REGISTERED COMPANY NUMBER: 24099021England and Wales) REGISTERED CHARITY NUMBER: 802632 TRUSTEES, REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR HASTINGS VOLUNTAR Y ACTION Hastings Voluntary Action Jackson Hall Portland Place Hastings East Sussex TN34 IQN
REGISTERED COMPANY NUMBER.. 2409902 (England and Walesl REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AcfioN CONTENTS OF THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 Page Reference and Administrative Details Trustee5' Report Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities Balance Sheet Cash Flow Statement Note5 to the Financial Statements Detailed Statement of Financial Activities 2toS io Ilto19 20
REGISTERED COMPANY NUMBER." 24099021England and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AcfioN REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES Mary Carter. Adfam Helen Barraclough, Education Trainin8 Consortium (resigned 15.04.241 Dr. Nell Chan& Hastings Chinese A55OCiation Sue Adey. One Voice foundation Dr Paula Radice lappointed 01.08.241 Andrea Randall-smith (appointed 01.08.241 Angle Lowe lappointed 12.04.241 COMPANY SECRETARY S J Manwaring REGISTERED OFFICE Jackson Hall Portland Place Hastings East Sussex TN34 IQN REGISTERED COMPANY NUMBER 2409902 (England and Wales) REGISTERED CHARITY NUMBER 802632 INDEPENDENT EXAMINER Ashdown Hurrey Auditors knmited Statutory Auditors 20 Havelock Road Hastings East Sussex TN34 IBP Page I
REGISTERED COMPANY NUMBER: 2409902 (England and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AcfioN TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Hastings Voluntary Attion is a company limited by guarantee and a registered charity founded on l August 1989, and governed by its Memorandum and Articles of Association agreed on 16 November 2018. The directors of the company, who are also the trustees of the charity for the purposes of the Companies Acts, submit their annual report and financial statements for the year ended 3 1 March 2024. The trustees confirm that the annual report and financial statements comply with current statutory requirements, the requirements of the charity's governing documents and the provisions of 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 IFRS 1021 leffective l January 2015). As set out in the Article5 of Association, members of the executive committee are elected at the annual general meeting. These trustees have the power to co-opt, provided that such co-opted members shall never comprise more than one-third of the executive committee. OBJECTIVES AND AcfiviTIES AIMS AND OBJECTIVES The charity's objects I'objects'l are specifically restricted to the following: 111 To promote any charitable purpose5 for the benefit of the community, primarily but not exclusively, in the Borough of Hastings, and in particular the advancement of education, the protection of health, the relief of poverty and to promote social inclusion and social cohesion. 121 To maintain a Council for Voluntary Service to support the voluntary and community sector, primarily but not exclusively, for the benefit of the people in Hastings. 131 To be an advocate for the voluntary and community sector ensuring that the voice of the sector is heard and that greater understanding of its needs, challenges and contributions is gained by its strategic partners. Review of the Year During the reporting period Hastin8s Voluntary Action continued to provide a range of services to local organisations and individuals wishing to make a positive contribution to their local community. We supported 327 not for profit organisations with a range of advice support and opportunities for collaboration. We have promoted a wide range of volunteering opportunities during the year, as well as a programme of outreach activity during the National Volunteers Week celebrations combined with local volunteering awards celebrated the contribution of local volunteers. We provided individual extra support to 128 people to help them to enter into volu nteering with local charities and community organisations. In addition we used the results of the Institute of Volunteering Research to create, consult and agree a new volunteering strategy for Hastings. Our work has taken place in a complex and faced moving geo-political environment which has caused displacement and complex migration patterns. Our Links project offered a weekly one stop shop to asylum refugees and migrants and typical has 80 clients each week. Advice and support was provided to other organisations in the public and VCSE sectors undertaking work with refugees or