BHCLT Share Offer Document

TRUST D N A L Y T I N U COMM E V O H & N O T BRIGH

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R E F F O E R A H S Y T I N U M M

COMMUNITY SHARES FOR COMMUNITY-LED HOUSING Brighton & Hove Community Land Trust (BHCLT) wants to put housing development back in the hands of the people who need it. We want to develop creative, sustainable and affordable alternatives in a place that has become inaccessible for too many people. We are issuing community shares to raise capital that will enable us to purchase our first property, which we will lease to one of our community-led housing groups: SEASALT, a student housing co-operative. Our long-term aim is to mobilise community investment in housing across the city to support our different community-led housing groups and projects to create homes that are secure and of community benefit forever.

RETURN: expected 3% annually, starting to accrue from January 1st, 2021

VESTMENT: TERMS OFruarIN y 2020

Opening date: Saturday 29th Feb hed our minimum target by this Closing date: 31st October 2020 (if we haven’t reac share offer for up to six months) date, our Directors reserve the right to extend the Minimum target to be raised: £260,000

Maximum target to be raised: £385,000 Cost of shares: £50 Minimum investment: £250 £100,000 for organisations Maximum investment: £26,000 for individuals and this offer, shares withdrawable by Withdrawal: from 2 years after the closing date of request with 3 months’ notice y in January, with the first Interest payment date: Interest will be paid annuall interest payments being made in January 2022. are a form of risk capital.

As with shares in companies, community shares pensation Scheme, so if the They are not covered by the Financial Services Com their money. enterprise fails, investors can lose some or all of

The Community Shares Standard Mark is awarded by the Community Shares Unit to offers that meet national standards of good practice.

For more information about community shares, the Community Shares Standard Mark and the Community Shares Unit go to: communityshares.org.uk

S T N E T N CO to the 2

d solutions Community-le ing situation current hous & Hove 4 n to h g ri B in g sin unity-led hou m m o c in g n ti Inves 6 Our projects e narrative 11 th l: e d o m s s e The busin Risks 13 jections 14 ro p l ia c n a n fi s and BHCLT finance ack-record 18 tr , e c n a rn e v o History, g FAQ 20

HOW TO INVEST: Our investment

partner Ethex is managing the administration of this share offer for us. Ethex is a not-for-profit web platform which makes investing easy to understand and do.

TO INVEST, PLEASE VISIT

www.ethex.org.uk/BHCLT

Brighton & Hove Community Land Trust Society number: 7502 Registered address: 3 Christchurch House, Bedford Place, Brighton, East Sussex BN1 2QJ Website: www.bhclt.org.uk

COMMUNITY-LED SOLUTIONS TO THE CURRENT HOUSING SITUATION For decades, we have had a housing market that prioritises investment over providing homes.

Inequality is rising and there is a growing threat of climate breakdown. People feel more isolated and there is a sense that communities are breaking apart.

The problem in Brighton and Hove is particularly acute. We have some of the highest market prices for land, housing and rents in the country in relation to income. Homelessness, house prices and council waiting lists are all increasing. The private rented sector – the only option for many – is insecure, expensive and often of low quality. People earning the national average wage or lower are priced out of accommodation in the city and have to move away from their communities and places they live and work, while a generation of young people born in Brighton and Hove can’t afford to live in the city they were raised in.

We want to change this and with your support and investment we can. Speculation in land and buildings is a massive part of why we have a housing crisis and why we have such rampant inequality in our society.

With your investments we want to raise money to buy land and make sure that it remains a source of decent housing for ever. We will: • Buy freehold properties and lease them to community-led housing groups • Buy freehold land (or land with a long lease) and develop it ourselves, then lease the resulting properties to community-led housing groups, or lease it and let the groups develop it themselves Community-led housing is a way in which groups of people come together to develop housing solutions to fit their shared housing needs. It could be about living together in different ways, building communities to support each other as members grow older, creating secure housing for groups who struggle to find it, or about living more sustainably.

AVERAGE RENTAL COSTS TAKE UP 68% OF THE MEDIAN HOUSEHOLD INCOME.

THE HOUSING SITUATION IN BRIGHTON & HOVE:

-bed house An average 3 Hove costs in Brighton & £481,703 uld require To buy it* wo usehold an annual ho 9,999. income of £10

The median gross household income is £29,100 33% of households earn under £20,000.

Figures taken from the Brighton & Hove City Council Housing Market Report, September 2019

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* Calculation based on a 25-year mortgage of 3.25 times income at 5% interest with a 25% deposit

WE BELIEVE THAT EVERYBODY, REGARDLESS OF INCOME, SHOULD HAVE ACCESS TO A HOME THAT IS AFFORDABLE AND SECURE. Community-led housing means that those who benefit have collective control and ownership over their housing. It is about rents that are genuinely affordable, based on incomes and social values, rather than the market. Community-led housing prioritises homes and communities, not profit.

“AS A COMMUNITY LAND TRUST, BHCLT CAN BUY LAND AND PROPERTY AND HOLD IT IN PERPETUITY. IT CANNOT BE USED TO MAKE PROFIT AND IT STAYS IN THE HANDS OF THE COMMUNITY PERMANENTLY�.

SOME FACTS & FIGURES

Mortgage lending is traditionally limite d to around 3.25x annu al income. The average house costs over 16 times th e median income.

WHAT ARE COMMUNITY SHARES? Community shares are a way for people to invest in the issues that matter to them and for organisations to raise the necessary capital to progress their community projects. The term refers to non-transferable, withdrawable share capital which is a type of capital that can only be issued by co-operative societies and community benefit societies. What this means in practice is that you can withdraw your shares at any point, subject to certain conditions. You receive an annual return on your investment (although you can choose not to) and get a say in how the society runs. In a community benefit society, every member has one vote, regardless of level of investment.

