Society number: 7604

Heart of Hastings CLT

Limited
Report and financial statements
For the period ended 31st March 2018
 Heart of Hastings CLT Limited

Reference and administrative information

for the period ended 31st March 2018

Society number

7604

Registered office and operational address

Rock House
49-51 Cambridge Road
Hastings
TN34 1DT

Trustees

Trustees, who are also directors under society law, who served during the period and up to the date of
this report were as follows:

Rodney Buse
Tania Charman
Suzy Tinker
Jess Steele

Key management personnel

James Leathers Executive Director (People)
Jason McLaughlin Executive Director (Places)

Bankers

HSBC
4 Robertson Street
Hastings
East Sussex
TN34 1HW

Solicitors

Gaby Hardwicke
34 Wellington Square
Hastings
East Sussex
TN34 1PN

1
 Heart of Hastings CLT Limited

Trustees’ annual report

for the period ended 31st March 2018

The trustees present their report and the unaudited financial statements for the period ended 31st
March 2018. Included within the trustees’ report is the directors’ report as required by society law.

Reference and administrative information set out on page 1 forms part of this report. The financial
statements comply with current statutory requirements, the memorandum and articles of association
and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable
to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

The Charitable Objects of the Society as set out in our rules are to:

The objects of the Society shall be to carry on any business for the benefit of the community as a
Community Land Trust for the benefit of the community in Hastings & St Leonards as follows:

(a) the business of providing and managing housing (including social housing) and providing
assistance to help house people and associated facilities, amenities and services for the relief of
financial hardship;

(b) the promotion for the public benefit of regeneration in areas of social and economic
deprivation (and in particular in and around Hastings & St Leonards) by all or any of the following
means:

(i) the relief of financial hardship (other than the provision of housing) in such ways as may
be thought fit;

(ii) the advancement of education, training or retraining, particularly amongst unemployed

people, and providing unemployed people with work experience;

(iii) the provision of workspace buildings and/or land on favourable terms, financial
assistance, technical assistance, or business advice or consultancy in order to provide
training and employment opportunities for unemployed people in cases of financial or other
charitable need through help:

• in setting up their own business;

• to existing businesses.

The main activities undertaken in relation to those purposes during the period have been:

The last year has been a period of transition and growth for Heart of Hastings.

In July 2017, our organisation gained charitable status, becoming Heart of Hastings CLT Ltd, still a
Community Benefit Society No 7604. In all other respects, the responsibilities and aims of the previous
society were transferred to the new society but it did require that this year we produce a set of
accounts for both the old and new society.

Following the award of charitable status Heart of Hastings were awarded a Big Lottery Reaching
Communities grant and recruit full time staff. This has enabled the organisation to plan and build on its
community engagement activity to work up a full financial plan for the Ore Valley project, together with
a masterplan design as a basis for a planning application.

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 Heart of Hastings CLT Limited

Trustees’ annual report

for the period ended 31st March 2018

The planning of the housing development has involved the BUD team. Over the last year, the team has
grown its capacity to organise. They have stewarded the Power Station land building an understanding
of its ecology and potential. They have successfully run four large scale events and a number of
discretely funded projects. They have met continually every Wednesday and Saturday. To attend a BUD
meeting is a privilege that restores one’s faith in empowering people. It is to witness how the growth of
confidence, the determination to be inclusive and the care for one another results in a voice that would
not otherwise be heard. There was disappointment that with delay on acquiring the land the
Organisation Workshop had to be deferred but from the BUD team itself came the resolve to develop
opportunities to develop in the meantime.

It was also the year we purchased our first building for renovation in the White Rock Area through a
combination of grant and investment of from our local collective. The renovation is underway and we
expect to rent out our first Living Rents properties to local people in autumn 2018.

The trustees review the aims, objectives and activities of the charity each period. This report looks at
what the charity has achieved and the outcomes of its work in the reporting period. The trustees report
the success of each key activity and the benefits the charity has brought to those groups of people that
it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and
activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on
public benefit when reviewing the charity's aims and objectives and in planning its future activities. In
particular, the trustees consider how planned activities will contribute to the aims and objectives that
have been set.

Achievements and performance

The society's main activities and who it tries to help are described below. All its charitable activities
focus on regeneration in Hastings, seeking to combines improvement in the physical realm with
opportunities for people who face financial hardship and exclusion. They are undertaken to further
Charitable Society Limited’s charitable purposes for the public benefit.