asylum seekers. A specific programme of grants and support to arrivals from Ukraine has continued. During the year funding was obtained from to develop via a local Food Network a wider approach to food access and sustainability and a not for profit organisations designated officer is in place to coordinate this. A programme of small grants totalling £80,000 was given to local groups to help them grow distribute and prepare food. HVA also continued to facilitate the Hastings Ageing Network which 15 a large and proactive forum for organisations working with older people and representatives from older people'5 groups to meet monthly in person to discuss 155ues affecting people as they age and to work collaboratively on activities and sessions to support people in later life. HVA also ran a pro8ramme of activities for older people on behalf of the National Academy for Social Prescribing. Page 2
REGISTERED COMPANY NUMBER: 2409902 (England and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AcfioN TRU5TEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024 OBJEcfivESAND AcfiviTIES continued Review of the Year continued HVA increased the volume of information that we published, to publicise sources of support and to help people in the Borough to keep up to date with changes to local services and latest guidance. We published fortnightly ebulletins to 1800+ readers, daily posts to 2350+ facebook followers. increased the information on HVA'S website, and started to experiment with short videos as a way to communicate with our beneficiaries. A funding advice service provided advice and support to local groups and supported inward investment to Hastings - the most deprived area in the South East of England levering in over £1.4million, and creating or sustaining 23 jobs. HVA contributed to building the skills and knowledge of local VC5 groups by running 29 training sessions, courses and seminars- almost all free of charge to participants. Through our facilitation of the Hastings Community Network. HVA enabled the voluntary and community sector to represent itself on key cross sector structures such as the Local Strategic Partnership and other key strategic bodies. HVA regularly consulted and engaged with its member organisations on a range of key issues to ensure that voluntary and community sector groups could be advised of major policy changes. Quarterly open networking events were held to bring together a range of organisations including statutory agencies and businesses. with a view to improvin8 local service delivery and referrals between them. These took the form of themed events covering topics chosen by local organisations or the popular "open mic" sessions which gave groups an opportunity to promote services or projects, debate current issues and reflect of what was bring learned. The Charity also acted a5 the Locally Trusted Organisation for Big Local, supporting a programme of community involvement and decision making in North East Hastin8s, one of the most deprived parts of the Borough. We also supported community activist5 in the Hollington and Castle areas of the Borough, and developed projects and local initiatives using the methodology of Asset Based Community Development via our Making it Happen project. To acknowledged the long-standing issues of Health Inequalities within the borough - and particularly the average life expectancy between Men and Women we obtain over £4(KI.OOOfrom Public Health to deliver a 3-year programme of activity focussing on men's heath and their involvement in projects to improve wellbeing. We also rolled out a programme of work involving community champions as part of the national CONNECt20+ programme to increase awareness of the impact of cancer. diabetes. heart and lung conditions and CPD. HVA also started a pilot Holistic Health project supporting young adults. HVA continued to provide affordable high-quality accommodation to 6 other not-for-profit organisations including those working with children, people with learning disabilities, and people with mental health issues. HVA also manages meeting Spaces In Jackson Hall and in Central Hall in Hastings town centre. A bursary scheme was operated for newly formed 8roups to access meeting space free of charge during the early stages before they obtained finance orfunding. Page 3