RETURNS ON BHCLT SHARES Developing land and property is expensive in Brighton & Hove, even when, as in our projects, a lot of the groundwork is put in by people working on a voluntary basis. We want a share offer that compensates investors, while remaining true to our overall aim, which is to create housing that is affordable, in the most innovative and efficient ways possible. We are proposing a 3% interest rate which will be paid annually, with first payments being anticipated in January 2022.

WITHDRAWAL OF SHARES Members can request withdrawal of shares from 2 years after the closing date of this offer. Investment can normally be withdrawn subject to a 3-month notice period to the directors. We intend to make 5% of share capital available annually to cover share withdrawals and therefore applications more than this level cannot be guaranteed. We will treat applications for withdrawal on a first-come firstserved approach, with priority given to probate cases.

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INVESTING IN COMMUNITY-LED WHAT THE INVESTMENT IS FOR With the capital raised from this share offer, BHCLT will buy our first property, which we will lease to SEASALT, a student housing co-operative who we have been working with for the past 3 years to develop the project.

Income from the lease will be used to pay back mortgage costs, interest on share capital, ongoing maintenance and development of the properties and our running costs. We will also use it to generate reserves, which we will invest into future projects to continue to grow community-led housing in Brighton and Hove. As we grow our asset base, it will be easier to raise finance to expand and develop new projects.

HOW WE WORK

BHCLT helps to bring together the three different elements fundamental to any community-led housing project.

Without each of these elements in place, it is impossible to develop viable alternatives in our current housing market.

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THE PEOPLE – OUR GROUPS We are a grassroots movement, made up of lots of different community-led housing groups. We work in partnership with groups, based on the level of support that they need, to identify and develop their own housing solutions. We want to enable projects to happen rather than doing it all ourselves because it builds skills, experience, knowledge, power and resources across the city.

The people provide the ongoing voluntary contribution required to drive a project forward, both in the initial absence of capital, and over the lifespan of the project. Once the housing is ready, groups move in and share collective control and ownership of the scheme going forward. This includes management of rental income, responsibility for repairs and maintenance (often including some levels of DIY themselves) and decisions over group matters and communal facilities. We continue to work closely with groups, particularly in the initial years, to ensure good management of the project, any support needs that arise, and to address problems early and together.

This ongoing group process and input is part of what makes it possible to maintain affordable rents and makes community-led housing different.

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HOUSING IN BRIGHTON & HOVE We have supported our groups to secure £524,000 in pre-development grant funding from Homes England and Power to Change, with decisions on an additional £1.08 million still in process, pending an extension of grant deadlines.

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THE SITES BHCLT has been supporting community led housing in the city since 2017. We have 15 active groups of people, with property and land purchase being the key issue for nearly all these groups. Land costs are exorbitant in our city. We build relationships with sympathetic owners who are willing to accept the longer time that is takes to develop truly community-led and affordable schemes or consider lower prices for community and social benefit. This includes Brighton & Hove City Council who have identified 10 sites in the city suitable for community-led housing and committed to work with BHCLT to help enable this.

We also seek out housing alternatives to avoid creating additional pressure on existing housing stock, including empty and disused buildings and properties such as old guest houses, nursing homes and a redundant convent.

“THERE’S A STRONG DESIRE TO BUILD HOUSING THAT IMPROVES THE LIVING STANDARDS OF ITS MEMBERS… IT GIVES DIGNITY, IT REDUCES CONSUMPTION AND IT INCREASES MUTUAL COMMUNITY ENGAGEMENT”

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THE FUNDING Individual projects are funded through a combination of sources including grant funding, mortgages and ethical lending and community share contribution. For larger schemes, we look at mixed tenure and shared ownership models to cross-subsidise affordable and social rents.

The low-interest, long-term capital that we raise through our community share offer provides the initial funding required to secure other lending. For every £1 in community shares, we are able to access £5 in other funding sources. The more we raise, the more affordable homes we can create.

OUR INVESTORS

We know that there are many people in Brighton & Hove who recognise that the housing market is failing people and who want to play a part in creating community-led solutions. We also know that there are people who have capital who would like to use it to make housing fairer and more accessible for more people. As investor members, you will know that your money is going to create real alternatives for how people are able to live, showing how housing can be done differently.

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OUR PROJECTS THE FIRST PROJECT The first project is a partnership between BHCLT and SEASALT (South East Students Autonomously Living Together).

SEASALT is the first student housing co-operative in the South-East; founded by students to create affordable, high quality housing for students, who are some of the most likely to face exorbitant rents, unresponsive landlords and poor-quality housing.

SEASALT history WHY STUDENT HOUSING CO-OPERATIVES? Ownership gives people control over things that matter to them. Student-led co-operatives are about developing independence, living and citizenship skills and challenge the negative stereotypes of students. They have potential to demonstrate how students can manage their properties responsibly and make decisions which best meet the needs of their members and the local community, as well as offer students a stable home for the duration of their university course. By investing in long-term sustainable solutions students are empowered to solve their own housing needs. The project will establish a precedent in the city for better quality and more affordable student housing, helping to reduce pressure on family homes. It will demonstrate the funding mechanisms that can contribute to lower rents and more secure housing.

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This first student housing co-op in Brighton & Hove will serve as a pilot for wider community-led housing.

The co-operative will be able to accommodate students for 3 years with graduates able to stay for one additional year to ensure skills and knowledge are transferred. This is also a year when students can spend more time on community projects.

The idea of SEASALT was born in 2016 in response to then sabbatical officers’ manifestos, recognising that student-led housing co-operatives offer an empowering solution to expensive and poor-quality accommodation that students face.

An information event was help in February 2018, open to any student interested in finding out more about student-led co-operatives and shaping the future of student housing. A committed group of volunteers started meeting on a weekly basis.

SEASALT Housing Co-operative was officially registered as an Industrial and Provident Society in Spring 2018 acting as a pilot across both the University of Sussex and University of Brighton, with the vision of a student led initiative for affordable housing, democratic living and long-term sustainability.

