{"text_format":"1","workbook":"xlsx","n_sheets":16,"sheets":["Model input","Dashboard","Club & Hotel Input Sheet","Combined Club & Hotel","Club Workings Sheet","Hotel Workings Sheet","Opt 1 Input Sheet","Opt 1 Output sheet","Opt 2 Input Sheet","Opt 2 Output sheet","Opt 3 Input Sheet","Opt 3 Output sheet","Opt 4 Input Sheet","Opt 4 Output sheet","Sheet1","GradPad Output Sheet"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":53,"comments":1,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Model input","index":0,"n_rows":8,"n_cols":4,"rows_kept":8,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Name of project",null,"Investment A"]
[]
[null,"Start year (yr 0)",null,2016]
[null,"Inflation",null,0.02]
[null,"Discount rate",null,0.04]
[null,"Sq ft to m2 conversion",null,10.7639]

{"sheet":"Dashboard","index":1,"n_rows":50,"n_cols":10,"rows_kept":50,"cut":false,"hidden":false,"merged":[[27,8,27,9],[27,2,27,3],[27,4,27,5],[27,6,27,7]]}
[]
[null,{"$f":"'Model input'!D3&\" appraisal - DASHBOARD\"","v":"Investment A appraisal - DASHBOARD"}]
[]
[null,"Summary of Base Case Options"]
[null,null,"Option 1","Option 2","Option 3","Option 4"]
[]
[null,"Key metrics (£m)"]
[null,"Initial capital cost",{"$f":"'Opt 1 Output sheet'!H17/1000000","v":-1.01E-2},{"$f":"'Opt 2 Output sheet'!H17/1000000","v":0},{"$f":"'Opt 3 Output sheet'!H17/1000000","v":0},{"$f":"'Opt 4 Output sheet'!H17/1000000","v":0}]
[null,"Total revenue",{"$f":"'Opt 1 Output sheet'!H27/1000000","v":4.6407770586693268E-3},{"$f":"'Opt 2 Output sheet'!H27/1000000","v":0},{"$f":"'Opt 3 Output sheet'!H27/1000000","v":0},{"$f":"'Opt 4 Output sheet'!H27/1000000","v":0}]
[null,"Total expenditure",{"$f":"'Opt 1 Output sheet'!H40/1000000","v":0},{"$f":"'Opt 2 Output sheet'!H40/1000000","v":0},{"$f":"'Opt 3 Output sheet'!H40/1000000","v":0},{"$f":"'Opt 4 Output sheet'!H40/1000000","v":0}]
[null,"Operating free cash",{"$f":"'Opt 1 Output sheet'!H47/1000000","v":4.6407770586693268E-3},{"$f":"'Opt 2 Output sheet'!H47/1000000","v":0},{"$f":"'Opt 3 Output sheet'!H47/1000000","v":0},{"$f":"'Opt 4 Output sheet'!H47/1000000","v":0}]
[null,"Terminal value",{"$f":"'Opt 1 Output sheet'!Z42/1000000","v":0},{"$f":"'Opt 2 Output sheet'!Z42/1000000","v":0},{"$f":"'Opt 3 Output sheet'!Z42/1000000","v":0},{"$f":"'Opt 4 Output sheet'!Z42/1000000","v":0}]
[null,"Yield on cash",{"$f":"'Opt 1 Output sheet'!C48","v":4.2297362851957669E-2},{"$f":"'Opt 2 Output sheet'!C48","v":{"$error":"#DIV/0!"}},{"$f":"'Opt 3 Output sheet'!C48","v":{"$error":"#DIV/0!"}},{"$f":"'Opt 4 Output sheet'!C48","v":{"$error":"#DIV/0!"}}]
[null,"IRR",{"$f":"'Opt 1 Output sheet'!C45","v":-5.9182409443523043E-2},{"$f":"'Opt 2 Output sheet'!C45","v":{"$error":"#NUM!"}},{"$f":"'Opt 3 Output sheet'!C45","v":{"$error":"#NUM!"}},{"$f":"'Opt 4 Output sheet'!C45","v":{"$error":"#NUM!"}}]
[null,"NPV"]
[null,"Payback period",{"$f":"'Opt 1 Output sheet'!C126","v":0}]
[]
[null,"Key assumptions"]
[null,"Construction period",{"$f":"'Opt 1 Input Sheet'!G17","v":2},{"$f":"'Opt 2 Input Sheet'!G17","v":2},{"$f":"'Opt 3 Input Sheet'!G17","v":2},{"$f":"'Opt 4 Input Sheet'!G17","v":2}]
[null,"Rent review period"]
[null,"Inflation measure",{"$f":"'Model input'!$D$6","v":0.02},{"$f":"'Model input'!$D$6","v":0.02},{"$f":"'Model input'!$D$6","v":0.02},{"$f":"'Model input'!$D$6","v":0.02}]
[null,"Discount rate",{"$f":"'Model input'!$D$7","v":0.04},{"$f":"'Model input'!$D$7","v":0.04},{"$f":"'Model input'!$D$7","v":0.04},{"$f":"'Model input'!$D$7","v":0.04}]
[null,"Interest on loan"]
[]
[]
[null,"Sensitivity Analysis"]
[null,"Drivers behind Negative IRR"]