REGISTERED COMPANY NUMBER: 2409902 (England and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AcfioN TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 OBJEcfivES AND ACTIVITIE5 continued Public benefit The requirements for reporting public benefit in an annual report are that the report will contain- il a report of those adivities undertaken by a charity to further its charitable activities for the public benefit, and ill a statement by the charity trustees that they have due regard to public benefit guidance published by the Charity Commission. The guidance sets out two key principles which need to be met in order to show that an organisation's aims are for the public benefit; il there must be an identifiable benefit or benefits, i.e. the "benefit" principle. and ill the benefit must be to the public or a section of the public. the 'public" principle. The trustees refer to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing the aims and objectives of, and in plannin& activities. The trustees endorse these key principles of public benef it. and reflect them into aims and objectives of the activtties they have set. HVA typically delivers on these objectives through delivering on the National Association forvoluntary and Communrty Action {NAVCA} standards. Our services are monitored and reviewed quarterly to ensure service delivery meets aims and objectives. Through the activities detailed in this report, and in other literature and newspaper article5. on HVA'S website and through social media, the trustees show that the activitie5 undertaken by HVA to further its charitable artivities are, and are duly reported as bein8, for the public benefit. STRATEGIC REPORT Financial review Financial position The statement of Financial Activities shows an overall loss for the year of £ 117,20812023= surplus £130.4301. Reserves at 31 March 2024 were £343,959 of which £208.012 were Restricted Funds. The general fund reserves stand at £135.947 12023: £149,477). The general fund balance is held as a contingency in the event of the core funding being Withdrawn and is held to cover the likely costs arising therefrom.The principal funding of the charity continues to be by way of grants recetved from various statutory bodies, as detailed elsewhere in this report. RESERVES POLICY Hastings Voluntary Action has a Reserves Policy which addressed issues relating to its obligations to the upkeep of its assets, supporting existing projects for fixed periods until funding is secured, meeting the cost of redundancy of staff should the occasion arise and a general reserve for the cover of management and administrative costs in unforseen circumstances or in the event of a winding up of the organi5ation. The statement of financial activities reflects the level of reserves as at 3 1st March 2024. STRucfuRE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees Hastings Voluntary Action is a member organ45ation and its Trustees are elected from a vote of all registered member organisations in attendance at its Annual General Meeting. HVA is proud to be a 'user-led" organisation in that over 50% of its trustees are elected from its beneficièry group. The management of the charity is the responsibility of the trustees who are elected under the terms of the trust deed. The trustees may appoint a person who is willing to art as a trustee, either to fill a Vacancy or to act as an addit%onal trustee, provided that the appointment does not cause the number of trustees to exceed the maximum number. Generally, only persons who are representatives of member organisations of Hastifigs Voluntèry Action are eligible to betome trustees. but the Management Board may at any time Copt other persons. whether or not representing a member organisation, provided that such co-opted members shall never comprise more than one-third of the Management Board. None of the charity's trustees receive anv remuneration. Page 4
REGISTERED COMPANY NUMBER: 2409902 (England and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AcfioN TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT continued Organisational structure The Board of Trustees meets on a quarterly basis. Agendas are approved by the Chair of the Board and paper and report are issued to trustees prior to the meeting where possible. Decisions made by the trustees provide strategic direction, with some authority delegated to the Director and other staff members. An Officers group consisting of the Chair, Vice Chair and Treasurer also meet to consider any matters arising from board meetings. Task and finish groups are also delegated certain tasks relating to H R. All Trustees and staff attend a strategic planing session each year. Risk management The Trustees of Hastings Voluntary Action recognise their obligations to identify, manage and mitigate all strategic, operational and technical risks