SEASALT received funding and support from BHCLT to employ a part-time staff member and participate in a programme of training as well as attending relevant events, training and site visits to other housing co-operatives in Brighton and across the country.

“THIS IS THE FIRST STEP TO US BEING ABLE TO REGAIN CONTROL OVER OUR HOUSING CONDITIONS IN A WAY THAT CARES FOR THE WELLBEING OF STUDENTS AND THE ENVIRONMENT. NOT FOR PROFIT HOUSING IS VITAL TO HELP ALLEVIATE THE ARTIFICIAL INFLATION OF THE PROPERTY MARKET IN BRIGHTON.” SEASALT MEMBER

THE CURRENT STATE OF STUDENT HOUSING

THE FUTURE OF STUDENT HOUSING CO-OPERATIVES

RENT: Average student rent in the South East is £146 per week. (Student Accommodation Survey, 2018).

New halls build at Falmer due for completion 2020 is £156 per week (self-catered).

RENT: Rent is kept at an affordable rate (rising with inflation). There are no agency fees or prohibitive deposits.

ENERGY: 52% students feel uncomfortably cold in their current accommodation with 76% reporting that they limit the length of time they have the heating on in order to save money on energy bills.

(Rate your Landlord survey, 2015, University of Sussex) MENTAL HEALTH: 63% of students say the cost of accommodation impacts their mental health (National Student Accommodation Survey, 2019) UNRESPONSIVE LANDLORDS: Nationally, more than half of respondents (53 per cent) had experienced delays in getting repairs carried out and more than a third (34 per cent) had had difficulty getting in touch with their landlord or agent. (Homes Fit for Study Report, NUS, 2014) POOR QUALITY: 90% of respondents in properties managed by landlords reported that at least one room had been affected with mould with 10% living in properties with mould in every room. (Rate your Landlord survey) COMMUNITY TENSIONS: Students typically have to move every nine months with little time to get to know how things work and integrate into the local community.

WASTEFUL: For students who don’t have anywhere to store household items over the summer they have to either get rid of them which can lead to problems of fly tipping or are forced to purchase items again or pay for expensive storage.

SATISFACTION: Co-ops have the highest resident satisfaction rates of any housing type. (Bringing Democracy Home, 2015) COMMUNITY COHESION: Co-operatives set up in neighbourhoods affected by a lack of trust and lack of community, help to transform them, and help residents feel they are part of something (Independent Commission for Co- operative and Mutual Housing).

ENERGY: Students can access free energy audits through Brighton & Hove Energy Services Co-op and grants through the Sustainable Business Partnership to create a long term energy efficient warm home.

NO MORE LANDLORDS: Profits are spent on running costs and improvements. Money is saved for future housing co-operatives. Students learn to live democratically and make decisions in the interest of the Co-op.

HIGH QUALITY: Students have a vested interest in looking after their own property and a unique opportunity to learn new skills from finance, gardening to DIY. REDUCE WASTE: Furniture and household items stay with the Co-op instead of ending up on the street each time people move. Members can choose to buy in bulk to save money and cook communally to reduce waste ADDED VALUE: Studies show that sharing ownership by working cooperatively boosts productivity, innovation and entrepreneurship (The Co-operative Economy, 2017).

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Sea City have received £35,000 from Homes England and plan to buy their first property in 2020.

This will be a shared house of at least five people, all of whom will be people who need affordable housing such as key workers or carers.

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Sea City Housing Co-operative is a LGBTQ housing project that was set up to enable its members to live with the people they want, in the ways they choose, as they get older: more intergenerationally, more affordably and more sustainably. The Sea City vision is to see their members living in homes that make them feel happy and secure and to create a community of urban homes in Brighton & Hove, well-connected to city life and transport links, that enables them to support each other, share resources to reduce carbon footprint and share access to capital so that homes can be made affordable for those without equity.

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Please note: An electronic version of this policies map and detailed map of Brighton’s central area is available to view on the City Council’s website. Hard copies of the central area map will be subject to a charge unless an exception applies.

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We are working with a range of community-led housing groups across the city, all of which have been established to meet different housing needs. With each of these groups and projects, long-term, lowinterest capital is required to offer alternatives in our highly competitive housing market. If we are successful in this share offer, we will know that there is capacity within the city to mobilise investment around community-led housing and will look to further share issues. As we grow our asset base, it will be easier to leverage funding to expand and develop new projects.

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“We have a housing crisis in Brighton & Hove but (our) projects show that a whole range of people can take control of their housing, making it more affordable and better suited to their needs.”

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Bunker are working closely with the Estate Regeneration Team, who have identified several council-owned, derelict, garage sites that are too small and hard to develop conventional schemes.

On one of these sites, Bunker has negotiated a 125-year lease and their first two self-build houses are nearing completion. These homes are architecturally designed, high quality and truly affordable, using a modular system and a CLT (Cross Laminated Timber) super structure. Bunker are currently in pre-development stage on another site, with five houses and flats planned, a project which has secured £162,000 in Homes England grant funding. !

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BHCLT has provided enabling support to Bunker throughout their development. 1% of the capital cost of the project will be paid to the CLT on practical completion. This contribution enables us to recycle our grant funding and sustain community-led housing support into the future.

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SHS are currently building their first prototype pod.

Once the prototype is finished, it will be installed on a University of Brighton site for evaluation and testing. In the meantime, they are exploring different options for sites for meanwhile use across the city. No more than 6 pods will be housed on any one site, to help integration into the community.

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Bunker Housing Co-operative was formed in 2015 with the goal of housing low-income families living in private rented accommodation with little hope of either buying their own home or being housed by the local authority. All of Bunker’s membership meet Brighton & Hove City Council’s Housing Allocations Policy in terms of housing need.

