Case study

Award-winning homes for the elderly

How we helped this charity to build 16 new sheltered housing units in Barnet.

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Project snapshot

What

Development of 16 sheltered housing units

Why

To provide an affordable place to live for older people in need, within a supportive community

The cause

The Finchley Charities have worked since 1488 to provide comfortable homes for older people across Barnet who are vulnerable, have disabilities, or limited financial means.

This project to build 16 new sheltered housing units received an award for Best Inclusive Development at the Inside Housing Development Awards 2018. It also helped the charity to make good use of unoccupied space on their site.

Our support

A £1.5m loan from CAF Bank partly funded the award-winning development. On the partnership with CAF Bank, Susan Faridi, chief executive of The Finchley Charities, said: “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.”

The charity used returns from investments alongside the loan to fund the building. This enabled the charity to grow its impact, while retaining more of its investment portfolio to support future projects.

Speaking about the charity’s plans, Susan 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”.

"We are really proud of this project. We have housed older people in need of sheltered housing, or more appropriate housing, or who were homeless - and they are absolutely delighted with their new home."

Susan Faridi, The Finchley Charities

The impact

The development was designed by Hampson Williams & Kimble Architects and completed with the help of the loan. The Charity worked closely with the London Borough of Barnet to allocate the flats to those most in need.

Susan said: “We are really proud of this project. We have housed older people who were in need of sheltered housing, who were in need of more appropriate housing or were homeless – and they are absolutely delighted with their new home.

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

With welcoming landscaping, comfortable seating areas, and paths designed for wheelchair use, residents can feel at home in a truly wonderful space.

“With over 500 years of service to the community, The Finchley Charities show that dealing with poverty and sustainable living are long-term objectives,” adds Richard Hunt, Head of Customer and Lending for CAF Bank. “It is a real privilege for us to be able to work with far-sighted partners.”

Project takeaways

Blending funding sources

Historically, many charities considered the idea of borrowing when they held investments to be counter-productive. Yet for others, blending debt and investments on the balance sheet can be a sensible strategy for long term growth and flexibility.

Importance of shared goals

The Finchley Charities also show that when building projects don’t run exactly according to plan, a bank which shares your aims is the key to a close, long-lasting partnership.

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