[null,null,{"$f":"C5","v":"Option 1"},null,{"$f":"D5","v":"Option 2"},null,{"$f":"E5","v":"Option 3"},null,{"$f":"F5","v":"Option 4"}]
[null,null,"Description","Value (£)","Description","Value (£)","Description","Value (£)","Description","Value (£)"]
[null,"Driver"]
[null,"% change in driver for IRR to become negative",null,{"$f":"D30*C31","v":0},null,{"$f":"F30*E31","v":0},null,{"$f":"H30*G31","v":0},null,{"$f":"J30*I31","v":0}]
[null,"Driver"]
[null,"% change in driver for IRR to become negative",null,{"$f":"D32*C33","v":0},null,{"$f":"F32*E33","v":0},null,{"$f":"H32*G33","v":0},null,{"$f":"J32*I33","v":0}]
[null,"Driver"]
[null,"% change in driver for IRR to become negative",null,{"$f":"D34*C35","v":0},null,{"$f":"F34*E35","v":0},null,{"$f":"H34*G35","v":0},null,{"$f":"J34*I35","v":0}]
[]
[null,"Top 5 Key Inputs to IRR"]
[null,null,"Option 1","Option 2","Option 3","Option 4"]
[]
[null,"Most sensitive variable (25% change)",{"$f":"VLOOKUP(MAX(#REF!),#REF!,3,FALSE)","v":{"$error":"#REF!"}}]
[]
[]
[]
[]
[]
[]
[null,null,"Option 1","Option 2","Option 3","Option 4"]
[null,"Largest income stream",{"$f":"VLOOKUP(MAX('Opt 1 Output sheet'!H21:H26),'Opt 1 Output sheet'!H21:AD26,23,FALSE)","v":"Membership income"},{"$f":"VLOOKUP(MAX('Opt 2 Output sheet'!H21:H26),'Opt 2 Output sheet'!H21:AD26,23,FALSE)","v":"Membership income"},{"$f":"VLOOKUP(MAX('Opt 3 Output sheet'!H21:H26),'Opt 3 Output sheet'!H21:AD26,23,FALSE)","v":"Membership income"},{"$f":"VLOOKUP(MAX('Opt 4 Output sheet'!H21:H26),'Opt 4 Output sheet'!H21:AD26,23,FALSE)","v":"Membership income"}]
[null,"Largest expense",{"$f":"VLOOKUP(MIN('Opt 1 Output sheet'!H31:H39),'Opt 1 Output sheet'!H31:AD39,23,FALSE)","v":"Staff costs"},{"$f":"VLOOKUP(MIN('Opt 2 Output sheet'!H31:H39),'Opt 2 Output sheet'!H31:AD39,23,FALSE)","v":"Staff costs"},{"$f":"VLOOKUP(MIN('Opt 3 Output sheet'!H31:H39),'Opt 3 Output sheet'!H31:AD39,23,FALSE)","v":"Staff costs"},{"$f":"VLOOKUP(MIN('Opt 4 Output sheet'!H31:H39),'Opt 4 Output sheet'!H31:AD39,23,FALSE)","v":"Staff costs"}]
[null,"Average profit margin",{"$f":"AVERAGE('Opt 1 Output sheet'!K129:Z129)","v":0},{"$f":"AVERAGE('Opt 2 Output sheet'!K129:Z129)","v":0},{"$f":"AVERAGE('Opt 3 Output sheet'!K129:Z129)","v":0},{"$f":"AVERAGE('Opt 4 Output sheet'!K129:Z129)","v":0}]

{"sheet":"Club & Hotel Input Sheet","index":2,"n_rows":72,"n_cols":13,"rows_kept":72,"cut":false,"hidden":true,"merged":[]}
["Plot A Analysis - Option 2: Club & Hotel"]
["Input Sheet"]
[]
["Scenario",null,null,null,null,null,1,null,1,2,3]
["Description",null,null,null,null,null,{"$f":"HLOOKUP(G4,I4:K5,2)","v":"Base Case"},null,"Base Case","Upper Case","Lower Case",null,"Assumptions"]
[]
[]
["Balance sheet"]
[null,"Building GIA (sq ft)",null,null,null,null,{"$f":"OFFSET(H9,0,G$4)","v":70000},null,70000,70000,70000]
[null,"Club GIA (sq ft)",null,null,null,null,{"$f":"OFFSET(H10,0,G$4)","v":14000},null,14000,14000,14000]
[null,"Hotel GIA (sq ft)",null,null,null,null,56000,null,56000,56000,56000]
[null,null,null,null,null,null,null,null,null,{"$f":"IF((J11+J10)>J9,\"Error\",)","v":0},0]
[null,"Club Construction cost (£/sq ft)",null,null,null,null,{"$f":"OFFSET(H13,0,G$4)","v":540},null,540,525,555]
[null,"Hotel Construction cost (£/sq ft)",null,null,null,null,{"$f":"OFFSET(H14,0,G$4)","v":360},null,360,350,370]
[]
[null,"Refurbishment schedule"]
[null,null,"Refurbishment in year",null,null,null,{"$f":"OFFSET(H17,0,G$4)","v":0},null,0,7,7]
[null,null,"Refurbishment cost (£/sq ft)",null,null,null,{"$f":"OFFSET(H18,0,G$4)","v":270},null,270,270,270]
[]
["Income statement"]
