1. How many people will benefit?
Young people currently stay with us for 9 months. With 146 rooms that means that over the course of some 60 years we will provide a lifeline to some 10,000 young people. That's before the surplus that the hostel will create allowing us to re-invest into new detached youth work services across London. 2. How much is the project costing?
After a first round tender process we have tied the project costs down to £19.4m. Whilst we will go out to tender again we are confident that the revised tender process has eliminated areas of uncertainty for the selected contractors and will therefore come in near to this price. 3. How much funding is already secured?
We have secured £16.4m to date as follows:
- Government Grant £8,760,000
- Mortgage £5,000,000
- Donations £830,634
- Pledges £858,590
- Total £16,404,922
That leaves us just under £2 million left to raise.
4. Why are you still looking to raise £2m
The above plans still rely on a £6m mortgage. That's a huge commitment for a charity. Every penny that we raise will allow us to reduce that mortgage commitment allowing us to invest any surpluses in future years into support for London's homeless young people.
5. How do you know that the hostel is needed?
Our current provision constantly runs at 98% occupancy rates. The only reason that's not 100% is the few days between residents moving out and into a room when maintenance work is often required. Also, we regular are forced to close our waiting list as we simply don't have the rooms to offer young people. 6. How we you fund the hostel when it's open?
We already work in partnership with Islington and Hackney Councils in working out a funding formula around Housing Benefit that covers the costs of running the hostel. This will act as a guaranteed income for many years to come. Infant the charity will become self-sustainable when the hostel is opened. We will be able to start to invest in a new programme of detached youth work across London. 7. What if Housing Benefit is removed by the government?
We don't believe that Housing Benefit will go in its entirety, especially as the young people that we are working with are homeless. They have no where else to turn. Even the current government changes include exceptions to the rule and we are working with some of London's most-at-risk young people. 8. How does this 1% reduction in social rent affect the project?
We have already built this government enforced rent reduction over the next four years into our budgets. As the hostel won't open again until 2018 the current scheme won't impact us much and is manageable. 9. Where will the young people go when you close?
We've been working hard on our aim that no young person from Errol Street will be made homeless when the hostel closes. We have secured a 15 year lease on Monarch Court which provides 87 beds and Errol Street residents will have the first right of refusal for these rooms. We will then create a rent deposit scheme to secure move on accommodation for other residents. It's going to be tough but when you remember that young people stay with us on average for 9 months, then a number will be moving on naturally already. 10. Are all your young people really homeless?
Yes, we only accept young people who are referred through professional agency channels. You can't self refer so they have all been vetted before being taken through our own application channel. 11. Can I come and see for myself?
yes we would be delighted to meet you in person. Please contact us. 12. When will the building work be completed?
Our plans are to open the new hostel by the summer of 2018. Of course building projects are notorious about running over schedule but a Design & Build contract will include penalty clauses for any overrun.
If you have any further questions please don’t hesitate to contact us: Chris East
, Appeal Director e
. email@example.com m.