Hastings Trust closure process summary
A brief summary of the final years of the Trust, mainly for the benefit of members.
DRAFT PENDING FORMAL CLOSURE OF THE TRUST AND DISTRUBUTION OF RESIDUAL FUNDS
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.
Hastings Voluntary Action (HVA) assist with financial records and advice to trustees. Locality undertakes an audit and also provides advice. Staff team of over 20 almost entirely disbanded. The Trust's last Executive Director, Leslie Brisset, leaves.
2014
The remaining six 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 for six months with a brief to manage a ‘fresh start’.
No 34 Robertson Street is opened as office and gallery space. Exhibition entitled 'Hastings - Future?' held in association with the Hastings Urban Design Group. Former resource centre at No 35 leased for retail. Various options for developing 34 and 35 Robertson Street are explored.
Leases for the the Trust's four demonstration retrofitted ‘eco flats’ at 12 Cambridge Gardens are sold to the occupants and bank loans paid off. The freehold is sold to the new owners.
The Innovative Finance project continues to collect loan repayments until it becomes uneconomic to do so.
2015
All tenants in Silchester Mews move out to Rock House making the property unviable. The Trust's 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.
After negotiations break down, trustees take court proceedings against Respond Academy for non payment of rent for the ground floor of Silchester Mews. After a successful court case, the organisation is evicted.
Weary 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. Trustees receive advice on the options available from Brighton based White Maund, business recovery and insolvency specialists.
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.
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. The Union continues to rent out the shop premises while using the upper floors for the organisation's own offices.
2017
The Trust surrenders the head lease on the railway arches in Linton Road to East Sussex County Council (ESCC) but agrees the continued occupation by Kate Adams and Project Artworks.
Option of handing residual funds and remaining property to the Sussex Community Foundation explored.
2018
Legacy website 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 which may be of interest to future researchers after the Trust has closed are contained in a restricted access section.
2019
Options explored for passing on the Trust’s remaining assets and residual funds, including to The Sussex Community Foundation.
Memorandum of Understanding signed 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 to Tower Road (Silchester Mews) Ltd for conversion to housing. The last member of staff, Rhonda Ellard, is made redundant. Only remaining issue is clearance by HMRC of the Trust's tax position.
2024
Trustees 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.