During the 18 year history of CVHT, a significant amount of money has been raised and spent as we make progress towards the return of free at the point of access community beds to Cranleigh.
To aid understanding of this fundraising and expenditure, the trustees have produced a comprehensive summary of the financial data. Income and expenditure have been allocated to one of four distinct phases of the project.
At a headline level, fundraising over the past 18 years (including bank interest) totals £1,788,000. The cost of raising these funds reduces the net fundraising total to £1,153,000.
This money was spent on essential project-related tasks (including technical and legal advice, as well as the formal planning aspects), and trust-governance costs. By the end of the four phases shown in the attached table, the net liquid assets of CVHT (i.e. cash) reduced from around £774,000 in 2006, to the current balance of around £258,000.
This figure does not include the very significant financial benefit to CVHT from gifted ownership of the Knowle Lane site in 2010, which is valued on CVHT’s books at £2.4m. This value is the result of the previous planning consents granted for the site.
The £2.4m current value of the Knowle Lane site does not however fully reflect the ‘potential functional value’ of the site, which will increase once planning consent for the current proposed care home is granted, and the contract entered into with the operator, HC-One.
HC-One will, without cost to CVHT, construct the care home, spending an estimated £3.3m on this project.
In addition, HC-One will give £1m to CVHT. When combined with monies pledged by a local benefactor, this will allow the development of the proposed staffing block at a cost of around £2m, with no debt incurred by CVHT.
As a result, the functional value of the completed scheme (once planning permission for the current proposals are granted) would amount to around £5.3m, or around triple CVHT’s gross fundraising since 2002.
The proposals will place CVHT on a solid financial footing, providing community beds and staff accommodation which complement the services provided in Cranleigh Village Hospital, Cranleigh Medical Centre, and by the Community Nursing Service.
For a full explanation and breakdown of the finances associated with CVHT since 2002, please read our comprehensive briefing note and financial summary matrix.