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Sussex Homeless Support (SHS) is a charity who provide support, advice, accommodation and outreach to people in housing crisis. They run soup kitchens, organise food and clothes donations and have converted two double-decker buses on the seafront to provide overnight refuges for rough sleepers. Their new project aims to unblock the path between living on the streets and moving into decent rented accommodation, through the design and development of self-build temporary residential pods. These will provide an alternative to expensive and often unsuitable emergency accommodation, giving people the opportunity to re-adjust to life off the streets and start rebuilding their lives, including taking part in building these pod solutions.

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Please note: An electronic version of this policies map and detailed map of Brighton’s central area is available to view on the City Council’s website. Hard copies of the central area map will be subject to a charge unless an exception applies.

10

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Sussex Cohousing are a well-established active group and registered co-operative with around 400 people on their mailing list and a core group of 12 people driving the project forward. They have a really developed concept and finance plan and have been in the process of seeking land on which to develop their community for 2–3 years.

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BHLCT are working in partnership with Coldean Community Organisation and Brighton & Hove City Council around a site in Coldean that forms parts of the council’s Urban Fringe Assessment.

BHCC DA1 have identified this site as suitable for sale/lease to BHCLT for community-led housing, subject to best consideration.

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There will be a mix of tenures, including rental, shared ownership and ownership, which will be as affordable and as accessible as is feasible. The group plan to be of low environmental impact in construction, energy use and transport and want to be of benefit to the local community that they are based in.

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CCO is a community benefit society set up to support the development and management of communityowned homes and community facilities in Coldean, to improve the lives, skills, health and well-being of local residents. They plan to build affordable homes for local families, using sustainable design to reduce or eliminate reliance on fossil fuels and enable residents to reduce their impact on the planet.

270

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Sussex Cohousing is a group that is working towards the first cohousing project in or near Brighton. Their vision is of a life-enhancing community of 25–35 households, each with their own front door, but with shared resources including a common house for meeting, eating and pastimes.

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CCO (Coldean Community Organisation). Coldean was built as a Garden Estate in the 1950s to provides Homes for Heroes. Now, only 30% of the area remains council housing. Dramatic rises in house prices, alongside wage stagnation and low rates of building, mean that a high proportion of residents cannot afford to buy a home. Many larger family homes have become Houses of Multiple Occupation, designed for short-term, high profit lets to groups of students. Families who have lived in the area for generations are forced to move away.

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THE FINANCE PAGES

THE BUSINESS MODEL: THE NARRATIVE PROPERTY OWNERSHIP AND LEASE

BHCLT will be the owner of the property with SEASALT taking on an initial lease of 7 years, with a commitment to extension. The lease clarifies who is responsible for what and timeframes, with the day to day management of the home, the internal (nonstructural) repairs and internal maintenance being undertaken by SEASALT. BHCLT will continue to offer further advice and support where necessary. This framework helps us to deliver BHCLT commitment to long-term community benefit. BHCLT’s asset lock is a guarantee of this benefit in perpetuity, and a safeguard against capture by future members. It allows us to make available accumulated assets to support future projects, rather than becoming dispersed in ever lower rents.

THE PROPERTY

We are planning to buy a large property to lease for shared living, which SEASALT will take occupation of from the start of the spring academic term. As well as looking for houses designated as HMOs, we have identified opportunities created by the closure of local care homes and guest houses in the city. The demand for this type of property creates the best chance we have of securing a purchase in a highly competitive local property market. Initial calculations demonstrated that these guesthouses could meet our affordability criteria. In addition, the conversion of family homes into buy-to-let properties for students is one of the tensions in the Brighton & Hove housing market, putting pressure on often the poorer communities.

We have already been through the process of applying for planning permission on one property, the sale of which fell through in its latter stages. This has underscored how we need to have the funds to pay the deposit in place to be able to move quickly and secure an offer with owners of potential properties.

SETTING THE RENTS

The rents are based on an analysis of the student housing market in Brighton and Hove. Weekly rents are projected at £105 per person, with an annual rise in line with inflation. While this fits into the government definition of ‘’affordable”, as set at 80% of market value, we recognise that this is still quite high (the Local Housing Allowance, for example, is currently £98.96), and furthermore is predicated on rises and falls in the market. Our aim is for rents that are genuinely affordable and based on incomes. We are unable to achieve lower rents with property prices as they stand at the moment.

Our model contains relatively high allowances for voids and for maintenance costs, as we want to ensure that the property is well-maintained, project well-run and ensure we have allowed enough contingency. After the initial years, if turnover of tenants is low and well-managed, as planned, we will be able to reassess rent levels and decide if they are as we would want them.

ONGOING COSTS AND HEADLINE FIGURES

Ongoing costs for managing the property have been decided in partnership with SEASALT and drawing from our organisational knowledge of setting up and running housing co-operatives. They include 8% allowance for voids, £6000 annually budgeted for repairs and maintenance (with an additional £6000 allocated every five years for emergency repairs), insurance, and overhead/admin costs for both SEASALT and BHCLT. As this is our first project, we will reassess the budget in the initial years and reallocate expenditure if necessary.

Our headline figures also include our mortgage repayments and 3% annual interest payable on community shares (set at our minimum target raise).

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The table below shows the overall project cost for the first five years, including both BHCLT and SEASALT expenditure. Our overall BHCLT financial projections and cash flow position show the income to BHCLT through the lease and the expenditure that falls within our field of responsibility. It also models the projected 5% annual withdrawal of community shares.

HOW THE PROJECT IS FUNDED: Pre-development costs were spent and committed from a combination of funding sources including: BHCLT’s Community Led Housing Programme group support grants; Homes England Community Housing Fund; BHCLT and SEASALT own contribution (including in-kind contribution).

Long-term lending: We have progressed discussions with Ecology Building Society who are very supportive of the project. From this discussion, we have modelled a mortgage of approx. 80% loan-tovalue, spread over 40 years. This is initially modelled at a rate of 4% and has been stress-tested over the first 10 years with incremental increases to 7%.

