The Finchley Charities

London N2, UK

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Living in a comfortable home and being part of a community is something most of us aspire to.

Award-winning almshouse charity The Finchley Charities is helping provide just that for older people across Barnet who are vulnerable and/or have disabilities, who are of limited financial means and in need of sheltered housing.

With the help of a loan from CAF Bank*, the organisation completed the development of 16 new sheltered housing units and worked closely with the London Borough of Barnet to allocate the flats to those in need.

Speaking about the project, Susan Faridi, chief executive of The Finchley Charities, said: “We are really proud of this project. We have housed older people who were in need of sheltered housing, in need of more appropriate housing and/or were homeless who are absolutely delighted with their new home.

“Here, they can receive added support if they need, but most of all they can be part of a supportive community. This is extremely important to reduce social isolation and loneliness.”

Offering the flats at an affordable rent, the aim of the housing scheme is to provide residents with lifelong homes.

Susan added: “We wanted to achieve a high quality, sustainable design, with a feeling of spaciousness where residents can relax and enjoy. We also encourage residents to join in social activities and enjoy a neighbourly chat.”

The bank has been very supportive all along. That's what makes a difference; they have been with us from the start.

Susan Faridi
Chief Executive, The Finchley Charities

Other charities' projects completed with CAF Bank's help

BLENDING BORROWING AND INVESTMENTS

The Finchley Charities was able to complete the development at 22-25 Thackrah Close after a £1.5 million loan from CAF Bank.

Thanks to that loan, the project was completed successfully and shortly after was recognised with the award of Best Inclusive Development at the Inside Housing Development Awards 2018.

On the partnership with CAF Bank, Susan added: “It’s been an experience which I never expected. The project was challenging at times because of building delays, but the bank has been very supportive all along. That’s what makes a difference; they have been with us from the start.”

She added that the charity has a long history, dating since 1488, and are now looking to the future and how to continue building on that legacy.

After bringing this development to life by blending borrowing and returns from investments, they hope to grow this and continue diversifying their income.

Speaking about the charity’s plans, she said: “We are hoping that our investments will give us an alternative source of income. And if we develop other homes in the future, trustees will look at all options of funding by looking at partnerships and other funding models.

“There are risks involved with investments and many charities operate at a deficit so we have to ensure we are sustainable long term. Charities have to be more focused and more business minded when developing new homes.”

The charity manages a total of 172 flats over three sites which are supported by five sheltered housing officers (SHOs).

Designed by Hampson Williams & Kimble Architects, the newest development at Thackrah Close includes paths that are designed for wheelchair use, as well as landscaping and seating areas to enjoy the outdoors.

FINANCING YOUR FUTURE PLANS

If you run a housing association or charity looking to finance a property development, purchase or renovation of existing stock, contact our charity loan experts today to discuss your requirements.

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* CAF Bank loans are non-regulated products.

Loan applications subject to credit assessment. Security will be required.

Your personal or company’s assets may be at risk if you do not keep up with the repayments for a mortgage, loan or any other debt secured on them.

If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the term of the debt and increasing the total amount you pay.

CAF Bank Limited (CBL) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 204451. Authorisation can be checked on the financial services register at www.fca.org.uk

CBL Registered office is 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ. Registered under number 1837656. CBL is a subsidiary of Charities Aid Foundation (registered charity number 268369).

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AWARD-WINNING HOMES FOR OLDER PEOPLE