Hastings Trust closure process summary
2013
Following a review of activities, staffing, cash flow and risks, trustees anticipate financial difficulties and decide to embark on a managed wind down of the Trust rather than risk insolvency. The strategy is to sell the Trust's assets, pay off debts and end up with only a legacy website.
HVA assist with financial records. Locality undertakes an audit and provides advice. Several staff made redundant.
The retrofitted lower ground floor flat in Cambridge Gardens is sold.
The Trust surrenders the head lease on the Arches to East Sussex County Council but agrees with ESCC the continued occupation by Kate Adams and Project Artworks.
2014
Trustees agree to have another attempt at making the Trust work following difficulty with disposing of assets and an approach by Community Land Use (CLU). CLU’s Jon Aldenton is engaged as Development Officer with a brief to manage a ‘fresh start’. Trustees decide not to continue the arrangement after the first 6 months due to difficulties with dealing with some of the Trust’s assets and a perceived lack of progress in stabilising the organisation financially.
No 34 Robertson Street is opened as office and gallery space. Various options for developing 34 and 35 Robertson Street are explored.
September 30
Open extraordinary meeting, Assembly Rooms, St Leonards
Followed by seminar organised with HUDG
The remaining retrofitted ‘eco flats’ in Cambridge Gardens are sold and bank loans paid off. Cambridge Gardens freehold sold to leaseholders.
2015
All tenants in Silchester move out to Rock House making the property unviable. The Trust offices are moved from Robertson Street to Silchester Mews.
The ground floors and basements of 34 and 35 Robertson Street are rented out for retail uses.
Trustees take court proceedings against Respond Academy for non payment of rent and, after a successful court case, have the organisation evicted from the ground floor of Silchester Mews.
Trustees seek advice from HVA Director Steve Manwaring who recommends closing the organisation due to its toxicity and advises seeking advice from an insolvency practitioner. (12 Nov) Trustees receive advice on the options available from White Maund, business recovery and insolvency specialists (see letter 30 November 2015).
2016
Trustees agree to wind down the Trust and close it as soon as possible. They recommend a members' voluntary liquidation (MVL) to Trust members. (15/23 Feb)
An Extraordinary General Meeting of the Trust on 23 March agrees to a members' voluntary liquidation (MVL) and to the appointment of White Maund to undertake it. 23 March 2016 is therefore deemed to be the date of liquidation.
Trust properties at 34 & 35 Robertson Street are sold to the GMB Union (Nov). The union continues to rent out the shop premises while using the upper floors for the organisation's own offices.
2017
Arches disposed of (Feb). Option of handing residual funds and property to the Sussex Community Foundation explored.
2018
Legacy website largely completed with key documents downloadable and a listing of all those who have been involved with the organisation. The website is hosted by Hastings Voluntary Action (https://hastingstrust.hastingsvoluntaryaction.org.uk/) and also has an independent URL (www.hastingstrust.net). Confidential documents such as Board minutes which may be of interest to future researchers are contained in a restricted access section.
2019
Options explored for passing on the Trust’s remaining assets and residual funds including The Sussex Community Foundation.
Memorandum of Understanding signed (19 Dec) with HVA to transfer the freehold of Silchester Mews to HVA, together with funding for repairs. HVA propose to keep the property as a community hub. After undertaking feasibility study on the work required, HVA concludes that there will not be sufficient funding and decides not to accept the offer.
2023
Silchester Mews put on the open market and sold for £330,000 to Tower Road (Silchester Mews) Ltd for conversion to housing. The last member of staff, Rhonda Ellard, is made redundant (1 December). Only remaining issue is resolution of the Trust's tax position.
2024
Trustees agree to recommend that residual funds are given to five local charitable organisations (one proposed by each of the five remaining trustees) but the final decision rests with the liquidators.
2025
Final amendments made to the legacy website.