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Huntly Development Trust | RBS Social & Community Capital
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Huntly Development Trust (HDT) is a dynamic community organisation based in the historic market town of Huntly, Aberdeenshire. Since its establishment in May 2009, HDT has been dedicated to making Huntly and its surrounding areas an even better place to live, work, and visit. Their focus spans social, economic, and environmental sustainability, including community regeneration, educational initiatives, and the promotion of art, heritage, and culture.
One of HDT's most ambitious initiatives is the restoration of Number 30, a £3.5m project aimed at creating jobs, volunteering opportunities, and leisure activities in the heart of Huntly. However, the scale of this project brought significant challenges, particularly around VAT on contractor invoices, which could be as much as £60,000 at a time. Although HDT had secured grant funding and could reclaim VAT as a charity, covering this VAT upfront posed a cash flow challenge.
To tackle this challenge, Social and Community Capital (S&CC) stepped in with a VAT bridging loan for HDT. This financial assistance allowed HDT to manage their cash flow effectively during the extensive refurbishment period.
“The VAT bridging finance was crucial in protecting our organisation's financial stability during the refurbishment. It meant we didn’t have to resort to fixed, inflexible loans. Since this loan was tailored for a specific need, we were free of any financial encumbrances once the project was completed. This flexibility helped us plan for the future while maintaining our financial balance.” – Carolyn Powell, Joint General Manager at HDT.
The transformation of Number 30 is set to significantly benefit the Huntly community. The ground floor will house a large café, retail space, and a 60-seater cinema, while the first floor will feature split-level co-working spaces, a beautiful gallery, and a learning and training area. This multifunctional space will serve as a vital community hub, the only one of its kind for over 40 miles.
Number 30 is more than just a building; it embodies HDT's mission. Carolyn feels optimistic about the future: “Our hopes for Number 30 are that it becomes a catalyst for further investment, activities, and projects within Huntly town, providing lasting benefits to the local community and district.”
One of HDT's most ambitious initiatives is the restoration of Number 30, a £3.5m project aimed at creating jobs, volunteering opportunities, and leisure activities in the heart of Huntly. However, the scale of this project brought significant challenges, particularly around VAT on contractor invoices, which could be as much as £60,000 at a time. Although HDT had secured grant funding and could reclaim VAT as a charity, covering this VAT upfront posed a cash flow challenge.
To tackle this challenge, Social and Community Capital (S&CC) stepped in with a VAT bridging loan for HDT. This financial assistance allowed HDT to manage their cash flow effectively during the extensive refurbishment period.
“The VAT bridging finance was crucial in protecting our organisation's financial stability during the refurbishment. It meant we didn’t have to resort to fixed, inflexible loans. Since this loan was tailored for a specific need, we were free of any financial encumbrances once the project was completed. This flexibility helped us plan for the future while maintaining our financial balance.” – Carolyn Powell, Joint General Manager at HDT.
The transformation of Number 30 is set to significantly benefit the Huntly community. The ground floor will house a large café, retail space, and a 60-seater cinema, while the first floor will feature split-level co-working spaces, a beautiful gallery, and a learning and training area. This multifunctional space will serve as a vital community hub, the only one of its kind for over 40 miles.
Number 30 is more than just a building; it embodies HDT's mission. Carolyn feels optimistic about the future: “Our hopes for Number 30 are that it becomes a catalyst for further investment, activities, and projects within Huntly town, providing lasting benefits to the local community and district.”
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