Glendalough Resource Centre
The Association has in the past, raised funds/grants to cover all of the funding requirements to date. These included the cost of the site, construction of the car park, legal fees, architect's fees, professional advisory fees, and the clearing of an outstanding obligation on the old Social Club Hall. The amount raised, and spent to date is in excess of £200,000. The Board wishes to place on record their thanks and appreciation to all the committee members, and in particular the fund raising committee, and the Board looks forward to the continued support of the community.
As the construction of the Centre is now proceeding the need arises to raise a further £600,000. The Directors of the Company have proposed a mix of funding for the future. These include bank loans, community loans (the subject of this prospectus), private and company donations, grant aid and the sale of the existing social hall. Further sources of grant aid etc. are still being pursued.
It is planned to lease the 5 enterprise units, for a period of 4 years and 9 months, with a rent review at mid term. The remaining section of the Resource Centre will be used for community activity, and will be leased back to the Association.
Summary Financial Information
The reporting accountants, Fitzpatrick Morris Barrett, have reviewed the information as set out below, which has been compiled from the information, explanations, examinations and assumptions used by the financial adviser to the project, John Casey Chartered Accountant. They have obtained all the explanations, which they required for their review, and they confirm that the information as set out is correct, in accordance with the underlying assumptions used.
Annual rental income will incorporate income from the letting of units in the centre, together with an agreed annual rental to be received from the Association, in return for granting to them the use of the Community Hall. The fund-raising committee will also raise funds through specific events, which will include a car raffle, a race night and an auction and will also organise the annual festival.
The administration costs are the anticipated expenses of operating the Company annually. The interest costs are calculated based on the expected interest rate for the period of the bank loan, and the member's loans.
The directors of the company will be responsible for the maintenance and security of the company's assets, and be responsible for the securing and repayment of bank and members loans.