Building the NVH:

Project Finances

The final project cost, including professional fees, construction costs, fixtures, fittings, furniture, landscaping and non-reclaimable VAT amounted to approximately £549,000. This was £39,000 (or 7.5%) more than the original project budget of £510,000. The increased costs were primarily due to the unforeseen need for extra groundworks and late changes to the roof design. The cost of the circular meeting room was also substantially higher than originally estimated.

At the completion of the project there was a £30,000 funding shortfall. This was partially covered by a £25,000 loan from ACRE (Action for Communities in Rural England) that had been agreed with them as a precaution before the project started. The loan is repayable over 5 years and the interest rate is variable at 1.4% over base rate. It is due to be repaid by 2014 and we are on track to achieve this. The remaining shortfall was met by additional fund raising; unbudgeted grants and donations amounting to almost £11,000 were secured in 2009.

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