[null,"Revenue generation"]
[null,null,"Accommodation"]
[null,null,null,"Number of rooms - Club",null,null,{"$f":"OFFSET(H23,0,G$4)","v":6},null,6,6,6,null,"Rooms 21sqm-24sqm; 4* standard"]
[null,null,null,"Number of rooms - Hotel",null,null,{"$f":"OFFSET(H24,0,G$4)","v":125},null,125,125,125]
[null,null,null,"Price per night (£/night)",null,null,{"$f":"OFFSET(H25,0,G$4)","v":185},null,185,200,170,null,"Based on club comparisons/SK hotel comparison (blended rate - more detailed model would include tiered members rates, non members, rates differentiating for time of year etc)"]
[null,null,null,"Nights in operation",null,null,350,null,350,350,350,null,"Based on 50 week year"]
[null,null,null,"Occupancy",null,null,0.82,null,0.82,0.82,0.82,null,"Based on Club sector advice  - top end usually @ 97% ;  lower performance of well established top club would be 88%"]
[]
[null,null,"Room & equipment hire"]
[null,null,null,"Number of rooms",null,null,{"$f":"OFFSET(H30,0,G$4)","v":10},null,10,10,10,null,"10 hireable spaces. 5 large, 5 small"]
[null,null,null,"Blended rate (£/day)",null,null,600,null,600,625,575,null,"Based Imperial College comparitor pricing. 5 large rooms (£800 a day) 5 small rooms (£400 a day). Blended rate £600 "]
[null,null,null,"Days in operation",null,null,350,null,350,350,350,null,"Based on 50 week year"]
[null,null,null,"Occupancy",null,null,0.4,null,0.4,0.4,0.4,null,"Based on Imperial Commercial experience"]
[]
[null,null,"Restaurant and private dining"]
[null,null,null,"Covers per day - Club",null,null,{"$f":"OFFSET(H36,0,G$4)","v":100},null,100,100,100,null,"Based on Imperial commercial experience - includes restaurant covers and private dining covers"]
[null,null,null,"Covers per day - Hotel",null,null,{"$f":"OFFSET(H37,0,G$4)","v":200},null,200,200,200]
[null,null,null,"Price (£/cover)",null,null,{"$f":"OFFSET(H38,0,G$4)","v":50},null,50,60,40,null,"Based on commercial experience and club sector  benchmark"]
[null,null,null,"Days in operation",null,null,350,null,350,350,350,null,"50 week year, 7am -11pm, 7 days a week "]
[null,null,null,"Occupancy",null,null,0.5,null,0.5,0.5,0.5,null,"Based on Imperial commercial experience"]
[]
[null,null,"Events"]
[null,null,null,"Number of events per annum",null,null,{"$f":"OFFSET(H43,0,G$4)","v":100},null,100,100,100]
[null,null,null,"Average takings (£/event)",null,null,2000,null,2000,2000,2000]
[null,null,null,"Funded by ticket sales",null,null,0.5,null,0.5,0.5,0.5,null,"Remainder paid by marketing/promotions budget as per sector advice"]
[]
[null,"Expenditure"]
[null,null,"Cost of sales"]
[null,null,null,"% of restaurant income",null,null,{"$f":"OFFSET(H49,0,G$4)","v":0.3},null,0.3,0.3,0.35,null,"Based on club sector benchmark"]
[null,null,"Staff"]
[null,null,null,"% of total income",null,null,{"$f":"OFFSET(H51,0,G$4)","v":0.4},null,0.4,0.35,0.45,null,"Based on bottom up staffing plan ~30 staff. Club sector rule of thumb is staff costs are ~40% of total income"]
[null,null,"Estates & FM"]
[null,null,null,"Cost (£/sq ft)",null,null,{"$f":"OFFSET(H53,0,G$4)","v":20},null,20,18,22,null,"Includes house-keeping, deep clean, wate disposal, pest control, ultities, insurance, minor repairs, maintenance, PPM, security"]
[null,null,null,"Area (sq ft) - Club",null,null,14000,null,{"$f":"I10","v":14000},14000,14000]
[null,null,null,"Area (sq ft) - Hotel",null,null,56000,null,56000,56000,56000]
[null,null,"Marketing"]
