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← Hastings Furniture Service Limited

2025-03-31-accounts

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 2025

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 2025

----- Start of picture text -----
Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8 to 9
Cash Flow Statement 10
Notes to the Cash Flow Statement 11
Notes to the Financial Statements 12 to 21
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HASTINGS FURNITURE SERVICE LTD. (REGISTERED NUMBER: 02304489)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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 2025. 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

Introduction

HFS is the local independent furniture & electrical reuse charity that has been fighting furniture poverty in Hastings & 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 essential furniture to create a comfortable, safe home.

Our Mission - To help alleviate poverty by providing low-cost quality re-used furniture and electrical goods to low-income households; creating opportunities to enable individuals to improve their lives; diverting waste from landfill and reducing CO2 emissions.

What is furniture poverty?

Furniture poverty, including white goods, is the inability to access, or afford to buy or maintain, any household furniture or appliance item that is essential to achieve a socially acceptable standard of living.

For example:

HFS plays a crucial role in ensuring that vulnerable households have access to these essentials.

Our Volunteers

Volunteers remain at the heart of HFS. In 2024-25, over 45 individuals contributed almost 14,000 hours, their skills, and energy across our stores, logistics, and community programmes.

Their contribution enabled us to support thousands of households, deliver starter packs, and divert nearly 150 tonnes of furniture and electricals from landfill. Many volunteers progress into employment or further training, while others find renewed confidence and community connection. Without them, HFS could not deliver services at the scale or quality achieved this year.

Page 1

HASTINGS FURNITURE SERVICE LTD. (REGISTERED NUMBER: 02304489)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRATEGIC REPORT Achievements and performance Charitable activities

What We Do

HFS currently operates two stores:

o HFS Essentials - Our core retail outlet offering reused furniture and electricals at affordable prices, with up to 50% discount for low-income households.

o HFS Eco-living - Launched in 2024, this new store sells donated antique and mid-century pieces, supporting financial sustainability while promoting reuse and the circular economy.

We run volunteer employment programmes that provide practical opportunities for local people to gain skills, experience, and confidence.

We also provide essential starter packs - bedding, cooking utensils, toiletries, and cleaning products - for families moving into social housing, refugees being resettled, and women and children leaving refuges.

Impact in 2024-25:

A Year of Strategic Renewal

The 2024-25 financial year marked a turning point for HFS.

Strategic Aims

  1. People - Inspire staff and volunteers, ensuring they feel empowered, valued, and involved.

  2. Services - Increase access to affordable reused furniture and develop initiatives to help people move beyond poverty.

  3. Environmental - Lead locally on tackling climate change, aiming to be climate positive.

  4. Community - Work in partnership to reduce poverty and its impact.

  5. Awareness Raising - Campaign to end furniture poverty and challenge throwaway culture.

  6. Performance - Diversify income streams, expand fundraising, and broaden partnerships with the commercial sector to reinforce financial resilience and community impact.

Financial review

Significant Events Affecting Financial Performance

Financial Effect of Significant Events

Page 2

HASTINGS FURNITURE SERVICE LTD. (REGISTERED NUMBER: 02304489)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRATEGIC REPORT

Financial review

Investment policy and objectives

Reserves policy

Financial Sustainability

This year, our income and expenditure - excluding the one-off sale of the Bexhill property - shows a deficit. Rising costs and unpredictable funding have tested resilience.

We have taken decisive steps: streamlining operations, diversifying income, investing in Eco living, and plan to expand fundraising, and strengthen commercial partnerships. Our focus is on growing earned income and reducing reliance on grants, with a clear commitment to long term sustainability.

Principal risks and uncertainties

Mitigation Strategies: diversifying income, strengthening retail offer, investing in volunteer and staff development, maintaining prudent reserves, and proactive engagement with local authority partners.

Our Future Plans

Building on our six strategic aims, HFS plans to:

Conclusion

The 2024-25 financial year has been one of strategic renewal and forward momentum. Despite the financial pressures, HFS has continued to deliver vital services, strengthen governance, and invest in its future.

Through the dedication of staff, volunteers, trustees, and supporters, we have emerged stronger, more focused, and more determined than ever. With a renewed strategy, a clear commitment to financial sustainability, and our community at the heart of everything we do, we're ready to meet the challenges ahead.

Together, we will continue to tackle furniture poverty, champion environmental sustainability, and transform lives across Hastings and Rother - one household, one item, and one opportunity at a time.