facing the organisation. HVA recognise the need to have a planned and systematic approach to risk. Therefore, a comprehensive risk register has been created, and a 'lead" risk trustee appointed to ensure that this is regula rly considered by Trustees at each meeting. Arrangements for Health & Safety monitoring and risk management are in place and have recently been externally audited. Induction and training of new trustees Induction processes are in place for new trustees which consist of briefing and induction materials. We have recently refreshed a Trustee skills audit which continues to inform our plans for further training and development. Occassional skills audits are utilised to inform development needs and highlight gaps. Staff & Volunteers During the reporting period the Charity has employed an average of 17 staff across the year. Additional capacity has been deployed in the form of freelance associates who have undertaken specific work on designated projects. Partnership HVA prides itself on working in partnership. and is in a strong position to bring different organisations together to work towards shared aims. HVA works closely with Rother Voluntary Action and 3VA (the other VCS infrastructure organisations in East Su5sexl on various projects. Additionally. HVA has an orgonisational objective to attract inward investment to the Borough and will actively form consortia or partnership arrangements between local organisations to achieve this. With this in mind, the Director of HVA and other staff attend local and county meetings to develop and extend partnership work. During the reporting period the Director of HVA acted as Chair of the East Sussex Strategic Partnership bringing together the County, District and Borough Councils, NHS, Sussex Police, Fire and Rescije Service and Voluntary Sector leaders. To support the broadest Possible partnership activity HVA facilitates the Hastings Community Network which brings together VCS organisations. Quarterly sector-wide events are organised to do this in an open and inclusive way HVA continued to organise and chair the Hastings Community Hub to bring together partners from all sectors, to share information, Co-ordinate activities, and deliver a range of service to vulnerable residents our ensuring that food energy and housing cost support could be accessed. Truste rep ting a strategic report. approved by order of the board of trustees. as the company direttors, nd signed on the board's behalf bv- on. M Carter- Trustee Pa8e 5
REGISTERED COMPANY NUMBER: 2409902 (England and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AcfioN STATEMENT OF TRUSTEES, RESPONSIBILITES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are responsible for preparin8 the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prarticel. including Financial Reporting Standards 102 'The Reporting Standard applicable in the UK and Republic of Ireland". The law applicable to charities in En8land and Wales. the Charities Att 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. of the charity for that period. In preparin8 those financial statements, the trustees are qUired to selert suitable accounting policies and then apply them consi5tentlv; observe the methods and principles in the Charity SORP- make judgements and estimates that are prudent- prepare the financial statements on the going concen basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accountin8 records which disclose with reasonable accuracy at any time the financial posisiton of the charity and to enable them to ensure that the financial statements comply with the Charties Act 2011, the Charity IAccounts and Reports) Regulation5 2(X18 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6
REGISTERED COMPANY NUMBER: 2409902 {England and Wales) REGISTERED CHARITY NUMBER: 802632 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HASTINGS VOLUNTARY ACTION I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024, which are set out on pages nine to twenty. Responsibilities and basis of report As the charity's trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 I'the 2006 Act'l. Having Satisfied myself that the accounts of the company are not required to be audited Ljnder 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 u nder section 145 of the Charities Act 2011 (the '2011 Act'l. In carryin8 Out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent exominer's report Since the company's 8ross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a memberof the Institute of Chartered Accountants in E ngland and Wales, which is one of the listed bodie5. 