REGISTERED COMPANY NUMBER: 02304489 (England and Wales) REGISTERED CHARITY NUMBER: 1003257 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR HASTINGS FURNITURE SERVICE LTD. Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers 24 Landgate Rye East Sussex TN31 7LJ
HASTINGS FURNITURE SERVICE LTD. CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examiner's Report statement of Financial Activities Balance Sheet Note$ to the Fln4nclal Statements 9 to IB
HASTINGS FURNITURE SERVICE LTD. (REGISTERED NUMBER: 02304489) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 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 l January 2019). OBJECTIVES AN D ACTIVITIES Objectlves and a1rn5 H FS is the loca l independent furniture & electrical reuse charity that has been fightino furniture poverty I n Hastinos & Rother since 1988. Our Vision We believe every person, across Hastings and Rother, should have a bed to sleep on, a cooker to prepare basic meals with and the e55ential furniture to create a comfortable, safe home. Our Mission To help alleviate poverty by providing low-cost quality re-used furnlture and electrlcal goods to low-income households; creating opportunities to enable individuals to improve their lives; diverting waste from landfill and reducing C02 emissions. What is furniture poverty. Furnlture poverty, includlng whlte goods, Is the Inabllity to access, or afford to buy or malntaln, any household furniture or appliance item that is essential to achieve a socially acceptable standard of living. HFS plays a crucial role in ensuring that the most vulnerable individuals have access to basic essentials. Despite furniture and white goods poverty lacking the same recognition as food or fuel povertyi it remains a harsh reality for many families across Hastings and Flother. For example, wlthout a means to cook food (cooker, mlcrowave, etc.), famllles relylng on food banks can't safely prepare the food they are given. Without a fridge to store fresh produce, many families end up throwing away donated food that has perished or, even worse, trying to eat rotten food. Without a bed each to sleep on, families end up sharing mattresses or even sleeping on the cold floor. Page I
HASTINGS FURNITURE SERVICE LTD. (REGISTERED NUMBER: 02304489) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities The past year has been one of extraordinary challenges and change for HFS, marked by economic pressures, operational difficulties, and tough decisions. However, through the dedication of our staff, volunteers, and supporters, HFS has not only weathered these challenges but also continued to make a significant impact in the Hastings and Rother community. Key Achievements l.su ortin Vulnerable Households Over the 2023-24 financial year, HFS successfully sold more than 6,000 items of second-hand furniture, all donated by generous members of the local community. These items were distributed at affordable prices, ensuring that essential household goods were accessible to low-income famil les and individ uals tra nsitioning to independent living. By meeting these needs, HFS has enabled households to maintain a reasonable standard of living, improving their quality of life and financial stability. 2. Environmental Im act Reusc remains at thc coro of HFS'S oporations. By diverting furniturc and applianccs from landfill, thc organisation has prevcntcd an cstimated 227 tonncs of carbon dioxidc crnissions and saved approximately 135 million litrcs of water. This environmental contribution reduces the demand for raw materials and new furniture production, mitigating the harm caused by resource extraction and industrial manufacturing. The environmental impact of HFS demonstrates that small organisations can play a mea n ingfu I role in tackli ng global sustai nability challenges. 3. Communit Benefit In addition to providing affordable furniture, HFS'S work contributes to broader community well-being, By alleviating furniture povertyi families facing the financial pressures of the cost-of-living crisis can allocate resource5 to other critical needs, such as food, energy bills, and education. This not only Improves household stabil ity but a Iso i ndirectly su pports the local economy by enabling healthier, more productive comm u nities. 4. Volunteer Pro ramme Our volunteers play a crucial role in our organisation. The Volunteer Programme empowers individuals through personal growth, skill development, and cornmunity engagement while providing a pathway to paid employment. By volunteerlng wlth us, Indlvlduals can bulld essentlal skllls such as communlcatlon, tlme management, and problem-solving, boosting their confidence and sense of accomplishment. The programme fosters social interaction, helping volunteers reduce isolation, develop friendships, and feel a greater connection to thelr community. It also provides a structured environment with clear expectations, enabling volunteers to thrive and gain a sense of purpose through meaningful contribution5 to Society, Additionallyi we support our volunteers in tran51tioning to paid employment by a55i5ting with professional CV preparation, conducting mock interview5, and offerlng ongoing guidance. Page 2