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.

Page 3

HASTINGS FURNITURE SERVICE LTD. (REGISTERED NUMBER: 02304489)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure and governance

HFS is governed by a Board of Trustees who set strategic direction and oversee compliance. Day to day operations are delegated to the Chief Executive and senior management team. Decisions are made collectively at board meetings, informed by staff and volunteer input.

Induction and training of new trustees

New trustees receive structured induction covering charity law, governance responsibilities, and HFS operations. Ongoing training includes away days, external seminars, and peer learning.

Pay and Remuneration of Key Management Personnel

Remuneration is set by the Board of Trustees, benchmarked against NJC pay scales and local charity sector norms. Parameters include affordability, fairness, and alignment with HFS values.

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 Company number

02304489 (England and Wales)

Registered Charity number 1003257

Registered office

6-10 Dorset Place Hastings East Sussex TN34 1LG

Trustees

J Alexander P C Courtel (appointed 12/4/2024) Ms C Davies Ms J Everard Ms E Hughes (appointed 12/4/2024) M P Johnson (appointed 12/4/2024) Lord B R Mclean (resigned 10/12/2024) N A Porter (appointed 12/4/2024) Dr S Gill (appointed 10/12/2024)

Company Secretaries

A S Burnett Ms K Davidson

Independent Examiner

Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers 24 Landgate Rye East Sussex TN31 7LJ

Solicitors

Emin Read Solicitors 42 crown Road St Margarets Twickenham TW1 3EH

Page 4

HASTINGS FURNITURE SERVICE LTD. (REGISTERED NUMBER: 02304489)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

REFERENCE AND ADMINISTRATIVE DETAILS Banks

Lloyds Bank plc 25 Gresham Street London EC2V 7HN

CCLA One Angel Lane London EC4R 3AB

Chief Executive

Kate Davidson

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 23 December 2025 and signed on the board's behalf by:

Ms C Davies - Trustee

Page 5

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 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also 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 examiner'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 bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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 and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their 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 accounts to be reached.

Joseph Greenslade FCCA

Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers 24 Landgate Rye East Sussex TN31 7LJ

23 December 2025

Page 6

HASTINGS FURNITURE SERVICE LTD.

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
259
Charitable activities
5
Furniture projects
224,005
Contract
59,848
Workspace hub
8,751
Investment income
4
8,943
Other income
388,462
Total
690,268
EXPENDITURE ON
Raising funds
6
7,930
Charitable activities
7
Furniture projects
381,946
Contract
23,913
Workspace hub
-
Total
413,789
NET INCOME/(EXPENDITURE)
276,479
RECONCILIATION OF FUNDS
Total funds brought forward
295,947
TOTAL FUNDS CARRIED FORWARD
572,426		 Restricted
funds
£
-
13,600
-
-
-
-
13,600
-
25,563
-
-
25,563
(11,963)
416,705
404,742		 2025
Total
funds
£
259
237,605
59,848
8,751
8,943
388,462
703,868
7,930
407,509
23,913
-
439,352
264,516
712,652
977,168		 2024
Total
funds
£
730
335,799
72,123
35,577
3,841
-
448,070
8,792
412,666
69,754
23,251
514,463
(66,393)
779,045
712,652

The notes form part of these financial statements

Page 7

HASTINGS FURNITURE SERVICE LTD. (REGISTERED NUMBER: 02304489)

BALANCE SHEET 31 MARCH 2025

Notes
FIXED ASSETS
Tangible assets
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one
year
18
NET ASSETS
FUNDS
21
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
1,023
4,909
17,014
563,528
585,451
(14,048)
571,403
572,426
-
572,426		 Restricted
funds
£
404,212
-
-
530
530
-
530
404,742
-
404,742		 2025
Total
funds
£
405,235
4,909
17,014
564,058
585,981
(14,048)
571,933
977,168
-
977,168
572,426
404,742
977,168		 2024
Total
funds
£
698,307
3,684
8,814
99,894
112,392
(36,683)
75,709
774,016
(61,364)
712,652
295,947
416,705
712,652

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 8

HASTINGS FURNITURE SERVICE LTD. (REGISTERED NUMBER: 02304489)

BALANCE SHEET - continued 31 MARCH 2025

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 23 December 2025 and were signed on its behalf by:

C Davies - Trustee

S Gill - Trustee

The notes form part of these financial statements

Page 9

HASTINGS FURNITURE SERVICE LTD.

