First Futurebuilders-funded housing for the elderly opens (17/05/2006)
17.05.2006
Grant for legal advice helps scheme save £500,000 of potential VAT
The first phase of one of Futurebuilders England’s first projects, a block of independent living units for the elderly, has just opened in Eastbourne. The project was part-financed using a loan from Futurebuilders – the Government-backed finance scheme to help voluntary and community organisations deliver better public services. The project will provide 36 new flats specially designed to enable older people to live as independently as possible. Futurebuilders invested £800,000 towards the cost of demolishing an existing building and constructing a new one, as well as funding legal advice that helped Queen Alexandra Cottage Homes save £500,000 on potential VAT.
Futurebuilders’ Chief Executive Richard Gutch said: “Queen Alexandra Cottage Homes is exactly the sort of project that Futurebuilders was set up to support. It is a great example of a charity providing a well thought out and much- needed service for local people using our unique finance scheme. We hope others will be inspired by this example to apply to Futurebuilders for investment to help them meet the needs of the community.”
Graham Shuttleworth, Chief Executive of Queen Alexandra Cottage Homes said: “This new building means we can help older people in Eastbourne live independently for longer because of the high quality accommodation that we are now able to offer. The integrated model of sheltered housing combined with residential and nursing care could be replicated in other parts of the country. The Futurebuilders loan of £800,000 enabled us to replace our outdated bed-sits with modern flats, and a grant paid for legal advice which led to us saving £500,000 of VAT.”
Queen Alexandra Cottage Homes is one of 125 voluntary, community and social enterprise projects to have benefited from £45 million of Futurebuilders finance. The scheme offers a mixture of grants and loans to organisations that are planning to deliver public services.
Futurebuilders is currently open for applications. Those wishing to apply should see the Futurebuilders website at www.futurebuilders-england.org.uk
Notes to Editors
For more information please contact Alice Grahame, Communications Officer, Futurebuilders England, on 020 7927 6346
- Futurebuilders England is the Government-backed finance scheme for the voluntary and community sector. It invests in organisations with a combination of grants and loans. Organisations pay back the loans with revenue from contracts with public sector agencies such as local authorities and primary care trusts.
- Queen Alexandra Cottage homes developed this scheme in partnership with East Sussex Primary Care Trust (PCT), Eastbourne Borough Council, East Sussex Social Services and the Eastbourne Strategic Partnership.
- Futurebuilders invested £800,000 towards the cost of the new flats and provided a grant of £12,000 for legal advice on VAT. The total scheme has been estimated at £3.7million. QACH is contributing £300,000 from its own resources.