COST OF SCHEME Purchase price of new property including initial renovation

820,000

Stamp duty Fees Day 1 work (including contingency) TOTAL COST

50,800 12,000 24,270 882,800

Income: Mortgage Community share offer Contribution BHCLT/SEASALT Rental income Expenditure: Property purchase & start-up costs Void provision Maintenance costs Management costs Mortgage repayment Interest on community shares Surplus/deficit CASH BALANCE

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Cash contribution from BHCLT and SEASALT: Both BHCLT and SEASALT have committed £10,000 to the project outside of other funding contributions.

For BHCLT, this funding is ring-fenced from our reserves, and for SEASALT it was received in the form of match funding from the University of Sussex. This money is intended to support the cash flow of the project and to deal with any unforeseen expenditure.

Community Shares: Our minimum and optimum target raise is set at £260,000, as the amount we will require to secure a mortgage on a property and to carry out initial renovation and energy efficiency measures, following the main long-term borrowing from Ecology Building Society. We have based this figure on our experiences with properties to date. Our maximum raise is set at £385,000. If we reach our maximum target, we will be able to fund a higher percentage of the project cost at the lower interest rate of community shares. This will give us the capacity for increased loan borrowing at a later date, meaning that we are always able to recycle the lower-interest, long-term capital from community shares into projects at earlier stages.

HOW IT IS FUNDED Ecology Building Society Mortgage Community Share offer (target raise) Contribution BHCLT/SEASALT TOTAL FUNDS

620,000 260,000 20,000 900,000

Year 1

Year 2

Year 3

Year 4

Year 5

620,000 260,000 20,000 45,218

60,894

61,503

62,118

62,739

(4,872) (6,120) (5,115) (31,095) (7,800) 5,893 27,697

(4,920) (6,242) (5,217) (31,095) (7,800) 6,228 33,925

(4,969) (6,367) (5,321) (31,095) (7,410) 6,955 40,880

(5,019) (12,495) (5,428) (31,095) (7,040) 1,663 42,543

(882,800)

Negative figures are shown in (brackets)

(3,000) (5,015) (24,800) (7,800) 21,804 21,804

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RISKS

We want out projects to be a success and to plan for a worst-case scenario. We have analysed the risks to the project and how we will take action to manage and mitigate these. The following is a breakdown of 4 of our main risks, impacts and associated actions. Our specific focus here is risks that might impact on our terms as specified to investors. Our full risks and issues log is provided in our business plan.

1

Groups default on lease payments (risk level: significant) We lease the property to SEASALT, who mismanage themselves and are unable to pay back the lease payments, which means we cannot make mortgage payments or repay interest to our investors.

Mitigating actions: l We work very closely with the groups who will be living in the homes we are developing. They are involved in viability and feasibility modelling, so that all costs are transparent, and it is clear how the projects have to cover their costs. l We give training to groups in understanding the financial viability of community-led housing schemes and have regular meetings to ensure that they are on schedule to have their group ready to rent and all their systems and processes in place, including rent arrears policies etc. l We have allowances for voids and unexpected costs within each project budget. l We use an experienced commercial property solicitor who works with us to ensure we follow best practice and can secure the property if we need to. l Ultimately, BHCLT is the owner of the property or the land and has the option to sell in the event of the project failing. In a market like Brighton & Hove there is little risk of prices falling.

2

Interest rates rise (risk level: significant)

The majority of the project is funding through securing a mortgage from Ecology Building Society, which is at variable rates. Interest rates rise on this mortgage and we are unable to sustain the increased costs.

Mitigating actions: l When we financially appraise schemes, we stress-test for rises in interest rates over time, so

l

there is capacity within our models and cashflow to accommodate this. We are prudent in relation to our project planning, based on historical experiences of developing housing co-operatives and community-led housing, both in the city and across the UK. We have ring-fenced reserves from both BHCLT and SEASALT so that we are prepared to deal with this eventuality should it arise.

3

Impact of coronavirus (risk level: significant)

Due to COVID-19, the universities move their teaching online and students a/ don’t return to Brighton or b/ the rental market in the city falls so there are many other affordable properties on offer Mitigating actions: l SEASALT have a core membership who want to move into the property and have already started a drive for new members. Although statistics show that less people are taking up university places, many people who are currently students consider Brighton their home and still want to live here, even with lectures online. The co-op offers advantages beyond the rents, so we are still confident of finding people who want to live there. We have weekly meeting with SEASALT and this is a recurring item on the agenda. l We have projected zero rental income for the first three months of the project, both to ensure that there is time to complete the necessary renovation works, but also in case there are any issues with recruitment. We see this as a worstcase scenario.

4

We raise money for this project but are not successful in raising additional funding for future projects. Our plans for scaling-up therefore do not come to fruition and we are only the landlord of a property for SEASALT (risk level moderate)

Mitigating actions: l Although it is our vision to develop more projects across the city, and we see our share offer as an initial step to achieving this, were we only to achieve this project, it would not undermine the value of the investment for the investor.

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BHLCT FINANCES AND FINANCIAL PROJECTIONS OUR FINANCIAL POSITION As at financial year end 31st March 2020, we had £43,797 in net assets, consisting of £43,403 in reserves and £394 in share capital.

We also had additional funding of £32,187 agreed from unallocated grants that is now considered unrestricted.

All other cash at bank and in hand is restricted grant funding, that is coming to an end in the next financial year.

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OUR FINANCIAL PROJECTIONS EXPLAINED We have three current and anticipated sources of incomes: 1: GRANT FUNDING Until 2020 we were dependent entirely on grant funding. To date we been successful in securing grant funding of over £900,000 to support our work and progress community-led housing in the city.

This has included: l

A Community Housing Fund grant of £464,500, allocated by Brighton and Hove City Council in October 2017 to support the set-up and delivery of our Community-Led Housing Programme

l

£15240 Reach funding from the Social Investment Business (SIB), awarded Feb 2019, to become investment ready

l

£8708, awarded in April 2019, from Community Organisers to set up a Social Action hub

l

£150,000 in September 2019 from the Enabler Hub funding programme, funded by the Ministry of Housing, Communities and Local Government (MHCLG)

l

Two grants of £255,281 from the Homes England Community Housing Fund towards predevelopment costs to work towards developing a large-scale community-led housing project on a Brighton & Hove City Council owned site in Coldean.

