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← Hastings Voluntary Action

2025-03-31-accounts

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Registered number: 02409902 Charity number: 802632

Hastings Voluntary Action

(A company limited by guarantee)

Trustees' report and financial statements

For the year ended 31 March 2025

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Hastings Voluntary Action (A company limited by guarantee)

Contents

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 8
Independent auditors' report on the financial statements 9 - 12
Statement of financial activities 13
Balance sheet 14 - 15
Statement of cash flows 16
Notes to the financial statements 17 - 37

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Hastings Voluntary Action (A company limited by guarantee)

Reference and administrative details of the Company, its Trustees and advisers For the year ended 31 March 2025

Trustees Andrea Randall-Smith (appointed 1 August 2024)
Angela Lowe (appointed 12 April 2024)
Mary Carter
Dr Nell Chang
Dr Paula Radice (appointed 1 August 2024)
Company registered
number
02409902
Charity registered
number
802632
Registered office
Jackson Hall
Portland Place
Hastings
TN34 1QN
Company secretary
Steven John Manwaring
Chief executive officer
Steven John Manwaring
Independent auditors
Kreston Reeves Audit LLP
Chartered Accountants
Projects Nile House
Nile Street
Brighton
East Sussex
BN1 1HW

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Hastings Voluntary Action (A company limited by guarantee)

Trustees' report For the year ended 31 March 2025

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 April 2024 to 31 March 2025. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Public Benefit

The requirements for reporting public benefit in an annual report are that the report will contain;

i) a report of those activities undertaken by a charity to further its charitable activities for the public benefit, and ii) 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;

i) there must be an identifiable benefit or benefits, i.e. the "benefit" principle, and ii) 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 planning, activities. The trustees endorse these key principles of public benefit, and reflect them into aims and objectives of the activities they have set. HVA typically delivers on these objectives through delivering on the National Association for Voluntary and Community Action (NAVCA) standards. Our services are monitored and reviewed quarterly to ensure service delivery meets aims and objectives. A series of independent evaluation reports have been commissioned and published providing authoritative and external analysis of the impact and benefit of HVA services.

Through the activities detailed in this report, and in other literature and newspaper articles, on HVA's website and through social media, the trustees show that the activities undertaken by HVA to further its charitable activities are, and are duly reported as being, for the public benefit.

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Hastings Voluntary Action (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2025

Objectives and activities

a. Policies and objectives

In our role as the Local Infrastructure Organisation (LIO) for the “not for profit” sector in Hastings and St Leonards, Hastings Voluntary Action continued to fulfil its Charitable Purpose and strategic aims by providing a range of support services and interventions to support organisations, individuals and communities.

The charity’s objects (‘Objects’) are specifically restricted to the following:

  1. To promote any charitable purposes 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.

  2. 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.

  3. To be an advocate for the voluntary and community sector ensuring that the voice of the sector is heard and that a greater understanding of its needs, challenges and contributions is gained by its strategic partners.

b. Volunteers

During the reporting period the Charity has employed an average of 17 staff across the year. Across HVAs projects and programmes a total of 38 volunteers are actively engaged. Where HVA are asked to undertake specific or short-term pieces of work capacity has been deployed in the form of freelance "associates” for designated projects.

c. Partnerships

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, 3VA and SCDA (the other VCSE infrastructure organisations in East Sussex) on various projects. Additionally, HVA has an organisational 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 served on a number of partnership bodies including the Town Deal Board, the Hastings Local Strategic Partnership ESCC Partnership Plus, the East Sussex VCSE Partnership.

To support the broadest possible partnership activity HVA facilitates the Hastings Community Network which brings together VCSE organisations. Quarterly sector-wide events are organised to do this in an open and inclusive way.