Beneficiaries of our services

Our BUD Team, local volunteers, drawn from the most disadvantaged neighbourhoods in Hastings have
been inspired to lead and organise community events and activities. Some of them have gained part-
time employment, while others have spoken of changes to their lives, the ability to overcome anxiety
and depression, and play an active role in their community. All of this is setting the foundation for our
community-led housing project in Ore Valley, an innovative approach where people heal the land and
heal themselves through the process.

We also work in the White Rock neighbourhood and are underway with our first renovation of an
unoccupied office building into 4 flats. Three of these will be let at our Living Rent which caps rent at a
third of local median earnings. One of the flats will be let at Local Housing Allowance rate and prioritised
for someone whose supports needs are likely to require a reliance on housing benefit at some time.
These rent levels are designed to remain affordable long into the future and not to rise as local market
rent rises.

3
 Heart of Hastings CLT Limited

Trustees’ annual report

for the period ended 31st March 2018

We are one of a few local organisation hoping to benefit from a Community Asset Transfer of 12
Claremont and see that restored to a vibrant and inclusive creative hub for a community in need of
investment. Accommodation and work space will be rented at affordable levels linked to local income.
The ground floor will also be a beacon inclusion and integration site for the people with complex and
multiple need with whom Project Art Works engage.

Financial review
Over the last year Heart of Hastings has progressed its projects in the White Rock and Ore Valley
neighbourhoods.

To achieve this, the Board has overseen the generation of over £250,000 income in the last year. We
would like to thank all those who have donated, invested and provided funds. We have ended the year
with a healthy balance on restricted funds, have guaranteed income for the coming year and plan to
fundraise and attract yet more investment. Some of our grants come in arrears which could make
managing of our cash flow a challenge. This is demonstrated in the accounts by the fact that we have to
spend our unrestricted resources in anticipation of secured income in the future.

We have put a complex blend of funding and investment to use. We have developed financial models,
surveyed sites, produced designs and plans and resulted in a purchase of a property. At the same time,
we have invested in people, who testify that the opportunity for them has been a transformation, and
have been empowered to organise and deliver activities. We can now demonstrate to our stakeholders
an ability to account for resources and deliver outcomes.

Reserves policy

The Board of Directors will adopt a Reserves Policy to ensure the stability of the mission, programs,
employment, and ongoing operations of the organisation and to provide a source of internal funds for
organisational priorities such as building repair and improvement, program opportunity, and capacity
building. This policy specifies the purpose of reserve funds, minimum target amounts, and how the
Board will have oversight of the accountancy, accumulation and use of reserves. Our target is to
achieve reserves of 3 months running costs £45,000 and plans are in place to build reserves in the
future. The Executive Director will be required to submit a request to use Reserves to the Board of
Directors.

Structure, governance and management

The organisation is a charitable society incorporated on 18 July 2017 and registered as a charity with
HMRC on 18 July 2017.

The society was established under rules which established the objects and powers of the charitable
society and which set out the proceedings of meetings of directors and members.

Members of the charitable society each have at least £1 of shares in the society. The total number of
members at 31 March 2018 was 105. Shares are refundable and non-transferable. Shares may be
repaid at par but do not carry any right to participation in assets in the event of a winding up, beyond
their £1 par value. The trustees have no beneficial interest in the charity.

Trustees give their time voluntarily. Trustee remuneration for specific work is disclosed in note 8 of the
accounts. Any expenses reclaimed from the charity by the trustees are set out in note 8 to the
accounts.

Trustees are elected by the membership at the society’s AGM.

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 Heart of Hastings CLT Limited

Trustees’ annual report

for the period ended 31st March 2018

Statement of responsibilities of the trustees

The trustees (who are also directors of Heart of Hastings CLT Limited for the purposes of society law)
are responsible for preparing the trustees’ annual report and the financial statements in accordance
with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).

Society law requires the trustees to prepare financial statements for each financial year which give a
true and fair view of the state of affairs of the charitable society and of the incoming resources and
application of resources, including the income and expenditure, of the charitable society for that period.
In preparing these financial statements, the trustees are required to:

● Select suitable accounting policies and then apply them consistently

● Observe the methods and principles in the Charities SORP
● Make judgements and estimates that are reasonable and prudent
● State whether applicable UK Accounting Standards and statements of recommended practice have
been followed, subject to any material departures disclosed and explained in the financial
statements
● Prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the charity will continue in operation

The trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the charitable society and enable them to ensure that the
financial statements comply with the Co-operative and Community Benefit Societies Act 2014. They are
also responsible for safeguarding the assets of the charitable society and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.