THE FINANCE PAGES

2: SERVICES TO GROUPS AND OUR SOLIDARITY CONTRIBUTION We are funded until March 2021 to run our Community-Led Housing Hub, providing a foundation of experienced contractors working for BHCLT to progress community-led housing projects in the city. A key objective is to make CLH advice and enabling self-sufficient in the city, rather than dependent on grant funding. We have developed methods for generating a fair and proportionate income from our work to sustain the CLH Hub in the future so that it can provide support to future CLH groups, whilst not risking the fundamental priority of CLH schemes delivering affordable homes.

These include: l

Charging groups for enabling services once they have been successful in securing funding either through grants or through progressing their schemes via other means;

l

Our 1% solidarity contribution, payable on completion of a scheme’s pre-development or capital completion.

We have a project pipeline of schemes, which analyses our group’s projected chance of success, based on current circumstances, and the anticipated income from each scheme. This is represented within our financial projections and sustains most of the support services of the Hub. In year 23/24 where there is a projected spike in income, it is when one of our largest schemes is planned for completion.

3: INCOME FROM LEASES If we are successful in our share offer raise and purchase a property, this will represent our first income from leases, as well as our first capital asset.

Ultimately our goal is to develop further assets and to hold land and property that will stay of community benefit permanently. As our other projects are still in very early and pre-development stages, we have not currently projected any other income from leases.

10-YEAR FINANCIAL PROJECTIONS The following tables show our 10-year financial projections, based on the three sources of income as outlined above. We have modelled these projections at both our minimum/ optimum share offer raise of £260,000 and our maximum share offer raise of £385,000.

The cash balance through the two options is similar. Our maximum raise would create more flexibility on the mortgage lending, meaning that when our second property or scheme is ready for capital funding, we will be able to take out further lending on this property, which will help to support the investment raise on our next scheme.

Our business plan includes our profit and loss, cash flow and balance sheet projections.

If we are not successful in our plans to secure this level of income from groups, we will reduce the size and funding of the Hub accordingly (currently £90,000-£100,000 annually). We have a flexible structure that enables us to do this. Our role as a steward of land and property will continue and we are still able to maintain our mortgage repayments, ongoing management and renovation of our properties and repayment terms to investors.

These funding streams are kept separate.

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55,247

2021/22

59,610

2022/23

35,000 130,498

2023/24

69,935

2024/25

72,033

2025/26

35,000 74,194

2026/27

76,420

2027/28

78,712

2028/29

81,074

2029/30

(3,199) (4,321) (31,095) (7,410) (12,350) (149,654) 68,960

(3,121) (4,217) (31,095) (7,800) (13,000) (152,177) (40,005)

(31,095) (6,688) (11,146)

(3,312) (4,536)

(66,283) (20,869)

(143,929) (17,810)

(31,095) (7,040) (11,733)

(4,428)

(67,119) (20,261)

(142,721) 21,074

(31,095) (6,353) (10,589)

(3,379) (4,647)

(65,924) (20,735)

CASH BALANCE 75,975 c/f 128,257 93,908 53,904 122,863

(68,521) (22,758)

(70,599) (22,345)

(31,095) (5,734) (9,556)

(3,515) (4,875)

(66,352) (20,847)

(148,269) (11,016)

(31,095) (5,447) (9078)

(9,585) (4,993)

(67,016) (21,055)

69,518

(142,108) (141,974) (10,565) (7,613)

(31,095) (6,035) (10,059)

(3,446) (4,760)

(65,967) (20,746)

15,073 51,962 52,462 53,015 53,473 53,985 54,502 55,023 55,549 56,079 100 100 100 100 100 100 100 100 100 100 1,083,608 107,309 112,172 218,613 123,508 126,118 163,796 131,543 134,361 137,253

102,352 27,673 58,410

260,000 620,000

2020/21

EXPENDITURE DEVELOPMENT COSTS Property purchase + renovation (882,800) SUPPORT COSTS (77,346) (73,486) Staffing Delivery & overheads (24,153) (22,102) GRANT PROJECT COSTS (27,673) PROPERTY MANAGEMENT COSTS Maintenance & repairs (750) (3,060) Management costs (1,004) (4,115) FINANCE COSTS Mortgage interest & capital (12,400) (31,095) Interest on community shares (7,800) Share withdrawal Other finance costs (5,200) TOTAL EXPENDITURE (1,031,326) (141,657) SURPLUS/DEFICIT 52,282 (34,349)

INCOME DEVELOPMENT FINANCE Community Share Issue Mortgage Borrowing SUPPORT GRANTS CHF Hub grant Other grants Services to groups and solidarity contribution Income from lease Membership TOTAL INCOME

Minimum/Optimum Raise: £260,000

BHCLT FINANCIAL PROJECTIONS: SHARE OFFER SCENARIOS

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55,247

59,610

35,000 130,498 69,935

72,033

35,000 74,194 76,420

78,712

81,074

(3,199) (4,321) (25,076) (11,550) (18.288) (153,713) 64,901

(3,121) (4,217) (25,076) (11,550) (19,250) (156,158) (43,987)

(25,076) (10,424) (16,504)

(3,312) (4,536)

(66,283) (20,869)

(147,005) (20,887)

(25,076) (10,973) (17,373)

(4,428)

(67,119) (20,261)

(145,343) 18,452

(25,076) (9,903) (15,679)

(3,379) (4,647)

(65,924) (20,735)

(25,076) (8,937) (14,151)

(3,515) (4,875)

(66,352) (20,847)

(144,299) (143,753) (12,756) (9,392)

(25,076) (9,408) (14,895)

(3,446) (4,760)

(65,967) (20,746)

(149,659) (12,406)