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.. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or the accounts do not accord with those accounting 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 and fair, view which is not a matter considered a5 part of an independent examination; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended practice for accou nting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connection with the examination to which attention should be awnint order to enable a proper understanding of the accounts to be reached. CCA Ashdown Hurrey Auditors Limited Statutory Auditors 20 Havelock Road Hastings East Sussex TN34 IBP /1 .fO.IbA Page 7
REGISTERED COMPANY NUMBER: 24099021England and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY ACTION STATEMENT OF FINANCIAL AcfiviTIES Including Income and Expenditure Account FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 Unrestricted Funds Restricted Funds Total Funds Total Funds Notes INCOME AND ENDOWMENTS FROM Donations and le83cies Charltable activities Operation of charitable services 107,027 439,316 546,343 683,531 231,722 231,722 214,020 Total 338,750 439,316 778,066 897,551 EXPENDITURE ON Charitable activities Operation of charitable services 336,523 542,994 879,518 753,421 Other 15,757 15,757 13,700 Total 352,280 542,994 895,274 767,12 1 NET INCOME 113,5301 1103,6781 1117,2081 130,430 RECONCILIATION OF FUNDS Total funds brought fotward 149,477 311,690 461,167 330,737 TOTAL FUNDS CARRIED FORWARD 135,947 208,012 343,959 461,167 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. These notes form part of these frnancial statement5 Page 8
REGISTERED COMPANY NUMBER: 2409902 (England and Wales} REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AlON BALANCE SHEET AT 31 MARCH 2024 31.3.24 31.3.23 Notes CURRENT ASSETS Oebtors Cash at bank and in hand io 102,233.90 360,240.47 462,474.37 102.775 420,581 523,356 CREDITORS Amounts falling due within one year li (118.515.841 162.1891 NET CURRENT Assrrs 343.958.53 461.167 TOTAL ASSETS LESS CURRENT UABILITIES 343.958.53 461,167 PROVISIONS Prowsion for pension deficit 15 I1,045.) 12,2371 NET ASSETS 342.913.53 458,930 FUNDS Unrestricted funds: General fund Designated funds.. Lease and maintenance Restricted fund5 13 125.946 82 io,(3 208.011.71 139.477 io.cKKJ 311.690 13 343.958.S3 461.167 Pension Fund Deficit 15 1.045.ClJ 12.2371 TOTAL FUNDS 342.913.53 458.930 The charitable company is entbtled to exemption from audit under Section 477 of the Companies Att 2006 for the year ended 31 March 2024. The members have not required the charrtable company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 26. The trustees acknowledge their responsibilities for lal ensuring that the ch31it3ble company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which gsve a true and fair view of the state of affairs of the charstable company as at the end of each financial year and of its surplus or deficit each financial year in accordance with the requirements of Section5 39 nd 395 and which otherwise comply with the iequirements of the Companies Act relati financial staternen far as applicable to the charitable companv. These financial statements were approved by the B rd sbeh by.. Ibl 5tee5 0 . and were signed M Carter- Trust Trustee The notes fom part of these finarKial statements Pa8e 9
REGISTERED COMPANY NUMBER: 2409902 IEngland and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY ACTION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 Table I: Statement of Cash Flows Total funds Current year to 31.3.24 Previous year Note Cash flows from operating activities.. Net cash provided by (used inl operating artivities 163,7451 205,296 (Table 21 Cash flows from investing activities.. Bank interest Net cash provided by lused inl Investing activities 3,405 657 Cash flows from financing activities.. Change in cash and cash equivalents in the reporting period Cash and cash equivalent5 at the beginnlng of the reporting period Change in cash and cash equivalents due to exchange rate movements 420,581 214,628 (Table 31 Cash and cash equivalents at the end of the reporting period 360,240 420,581 {Table 31 Table 2: Reconclllatlon of net incomel(expendlture) to net cash flow from operatlng actlvitles Current year to 31.3.24 Previous year Net incomellexpenditurel for the reporting period las per the statement of financial activities) Adjustment5 for.. Depreciation charges IGainsl/losses on investments Dividend5, interest and rents from investments L05511profitl on the sale of fixed assets Ilncreasel/decrease in stocks Ilncrea5el/decrease in debtors Increaselldecreasel in creditor5 Net cash provided by (used inl operation artivities 1117,2081 130,430 13,4051 16571 541 47,256 28,267 205,296 56,327 163,7451 Table 3: Analysis of cash and cash equivalents Current year to 31.3.24 277,179 83,061 Previous year Cash in hand Notice deposits Iless than 3 months) Overdraft facility repayable on demand Total cash and equivalents 339,470 81,111 360,240 420,581 The notes form port of these financial statements Page 10