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Hastings Voluntary Action (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2025

Achievements and performance

a. Main achievements of the Company

Hastings Voluntary Action (HVA) supported over 300 local voluntary organisations with tailored advice, training and funding support, securing over £1 million of investment and strengthening the local voluntary sector. HVA also delivered a wide range of community initiatives benefiting local residents – from supporting refugees and older people to running award-winning health and wellbeing projects and promoting volunteering across Hastings.

b. Key performance indicators

During the reporting period HVA satisfied our contractual Key Performance Indicators for our funders and delivered a range of activities to improve the position of the VCSE sector as described in the key review of activities below.

c. Review of activities

HVA provided individually tailored support to a total of 309 voluntary, community or social enterprise organisations in the year, covering a wide range of issues including setting up a group, funding, volunteer recruitment, charity law, HR matters, health & safety, risks, etc.

Our information service enabled local Charities, Community groups and Social Enterprises to receive up to date and timely information and promote their activities, through fortnightly e-bulletins, social media, and HVA’s website.

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 million for local voluntary organisations.

HVA contributed to building the skills and knowledge of local VCSE groups by running 33 training sessions, courses and seminars – and almost all were free of charge to participants.

We have continued to provide low cost community accountancy services, with Independent Examinations for 45 local voluntary organisations. Our payroll bureau provided calculated pay for a further 25 local employers.

We enabled 110 people to commence volunteering for local organisations and celebrated the achievements of the Borough’s volunteers by highlighting their work and achievements and offering a series of volunteering awards to those who have offered outstanding service.

HVA’s role extends to enabling the VCSE sector to represent itself in an effective and accountable way. Our facilitation of Hastings Community Network has combined the organisation of events conference and “open mic” opportunities with supporting the HCN Executive to represent the sector on key strategic bodies such as the Town Board which has taken on responsibility for the administration of £20m regeneration funding. HVA supported the maintenance of a Consultation Calendar and supported the sectors response to consultations on health, regeneration, Devolution and Local Government Reorganisation. HVA was also an active member of the East Sussex VCSE Alliance and supported a research project to evaluate the “State of the Sector” which is due to be published in November 2025.

In addition to our generic infrastructure work, Hastings Voluntary Action have also delivered a portfolio of projects designed to support local individuals and communities – particularly those who are vulnerable or face multiple challenges accessing public services. Our work in this area has included:

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Hastings Voluntary Action

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2025

Achievements and performance (continued)

Financial review

a. Financial review

The statement of Financial Activities shows a net surplus of £50,253 (2024 - a net deficit of £117,209) at the year end.

Total reserves at 31 March 2025 were £393,166 (2024 - £342,913) of which £283,402 (2024 - £206,967) were Restricted Funds. The general fund reserves stand at £109,764 (2024 - £135,946).

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 from this. The principal funding of the charity continues to be by way of grants received from various statutory bodies, as detailed elsewhere in this report.

b. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

c. Reserves policy

Hastings Voluntary Action has a Reserves Policy which addresses 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 unforeseen circumstances or in the event of a winding up of the organisation.

The statement of financial activities reflects the level of reserves as at 31st March 2025.

Structure, governance and management

a. Constitution

Hastings Voluntary Action is a company limited by guarantee and a registered charity founded on 1 August 1989, and governed by its Memorandum and Articles of Association agreed on 16 November 2018.

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Hastings Voluntary Action (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2025

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

Hastings Voluntary Action is a member organisation 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% (in fact all) of its trustees are elected from its beneficiary 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 act as a trustee, either to fill a vacancy or to act as an additional trustee, provided that the appointment does not cause the number of trustees to exceed the maximum number. Generally, only people who are representatives of member organisations of Hastings Voluntary Action are eligible to become trustees, but the Management Board may at any time co-opt 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 any remuneration. To ensure transparency the Charity advertises the opportunity for member organisations to nominate trustees and briefing sessions are held to provide information about the role.

c. 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 HR. All Trustees and staff attend a strategic planning session each year.

d. Policies adopted for the induction and training of 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. Occasional skills audits are utilised to inform development needs and highlight gaps.

e. 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 regularly considered by Trustees at each meeting. Arrangements for Health & Safety monitoring and risk management are in place and have recently been externally audited. As part of induction processes the risk register and mechanisms for risk management are introduced as part of trustee and staff/volunteer induction. A specific audit and review of the Charities personal data holdings was undertaken as a way of managing its GDPR responsibilities and adopting good practice.