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash provided by investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash
equivalents in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the
end of the reporting period		 2025
£
(132,732)
1,539
(131,193)
(21,995)
690,000
8,943
676,948
(81,591)
(81,591)
464,164
99,894
564,058		 2024
£
(62,864)
(6,300)
(69,164)
-
-
3,841
3,841
(13,743)
(13,743)
(79,066)
178,960
99,894

The notes form part of these financial statements

Page 10

HASTINGS FURNITURE SERVICE LTD.

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per
the Statement of Financial Activities)
Adjustments for:
Depreciation charges
Profit on disposal of fixed assets
Interest received
Interest paid
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Decrease in creditors
Net cash used in operations
ANALYSIS OF CHANGES IN NET FUNDS
At 1/4/24
£
Net cash
Cash at bank and in hand
99,894
99,894
Debt
Debts falling due within 1 year
(20,227)
Debts falling due after 1 year
(61,364)
(81,591)
Total
18,303		 2025
2024
£
£
264,516
(66,393)
13,529
22,683
(388,462)
-
(8,943)
(3,841)
(1,539)
6,300
(1,225)
882
(8,200)
1,694
(2,408)
(24,189)
(132,732)
(62,864)
Cash flow
At 31/3/25
£
£
464,164
564,058
464,164
564,058
20,227
-
61,364
-
81,591
-
545,755
564,058

2. ANALYSIS OF CHANGES IN NET FUNDS

The notes form part of these financial statements

Page 11

HASTINGS FURNITURE SERVICE LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. 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.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charitable company, 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 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 these forecasts and the fact that the charity has substantial net current assets and net assets, the trustees are confident that the charity has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. As a result of the above, the trustees have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial 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 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.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost Fixtures and fittings - 33% on cost Motor vehicles - 25% on reducing balance

STOCKS

Stocks are valued at the lower of cost and net realisable 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 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.

continued...

Page 12

HASTINGS FURNITURE SERVICE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

2. 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 charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

3. DONATIONS AND LEGACIES

Donations
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Furniture and removal
income
Furniture projects
Grants
Furniture projects
Contract income
Contract
Rent received
Workspace hub
Grants received, included in the above, are as follows:
Grants
6.
RAISING FUNDS
RAISING DONATIONS AND LEGACIES
Staff costs		 2025
£
259
2025
£
8,943
2025
£
219,005
18,600
59,848
8,751
306,204
2025
£
18,600
2025
£
7,930		 2024
£
730
2024
£
3,841
2024
£
241,989
93,810
72,123
35,577
443,499
2024
£
93,810
2024
£
8,792

continued...

Page 13

HASTINGS FURNITURE SERVICE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

7.
CHARITABLE ACTIVITIES COSTS
Support
Direct
costs (see
Costs
note 8)
£
£
Furniture projects
314,533
92,976
Contract
23,913
-
338,446
92,976
8.
SUPPORT COSTS
Information
Governance
Management
Finance
technology
costs
£
£
£
£
Furniture projects
72,466
3,707
1,464
15,339
9.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2025
£
Depreciation - owned assets
13,529
Surplus on disposal of fixed assets
(388,462)
10.
INDEPENDENT EXAMINERS' REMUNERATION
31.3.25
£
Fees payable to the charity's independent examiners for the independent
examination of the charity's financial statements
2,045
Fees payable to the charity's independent examiners for the independent
examination of the charity's prior year financial statements
-
2,045		 Support
costs (see
note 8)
£
92,976
-
92,976
Governance
costs
£
15,339
2025
£
13,529
(388,462)		 Support
costs (see
note 8)
£
92,976
-
92,976
Governance
costs
£
15,339
2025
£
13,529
(388,462)		 Totals
£
407,509
23,913
431,422
Totals
£
92,976
2024
£
22,683
-		 Totals
£
407,509
23,913
431,422
Totals
£
92,976
2024
£
22,683
-
31.3.25 31.3.24
£ £
2,045 1,950
- 500
2,045 2,450

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

continued...

Page 14

HASTINGS FURNITURE SERVICE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

12. STAFF COSTS

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Wages and salaries|279,664|332,336| |Social security costs|19,615|22,878| |Other pension costs|6,084|6,032| |305,363|361,246|

----- End of picture text -----

The average monthly number of employees during the year was as follows:

Full time equivalents

----- Start of picture text -----
||| |---|---| |2025|2024| |10|12|

----- End of picture text -----

No employees received emoluments in excess of £60,000.