The trustees’ annual report was approved by the trustees on 26 July 2018 and signed on their behalf by

Rodney Buse
Chair of Board of Trustees

5
 Accountant’s report

to the trustees of Heart of Hastings CLT Ltd

Chartered Accountant's report to the trustees on the preparation of the unaudited statutory
accounts of Heart of Hastings CLT Limited For The period Ended 31 March 2018

In order to assist you to fulfil your duties under the Co-operative and Community Benefit Society Act
2014, we have prepared for your approval the accounts of Heart of Hastings CLT Ltd for The Period
Ended 31 March 2018 which comprise the Revenue Account, the Balance Sheet, Statement of Changes
in Equity and the related notes from the society's accounting records and from information and
explanations you have given to us.

As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we
are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the directors of Heart of Hastings CLT Ltd, as a body, in accordance with
the terms of our engagement letter dated 23 July 2018. Our work has been undertaken solely to
prepare for your approval the accounts of Heart of Hastings CLT Ltd and state those matters that we
have agreed to state to the directors of Heart of Hastings CLT Ltd as a body, in this report in
accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than Heart of Hastings CLT Ltd and its trustees, as a
body, for our work or for this report.

It is your duty to ensure that Heart of Hastings CLT Ltd has kept adequate accounting records and to
prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and
profit or loss of Heart of Hastings CLT Ltd. You consider that Heart of Hastings CLT Ltd is exempt from
the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the accounts of Heart of Hastings CLT Ltd. For this
reason, we have not verified the accuracy or completeness of the accounting records or information and
explanations you have given to us and we do not, therefore, express any opinion on the financial
statements.

Date
Third Sector Accountancy Limited
Chartered Accountants and Registered Auditors
Holyoake House
Hanover Street
Manchester
M60 0AS

6
 Heart Of Hastings CLT Limited
Revenue Account

for the period ended 31 March 2018

Unrestricted Restricted Total funds

funds funds 2018
Note £ £ £

Income from:
Charitable activities: 3
Grants received - 259,827 259,827

Other trading activities 4 4,041 - 4,041

Total income 4,041 259,827 263,868

Expenditure on:
Charitable activities: 5 13,154 167,797 180,951

Total expenditure 13,154 167,797 180,951

Net income/(expenditure) before

net gains/(losses) on investments (9,113) 92,030 82,917

Net income/(expenditure) for the

year 6 (9,113) 92,030 82,917

Transfer between funds - - -

Net movement in funds for the year (9,113) 92,030 82,917

Reconciliation of funds
Total funds brought forward - - -

Total funds carried forward (9,113) 92,030 82,917

The Revenue account includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.

7
 Heart Of Hastings CLT Limited
Society number 7604
Balance sheet as at 31 March 2018

Note 2018
£ £
Fixed assets
Tangible assets 11 206,653

Total fixed assets 206,653

Current assets
Cash at bank and in hand 12 70,824

Total current assets 70,824

Liabilities
Creditors: amounts falling
due in less than one year 13 (61,935)

Net current assets 8,889

Total assets less current liabilities 215,542

Creditors: amounts falling
due after more than one year 14 (114,750)

Net assets 100,792

The funds of the charity:

Share Capital 15 17,875

Restricted income funds 16 92,030

Unrestricted income funds 17 (9,113)

Total charity funds 100,792

The notes on pages 10 to 18 form part of these accounts.

Approved by the trustees on 26 July 2018 and signed on their behalf by:

Rodney Buse James Leathers

Trustee Secretary

Suzy Tinker
Trustee

8
 Heart Of Hastings CLT Limited
Consolidated Statement of Changes in Equity
as at 31 March 2018

Share
capital Funds

£ £

As at 18 July 2017

Surplus for the year - 82,917

Share capital transferred 4,250

Share capital issued 13,535 -

At end date 31/03/18 17,785 82,917

The notes on pages 10 to 18 form part of these accounts.

9
 Heart Of Hastings CLT Limited

Notes to the accounts for the period ended 31 March 2018

1 Accounting policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in
the preparation of the financial statements are as follows:

a Basis of preparation

The financial statements have been prepared in accordance with 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2
February 2016) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the
UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include
a cash flow statement on the grounds that it is applying FRS 102 section 1A.

Heart Of Hastings CLT Limited meets the definition of a public benefit entity under FRS102.
Assets and liabilities are initially recognised at historical cost or transaction value unless
otherwise stated in the relevant accounting policy note.

b Preparation of the accounts on a going concern basis

The trustees consider that there are no material uncertainties about the charitable company's
ability to continue as a going concern.
The trustees have made no key judgments which have a significant effect on the accounts.

