees of the Hart Charitable Trust transferred a substantial part of its assets to this Charity in 2014/15 they indicated that they did not wish "to create any form of Trust over these monies"; but would like the funds to be "held as an expendable Endowment,with the capital sums being invested to produce income broadly similar to the income supplied to Relief by The Hart Charitable Trust in the past".
The Trustees also asked that Relief should use the income generated within the spirit of the original objects of the Hart Charitable Trust, that is "for or towards the relief, either generally or individually, of persons resident in 'The Borough of Hastings and District of Rother' who are in conditions of need, hardship or distress".
The Hart Trustees ended by saying that the expressed wishes (outlined above) "do not preclude the Trustees of Hastings Area Community Trust from applying either the whole or any part of the Capital for purposes similar to those set out for the use of income".
## **16. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31st March 2024.
Page 14