A Hall for all our futures

Broad Hinton Village Hall

VILLAGE HALL FINANCIAL UPDATE DECEMBER 2011

As we approach Christmas and the end of 2011 I thought it was time to give you the latest update on how you’re new Village Hall is doing both financially and in terms of overall usage. I think you will be very pleased with the information I am going to share with you.

Charity Bank Loan

I sure everyone is aware that in 2009 we took out a loan from the Charity Bank of £100,000 with a repayment period of 25 years to help pay for the building of the new hall. The following details the latest position regarding this loan.

We have now been paying off the loan for 32 months and we have made the following additional capital repayments, two of £5,000, one of £3,000, one of £3,500 and two of £4,000. This makes a total of £24,500 paid off of the loan. Even though we have paid off these additional lump sums we maintained our regular monthly payments at the original level. This has meant we have paid off more capital and we have reduced the term of the loan from February 2034 to February 2025. As at the end of November 2011 the overall outstanding loan was down to approximately £68,678.76.

Hall Usage/Fund Raising

Since the hall was opened in 2009 one of our objectives has been to increase the Usage of the hall and I am pleased to report that we are making excellent progress. You can see from the figures below that hiring income has been steadily increasing since the new hall was opened in May 2009.

We have also increased the number of fund raising events we hold each year; as a result fund raising income has remained at a consistently high level, which has helped greatly towards paying off additional loan amounts.

Financial Year	2007/2008	2008/2009	2009/2010	2010/2011	2011/2012 Estimated
Hall Hiring Income	£7,549.80	£2,911.61	£8442.04	£9,944.76	£11,000.00
Fund Raising Events	£9,405.41	£4,985.20	£11,228.94	£11,998.45	£10,000.00

Based on the current hiring and fund raising income predictions, and an assumption that we continue to pay off at least £5,000 per year we estimate to have the loan paid off by 2020.

The hall’s finances remain in good shape, we are on target to hit our financial goals for 2011/2012. One of the reasons the additional loan repayments are possible is due to the incredible support we receive from the local community, the Village Hall committee is very much aware of this fact and we thank all of you for your continued support.

I am also extremely pleased with the feed back I get from people who use the hall, everyone loves its design and are impressed by the facilities the hall offers. It is most noticeable when I speak to people who come from other communities, they often say that their village hall is in need of refurbishment or rebuilding and would love to have a hall like ours. We should all be very proud of our Village Hall, it is a crucial part of our community.

On behalf of the Village Hall committee members I would like to take this opportunity to wish you all a very merry Christmas and a happy new year.

James Gates

Chairman of the Village Hall Committee