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Hastings Voluntary Action (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2025

Plans for future periods

HVA have recently undertaken a review of our strategic plan and have the results of an Independent Evaluation via which we obtained a formal Quality Local Infrastructure Organisation.

In the months following the year end we have:

In terms of future activity we are looking to:

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Hastings Voluntary Action (A company limited by guarantee)

Trustees' report (continued) For the year ended 31 March 2025

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Kreston Reeves Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6th October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the charity on 6th October 2025.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mary Carter 07 Nov 2025 11:06:49 GMT (UTC +0)

................................................

Mary Carter (Trustee) Date: 07 November 2025

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Hastings Voluntary Action

(A company limited by guarantee)

Independent auditors' report to the Members of Hastings Voluntary Action

Opinion

We have audited the financial statements of Hastings Voluntary Action (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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Hastings Voluntary Action (A company limited by guarantee)

Independent auditors' report to the Members of Hastings Voluntary Action (continued)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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Hastings Voluntary Action (A company limited by guarantee)

Independent auditors' report to the Members of Hastings Voluntary Action (continued)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to health and safety, and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. We evaluated Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

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Hastings Voluntary Action (A company limited by guarantee)

Independent auditors' report to the Members of Hastings Voluntary Action (continued)

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Webber 07 Nov 2025 12:50:52 GMT (UTC +0) nt Haoet MALLE0

Kreston Reeves Audit LLP

Chartered Accountants Statutory Auditor Projects Nile House Nile Street Brighton East Sussex BN1 1HW

Date: 07 November 2025

Kreston Reeves Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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Hastings Voluntary Action

(A company limited by guarantee)

Statement of financial activities (incorporating income and expenditure account) For the year ended 31 March 2025

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2025
£
856,155
1,066
-
857,221
808,296
808,296
48,925
27,510
76,435
206,967
76,435
283,402		 Unrestricted
funds
2025
£
116,341
263,753
5,177
385,271
383,943
383,943
1,328
(27,510)
(26,182)
135,946
(26,182)
109,764		 Total
funds
2025
£
972,496
264,819
5,177
1,242,492
1,192,239
1,192,239
50,253
-
50,253
342,913
50,253
393,166		 Total
funds
2024
£
546,343
228,317
3,405
778,065
895,274
895,274
(117,209)
-
(117,209)
460,122
(117,209)
342,913

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 17 to 37 form part of these financial statements.

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Hastings Voluntary Action (A company limited by guarantee) Registered number: 02409902

Balance sheet As at 31 March 2025

Note
Current assets
Debtors
11
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Defined benefit pension scheme liability
Total net assets
Charity funds
Restricted funds:
Restricted funds
13
Pension Fund Deficit
13
Total restricted funds
13
Unrestricted funds
Designated funds
13
General funds
13
Total unrestricted funds
13
Total funds		 82,662
542,533
625,195
(227,890)
287,541
(4,139)
10,000
99,764		 2025
£
397,305
397,305
(4,139)
393,166
283,402
109,764
393,166		 102,234
360,240
462,474
(118,516)
208,012
(1,045)
10,000
125,946		 2024
£
343,958
343,958
(1,045)
342,913
206,967
135,946
342,913

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Hastings Voluntary Action (A company limited by guarantee) Registered number: 02409902

Balance sheet (continued) As at 31 March 2025

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mary Carter 07 Nov 2025 11:06:49 GMT (UTC +0)

................................................

Mary Carter (Trustee) Date: 07 November 2025

The notes on pages 17 to 37 form part of these financial statements.

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Hastings Voluntary Action (A company limited by guarantee)

Statement of cash flows
For the year ended 31 March 2025
Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 17 to 37 form part of these financial statements		 2025
£
177,116
5,177
5,177
182,293
360,240
542,533		 2024
£
(63,746)
3,405
3,405
(60,341)
420,581
360,240

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

1. General information

Hastings Voluntary Action is an incorporated charity, limited by guarantee, registered in England & Wales.

The registered number is 02409902.