HASTINGS FURNITURE SERVICE LTD. (REGISTERED NUMBER: 02304489) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Challenges and Organisational Changes The 2023-24 financial year was marked by a combination of economic, operational, and financial pressures that tested the resil ience of HFS: l. Economic Pressures The extended cost-of-living crisis increased demand for affordable furniture while driving up the costs of service delivery, such as transportation, repairs, and logistics. Simultaneously, reductions in local authority funding and grant support required HFS to draw on its financial reserves to Sustain operations. erational Challen es In October 2023, the Priory Meadow store suffered another flood, which caused extensive damage to the ground floor. Three van loads of stock had to be disposed of, and the store was closed for five days to allow for drying, leaningi and disinfection. The re5pon5e from staff and volunteers was extraord inaryi Wlth everyone contri buting tirelessly to ensure the store reopened quickly and safely. 3. Strate ic Decisions To ensu rc tho orga n isation's financial sustainability, HFS trustoos madc scvcral d iff icult but neccssary docisions: o Staff Rcdundancie5: In January 2024, threc membcrs of staff wcre madc rcdundant to reduce ongoing costs. HFS extends its sincere gratitude to these individuals for their service and wishes them every success in their future endeavours. o Asset Sale,. The Bexhlll slte, purchased In 2008 for redevelopment, was sold due to Its hlgh malntenance costs and the inability to secure funding for required improvements. The site's condition had become a financial burden, and the sale will allow HFS to redirect resources towards its mission. The proceeds, expected by March 2025, will be ring-fenced and form the basis of a new investment strategy aimed at long-term financial stability, LOOKING AHEAD Despite the significant challenges faced this year, HFS remalns commltted to flghtlng furniture poverty and promoting environmental sustainabi lity. The sale of the Bexhil I site provides an opportunity for the organisation to secure its financial futu re throug h careful investment and strategic planning. Moving forward, HFS aims to: Continue supportlng low-lncome households by provldlng affordable furnlture and essential household Items. Expand efforts to promote environmental sustainabil ity by increasing reuse and red ucing landf 111 waste. strengthen partnerships with donors, volunteers, and community stakeholders to enhance the organisation's impact. Develop a long-term investment strategy to ensure financial stability and growth, allowing HFS to adapt to chang ing circumsta nce5 a nd continue its vita I work, Concluslon The 2023-24 financial year has been one of immense challenge and transformation for Hastings Furniture Service. Yet, through the incredible dedication of our staff, volunteers, and supporters, we have not only overcome adversity but emerged stronger, more focused, and rnore determined than ever. With the sale of the Bexhill site providing a solid foundation for investment and groivth, we are able to embrace new opportunities, expand our Impact, and deepen our commitment to the communlty, Together, we will continue to tackle furniture poverty, champion environmental sustainability, and transform lives across Hastings and Rother. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02304489 (England and Wales) Page 3
HASTINGS FURNITURE SERVICE LTD. (REGISTERED NUMBER: 02304489) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Registered Charity number 1003257 Registered office 6-10 Dorset Place Hastings East Sussex TN34 ILG Trustees J Alexander Team Manager P C Courtel (appointed 121412024) Ms C Davies Company Director Ms J Everard Advice Centre Manager M5 E Hughes (appointed 12/412024) M P Johnson (appointed 12/412024) Lord 8 R Mclean FSB Chairman N A Portcr (appointcd 121412024) K Scllcns ( resigncd 3 113/2024) Company Secretarles A S Burnett Ms K Davidson Independent Examlner Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers 24 L3ndgate Rye East Sussex TN317LJ EVENTS SINCE THE END OF THE YEAR Information relating to events since the end of the year is g iven in the notes to the financial statements. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companie5. Approved by order of the board of trustees on 20 December 2024 and slgned on Its behalf by: Ms C Davies - Trustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HASTINGS FURNITURE SERVICE LTD. Independent examiner's report to the trustees of Hastings Furniture Service Ltd. ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company {and alsD its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145{5} (b) of the 2011 Act. Independent examlner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bod ies. I havc completed my cxamination. I confirm that no matters have come to my attention in connection with the examination giving me causc to believe: accounting records were not kept in respect of the Company as requlred by Section 386 of the 2006 Act,. or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true ané fair view which is not a matter considered as part of an independent examination,. or the accounts have not been prepared in accordance with the method5 and principles of the Statement of Recommended Practice for accounting and reporting by charities {applicable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). 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 account5 to be reached. Joseph Greenslade FCCA Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers 24 Landgate Rye East Sussex TN317LJ 23 December 2024 Page 5