The trustees do not consider that there are any sources of estimation uncertainty at the
reporting date that have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the next reporting period.

c Income

Income is recognised when the Society has entitlement to the funds, any performance
conditions attached to the item(s) of income have been met, it is probable that the income will
be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is
recognised when the Society has entitlement to the funds, any performance conditions attached
to the grants have been met, it is probable that the income will be received and the amount can
be measured reliably and is not deferred.

Income received in advance of a provision of a specified service is deferred until the criteria for
income recognition are met.

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 Heart Of Hastings CLT Limited

Notes to the accounts for the period ended 31 March 2018 (continued)

d Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity
has control over the item, any conditions associated with the donated item have been met, the
receipt of economic benefit from the use by the charity of the item is probable and that
economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102),
general volunteer time is not recognised; refer to the trustees’ annual report for more
information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of
the value of the gift to the charity which is the amount the charity would have been willing to
pay to obtain services or facilities of equivalent economic benefit on the open market; a
corresponding amount is then recognised in expenditure in the period of receipt.

e Fund accounting

The general fund is the balance of unrestricted funds which are available for use at the
discretion of the Board of Directors in furtherance of the general objects of the Society which
have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the board of
Directors 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 funders which have been raised by the Society for particular purposes. The cost of
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. Statutory grants which are
given as contributions towards the Society's core services are treated as unrestricted.

f Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to

a third party, it is probable that settlement will be required and the amount of the obligation
can be measured reliably.

g Operating leases

Operating leases are leases in which the title to the assets, and the risks and rewards of
ownership, remain with the lessor. Rental charges are charged on a straight line basis over the
term of the lease.

h Tangible fixed assets

Individual fixed assets costing £500 or more are capitalised at cost and are depreciated

Freehold building 2%

The property has not been completed at the period end and no depreciation has been charged
in the period.

11
 Heart Of Hastings CLT Limited

Notes to the accounts for the period ended 31 March 2018 (continued)

i Debtors

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

j Cash at bank and in hand

Cash at bank and cash 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.

k Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting
from a past event that will probably result in the transfer of funds to a third party and the
amount due to settle the obligation can be measured or estimated reliably. Creditors and
provisions are normally recognised at their settlement amount after allowing for any trade
discounts due.

l Financial instruments

The charity 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.

m Pensions

Employees of the Society are entitled to join a defined contribution ‘money purchase’ scheme.
The charity’s contribution is restricted to the contributions disclosed in note 7. There were no
outstanding contributions at the period end.

2 Legal status of the Society

Heart of Hastings CLT Limited is a registered Society under the Co-operative and Community
Benefit Societies Act 2014 with exempt charitable status

3 Income from charitable activities

Unrestricted Restricted Total 2018

£ £ £

Big Local Grant - 40,000 40,000

Big Lottery - 80,852 80,852
BPA Grants - 63,486 63,486
Other small grants - 550 550
Deferred Income released 24,939 24,939
Hastings Borough Council 50,000 50,000

Total - 259,827 259,827

12
 Heart Of Hastings CLT Limited

Notes to the accounts for the period ended 31 March 2018 (continued)

4 Income from other trading activities

2018
£

Income from RTP Play 4,041

4,041

All income from other trading activities is unrestricted.

5 Analysis of expenditure on charitable activities

Total 2018
£ £

Staff costs 45,149

Subcontractor costs 3,486
Travel Expenses 599
Rent 2,631
Computer and Website 1,494
Telephone 888
Training 507
Community Development 30,406
Promotional Costs 4,921
Insurance 1,905
Accountancy fees 722
Legal fees -
Consultancy fees - Fin Model 28,228
Subscriptions 518
Bank Charges 1,073
Sundry 4,640
Professional fees - project management 6,896
Ore Valley - Professional fees 19,526
Ore Valley - Site costs 19,172
Events 4,413
Cost of transfer 1,469
Interest on member loans 2,308

180,951

2018
£

Restricted expenditure 167,797

Unrestricted expenditure 13,154

180,951

13
 Heart Of Hastings CLT Limited

Notes to the accounts for the period ended 31 March 2018 (continued)

6 Net income/(expenditure) for the period

This is stated after charging/(crediting): 2018

£

Interest payable 2,308

Operating lease rentals:
Property 1,590

7 Staff costs

Staff costs during the period were as follows:

2018
£

Wages and salaries 44,082

Social security costs 874
Pension costs 193

45,149

No employees has employee benefits in excess of £60,000 (: Nil).