The registered office and principal place of business is:

Jackson Hall Portland Place Hastings East Sussex TN34 1QN

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Hastings Voluntary Action meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.9 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

2. Accounting policies (continued)

2.10 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Donations
Grants
Grants		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
-
13,059
856,155
103,282
856,155
116,341
Restricted
funds
2024
Unrestricted
funds
2024
£
£
439,316
107,027		 Total
funds
2025
£
13,059
959,437
972,496
Total
funds
2024
£
546,343

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

4. Income from charitable activities

Rent and management fees
Rent and management fees
Investment income
Investment income
Investment income		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
1,066
263,753
Unrestricted
funds
2024
£
228,317
Unrestricted
funds
2025
£
5,177
Unrestricted
funds
2024
£
3,405		 Total
funds
2025
£
264,819
Total
funds
2024
£
228,317
Total
funds
2025
£
5,177
Total
funds
2024
£
3,405

5. Investment income

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

6. Analysis of expenditure on charitable activities

Summary by fund type

Operation of charitable services
Operation of charitable services		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
808,296
383,943
Restricted
funds
2024
Unrestricted
funds
2024
£
£
803,898
91,376		 Total
2025
£
1,192,239
Total
2024
£
895,274

7. Analysis of expenditure by activities

Operation of charitable services
Operation of charitable services		 Activities
undertaken
directly
2025
£
1,172,517
Activities
undertaken
directly
2024
£
879,517		 Support
costs
2025
£
19,722
Support
costs
2024
£
15,757		 Total
funds
2025
£
1,192,239
Total
funds
2024
£
895,274

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Bank Charges
Printing, Postage & Stationary
Telephone
Insurance
Subscriptions
Sundry
Computer costs
Repairs & Maintenance
Staff travel and training
Project costs
Bad debt		 Activities
2025
£
575,364
166
6,843
4,040
4,537
4,931
3,157
13,358
49,589
1,491
467,234
41,807
1,172,517		 Total
funds
2025
£
575,364
166
6,843
4,040
4,537
4,931
3,157
13,358
49,589
1,491
467,234
41,807
1,172,517

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

7. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Bank Charges
Printing, Postage & Stationary
Telephone
Insurance
Subscriptions
Sundry
Computer costs
Repairs & Maintenance
Staff travel and training
Project costs
Bad debt		 As restated
Activities
2024
£
519,119
105
5,118
4,422
4,623
7,399
8,087
12,878
42,559
1,527
273,622
58
879,517		 As restated
Total
funds
2024
£
519,119
105
5,118
4,422
4,623
7,399
8,087
12,878
42,559
1,527
273,622
58
879,517

Project staff costs were reclassified from project costs to Staff costs in the 2025 year end, the prior year has also been reclassified for comparability.

Analysis of support costs

Governance costs
Governance costs		 Activities
2025
£
19,722
Activities
2024
£
15,757		 Total
funds
2025
£
19,722
Total
funds
2024
£
15,757

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

8. Auditors' remuneration

2025 2024
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 12,900 -
Fees payable to the Company's auditor for the independent examination of
the Company's annual accounts - 3,000
Fees payable to the Company's auditor in respect of:
Accounting services 2,400 -

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
507,860
41,164
26,340
575,364		 As restated
2024
£
460,480
37,796
20,843
519,119

Project staff costs were reclassified from project costs to Staff costs in the 2025 year end, the prior year has also been reclassified for comparability.

The average number of persons employed by the Company during the year was as follows:

2025 2024
No. No.
Employees 20 17

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel for the current year and prior year comprised of Stephen Manwaring, Peter Thorpe and Laura Dawson. The remuneration of key management personnel is as follows:

Aggregate key management personnel compensation £141,640 (2024: £140,981).

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL).

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

11. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
69,253
7,973
5,436
82,662		 2024
£
96,288
-
5,946
102,234

12. Creditors: Amounts falling due within one year

Funds held on behalf of other organisations
Other taxation and social security
Accruals and deferred income
Deferred income at 1 April 2024
Resources deferred during the year
Amounts released from previous periods		 2025
£
166,107
116
61,667
227,890
2025
£
-
46,367
-
46,367		 2024
£
115,516
-
3,000
118,516
2024
£
-
-
-
-

Grant income has been deferred as it is earned in the future period.