[null,null,null,"Cost in year 1",null,null,{"$f":"OFFSET(H57,0,G$4)","v":20000},null,20000,20000,20000,null,"Based on Imperial commercial experience  - 40k in year 1; 20k subsequent years (not halved in refurb year like other OPEX as marketing in this year for next would be especially important"]
[null,null,null,"Cost in year 2+",null,null,40000,null,40000,40000,40000]
[null,null,"Promotions and events"]
[null,null,null,"Not funded by ticket sales",null,null,{"$f":"OFFSET(H60,0,G$4)","v":0.5},null,{"$f":"1-I45","v":0.5},{"$f":"1-J45","v":0.5},{"$f":"1-K45","v":0.5}]
[null,null,"Equipment"]
[null,null,null,"Cost (£/year)",null,null,{"$f":"OFFSET(H62,0,G$4)","v":20000},null,20000,20000,20000,null,"Based on Imperial commercial experience"]
[]
["Other factors"]
[null,"Inflation",null,null,null,null,{"$f":"OFFSET(H65,0,G$4)","v":0.02},null,0.02]
[null,"Discount factor (RPI+4%)",null,null,null,null,0.06,null,{"$f":"I65+0.04","v":0.06}]
[]
[null,"Developers contingency",null,null,null,null,{"$f":"OFFSET(H68,0,Scenario)","v":{"$error":"#NAME?"}},null,1000000,{"$f":"I68*0.9","v":900000},{"$f":"I68*1.1","v":1100000}]
[]
[null,"CIL/s.106/s.278 costs",null,null,null,null,{"$f":"OFFSET(H70,0,Scenario)","v":{"$error":"#NAME?"}},null,{"$f":"10*I9","v":700000},{"$f":"I70*0.9","v":630000},{"$f":"I70*1.1","v":770000.00000000012}]
[]
[null,"Land cost",null,null,null,null,{"$f":"I72","v":3500000},null,3500000,{"$f":"I72*0.9","v":3150000},{"$f":"I72*1.1","v":3850000.0000000005}]

{"sheet":"Combined Club & Hotel","index":3,"n_rows":103,"n_cols":20,"rows_kept":103,"cut":false,"hidden":true,"merged":[]}
["Plot A Analysis - Option 2: Club & Hotel"]
["Workings Sheet"]
[]
[null,null,null,null,"Units","Constant","Total","Sparkline",null,0,1,2,3,4,5,6,7,8,9,10]
[]
["Inflation index",null,null,null,"%",{"$f":"'Club & Hotel Input Sheet'!G65","v":0.02},null,null,null,{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^J4","v":1},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^K4","v":1.02},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^L4","v":1.0404},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^M4","v":1.0612079999999999},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^N4","v":1.08243216},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^O4","v":1.1040808032},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^P4","v":1.1261624192640001},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^Q4","v":1.1486856676492798},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^R4","v":1.1716593810022655},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^S4","v":1.1950925686223108},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^T4","v":1.2189944199947571}]
[]
[]
["Refurbishment",null,null,null,null,null,null,null,null,{"$f":"IF(J4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(K4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(L4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(M4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(N4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(O4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(P4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(Q4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(R4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(S4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(T4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"}]
["Refurbishment factor",null,null,null,null,null,null,null,null,1,{"$f":"IF(K9=\"No\",1,0.5)","v":1},1,1,1,1,1,1,1,1,1]
[]
["BASE CASE"]
["Capital"]
[null,"New capital cost",null,null,"£",null,{"$f":"SUM(J14:T14)","v":-34720000},null,null,{"$f":"('Club Workings Sheet'!J14+'Hotel Workings Sheet'!J14)/2","v":-17360000},{"$f":"J14","v":-17360000}]