HASTINGS FURNITURE SERVICE LTD. STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 730 730 loo Charitable activities Furnlture projects Contract Training Projects Workspace hub 276,749 72,123 59,050 33S,799 72,123 275,212 24,432 35,879 24,864 35,577 35,577 Investment income Total 389 020 448 070 361 940 EXPENDITURE ON Raising funds 8,792 8,792 11,778 Charltable activities Furniture projects Contract Training Projetts Workspace hub Total 364,728 69,754 47,938 412,666 69,754 376,733 23,829 47,241 466 525 514 463 479 127 NET INCOME/(EXPENDrruRE) (77,505) 11,112 {66,393) (117,187) RECONCILIATION OF FUNDS Total funds brought forward 373,452 405,593 779,045 896,232 TOTAL FUNDS CARRIED FORWARD 295 947 416 705 712 652 779 045 The notes form part of these financial statements Page 6
HASTINGS FURNITURE SERVICE LTD. (REGISTERED NUMBER: 02304489) BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets 302,902 395,405 698,307 720,990 CURRENT ASSETS stocks Debtors Cash at bank and in hand io li 3.684 8,814 3,684 8,814 4,566 10,508 178 960 194,034 91,092 21.300 112,392 CREDITORS Amounts falling due within one year 12 (36,683) (36,683) (59,507) NET CURRENT ASSETS 134 527 TOTAL ASSETS LESS CURRENT LIABILITIES 357,311 416,705 774,016 855,517 CREDITORS Amounts falling due after more than one year 13 {61,364) {61,364) (76,472) NET ASSETS FUNDS Unrestricted funds Restricted f unds TOTAL FUNDS 295 947 416 705 712 652 779 045 16 295,947 416 705 712 652 373,452 405 593 779 045 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of Its flnancial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge thelr responslbilltles for (a) ensuring that the charitable company keeps accounting records that comply with Sectlons 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements Df Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charltable company. (b) The notes form part of these financial statements Page 7 continued...
HASTINGS FURNITURE SERVICE LTD. (REGISTERED NUMBER: 02304489) BALANCE SHEET - continued 31 MARCH 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 20 December 2024 and were signed on its behalf by: C Davies Trustee J Everard Trustee The notes form part of these financial statements Page 8
HASTINGS FURNITURE SERVICE LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Hastings Furniture Service is an incorporated charity, limited by guarantee, registered in England & Wales. The charity's registered number and registered office address can be found in the Report of the Trustees. ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The finariLidl Statements of the charitcible cotnpany, Ivhich Is a public benefit entlty under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accountir)g 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 l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. In preparing the financial statements, the trustees are required to make an assessment of the ability of the charity to continue as a going concern. On the basis of thcso forccasts and thc fact that the charity has substantial net current a55Cts and net assct5, the trustces are confident that the charity h85 adcquate resources to continue in operational existence and to meet its liabilitie5 as they fall due for the foreseeable future. A5 a result of the above, the trustees have concluded that it remains appropriate to adopt a golng concern basis of preparation in these fi nancial statements. 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 econornic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals ba515 and has been cla55ified under headings that aggregate all cost related to the category. Where costs cannot be directly attrlbuted to pa rtlcu lar headlngs they have been al located to actlvitles on a basis consistent with the use of resources. TANGIBLE FIXED ASSETS Depreciation is provided at the following annual rates in order to write off each asset over it5 estimated Useful life. Freehold property Fixtures a nd fittings Motor vehicles 20/0 on cost 330/0 on cost 250/0 on dUcIng balance STOCKS Stocks are valued at the lower of cost and net reallsable value, after making due allowance for obsolete and slow moving items. TAXATION The charity is exempt from corporation 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 fDr 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. Page 9 continued...
HASTINGS FURNITURE SERVICE LTD. NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued FUND ACCOUNTING Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS The Lfidritable company upeiate5 a defined contribution pewisiun scheme. Contrlbutlons payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. INVESTMENT INCOME 2024 2023 Deposit account interest NET INCOME/{EXPENDITURE) Net income/(expenditure) is stated after charging/{crediting)'. 2024 2023 Depreciation - owned assets INDEPENDENT EXAMINERS, REMUNERATION 31.3.24 31.3.23 Fees payable to the charity's independent examiners for the independent examination of the charity's fi nancial statements 1,950 1,000 Fees payable to the charity's independent examiners for the independent examination of the charity's prior year fina ncial statements 500 TRUSTEES, REMUNERATION AP4D BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. TRUSTEES, EXPENSES There were no trustees, expenses pald for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 10 continued...