The average number of employees during the year was 11 (2024 - 15).

The key management personnel of the charity received remuneration of £104,902 during the accounting period.

13.

----- Start of picture text -----
||||| |---|---|---|---| |COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES| |Unrestricted|Restricted|Total| |funds|funds|funds| |£|£|£| |INCOME AND ENDOWMENTS FROM| |Donations and legacies|730|-|730| |Charitable activities| |Furniture projects|276,749|59,050|335,799| |Contract|72,123|-|72,123| |-| |Workspace hub|35,577|35,577| |Investment income|3,841|-|3,841| |Total|389,020|59,050|448,070| |EXPENDITURE ON| |-| |Raising funds|8,792|8,792| |Charitable activities| |Furniture projects|364,728|47,938|412,666| |Contract|69,754|-|69,754| |-| |Workspace hub|23,251|23,251| |Total|466,525|47,938|514,463| |NET INCOME/(EXPENDITURE)|(77,505)|11,112|(66,393)| |RECONCILIATION OF FUNDS| |Total funds brought forward|373,452|405,593|779,045| |TOTAL FUNDS CARRIED FORWARD|295,947|416,705|712,652|

----- End of picture text -----

continued...

Page 15

HASTINGS FURNITURE SERVICE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
14. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
COST
At 1 April 2024 1,069,725 18,065 127,469 1,215,259
Additions - - 21,995 21,995
- -
Disposals (601,979) (601,979)
At 31 March 2025 467,746 18,065 149,464 635,275
DEPRECIATION
At 1 April 2024 375,281 18,065 123,606 516,952
-
Charge for year 9,355 4,174 13,529
- -
Eliminated on disposal (300,441) (300,441)
At 31 March 2025 84,195 18,065 127,780 230,040
NET BOOK VALUE
At 31 March 2025 383,551 - 21,684 405,235
At 31 March 2024 694,444 - 3,863 698,307
15. STOCKS
2025 2024
£ £
New furniture stock 4,909 3,684
16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Trade debtors 12,502 5,688
Other debtors 431 -
Prepayments and accrued income 4,081 3,126
17,014 8,814
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
-
Other loans (see note 19) 20,227
Social security and other taxes 5,299 4,282
VAT 1,022 241
Other creditors 5,682 5,683
Accruals and deferred income 2,045 6,250
14,048 36,683
----- End of picture text -----

continued...

Page 16

HASTINGS FURNITURE SERVICE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

18.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025
£
Other loans (see note 19)
-
19.
LOANS
An analysis of the maturity of loans is given below:
2025
£
Amounts falling due within one year on demand:
Other loans
-
Amounts falling due between two and five years:
Other loans - 2-5 years
-
Amounts falling due in more than five years:
Repayable by instalments:
Other loans more 5yrs instal
-
20.
SECURED DEBTS
Rother District Council hold a charge over 47 London Road, Bexhill for £80,000.
21.
MOVEMENT IN FUNDS
Net
Transfers
movement
between
At 1/4/24
in funds
funds
£
£
£
Unrestricted funds
General fund
165,947
276,479
(195,000)
Designated funds
130,000
-
195,000
295,947
276,479
-
Restricted funds
Tangible Assets
395,405
(13,188)
21,995
Skipton Building Society
1,500
(1,500)
-
Awards for All
19,800
(5,283)
(14,517)
Clothworkers Foundation
-
7,478
(7,478)
Jim Jackson Foundation
-
530
-
416,705
(11,963)
-
TOTAL FUNDS
712,652
264,516
-		 2024
£
61,364
2024
£
20,227
59,364
2,000
At
31/3/25
£
247,426
325,000
572,426
404,212
-
-
-
530
404,742
977,168

continued...