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

13. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Designated Funds
General funds
General Funds
Total Unrestricted funds
Restricted funds
Baton of Hope
Big Local Trust
Broomgroove - Capital Spend
Broomgroove - CDW
Central Hall
ESCC COMF Funding
Volunteering
ESCC Men's Health
MacMillan
MacMillan - Salaries
Skills Capital Fund Grant
Green Spaces
Links
Ukraine Support Project
Making it Happen
MiH Underspend
Mental Health Local Support
Fund
NASP
Public Health - Food Project
Other Restricted Funds		 Balance at 1
April 2024
£
10,000
125,946
135,946
-
54,662
-
-
(16,037)
45,305
8,448
39,753
-
-
-
-
13,331
5,912
8,588
-
44,228
3,822
-
-
208,012		 Income
£
-
385,271
385,271
12,000
58,584
210,000
22,000
18,544
17,466
-
78,601
18,518
40,537
21,200
108,000
33,230
29,200
78,563
24,088
-
15,624
50,000
20,000
856,155		 Expenditure
£
-
(383,943)
(383,943)
(1,000)
(113,225)
(135,036)
(14,324)
(30,017)
(18,313)
(8,448)
(116,943)
(18,518)
(38,861)
(21,200)
(15,270)
(28,899)
(35,100)
(87,151)
(24,042)
(19,256)
(19,446)
(39,087)
(20,000)
(804,136)		 Transfers
in/out
£
-
(27,510)
(27,510)
-
-
-
-
27,510
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
27,510		 Balance at
31 March
2025
£
10,000
99,764
109,764
11,000
21
74,964
7,676
-
44,458
-
1,411
-
1,676
-
92,730
17,662
12
-
46
24,972
-
10,913
-
287,541

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

13. Statement of funds (continued)

Restricted funds - Pension
reserve
Pension reserve
Total Restricted funds
Total of funds		 Balance at 1
April 2024
£
(1,045)
206,967
342,913		 Income
£
1,066
857,221
1,242,492		 Expenditure
£
(4,160)
(808,296)
(1,192,239)		 Transfers
in/out
£
-
27,510
-		 Balance at
31 March
2025
£
(4,139)
283,402
393,166

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

13. Statement of funds (continued)

Designated Fund

The trustees have agreed to hold potential redundancy costs as a reserve.

Restricted Funds

Baton of hope - The Baton of Hope Tour 2025 is a nationwide initiative aimed at raising awareness about suicide prevention, visiting 20 locations across the UK from September 1 to October 10, 2025. Purpose: The Baton of Hope campaign seeks to break the silence surrounding suicide and promote mental health awareness. It serves as a unifying symbol of remembrance and hope for those affected by suicide. The Baton is in Hastings on 23rd September 2025.

Big Local Trust - Big Local Project was funded by the Local Trust. North East Hastings had £1million over 10 years 2014-2024 - funding was to be used to make a massive and lasting positive difference to their community. It was about bringing together all the local groups and organisations who want to make their area and even better place to live.

Broomgrove - Capital Spend - Hastings Borough Council had £200k to improve Broomgrove Community Centre but the Charity who manage the centre did not meet the due diligence criteria for a project of this size. HVA were asked to act as an intermediary organisation to project manage this complex capital project to ensure its completion and refurbishment.

Broomgrove - CDW - Hastings Borough Council wanted to fund a community development worker at the Broomgrove Community Centre for 12 months and asked HVA to host and line manage the CDW.

Central Hall - This is a self funding restricted fund and is a second location that HVA uses to hire out to other charities.

ESCC COMF Funding - Funded by East sussex to promote Age friendly events and support Age focused charities. It is also to promote and support food related charities.

Volunteering - Project to promote and help organisations recruiting and supporting volunteers in Hastings. Some funding was obtained from East Sussex County Council to resource this, but HVA also contributed from its reserves to ensure that the full volunteering service could be continued.