[null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$f":"SUM(J15:T15)","v":-700000},null,null,{"$f":"-'Club & Hotel Input Sheet'!I70/2","v":-350000},{"$f":"J15","v":-350000}]
[null,"Developers contingency",null,null,"£",null,-1000000,null,null,{"$f":"-'Club & Hotel Input Sheet'!I68/2","v":-500000},{"$f":"J16","v":-500000}]
[null,"Refurbishment",null,null,"£",null,{"$f":"SUM(J17:T17)","v":0},null,null,null,{"$f":"'Club Workings Sheet'!K17+'Hotel Workings Sheet'!K17","v":0},{"$f":"'Club Workings Sheet'!L17+'Hotel Workings Sheet'!L17","v":0},{"$f":"'Club Workings Sheet'!M17+'Hotel Workings Sheet'!M17","v":0},{"$f":"'Club Workings Sheet'!N17+'Hotel Workings Sheet'!N17","v":0},{"$f":"'Club Workings Sheet'!O17+'Hotel Workings Sheet'!O17","v":0},{"$f":"'Club Workings Sheet'!P17+'Hotel Workings Sheet'!P17","v":0},{"$f":"'Club Workings Sheet'!Q17+'Hotel Workings Sheet'!Q17","v":0},{"$f":"'Club Workings Sheet'!R17+'Hotel Workings Sheet'!R17","v":0},{"$f":"'Club Workings Sheet'!S17+'Hotel Workings Sheet'!S17","v":0},{"$f":"'Club Workings Sheet'!T17+'Hotel Workings Sheet'!T17","v":0}]
[null,null,null,null,null,null,{"$f":"SUM(G14:G17)","v":-36420000}]
[]
["Cash Flow Statement"]
[null,"Revenue"]
[null,null,"Accommodation",null,"£",null,{"$f":"SUM(J22:T22)","v":70588831.922602102},null,null,null,null,{"$f":"'Club Workings Sheet'!L22+'Hotel Workings Sheet'!L22","v":7236444.9780000001},{"$f":"'Club Workings Sheet'!M22+'Hotel Workings Sheet'!M22","v":7381173.8775599999},{"$f":"'Club Workings Sheet'!N22+'Hotel Workings Sheet'!N22","v":7528797.3551112004},{"$f":"'Club Workings Sheet'!O22+'Hotel Workings Sheet'!O22","v":7679373.3022134239},{"$f":"'Club Workings Sheet'!P22+'Hotel Workings Sheet'!P22","v":7832960.7682576925},{"$f":"'Club Workings Sheet'!Q22+'Hotel Workings Sheet'!Q22","v":7989619.9836228453},{"$f":"'Club Workings Sheet'!R22+'Hotel Workings Sheet'!R22","v":8149412.3832953023},{"$f":"'Club Workings Sheet'!S22+'Hotel Workings Sheet'!S22","v":8312400.6309612095},{"$f":"'Club Workings Sheet'!T22+'Hotel Workings Sheet'!T22","v":8478648.643580433}]
[null,null,"Room & equip hire",null,"£",null,{"$f":"SUM(J23:T23)","v":8524920.9525753949},null,null,null,null,{"$f":"'Club Workings Sheet'!L23+'Hotel Workings Sheet'!L23","v":873936},{"$f":"'Club Workings Sheet'!M23+'Hotel Workings Sheet'!M23","v":891414.72},{"$f":"'Club Workings Sheet'!N23+'Hotel Workings Sheet'!N23","v":909243.01439999999},{"$f":"'Club Workings Sheet'!O23+'Hotel Workings Sheet'!O23","v":927427.87468800007},{"$f":"'Club Workings Sheet'!P23+'Hotel Workings Sheet'!P23","v":945976.43218176009},{"$f":"'Club Workings Sheet'!Q23+'Hotel Workings Sheet'!Q23","v":964895.96082539507},{"$f":"'Club Workings Sheet'!R23+'Hotel Workings Sheet'!R23","v":984193.880041903},{"$f":"'Club Workings Sheet'!S23+'Hotel Workings Sheet'!S23","v":1003877.7576427411},{"$f":"'Club Workings Sheet'!T23+'Hotel Workings Sheet'!T23","v":1023955.312795596}]
[null,null,"Restaurant",null,"£",null,26640377.976798113,null,null,null,null,{"$f":"'Club Workings Sheet'!L24+'Hotel Workings Sheet'!L24","v":2731050},{"$f":"'Club Workings Sheet'!M24+'Hotel Workings Sheet'!M24","v":2785670.9999999995},{"$f":"'Club Workings Sheet'!N24+'Hotel Workings Sheet'!N24","v":2841384.42},{"$f":"'Club Workings Sheet'!O24+'Hotel Workings Sheet'!O24","v":2898212.1083999998},{"$f":"'Club Workings Sheet'!P24+'Hotel Workings Sheet'!P24","v":2956176.3505680002},{"$f":"'Club Workings Sheet'!Q24+'Hotel Workings Sheet'!Q24","v":3015299.8775793598},{"$f":"'Club Workings Sheet'!R24+'Hotel Workings Sheet'!R24","v":3075605.8751309472},{"$f":"'Club Workings Sheet'!S24+'Hotel Workings Sheet'!S24","v":3137117.9926335658},{"$f":"'Club Workings Sheet'!T24+'Hotel Workings Sheet'!T24","v":3199860.3524862374}]