HASTINGS FURNITURE SERVICE LTD. NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 332,336 22,878 335,970 21,876 361 246 364 378 Included in the wages expenditure above are reéundancy payments totalling £5,079 which were paid during the accounting period. The average monthly number of employees during the year was as follows: 2024 12 2023 14 Ful I time equivalents No employees received emoluments in excess of £60,000. The average number of employees durlng the year was 15 (2023 - 17). The key management personnel of the charity received remuneration of £106, 158 during the accounting period. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfIvITIES Unrestricted funds Restricte funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies loo loo Charltable actlvltles Furn iture projects Contract Training Projccts Workspace hub 253,212 24,432 14,879 24,864 22,000 275,212 24,432 35,879 24,864 21,000 Investment income Total 318 940 361 940 EXPENDITURE ON Raising funds 11,778 11,778 Charltable actlvltles Furn iture projocts Contract Training Projccts Workspace hub Total 340,455 23,829 22,907 36,278 376,733 23,829 47,241 24,334 418 515 479 L27 NET INCOME/{EXPENDITURE) (99,575) (17,612) (117,187) RECONCILIATION OF FUNDS Total funds brought forward 473,027 423,205 896,232 Page 11 continued...
HASTINGS FURNITURE SERVICE LTD. NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds funds Total funds TOTAL FUNDS CARRIED FORWARD 373 452 405 593 779 045 TANGIBLE FIXED ASSETS Fixtu res nd fittings Freehold property Motor vehicles Totals COST At l Aprll 2023 and 31 March 2024 DEPRECIATION At l April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 1 069 725 127 469 1 215 259 353,886 18,065 122,318 494,269 375 281 123 606 516 952 694 444 715 839 698 307 720 990 10. STOCKS 2024 2023 New furniture stock 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors VAT Prepayments and accrued income 5,688 6,355 1,097 Page 12 continued...
HASTINGS FURNITURE SERVICE LTD. NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other loans (see note 14) Social security and other taxes VAT Other creditors Accruals and deferred income 20,227 4,282 241 5,683 18,862 7,747 1,598 13. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 other loans (see note 14) 14. LOANS An analysis of the maturity of loans is given below: 2024 2023 Amounts falllng due withln one year on demand: other loans Amounts falllng due between two and flve years: Other loans 2-5 years Amounts falling due in more than five years., Repayable by instalments., other loans more 5yrs Instal 2,000 6,000 15. SECURED DEBTS The following secured debts are included within creditors: 2024 2023 Other loans Lloyds TSB Bank PLC hold a debenture with a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, building, fixtures, fixed plant & machinery. Lloyds TSB Bank PLC hold a mortgage over the freehold of 47 London Road, Bexhill on Sea, East Su55ex, togcther wlth all bulldings & flxtui-es (includlng tradc fixtures), FSxed plant & machinery by way of fixed charge, all present & future book & other debts, floating charge over all moveable plant & machinery, implements, utensils, furniture & equipment by way of assignment. The goodwill of the business (if any), the full benefit of all licences & guarantees. Rother District Council hold a charge over 47 London Road, Bexhill for £80,000. Page 13 continued...
HASTINGS FURNITURE SERVICE LTD. NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 16. MOVEMENT IN FUNDS Net movement in funds At 3113124 At 114123 Unrestricted funds General fund Designated funds 243,452 130 000 373,452 (77,505) 165,947 130 000 295,947 (77,505) Restricted funds Tangible As5etS Skipton Bu ilding Society Awards for All 405,593 (10,188) 1,500 395,405 1,500 405 593 416 705 712 652 TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 389,020 (466,525) (77,505) Restricted funds Tangible Assets Sussex Community Foundation {SCF) Blagrave Isobel Blackrnan Foundatlon Magdalen and Lasher Skipton Bu ilding Society Southern Water Awards for All Chalk Cliff Trust (10.188) {1,500) (16,500) (1,500) (750) (10.188) I,soo 16,500 1,500 750 1,500 12,500 19,800 1,500 (12,500) 19,800 47 938) TOTAL FUNDS Page 14 continued...