REGISTERED COMPANY NUMBER: 2409902 (England and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AcfioN NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Hastings Voluntary Action 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 Basls 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 50RP IFRS 1021'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20151,, 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. Going Concern There are no material uncertainties in relation to the charity's ability to continue as a going concern. These financial statements have therefore been prepared on the going concern basis. 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 benefit5 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 be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Allocation and apportionment of costs 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. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Penslon costs and other post-retirement benefits The charitable company currently operates defined contribution pension Schemes with NEST and the Pensions Trust Co.. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. The charity has previously operated a money purchase scheme, adminstered by the Pensions Trust Co. This scheme is now closed and was a multi-employer Growth Plan defined benefit pension scheme. DONATIONS AND LEGACIES 31.3.24 31.3.23 Grants 546,343 683,531 Page 11
REGISTERED COMPANY NUMBER: 24099021En8land and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AcfioN NOTE5 TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES 31.3.24 Operation of charitable activities 31.3.23 Tot31 activities Rent and management fees Investment income 228,318 3,405 231.722 213,363 657 214,020 CHARITABLE AcnviTIES COSTS Dirert costs Support costs (See note 61 Totsls Operation of charitable services 879,518 15,757 895,274 SUPPORT COSTS Governance costs Other resources expended Operation of charitable services 15,757 15,757 Support costs, included in the above. are as follows.. Governance costs Other Operation of charitable services resources expended 31.3.24 31.3.23 Management & admin sals Pensions AGM/Annual conference Independent examiner's fee 7,936 1,288 3,533 7.936 1.288 3.533 3.000 15,757 7,936 1,288 1,476 3,000 13,700 15.757 Page 12
REGISTERED COMPANY NUMBER: 24099021England and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AcfioN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 NET INCOMEI (EXPENDITURE) Net income/lexpenditurel is stated after chargingllcreditingl: 31.3.24 31.3.23 Independent Examiner's remuneration 3,OC 3,000 TRUSTEES, REMUNERATION AND BENEFITS There wefe no trustees, remuneration or other benefits for the year ended 31 March 2024 nor forthe year ended 31 March 2023. There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS 31.3.24 31.3.23 Wages and salaries Social security 222,462 22,757 177,790 34,345 Employer's contribution to defined contribution pension schemes Other pension costs 11,708 1,288 258.2 15 17,955 1,288 231,378 The average monthly number of employees during the year was as follows= 31.3.24 31.3.23 Hastin85 Voluntary Artion Employees 17 17 31.3.24 31.3.23 Key management personnel Total employee benefits for key mana8ement personnel 54,482 50,903 No employees received emoluments in excess of £60.CMJ). Page 13
REGISTERED COMPANY NUMBER: 2409902 {England and Wales) REGISTERED CHARITI NUMBER: 802632 HA5TINGS VOLUNTARY AcfioN NOTES TO THE FINANCIAL STATEMENTS Icontinued) FOR THE YEAR ENDED 31 MARCH 2024 10 DEBTORS.. AMOUNTS FALLif4G DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade debtors Prepayments Funds due from other organisations 96,288 5,946 88.344 5,946 8,485 102.775 102,234 11 CREDITORS: AMOUNTS FALUNG DUE WITHIN ONEYEAR 31.3.24 31.3.23 Trade creditors Accrsjed expenses Funds held on behalf of other organisations 1581 3.0(K) 59,247 62,189 115.516 118,516 Fund5 on behalf of other organi5ations: Incoming resources Resources expended Fund at 31.3.24 At 1.4.23 Held on behalf of 8ig Lcol Community Centres Held on behalf of