[null,null,"Events",null,"£",null,1014871.5419732613,null,null,null,null,{"$f":"'Club Workings Sheet'!L25+'Hotel Workings Sheet'!L25","v":104040},{"$f":"'Club Workings Sheet'!M25+'Hotel Workings Sheet'!M25","v":106120.79999999999},{"$f":"'Club Workings Sheet'!N25+'Hotel Workings Sheet'!N25","v":108243.216},{"$f":"'Club Workings Sheet'!O25+'Hotel Workings Sheet'!O25","v":110408.08032000001},{"$f":"'Club Workings Sheet'!P25+'Hotel Workings Sheet'!P25","v":112616.24192640001},{"$f":"'Club Workings Sheet'!Q25+'Hotel Workings Sheet'!Q25","v":114868.56676492798},{"$f":"'Club Workings Sheet'!R25+'Hotel Workings Sheet'!R25","v":117165.93810022656},{"$f":"'Club Workings Sheet'!S25+'Hotel Workings Sheet'!S25","v":119509.25686223108},{"$f":"'Club Workings Sheet'!T25+'Hotel Workings Sheet'!T25","v":121899.4419994757}]
[null,"Total revenue",null,null,"£",null,{"$f":"SUM(G22:G25)","v":106769002.39394888},null,null,null,{"$f":"SUM(K22:K25)","v":0},{"$f":"SUM(L22:L25)","v":10945470.978},11164380.39756,11387668.0055112,11615421.365621425,11847729.792933853,12084684.388792528,12326378.07656838,12572905.638099747,12824363.750861743]
[]
[]
[null,"Expenditure"]
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[null,null,"Staff costs",null,"£",null,{"$f":"SUM(J31:T31)","v":-42707600.957579553},null,null,null,null,{"$f":"'Club Workings Sheet'!L31+'Hotel Workings Sheet'!L31","v":-4378188.3912000004},{"$f":"'Club Workings Sheet'!M31+'Hotel Workings Sheet'!M31","v":-4465752.1590240002},{"$f":"'Club Workings Sheet'!N31+'Hotel Workings Sheet'!N31","v":-4555067.2022044798},{"$f":"'Club Workings Sheet'!O31+'Hotel Workings Sheet'!O31","v":-4646168.5462485701},{"$f":"'Club Workings Sheet'!P31+'Hotel Workings Sheet'!P31","v":-4739091.9171735412},{"$f":"'Club Workings Sheet'!Q31+'Hotel Workings Sheet'!Q31","v":-4833873.7555170115},{"$f":"'Club Workings Sheet'!R31+'Hotel Workings Sheet'!R31","v":-4930551.2306273514},{"$f":"'Club Workings Sheet'!S31+'Hotel Workings Sheet'!S31","v":-5029162.2552398993},{"$f":"'Club Workings Sheet'!T31+'Hotel Workings Sheet'!T31","v":-5129745.5003446974}]
[null,null,"Estates & FM",null,"£",null,-14208201.587625662,null,null,null,null,{"$f":"'Club Workings Sheet'!L32+'Hotel Workings Sheet'!L32","v":-1456560},{"$f":"'Club Workings Sheet'!M32+'Hotel Workings Sheet'!M32","v":-1485691.2},{"$f":"'Club Workings Sheet'!N32+'Hotel Workings Sheet'!N32","v":-1515405.024},{"$f":"'Club Workings Sheet'!O32+'Hotel Workings Sheet'!O32","v":-1545713.1244800002},{"$f":"'Club Workings Sheet'!P32+'Hotel Workings Sheet'!P32","v":-1576627.3869696001},{"$f":"'Club Workings Sheet'!Q32+'Hotel Workings Sheet'!Q32","v":-1608159.9347089918},{"$f":"'Club Workings Sheet'!R32+'Hotel Workings Sheet'!R32","v":-1640323.1334031718},{"$f":"'Club Workings Sheet'!S32+'Hotel Workings Sheet'!S32","v":-1673129.5960712351},{"$f":"'Club Workings Sheet'!T32+'Hotel Workings Sheet'!T32","v":-1706592.1879926601}]
[null,null,"Marketing",null,"£",null,-811897.23357860895,null,null,null,null,{"$f":"'Club Workings Sheet'!L33+'Hotel Workings Sheet'!L33","v":-83232},{"$f":"'Club Workings Sheet'!M33+'Hotel Workings Sheet'!M33","v":-84896.639999999999},{"$f":"'Club Workings Sheet'!N33+'Hotel Workings Sheet'!N33","v":-86594.572799999994},{"$f":"'Club Workings Sheet'!O33+'Hotel Workings Sheet'!O33","v":-88326.464256000007},{"$f":"'Club Workings Sheet'!P33+'Hotel Workings Sheet'!P33","v":-90092.993541119999},{"$f":"'Club Workings Sheet'!Q33+'Hotel Workings Sheet'!Q33","v":-91894.853411942386},{"$f":"'Club Workings Sheet'!R33+'Hotel Workings Sheet'!R33","v":-93732.750480181247},{"$f":"'Club Workings Sheet'!S33+'Hotel Workings Sheet'!S33","v":-95607.405489784869},{"$f":"'Club Workings Sheet'!T33+'Hotel Workings Sheet'!T33","v":-97519.553599580569}]
