1972 Jan, statement concerning Rose Cottage and Vine Cottage

The statement, after laying out the legal conditions, gave the present position:

• Although the Deed does not refer specifically to proceeds of sale being used to buy a property like the Meeting House for use by the church, this would probably be in order.
• Vine Cottage is now let but Rose Cottage is vacant and undergoing modernisation with the adis of a grant of £1,000 from the RDC and an undertaking by Barclays Bank to advance the sum of £1,330, at interest of 6%, to meet the cost of improvements, for which the estimate is £2,330.
• Figures drawn up by Messrs Blinkhorn & Co to show a comparison between letting or selling this cottage on completion of the improvements:
  • Rent - less outgoings on Insurance and Loan interest would bring in an initial annual sum of £200, increasing as the Loan is worked off.
  • Sale proceeds - less repayment f Loan and expenses of the sale, would provide capital of £3,150, which if invested at 7% would give £220 annual income.