ESCC Men's Health - Funded by East sussex for 3 years. It is a project aimed at local men, supporting men to talk about what matters for them. The main aim is to identify and assess/improve men's life expectancy locally.

Macmillan - Funded by MacMillian for 3 years. It is a Cancer Champion project aimed at reaching people less likely to access support.

Macmillan - Salaries - Funded by MacMillian for 3 years. It is a Cancer Champion project aimed at reaching people less likely to access support.

Skills Capital Fund Grant - Funded by The Government via ESCC - to buy and install new screens and IT at Jackson Hall and Central Hall.

Green Spaces - Funded by Public Health East Sussex. The project is designed to improve access to nature for health and wellbeing and to develop the capacity of local organisations/individuals to create or manage our greenspaces.

Links - Funded by East Sussex - the Links Project is a multi-agency support and advice project for asylum seekers, refugees and migrant communities living in East Sussex.

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

13. Statement of funds (continued)

Ukraine Support Project - Funded by East Sussex - runs alongside the Links Project and is a multiagency support and advice project for asylum seekers, refugees and mirgrant communities living in East Sussex from Ukraine.

Making it Happen - Funded by Public Health East Sussex through SCDA (Sussex Community Development Association) Project ran for 5 years. Making it Happen supports various groups within targeted areas across Hastings via ABCD (Asset Based Community Development).

MiH Underspend - Additional monies sent through to be spent as above.

Mental Health Local Support Fund - Private Donation to be spent on Mental Health wellbeing for younger people. The Holistic Health project provides safe and engaging spaces for young people to access complementary therapies and activities that they are interested in & meet qualified practitioners.

NASP - Funded by National Academy for Social Prescribing - Pilot Project to engage with local older people and co-design a longer social prescribing approach for older people specific to Hastings.

Public Health - Food Project - Funded by Public Health East Sussex - Project to promote access to food and engage with local people in hastings to provide access to food banks, education, services etc relating to food.

Golden Thread - Funded by Hastings Borough Council to improve mental health, included within other restricted funds.

ESCC Core 20 - Core 20 is funded by the NHS so that in collaboration with other local organisations promoted outreach activity engagement - the recruitment, development, training and support for volunteers, included within our restricted funds.

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

13. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Designated Funds
General funds
General Funds
Total Unrestricted funds
Restricted funds
Big Local Trust
Central Hall
ESCC COMF Funding
ESCC Core 20
ESCC Men's Health
Food Network
Skills Capital Fund Grant
Links
Ukraine Support Project
Making it Happen
Mental Health Local Support Fund
Volunteering
NASP
NAVCA Grant
PH Vaccinations		 Balance at
1 April 2023
£
10,000
139,477
149,477
64,671
(8,967)
48,860
29,975
40,386
6,645
235
20,271
4,314
10,000
50,000
31,419
9,381
4,500
-
311,690		 Income
£
-
338,750
338,750
93,416
13,271
27,300
5,000
111,157
-
22,696
36,678
33,000
58,188
-
1,903
27,500
-
9,207
439,316		 Expenditure
£
-
(352,281)
(352,281)
(103,425)
(20,341)
(30,855)
(34,975)
(111,790)
(6,645)
(22,931)
(43,618)
(31,402)
(59,600)
(5,772)
(24,874)
(33,059)
(4,500)
(9,207)
(542,994)		 Balance at
31 March
2024
£
10,000
125,946
135,946
54,662
(16,037)
45,305
-
39,753
-
-
13,331
5,912
8,588
44,228
8,448
3,822
-
-
208,012

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

13. Statement of funds (continued)

Restricted funds - Pension reserve
Pension reserve
Total Restricted funds
Total of funds		 Balance at
1 April 2023
£
(1,045)
310,645
460,122		 Income
£
-
439,316
778,066		 Expenditure
£
-
(542,994)
(895,275)		 Balance at
31 March
2024
£
(1,045)
206,967
342,913