Page 17

HASTINGS FURNITURE SERVICE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

21. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Tangible Assets
Skipton Building Society
Awards for All
Clothworkers Foundation
Jim Jackson Foundation
Homity Trust
Winkle Club
Leeds Building Society
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Designated funds
Restricted funds
Tangible Assets
Skipton Building Society
Awards for All
TOTAL FUNDS		 Incoming
resources
£
690,268
-
-
-
10,200
1,700
750
200
750
13,600
703,868
At 1/4/23
£
243,452
130,000
373,452
405,593
-
-
405,593
779,045		 Resources
expended
£
(413,789)
(13,188)
(1,500)
(5,283)
(2,722)
(1,170)
(750)
(200)
(750)
(25,563)
(439,352)
Net
movement
in funds
£
(77,505)
-
(77,505)
(10,188)
1,500
19,800
11,112
(66,393)		 Movement
in funds
£
276,479
(13,188)
(1,500)
(5,283)
7,478
530
-
-
-
(11,963)
264,516
At
31/3/24
£
165,947
130,000
295,947
395,405
1,500
19,800
416,705
712,652

continued...

Page 18

HASTINGS FURNITURE SERVICE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

21. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Tangible Assets
Sussex Community Foundation (SCF)
Blagrave
Isobel Blackman Foundation
Magdalen and Lasher
Skipton Building Society
Southern Water
Awards for All
Chalk Cliff Trust
TOTAL FUNDS		 Incoming
resources
£
389,020
-
1,500
16,500
1,500
750
1,500
12,500
19,800
5,000
59,050
448,070		 Resources
expended
£
(466,525)
(10,188)
(1,500)
(16,500)
(1,500)
(750)
-
(12,500)
-
(5,000)
(47,938)
(514,463)		 Movement
in funds
£
(77,505)
(10,188)
-
-
-
-
1,500
-
19,800
-
11,112
(66,393)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Designated funds
Restricted funds
Tangible Assets
Awards for All
Clothworkers Foundation
Jim Jackson Foundation
TOTAL FUNDS		 At 1/4/23
£
243,452
130,000
373,452
405,593
-
-
-
405,593
779,045		 Net
movement
in funds
£
198,974
-
198,974
(23,376)
14,517
7,478
530
(851)
198,123		 Transfers
between
funds
£
(195,000)
195,000
-
21,995
(14,517)
(7,478)
-
-
-		 At
31/3/25
£
247,426
325,000
572,426
404,212
-
-
530
404,742
977,168

continued...

Page 19

HASTINGS FURNITURE SERVICE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

21. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
1,079,288
Restricted funds
Tangible Assets
-
Sussex Community Foundation (SCF)
1,500
Blagrave
16,500
Isobel Blackman Foundation
1,500
Magdalen and Lasher
750
Skipton Building Society
1,500
Southern Water
12,500
Awards for All
19,800
Chalk Cliff Trust
5,000
Clothworkers Foundation
10,200
Jim Jackson Foundation
1,700
Homity Trust
750
Winkle Club
200
Leeds Building Society
750
72,650
TOTAL FUNDS
1,151,938		 Resources
expended
£
(880,314)
(23,376)
(1,500)
(16,500)
(1,500)
(750)
(1,500)
(12,500)
(5,283)
(5,000)
(2,722)
(1,170)
(750)
(200)
(750)
(73,501)
(953,815)		 Movement
in funds
£
198,974
(23,376)
-
-
-
-
-
-
14,517
-
7,478
530
-
-
-
(851)
198,123

At the year end the charity held reserves of £977,168 of which £572,426 are unrestricted. The Trustees reviewed the position and have had the following designations places upon them:

£325,000 Capital Purchase Reserve

Description of Restricted Funds

Sussex Community Foundation - Cost of living increases, heating, lighting, fuel costs for vans. Office furniture project.

Blagrave - Continuation of the Kickstarter scheme, allowing us to extend employment of trainees.

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.

Clothworkers Foundation - New van.

Jim Jackson Foundation - Employee driving lessons.

Homity Trust - Starter packs.

continued...

Page 20

HASTINGS FURNITURE SERVICE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

21. MOVEMENT IN FUNDS - continued

Winkle Club - Starter packs.

Leeds Building Society - Starter packs.

Tangible Assets - This relates to the acquisition and redevelopment of Dorset Place; the property from which the charity operates. Motor vehicles are also included in this fund. These assets were purchased using restricted funds and are depreciated as shown below.

COST
At 1 April 2024
Additions
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Freehold
Property
£
467,746
-
467,746
74,840
9,355
84,195
383,551
392,906		 Motor
Vehicles
£
25,000
21,995
46,995
22,501
3,833
26,334
20,661
2,499		 Total
£
492,746
21,995
514,741
97,341
13,188
110,529
404,212
395,405

22. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.

Page 21