HASTINGS FURNITURE SERVICE LTD. NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 16. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds Transfers between funds At 3113123 At 114122 Unrestrlcted funds General fund Designated funds 303,027 170 000 473,027 (99,575) 40,000 40 ODD) 243,452 130 000 373,452 (99,575) Restricted funds Ernest Kleinworth Charitable Trust Tangible Assets Sussex Community Foundation (SCF) Sussex Crisis Fund 3,000 416,058 813 (3,000) (10,465) {813) 405,593 423 205 896 232 17 612) 117 187) 405 593 779 045 TOTAL PUNDS Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unréstricted funds General fund 318,940 (418,515) {99,575) Restricted funds Hastings Lions Club Ernest Kleinworth Charitable Trust Tanglble Assets Sussex Community Foundation (SCF) Foreshore Trust Sussex Crisis Fund Blagrave Social Enterprise Support Fund 2,000 (2,000) (3,000) (10,465) (10,813) (6,000) (3,334) (15,000) io 000) 60 612) 479 127) (3,000) {10,465) (813) 10,000 6,000 (3,334) 15,000 17 612) 117 187) TOTAL FUNDS 361 940 Page 15 continued...
HASTINGS FURNITURE SERVICE LTD. NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 16. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds Transfers between funds At 3113124 At 114122 Unrestrlcted funds General fund Designated funds 303,027 170 000 473,027 (177,080) 40,000 40 ODD) 165,947 130 000 295,947 (177,080) Restricted funds Ernest Kleinworth Charitable Trust Tangible Assets Sussex Community Foundation (SCF) Sussex Crisis Fund Skipton Building Society Awards for All 3,000 416,058 813 3,334 (3,000) (20,653) {813) (3,334) 1,500 395,405 1,500 423 205 896 232 416 705 712 652 TOTAL FUNDS 183 580) A cuent year 12 months and prior year 12 months combined net movement in funds, included in the above are a5 follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 707,960 (885,040) (177,080) Restricted funds Hastings Lions Club Ernest Kleinworth Charitable Trust Tangible Assets Sussex Community Foundation (SCF) Foreshore Trust Sussex Crlsls Fund Blagrave Social Enterprise Support Fund Isobel Blackrnan Foundation Magdalen and Lasher Skipton Bu ilding Societv Southern Water Awards for All Chalk Cliff Trust 2,000 (2,000) (3,000) (20,653) (12,313) (6,000) (3,334) (31,500) (10,000) (1,500) (750) (3,000) (20,653) (813) 11,500 6,000 (3,334) 31,500 10.000 1,500 750 1,500 12,500 19,800 1,500 (12,500) 19,800 102 050 810 010 108 550) 993 590) TOTAL FUNDS 183 580) At the year end the charity held reserves of £712,652 of which £295,947 are unrestricted. The Trustees revieived the position ané have had the following designations places upon them: £130,000 Continuation Reserve Page 16 continued...
HASTINGS FURNITURE SERVICE LTD. NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 16. MOVEMENT IN FUNDS - continued Description of Restricted Funds Ernest Kleinwort - IT Systems, to upgrade our computer systems and purchase Wi-Fi cameras for the stores to improve accessibility, also update our software and security. Sussex Community Foundation furniture project. Cost of living increases, heating, lighting, fuel costs for vans. Office Sussex Crisis Fund - Laptops for staff. Hastings Lions Club - Contribution towards starter packs. Foreshore Trust Volunteer training and expense5. Blagrave - Continuation of the Kickstarter scheme, allowlng us to extend employment of tralnees. Social Enterprise Support Fund - Costs of restarting trading and training for DIY courses. Skipton Building Society- Epos for gift aid. Awards for All- New van. Isobel Blackman Foundation Starter packs. Magdalen and Lasher - Started packs and admin fees. Southern Water - Flood damage at Priory Meadow. Chalk Cliff Trust - Volunteer expenses and training. Tangible Assets This relate5 to the acqui51tion and redevelopment of Dorset Place; the property from whlch the charity operates. Motor vehlcles are also Included In thls fund. These assets were purchased using restricted funds and are depreciated as shown below. Freehold Property Motor Vehicles Total COST At l Aprll 2023 and 31 March 2024 DEPRECIATION At l April 2023 Charge for year At.31 March 2Q24 NET BOOK VALUE At 31 March 2024 467 746 492 746 65,485 21,668 833 87,153 392 906 395 405 At 31 March 2023 402 261 405 593 Page 17 continued...
HASTINGS FURNITURE SERVICE LTD. NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 17. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. 18. POST BALANCE SHEET EVENTS The Bexhill site was sold on 19 July 2024, the decision to sell was based on the ongoing maintenance costs and the lack of external funding to renovate the site. We are committed to serving the Rother community and are currently implefflenting a new strategy to maximise our service5 across all of Ha5tings and Rother. Page 18
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