Finance - Gracewell

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Finance

Whilst in 1928 £18,000 was a large sum, even after building the bungalows some £7,200 was left for investment.  It appears that the 10 original bungalows cost something under £10,000, after allowing for some money in hand for running expenses.

The Trust has always struggled for money but has been blessed, over the years, with substantial donations from various other charities and considerable bequests, benefactions and donations from former trustees and other organisations.  We are particularly grateful for that help in the past and the continuing assistance, which is still being provided by Baron Davenport's Charity, the Douglas Turner Trust and many others.

Without the capital sums which they help to provide - together with improvement grants from the City of Birmingham and from The Housing Corporation - the Trust would not have been able to proceed with conversion work, the provision of electricity to the old bungalows and heating to all units, together with the new bungalows and "Fosters".  It was not until about 30 years' ago, that contributions were sought from the residents, initially to cover the cost of those units which were provided with central heating.  As the costs of administration and providing wardens and other staff increased, maintenance contributions were gradually introduced, but no formal maintenance collections made until July 1971.

The maintenance contributions which are made by the residents, not only cover the upkeep of the exterior of the properties, but the full internal running of the flats at "Fosters", full central-heating, water charges and, of course, the administrative costs including wardens and other staff.   All the trustees continue, as before, to offer their services without charge.
 

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