Chances4Change Held on behalf of Dance Hasting5 Held on behalf of DA4 Held on behalf of Food Network Small Grants Held on behalf of Friends of OfÈ Station eld on behalf of Gensin8 & CSL Forum Held on behalf of Happy Cooks Held on behalf of HCT Held on behalf of Hastin8s FitrKomyal8i3 Warri¢Ys Held on 8ehalf of Hastings Projecr Held on behalf of Homes for Ukraine Grants Held on behalf ol Kings Road Traders Held on behalf ol SCUF Held on behalf of Sparks- Botanic Garden Held on behalf ol Sparks- Botanical Garden Held on behalf of Sparks- Boyley Action Grant Held on behalf ol Sparks- Marline Court Garden Held on behalf ol Spark5- SOWN Held on behalf ol Strate8ic Youth p.shsp Held on behalf of Wellbein8 Hub- E 3.842.76 5.455.52 3,843 5,047 14.080.CO 3.040.CO 114.488.751 I3.040.} IIC4.391 1127.730.c(II 811.84 6.CfQ.C(I 707 121,730.IXI 5m).D) 4.786.49 I,cLYJ.co 18,485.611 1786.491 18,4861 65.70 400 101.177 1,262 33.677. 1.261.77 730.28 78.C((l.c(I 110,S(x).() 10,329.77 111.060.051 17.751 12.741.421 1S(X).(Kii 131.391 15CI).CQI 7.75 2,741.42 31.39 I,).3 142. 1,5 1142.c(Il 50,761 236,387 1171.6321 115,516 Pa8e 14
REGISTERED COMPANY NUMBER: 2409902 (England and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AcfioN NOTES TO THE FINANCIAL sfATEMENT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 12 OPERATING LEASE COMMITMENTS: Minimum lease payment5 under non-cancellable operating leases fall due as follows- 2024 Within l year Later than I year and not later than five years Later than five years 1.692 1,269 13 ANALYSIS OF NET ASSEfs BETWEEN FUNDS 31.3.24 31.3.23 Unrestrirted Funds Restricted funds Total funds Total funds Current assets Current liabilities 254,463 1118,5161 135,947 208.012 462.474 1118,5161 343,959 523.356 162,1891 461,167 208,012 14 MOVEMENT IN FUNDS Projects in deficrt at 31.3.24 Isee note5J Incoming resources Resources expended Funds held at 31.3.24 At 1.4.23 Unrestrirted funds General fund 149.477 338,750 1352,2801 135,947 149.477 338,750 352.2801 135,947 Restricted funds Bbg Local Trust Central Hall ESCC COMF Funding ESCC Core 20 ESCC Men's Health Food Netwofk Golden Thread nks Making It Happen Mental Health Local Support Fund NASP NAVCA Grant PH Vaccinations Ukraine Support Project Volunteering 64.670.67 18.966.921 48.860 10 29.975.47 40.386.05 6.645. 10 235.24 20.271.24 io,co). 50,COJ.¢XI 9.381.26 4.SCrf). 93.415.70 13.270.50 27,3(X).07 5.ClXI.IX) 111.156.61 1103.424.141 120.340.561 130.855.111 134.975.471 1111.789.421 16.645.101 122,931.241 143.618.761 159.6(N).401 15.772.071 133,059.431 14.5w.rx)I 19.207.181 131,402.121 124,873.371 54,662 116.0371 45.305 39,753 22,696.CKJ 36,678.20 58.188.40 13.331 8.588 t14,228 3.822 27,5(.() 9,207.18 33,().((1 I,3.42 4.313.92 31.418.58 5,912 8,449 Total Restricted Funds 311.691 439.316 1542.9941 224.049 116.0371 TOTAL FUNDS Note- Restricted fuThJs relate to grant funded projects managed ty HV The Central Hall funtl is in defficit at the end of the reporting period as a result of disruption to the use of this building following flooding experienced in the town centre. Page 15
REGISTERED COMPANY NUMBER: 2409902 (England and Wales} REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY ACTION NOTES TO THE FINANCIAL STATEMENT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 15 PROVISION FOR LIABILITIES Provision for pension liability Scheme.. TPT Retirement Solutions- The Growth Plan Back8round (The National Picture) The charity participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated particpating employers. The scheme is a defined benefit scheme in the UK. It is not POS5ible for the charity to obtain sufficient information to enable it to account for the scheme 05 a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme. The scheme is subjert to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards Issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension scheme5 in the UK. The scheme is classified as a 'last-man standing arrangement,. Therefore the charity is potentially liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Particpating employers are le8ally required to meet their Share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out on 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows,. Deficit contributions From l April 2022 to 31 January 2025 £3,312,CO) per annum (payable monthlyl Unle$5 a conce55ion has been agreed with the Trustee the term to 31 January 2025 applies. Note that the scheme's previous valuation was carried our with an effective date of 30 September 2017. Thi5 valuation showed asset5 of £794.9m, liabilitie5 of £926.4m and a deficit of £131.5m. To eliminate thi5 funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows. From l April 2019 to 30 September 2025 £11,243.000 per annum Ipayable monthly and increasing by 3% each on 1st Aprill The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series l and Series 2 scheme liabilities. Where the scheme is in deficit and where the charity has a8reed to a deficit funding arrangement the charity recognises 8 liability for thi5 obli8ation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relate to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwindin8 of the discount rate is recognised as a finance cost. Page 16
