Where will the funding for Congresbury Village Hall come from?
£94,056 raised so far through local fundraising and grants
£136,325 promised in pledges so far
Project fundraising target – £570,000
£ 400,000 Community investment tax relief possible subject to HMRC approval
£ 50,000 – 2017 – 2019 fundraising activities, donations and Gift Aid
£ 50,000 – S106 monies from new housing developments
£ 25,000 – Buy a Brick 200 @ £100 + Gift Aid on 90% of donations
£ 5,000 – Rebuilding fund from Recreation club
£ 10,000 – from the Community café
£ 30,000 – fees / costs reduced from Architects Stride Treglown and other businesses
There will be a wide variety of users and activities in the new building which will mean the project we will be able to approach a range of funders for specific activities as well as the major funders.
We are working with the West of England Rural Network to identify and apply to grant funders. The following major grant bodies will be approached for funding:
Big Lottery Reaching Communities
Power to Change
Lawn Tennis Association
English Cricket board
Landfill Communities Trust
Energy saving grant schemes
– Social investment loans from individuals- tax relief possible subject to HMRC approval
– Charity bank. Charity Bank provides flexible loans to support charities and social enterprises from £50k to £2m
– Public Works Loan Board (PWLB). We will work with the Parish Council to explore a PWLB loan. They lend monies to parish and town councils. As an example – a £200k loan over 20 years @ 3.85% interest would require repayments of £17,700 per annum equivalent to approximately £14 per household per annum.
We are looking to raise £400,000 (minimum £250,000) by offering individuals an opportunity to invest in the new building. There will be a minimum investment of £100 in the community share offer. Apart from the community wanting to invest in facilities they want, there is a financial incentive to invest.
Subject to HRMC agreement the offer will enable tax payers to be eligible for 30% tax relief on their investment. Investors will have the right to withdraw their investment, subject to the terms and conditions stated in the offer document, but will need to keep the investment for at least 3 years otherwise they would have to repay the tax relief.