(25,076) (8,490) (13,443)

(9,585) (4,993)

(67,016) (21,055)

Negative figures are shown in (brackets)

CASH BALANCE 75,975 c/f 128,157 96,077 52,090 116,991 49,033

(68,521) (22,758)

(70,599) (22,345)

15,073 51,962 52,462 53,015 53,473 53,985 54,502 55,023 55,549 56,079 100 100 100 100 100 100 100 100 100 100 1,083,608 107,309 112,172 218,613 123,508 126,118 163,796 131,543 134,361 137,253

102,352 27,673 58,410

385,000 495,000

2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 2026/27 2027/28 2028/29 2029/30

EXPENDITURE DEVELOPMENT COSTS Property purchase + renovation (882,800) SUPPORT COSTS (77,346) (73,486) Staffing Delivery & overheads (24,153) (22,102) GRANT PROJECT COSTS (27,673) PROPERTY MANAGEMENT COSTS Maintenance & repairs (750) (3,060) Management costs (1,004) (4,115) FINANCE COSTS Mortgage interest & capital (10,000) (25,076) Interest on community shares (11,550) Share withdrawal Other finance costs (7,700) TOTAL EXPENDITURE (1,031,426) (139,389) SURPLUS/DEFICIT 52,182 (32,080)

INCOME DEVELOPMENT FINANCE Community Share Issue Mortgage Borrowing SUPPORT GRANTS CHF Hub grant Other grants Services to groups and solidarity contribution Income from lease Membership TOTAL INCOME

Maximum raise £385,000

THE FINANCE PAGES

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BHCLT: WHO WE ARE OUR MISSION We are a grassroots movement enabling, and campaigning for, community-led development in Brighton and Hove, led by our large and diverse membership of local people and accountable to them and the wider community.

OUR MEMBERS

BHCLT currently has 400 members. Successful applicants become members on payment of a ÂŁ1.00 share. We have three classes of members: Resident Members: Anyone who is living in BHCLT housing projects.

Community: Anyone living or working in the Brighton and Hove area who wishes to support our aims.

Stakeholder: Other individuals or organisations wishing to make a particular contribution to the CLT. All members have one vote. Our Rules currently have the potential to adopt a weighted voting system in favour of resident members. We are proposing to remove this at our next AGM. Members receive regular newsletters updating of our activities. We hold monthly meet-ups where people can participate to shape our strategy for action around housing in the city and regular training opportunities. Members are invited to be involved in a variety of different ways within the organisation – from volunteering to help support at events, community organising, being our eyes and ears to help identify land and property opportunities around the city; voting at the AGM and regular general meetings; standing for election to the board.

OUR HISTORY

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The idea of growing a Community Land Trust that could act on behalf of the city was born in 2014.

Our foundations were shaped through a series of workshops with community groups actively involved in land and housing issues. We became a Community Benefit Society in 2017. A relatively new organisation, we are proud to draw from a strong history of activism around community-led housing in the city, from self-build groups to housing co-operatives. We are also part of a network of Community Land Trusts across the country.

OUR GOVERNANCE There are currently five Directors on the board of BHCLT, who all have personal connections to the issue of housing within the city and who bring a wealth of knowledge, experience and commitment to the work of the organisation.

From left to right they are: Martyn Holmes: Martyn is a Brighton resident, founding member of Bunker Housing Co-op, academic, community-led housing developer/enabler and housing activist. He believes that after several decades of growing inequality and democratic decline we have reached a fundamental turning point where community is the key issue. As part of positive social change, the people should be at the heart of any decision-making process about our city, where communities and groups can, with guidance and support, build the housing and community spaces that they need and want.

Janet Crome: Living in Brighton for over six years, Janet has become very fond of the place, but recognises the inherent problems and the housing difficulties it presents to many people who live here. She has extensive experience in social housing development as a founding partner in a specialist consultancy practice working for Housing Associations in London and the South East. Her fundamental ambition is to provide genuinely affordable housing for a wide range of different groups of people in Brighton.

OUR TRACK RECORD

Peter Clarke: A founding Director of BHCLT, and of South Down Eco Housing Co-operative, Peter is also the BHCLT treasurer. Peter believes that contribution to vision-community led approaches can provide the effective housing solutions which neither state nor market have offered. Affordable housing is important for itself, but also as an issue to challenge what neo-liberalism has done to our world. We have an opportunity to show how different (and beautiful) our housing (and planning) would be, if communities were enabled to engage creatively with their own real-life problems.

Rita Garner: Rita joined BHCLT in the summer of 2017. She has lived and worked in the city since 1986 as a pharmacist and then manager of a wide range of health and social care organisations.

She also works as part of the Recess College with individuals and small groups on personal growth and leadership. She works with local community organisations as a volunteer. Rita wants to ensure that we are a member-led organisation and to give energy to making community-led housing a real option for more people.

Jonny Anstead: Jonny is founding Director of TOWN, a housing developer delivering high-quality, sustainable housing and custom build homes. TOWN was the developer partner of Marmalade Lane, a 42-home cohousing project in Cambridge, planned and delivered in collaboration with K1 Cohousing resident group. Jonny’s professional life is geared towards providing a better form of new housing than that offered by the volume housebuilders who dominate housing delivery in the UK. He believes that new homes should respond to the needs of their residents and be delivered in ways that improve the areas where they are located.

We’re a young organisation but we’ve got a big vision and we’ve achieved a lot over the past two years: • We’ve secured grants of over £900,000 to grow the work of BHCLT, build capacity and support Community-led housing groups across the city • We’ve built a membership of more than 400 people who believe in our core vision and values • We’ve increased awareness and knowledge of community led housing solutions, including creating a set of resources that has drawn national recognition • We’ve supported over 15 local groups to progress their groups and schemes and to bid to the national Community Housing and to develop these further. These bids have brought an additional £500,000 into developing communityled housing across the city.

