Financing

The Town Council have identified that a budget of £1.9 million for the development is affordable. This would be made up of a £1.4 million loan from the Public Works Loan Board and £500,000 from “earmarked reserves” - these are reserves that have been specifically built by the Town Council over a number of years to fund a new community facility.

Whilst we will be applying for various Public Grants, our budget takes no account of these.

Currently we are operating two facilities: Crown Yard, which contains the staff office and the Council meeting room, and Chantry Way. Crown Yard is rented and costs around £36,000 per year in rent, rates, insurance and various other costs. Chantry Way costs around £13,000 to run. Merging the two facilities into a single building in Chantry Way will reduce duplicate costs and ensure that any money spent is invested in an owned building rather than sunk into unrecoverable rent.

In 2017/8 the Chantry Way hall provided an income of £11,700 made up of a mix of income from community groups at subsidised rates, and market rate income from commercial organisations.

We have budgeted on an annual income of £25,000 from the new facility (hall and meeting rooms) which we believe to be easily achievable.