[null,null,"Promotions",null,"£",null,-1014871.5419732613,null,null,null,null,{"$f":"'Club Workings Sheet'!L34+'Hotel Workings Sheet'!L34","v":-104040},{"$f":"'Club Workings Sheet'!M34+'Hotel Workings Sheet'!M34","v":-106120.79999999999},{"$f":"'Club Workings Sheet'!N34+'Hotel Workings Sheet'!N34","v":-108243.216},{"$f":"'Club Workings Sheet'!O34+'Hotel Workings Sheet'!O34","v":-110408.08032000001},{"$f":"'Club Workings Sheet'!P34+'Hotel Workings Sheet'!P34","v":-112616.24192640001},{"$f":"'Club Workings Sheet'!Q34+'Hotel Workings Sheet'!Q34","v":-114868.56676492798},{"$f":"'Club Workings Sheet'!R34+'Hotel Workings Sheet'!R34","v":-117165.93810022656},{"$f":"'Club Workings Sheet'!S34+'Hotel Workings Sheet'!S34","v":-119509.25686223108},{"$f":"'Club Workings Sheet'!T34+'Hotel Workings Sheet'!T34","v":-121899.4419994757}]
[null,null,"Equipment",null,"£",null,-405948.61678930448,null,null,null,null,{"$f":"'Club Workings Sheet'!L35+'Hotel Workings Sheet'!L35","v":-41616},{"$f":"'Club Workings Sheet'!M35+'Hotel Workings Sheet'!M35","v":-42448.32},{"$f":"'Club Workings Sheet'!N35+'Hotel Workings Sheet'!N35","v":-43297.286399999997},{"$f":"'Club Workings Sheet'!O35+'Hotel Workings Sheet'!O35","v":-44163.232128000003},{"$f":"'Club Workings Sheet'!P35+'Hotel Workings Sheet'!P35","v":-45046.496770559999},{"$f":"'Club Workings Sheet'!Q35+'Hotel Workings Sheet'!Q35","v":-45947.426705971193},{"$f":"'Club Workings Sheet'!R35+'Hotel Workings Sheet'!R35","v":-46866.375240090623},{"$f":"'Club Workings Sheet'!S35+'Hotel Workings Sheet'!S35","v":-47803.702744892435},{"$f":"'Club Workings Sheet'!T35+'Hotel Workings Sheet'!T35","v":-48759.776799790285}]
[null,"Total expenditure",null,null,"£",null,{"$f":"SUM(G30:G35)","v":-67140633.330585822},null,null,null,{"$f":"SUM(K30:K35)","v":0},{"$f":"SUM(L30:L35)","v":-6882951.3912000004},-7020610.4190239999,-7161022.6274044802,-7304243.0799525687,-7450327.9415516201,-7599334.5003826544,-7751321.1903903056,-7906347.6141981129,-8064474.5664820755]
[]
[null,"Terminal value",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(T36+T26)/'Club & Hotel Input Sheet'!I$66","v":79331486.406327799}]
[]
["Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(J40:T40)","v":83389855.469690859},null,null,{"$f":"J26+J36+J17+J14+J38+J15+J16","v":-18210000},{"$f":"K26+K36+K17+K14+K38","v":-17360000},4062519.5867999997,4143769.9785360005,4226645.3781067198,4311178.2856688565,4397401.8513822332,4485349.8884098735,4575056.8861780744,4666558.0239016339,{"$f":"T26+T36+T17+T14+T38","v":84091375.590707466}]
["IRR",{"$f":"IRR(J40:T40)","v":0.16935680160290256}]
[]
["UPPER CASE"]
["Capital"]
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[null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$f":"SUM(J46:T46)","v":-630000},null,null,{"$f":"-'Club & Hotel Input Sheet'!J70","v":-630000}]
[null,"Developers contingency",null,null,"£",null,-900000,null,null,{"$f":"-'Club & Hotel Input Sheet'!J68","v":-900000}]
