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Renovation

Objective

The Trustees believe it is very important that everything possible is done to protect this valuable and attractive piece of village heritage.   The object of the Trust is to provide good quality affordable accommodation for local elderly people and so contribute to the sustainability of Marshfield as a rural community.   This building needs upgrading to modern standards so that it can continue to provide affordable accommodation for local people.  

Project

Currently, the remaining houses have poor insulation values and use of a central heating system precludes resident choice and can lead to higher heating bills.   Inevitably, when improvements are done, they must be undertaken to current Building Regulation standards, which may require additional works.

The following works are required to comply with current standards and expectations:-

Replacement of the flat roofs to the rear, including improved insulation levels	Last major repair in 1975
New windows and back doors	Last replaced in 1975
New kitchens and bathrooms	Last replaced in 1975
New central heating boilers	Communal system installed in 1975
Provision of first floor WCs	New facility - winding staircase from first floor bedroom to WC is difficult, particularly night visits for elderly residents
Extension of common room and conservatory	New facility - to improve the sense of community within the Almshouses and to increase the living space by provision of an additional sitting area.
Rewiring	Last undertaken in 1960s

Alongside these changes is a firm steer from Government that elderly people should be encouraged to stay in their own homes as long as possible, with appropriate support.   The project gives the Trust an opportunity to look afresh at its current provision and to create a community that is both appropriate to the current needs and aspirations of the Trust and its Clients and is responsive to future changes.

Architects, Wrigley Associates, have been appointed with specific knowledge of working with Listed Buildings.   After discussion with the Planning and Conservation Officers of South Gloucestershire Council, Planning and Listed Building consents have now been granted.  

Fund Raising Strategy

The cost of these works has been estimated at £561,000 at today's prices including VAT and fees.   With the limited reserves currently held by the Trust, this is simply not affordable at the present time.   Other sources of funding include:-

Social Housing Grant

The Trust  received notification in April 2006 of a grant for £104,000 for the first half of the work (Phases 1 & 2).  The local authority supported our bid to the Housing Corporation on the understanding that the type of potential resident was widened.  The Trust will have to bid against other Housing Associations for a similar grant for Phases 3 & 4 and the next bid round is in 2007 for the year 2008/09.  There are no guarantees that a bid will be successful.  However, the fact that the Trust will have completed four properties, already owns the buildings and is in receipt of planning permission and Listed Building consent, will make the project for the remaining four properties deliverable.  Splitting the grant requirement over a number of years will be attractive and is likely to be more successful.  It should be recognised that the Trust will not be creating additional units and support from the Local Authority will therefore be at a lower priority than for new-build schemes.

Mortgage

The rents charged are being restructured in line with Housing Corporation guidelines and will eventually result in an improved cash flow for the Trust.  This will provide long-term sustainability for the charity and enable a mortgage to be charged against the property and provide much needed funding for the refurbishment.  However, it is unlikely that the properties will be attractive to potential residents at a higher rent before these refurbishments have been completed.  Consequently, the revenue available limits the maximum affordable mortgage to around £55,000 only when the refurbishment has been completed.

Fundraising
The difference between total costs and the sums that may be available through mortgage and grant funding at today's values amounts to around £226,000.   This sum will take some considerable time to accrue, by which time costs will have increased.

Phasing

Consequently the Trustees have decided to phase the works over a period of years.

• The costings have been prepared by Chartered Quantity Surveyors, Bare Leaning and Bare, at Quarter one 2005/2006 levels and updated, by 5% per annum to allow for inflation, until anticipated date of spend.

• The anticipated fundraising is the minimum necessary to ensure that the Trust retains a reserve of £20,000 over the life of the project to protect against unforeseen major repair or other costs.

• The overall fundraising is increased if the project is phased to reflect that large sums are unlikely to be raised in any one year.  

• Over the same period, rents will increase in line with rent restructuring but will still be kept within affordable levels.   Any properties which become void over the period will immediately be relet at target rents and once their refurbishments have been completed.

• Once target rents have been achieved for all units, the Trust is in a position to sustain a mortgage and consequently this has been identified towards the final phase costs.

• By breaking the internal works into 5 phases - four comprising two houses and the last covering external works - the disruption to residents is minimised.   It will also ensure that if fundraising takes longer than suggested above, future phases can be deferred in discrete packages without prejudicing the project as a whole.  

• The most important works, relating to the structural integrity of the building, take priority over the more cosmetic elements; the conservatory is seen as desirable but not an essential element and has therefore been programmed at the end.

• General fundraising advice suggests that we are unlikely to raise large sums locally and consequently we will be seeking to target national trusts for donations.   In addition we will seek sponsorship of specific elements of the building from businesses and other local organisations.  

Summary of Phased Costs

	Phase One 2006	Phase Two 2006/2007	Phase Three 2007	Phase Four 2008	Phase Five 2009/2010	Total
Construction cost	94,127	101,548	101,545	106,035	72,838	476,096
Electrical Cabling			23,028			23,028
VAT	3,067	3,067	7,097	3,067	12,900	29,198
Fees at Housing Corp recommended rate	24,299	24,982	24,982	26,023	24,131	124,417
Total	£ 121,493	£ 129,597	£ 156,656	£ 135,125	£ 109,869	£ 652,739

Income

	Phase One 2006	Phase Two 2006/2007	Phase Three 2007	Phase Four 2008	Phase Five 2009/2010	Total
Local fundraising Completed	14,917	44,446	31,643	0	0	91,006
Local fundraising to be undertaken	0	0	0	7,701	24,869	32,570
Reserves	52,000	0	6,000	0	0	58,000
Operatibg surpluses	0	0	14,456	0	0	14,456
Grant from Trusts	0	0	0	21,467	40,000	61,467
Grant from Trusts completed/td>	0	35,150	70,000	0	0	105,576
Special Housing grant	0	0	0	95,424	0	95,424
Social Housing Grant completed	54,576	50,000	0	0	0	104,576
NAA Loan	0	0	34,467	10,533	0	45,000
Mortgage	0	0	0	0	0	45,000
Total	£121,493	£129,596	£156,656	£135,125	£109,869	£652,739
Confirmed Income	121,493	129,956	122,189	0	0	373,278
Projected Income	0	0	34,467	105,957	45,000	185,424
Funds Required	0	0	0	29,168	64,869	94,037