• We’ve gained cross-party support from Brighton & Hove City Council to identify ten sites in the city suitable for community-led housing and a commitment to work with BHCLT to help deliver this • We’ve supported Bunker Housing Co-op who have just completed construction and moved into their first two self-build eco-homes for low-income families.

THE BHCLT HOUSING HUB BHCLT also hosts the Brighton & Hove Community-led Housing Hub. The Hub operates to enable and support community-led housing groups to progress their schemes, to raise awareness about community-led approaches, to facilitate knowledge exchange and mutual support and to build the movement for community-led housing. Currently the Hub is funded for 18 months by the Community Housing fund. Our future plans are for Hub to be self-sustaining, funded through a combination of (reduced) funding, charging groups for services provided and on an agreed solidarity contribution, given by groups on completion of their projects.

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FAQS WHO CAN INVEST? Any individual over the age of 16, or organisation, who support the aims of BHCLT, can invest in our share offer.

HOW MUCH CAN I INVEST? Each share in BHCLT is priced at £50. There is a minimum investment of £250. We have set the minimum as low as possible to allow as many people to invest. For individuals, our maximum investment is set at 10% of our target raise, so £26,000. For organisations, it is set at £100,000 (subject to organisations not being allowed to request withdrawal of more capital than the society is making available for withdrawal in any given year).

WHAT WILL I GET OUT OF MY INVESTMENT? This is primarily a social investment, but we can pay interest on share capital. The Financial Conduct Authority require us to state the maximum interest we will pay and that this should be no more than needed to attract capital. We aim to pay 3% interest on these shares, and this is the maximum we will pay.

Interest will start to accrue from January 2021 and will be paid annually from January 2022.

WHAT TYPE OF SHARE IS IT? We are offering ‘withdrawable’ shares, which means that they cannot be sold, traded, or transferred between members. The only exception to this is on the death of a shareholding member, in which case the shares can be transferred to a nominated person.

Otherwise, BHCLT can buy the shares back, subject to the conditions below.

WHEN DO I GET MY MONEY BACK? You can request to withdraw (i.e. get your money back) your shares from 31st October 2022 onwards, provided the Board agree that there are sufficient funds to do so, and allowing investors to get their money back is consistent with prudent and sustainable operations. If withdrawals are allowed, the Directors will set how much capital will be available for withdrawal – we plan for 5% of the total share capital of the society annually – and advise investors how to make a request. Requests will be honoured on a first-come, first served basis.

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WHAT HAPPENS IF YOU DON’T RAISE ENOUGH MONEY? Our minimum target is set at the lowest possible amount to make our first scheme viable. If we don’t raise our target of £260,000 we will return the money to our investors.

WHAT HAPPENS IF WE RAISE TOO MUCH MONEY? We have set a maximum we will accept from this share issue at a level that is sustainable to meet our conditions around interest payable and share withdrawal on our initial property. Our long-term aim is to support more projects to come to fruition.

If there is an appetite for investment around community-led housing, we will issue future share offers to support these projects.

COULD I LOSE MY MONEY? We are very prudent in our financial planning and will only use the capital that people have invested if we are confident those schemes will come to fruition. However, like many investments, the shares are at risk and you could lose some or all the money you invest. Community shares are not covered by the Financial Services Compensation Scheme and there is no right of complaint to the Financial Ombudsman Service. If you are considering investing a significant amount of money, we suggest that you seek independent financial advice from a suitable advisor with knowledge of social investments.

WHAT IF THE SOCIETY ISN’T FINANCIALLY SUCCESSFUL ENOUGH TO SURVIVE? If we did become insolvent, the ability of investors to recoup the funds they have invested would depend on firstly the value we (or the appointed insolvency practitioners) could get for the assets of the society and secondly, the value of our debts at that point.

In the event of our insolvency or orderly windingup, the proceeds from the sale of those assets and our cash would firstly pay off all our creditors, and if there were any funds left at that point, would be used to pay back shareholders as much of their investment as they have outstanding as possible, on a pro-rata basis.

As we are a society with a statutory asset lock, should there be any surplus after returning funds to investors this would have to be given to another organisation with similar aims and a similar asset lock. This cannot be changed by members and is enforced by statute law.

CAN MY SHARES GO UP OR DOWN IN VALUE? Withdrawable shares in a community benefit society cannot rise in value so there will never be a capital gain, although shares will accrue interest as specified (unless you choose to opt-out). If at any point the Society’s auditors certify that BHCLT’s liabilities and share capital exceed our assets, the directors can take the decision to redenominate the value of all issued shares, to reflect the value of the society.

WHAT RECORD WILL I GET OF MY INVESTMENT? Everybody who invests with us will receive a community share certificate. You will also receive an annual statement on your account, along with an update of what we have managed to achieve with the support of your investment.

CAN I SELL MY SHARES? No. This investment is in withdrawable share capital which cannot be transferred, sold or given to anyone else, except on your death. You can tell us in advance who you wish to transfer your investment upon your death, and we can transfer the first £5,000 of your investment to them; any investment above £5000 requires your beneficiary to be explicitly named in your will. If you do not nominate anyone, then the Board will rely on the instructions given by your executors.

SOUNDS GOOD. HOW DO I INVEST? We would prefer you to apply for shares online at:

www.ethex.org.uk/BHCLT However if you would prefer to use a paper application, please contact us at:

investment@bhclt.org.uk or download from our website

www.bhclt.org.uk ADDITIONAL DETAILS Additional documentation including: – our governing document, – strategy/business plan, – annual return and accounts can be found on our website

www.bhclt.org.uk or contact:

investment@bhclt.org.uk to request copies.

Cover & portrait photography by James Pike www.jimpix.com Design: wordsmithdesign Printed by: YouLovePrint, Uckfield Printed on recycled paper stock

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n a c e w TOGETHER d e l y t i n u m m o c e k ma & n o t h g i r B n i g n i s u o h t r a p g n i v i r h t a e v o H of our city

www . bhclt . org. uk