Let $t_0$ be the time instant of interest, $t_{-1}$ be some time before $t_0$, and $t_1$ be some instant in time after $t_0$.
Now there is no confusion with forecast - if the present time is $t_0$, a forecast at $t_1$, for example, uses a model that assimilates observations at $t_0$, and then step forward in time to make the forecast at $t_1$.
Suppose now the present time is $t_1$. I'm confused as to what a hindcast at time $t_0$ means. Do we start up the model at $t_1$, then go backward in time to compute the hindcast at $t_0$, or do we start up the model at $t_{-1}$, then run the model forward to get to $t_0$?