14. Summary of funds

Summary of funds - current year

Balance at
Balance at 1 Transfers 31 March
April 2024 Income Expenditure in/out 2025
£ £ £ £ £
Designated funds 10,000 - - - 10,000
General funds 125,946 385,271 (383,943) (27,510) 99,764
Restricted funds 208,012 856,155 (804,136) 27,510 287,541
Restricted funds - Pension
reserve (1,045) 1,066 (4,160) - (4,139)
342,913 1,242,492 (1,192,239) - 393,166
Summary of funds - prior year
Balance at
Balance at 31 March
1 April 2023 Income Expenditure 2024
£ £ £ £
Designated funds 10,000 - - 10,000
General funds 139,477 338,750 (352,281) 125,946
Restricted funds 311,690 439,316 (542,994) 208,012
Restricted fund - Pension reserve (1,045) - - (1,045)
460,122 778,066 (895,275) 342,913

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

15. Analysis of net assets between funds

Analysis of net assets between funds - current year

Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Restricted
funds
2025
£
287,541
-
-
287,541		 Restricted
funds -
Pension
reserve
2025
Unrestricted
funds
2025
£
£
-
337,654
-
(227,890)
(4,139)
-
(4,139)
109,764		 Total
funds
2025
£
625,195
(227,890)
(4,139)
393,166

Analysis of net assets between funds - prior year

Current assets
Creditors due within one year
Provisions for liabilities and charges
Total		 Restricted
funds
2024
£
208,012
-
-
208,012		 Restricted
funds -
Pension
reserve
2024
£
-
-
(1,045)
(1,045)		 Unrestricted
funds
2024
£
254,462
(118,516)
-
135,946		 Total
funds
2024
£
462,474
(118,516)
(1,045)
342,913

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

16. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Dividends, interests and rents from investments
Decrease in debtors
Increase in creditors
Defined benefit pension scheme finance cost
Defined benefit pension scheme service costs less contributions payable
Net cash provided by/(used in) operating activities
17.
Analysis of cash and cash equivalents
Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents
18.
Analysis of changes in net debt
At 1 April
2024
£
Cash at bank and in hand
360,240
360,240		 2025
£
50,253
(5,177)
19,572
109,374
54
3,040
177,116
2025
£
447,496
95,037
542,533
Cash flows
£
182,293
182,293		 2024
£
(117,209)
(3,405)
541
56,327
-
-
(63,746)
2024
£
277,179
83,061
360,240
At 31 March
2025
£
542,533
542,533

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

19. Operating lease commitments

At 31 March 2025 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2025
£
1,269
-
1,269		 2024
£
1,692
1,269
2,961

20. Related party transactions

The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 March 2025.

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

21. Provision for liabilities

Scheme: TPT Retirement Solutions – The Growth Plan

The company participates in the scheme, a multi-employer scheme which provides benefits to some 521 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject 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 schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company 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. Participating employers are legally 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 at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2025 to 31 March 2028: £2,100,000 per annum (payable monthly)

Unless a concession has been agreed with the Trustee the term to 31 March 2028 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 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 asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

. Present values of provision

2025 2024
£ £
Present value of provision 4,139 1,045

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

.
Reconciliation of opening and closing provisions
Provision at start of period
Unwinding of the discount factor (interest expense)
Deficit contribution paid
Remeasurements - impact of any change in assumptions
Remeasurements - amendments to the contribution schedule
Provision at end of period
.
Income and expenditure impact
Interest expense
Remeasurements - impact of any change in assumptions
Remeasurements - amendments to the contribution schedule
Contributions paid in respect of future service*
Costs recognised in income and expenditure account		 2025
£
1,045
28
(1,066)
26
4,106
4,139
2025
£
28
26
4,106
-
-		 2024
£
2,237
86
(1,279)
1
-
1,045
2024
£
86
1
-
-
-

*includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. To be completed by the company.

. Assumptions

Rate of discount 2025
%
5
5		 2024
%
5
5

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 curve to discount the same recovery plan contributions.

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Hastings Voluntary Action (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2025

. Deficit contributions schedule

The following schedule details the deficit contributions agreed between the company and the scheme at each year end period:

2025 2024
£ £
Year 1 1,477 1,066
Year 2 1,477 -
Year 3 1,477 -
Year 4 - -

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting 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 company's balance sheet liability.

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