REGISTERED COMPANY NUM8ER: 2409902 (England and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY ACTION NOTES TO THE FINANC5AL STATEMENT {continuedl FOR THE YEAR ENDED 31 MARCH 2024 15 PRESENT VALUES OF PROVISION Impact on Hastings Voluntary Action 31.3.24 31.3.23 31.3.22 Present value of provision 1,045 2,237 3,510 RECONCILIATION OF OPENING AND CLOSING PROVISIONS Period ending 31.3.24 Period ending 31.3.23 Provision at the start of the period Unwindin8 of the discount factor Deficit contributions paid Remeasurements- impact of any change in assumptions Remeasurements- amendments to the contribution schedule 2,237 86 3,510 66 11,2791 11,2791 1601 Provision at end of period 1.045 2,237 INCOME AND EXPENDITURE IMPAcr Period ending 31.3.24 Period endin8 31.3.23 Interest expense Remeasurements- impact of any change in assumptions Remeasurements- amendments to the contributions schedule Contributions paid in respect of future Service. 3,564 3,330 Costs recognised in income and expenditure account 4,843 4,609 includes defined contf ibution schemes and future service contributions li.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. 86 66 1601 ASSUMPTIONS 31.3.24 31.3.23 31.3.22 % per annum % per annum 5.52 % per annum Rate of discount 5.31 2.35 The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield cUe to discount the same recovery plan contributions. Page 17
REGISTERED COMPANY NUMBER: 2409902 (England and Wales) REGISTERED CHARITY NUMBER: 802632 HA5TINGS VOLUNTARY AcfioN NOTES TO THE FINANCIAL STATEMENT {continued} FOR THE YEAR ENDED 31 MARCH 2024 15 DEFICIT CONTRIBUTIONS SCHEDULE The following schedule details the deficit contributions agreed between the charity and the scheme at each year end period". Year ending 31.3.24 31.3.23 31.3.22 Year I 1.066 1,279 1,066 1,279 1.279 1.066 Year 2 Year 3 Year 4 The company must reco8nise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resultin8 expense in the income and expenditure account. i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. It is these contributions that have been used to derive the charity's balan sheet liability. 16 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. Page 18
REGISTERED COMPANY NUMBER: 2409902 {England and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AcfioN NOTES TO THE FINANCIAL STATEMENT (continued) FOR THE YEAR ENDED 31 MARCH 2023 17. COMPARATIVE STATEMENT OF FINANCIAL AcfiviTIES 31.3.23 31.3.22 Restricted Funds Unrestricted Funds Total Funds as restated Total Funds as restated INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Operation of charitable services 101.068 582,463 683,531 583,680 214,020 214,020 203,777 Total 315.088 582,463 897,551 787,457 EXPENDITURE ON Charitable activities Operation of charitable service5 283,776 469,645 753,421 633,781 Other 13,700 13,700 12,224 Total 297.476 469,645 767,121 646,005 NEf INCOME 17,612 112,818 130,430 141,452 RECONCILIATION OF FUNDS Totsl funds brought forward 131,865 198,872 189,285 189,285 TOTAL FUNDS CARRIED FORWARD 149,477 311,690 319,715 330,737 Page 19
REGIStERED COMPANY NUMBER: 2409902 (England and Wales) REGISTERED CHARITY NUMBER: 802632 HASTINGS VOLUNTARY AcfioN DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donations and legacles Grants 546,343 683,531 Charttable artivitles Rent and management fees Investment income 228.318 3,405 213,363 657 231,722 778,066 214,020 897.551 Totsl incoming resources EXPENDITURE Charltable activities Wages Establishment costs Staff travel and trainin8 Volunteer expenses Office runnin8 costs Project costs 248,991 47,182 1.527 222,154 34,770 831 38,822 542.994 879,518 26,023 469,643 753.421 Support costs Governance costs Mana8ement & admin salaries Pensions AGM/Annual conference Independent examiner's fee 7.936 1,288 3,533 7,936 1,288 1,476 15,757 13,7CMJ Total resources expended 895,274 767,121 Net Income 1117,2081 130,430 This page does not form part of the statutory financial statements PaBe 20