The average number of staff employed during the period was 5.

The average full time equivalent number of staff employed during the period was 3.

The key management personnel of the charity comprise the trustees and the Executive Directors.
The total employee benefits of the key management personnel of the charity were £14,409.

8 Trustee remuneration and expenses, and related party transactions

Neither the management committee nor any persons connected with them received any
remuneration or reimbursed expenses during the period in respect of their role as trustees.

There are no donations from related parties which are outside the normal course of business and
no restricted donations from related parties.

During the year the Society made purchases of £32,524 from Jericho Road Solutions a company
connected to one of the trustees and also received a short term loan of £25,000 which was repaid
during the period.

During the period the Society received a short term loan from D Buse the wife of R Buse of
£50,000 this loan attracts interest at 5% per annum and is repayable within one year.

During the period the Society received loans from R Buse, S Tinker and J Steele totalling £54,000.
These loans attract interest of 3% per annum and are repayable in more than one year.

14
 Heart Of Hastings CLT Limited

Notes to the accounts for the period ended 31 March 2018 (continued)

9 Government grants

The government grants recognised in the accounts were as follows:

2018

Hastings Borough Council 50,000

50,000

10 Corporation tax

The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the
Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the
extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

11 Fixed assets: tangible assets

Property, Plant
and Equipment Total
Cost £ £

At 18 July 2017 - -
Additions 206,653 206,653
Disposals - -

At 31 March 2018 206,653 206,653

Depreciation

At 18 July 2017 - -
Charge for the year - -
Disposals - -

At 31 March 2018 - -

Net book value

At 31 March 2018 206,653 206,653

15
 Heart Of Hastings CLT Limited

Notes to the accounts for the period ended 31 March 2018 (continued)

12 Cash at bank and in hand

2018
£

Cash at bank and on hand 70,824

70,824

13 Creditors: amounts falling due within one year

2018
£

Other creditors and accruals 11,935

Other loans 50,000

61,935

Other loans are unsecured and attract interest of 5% per annum.

14 Creditors: amounts falling after more than one year

2018
£

Other loans 114,750

114,750

Other loans are unsecured and attract interest of 3% per annum.

15 Share Capital

2018
£

Acquired on transfer 4,250

Issued in the period 13,535

17,785

16
 Heart Of Hastings CLT Limited

Notes to the accounts for the period ended 31 March 2018 (continued)

16 Analysis of movement in restricted funds

Balance at Balance at
18 July 31 March
2017 Income Expenditure Transfers 2018
£ £ £ £ £

Big Local - 40,000 (14,879) - 25,121

Big Lottery - 80,852 (85,056) - (4,204)
Big Potential - 63,486 (37,228) - 26,258

Hastings Borough
Council CLH - 50,000 - - 50,000

Acquired
on transfer 24,939 (24,939) - -
Other small grants - 550 (550) - -
AHF PDG (5,145) - (5,145)

Total - 259,827 (167,797) - 92,030

Name of
restricted fund Description, nature and purposes of the fund

Big Local Development of Ore Valley masterplan and associated costs

Big Lottery To cover running costs of the society.

Big Potential Preparing the society for investment.

Hastings Borough Grant towards the purchase of 39 Cambridge Road, the grant will be
Council CLH released over the useful life of the property once it is brought into use.

17 Analysis of movement in unrestricted funds

Current reporting Balance As at 31

period at 18 July March
2017 Income Expenditure Transfers 2018
£ £ £ £ £

General fund - 4,041 (13,154) - (9,113)

- 4,041 (13,154) - (9,113)

Name of
unrestricted fund Description, nature and purposes of the fund

General fund The free reserves after allowing for all designated funds

17
 Heart Of Hastings CLT Limited

Notes to the accounts for the period ended 31 March 2018 (continued)

18 Analysis of net assets between funds

General Designated Restricted

fund funds funds Total
£ £ £ £

Tangible fixed assets 206,653 - 206,653

Net current assets/(liabilities) (101,016) - 92,030 (8,986)
Creditors of more than one year (114,750) - - (114,750)

Total (9,113) - 92,030 82,917

19 Financial instruments

Financial instruments measured at amortised cost comprise the loan financing provided by
members to the Society

2018
£

Loan payable falling due within one year 50,000

Loan payable falling due in more than one year but
in less than five years 114,750

164,750

The loan financing is in the form of unsecured loans with interest payable of 3-5% annually.

20 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as

Property
2018
£

Less than one year 4,774

4,774

18