[null,"Refurbishment",null,null,"£",null,{"$f":"SUM(J48:T48)","v":-7560000},null,null,{"$f":"'Club Workings Sheet'!J48+'Hotel Workings Sheet'!J48","v":-7560000},{"$f":"'Club Workings Sheet'!K48+'Hotel Workings Sheet'!K48","v":0},{"$f":"'Club Workings Sheet'!L48+'Hotel Workings Sheet'!L48","v":0},{"$f":"'Club Workings Sheet'!M48+'Hotel Workings Sheet'!M48","v":0},{"$f":"'Club Workings Sheet'!N48+'Hotel Workings Sheet'!N48","v":0},{"$f":"'Club Workings Sheet'!O48+'Hotel Workings Sheet'!O48","v":0},{"$f":"'Club Workings Sheet'!P48+'Hotel Workings Sheet'!P48","v":0},{"$f":"'Club Workings Sheet'!Q48+'Hotel Workings Sheet'!Q48","v":0},{"$f":"'Club Workings Sheet'!R48+'Hotel Workings Sheet'!R48","v":0},{"$f":"'Club Workings Sheet'!S48+'Hotel Workings Sheet'!S48","v":0},{"$f":"'Club Workings Sheet'!T48+'Hotel Workings Sheet'!T48","v":0}]
[null,null,null,null,null,null,{"$f":"SUM(G45:G48)","v":-42340000}]
[]
["Cash Flow Statement"]
[null,"Revenue"]
[null,null,"Accommodation",null,"£",null,{"$f":"SUM(J53:T53)","v":83982038.727137417},null,null,null,{"$f":"'Club Workings Sheet'!K53+'Hotel Workings Sheet'!K53","v":7669788},{"$f":"'Club Workings Sheet'!L53+'Hotel Workings Sheet'!L53","v":7823183.7599999998},{"$f":"'Club Workings Sheet'!M53+'Hotel Workings Sheet'!M53","v":7979647.4351999993},{"$f":"'Club Workings Sheet'!N53+'Hotel Workings Sheet'!N53","v":8139240.3839039998},{"$f":"'Club Workings Sheet'!O53+'Hotel Workings Sheet'!O53","v":8302025.19158208},{"$f":"'Club Workings Sheet'!P53+'Hotel Workings Sheet'!P53","v":8468065.6954137217},{"$f":"'Club Workings Sheet'!Q53+'Hotel Workings Sheet'!Q53","v":8637427.0093219951},{"$f":"'Club Workings Sheet'!R53+'Hotel Workings Sheet'!R53","v":8810175.5495084357},{"$f":"'Club Workings Sheet'!S53+'Hotel Workings Sheet'!S53","v":8986379.0604986046},{"$f":"'Club Workings Sheet'!T53+'Hotel Workings Sheet'!T53","v":9166106.6417085771}]
[null,null,"Room & equip hire",null,"£",null,{"$f":"SUM(J54:T54)","v":9772625.9922660366},null,null,null,{"$f":"'Club Workings Sheet'!K54+'Hotel Workings Sheet'!K54","v":892500},{"$f":"'Club Workings Sheet'!L54+'Hotel Workings Sheet'!L54","v":910350},{"$f":"'Club Workings Sheet'!M54+'Hotel Workings Sheet'!M54","v":928556.99999999988},{"$f":"'Club Workings Sheet'!N54+'Hotel Workings Sheet'!N54","v":947128.14},{"$f":"'Club Workings Sheet'!O54+'Hotel Workings Sheet'!O54","v":966070.70279999997},{"$f":"'Club Workings Sheet'!P54+'Hotel Workings Sheet'!P54","v":985392.11685600004},{"$f":"'Club Workings Sheet'!Q54+'Hotel Workings Sheet'!Q54","v":1005099.9591931199},{"$f":"'Club Workings Sheet'!R54+'Hotel Workings Sheet'!R54","v":1025201.9583769824},{"$f":"'Club Workings Sheet'!S54+'Hotel Workings Sheet'!S54","v":1045705.9975445219},{"$f":"'Club Workings Sheet'!T54+'Hotel Workings Sheet'!T54","v":1066620.1174954125}]
[null,null,"Restaurant",null,"£",null,35181453.572157733,null,null,null,{"$f":"'Club Workings Sheet'!K55+'Hotel Workings Sheet'!K55","v":3213000},{"$f":"'Club Workings Sheet'!L55+'Hotel Workings Sheet'!L55","v":3277260},{"$f":"'Club Workings Sheet'!M55+'Hotel Workings Sheet'!M55","v":3342805.1999999997},{"$f":"'Club Workings Sheet'!N55+'Hotel Workings Sheet'!N55","v":3409661.3039999995},{"$f":"'Club Workings Sheet'!O55+'Hotel Workings Sheet'!O55","v":3477854.5300799999},{"$f":"'Club Workings Sheet'!P55+'Hotel Workings Sheet'!P55","v":3547411.6206816006},{"$f":"'Club Workings Sheet'!Q55+'Hotel Workings Sheet'!Q55","v":3618359.8530952316},{"$f":"'Club Workings Sheet'!R55+'Hotel Workings Sheet'!R55","v":3690727.0501571363},{"$f":"'Club Workings Sheet'!S55+'Hotel Workings Sheet'!S55","v":3764541.5911602792},{"$f":"'Club Workings Sheet'!T55+'Hotel Workings Sheet'!T55","v":3839832.4229834853}]
[null,null,"Events",null,"£",null,1116871.5419732612,null,null,null,{"$f":"'Club Workings Sheet'!K56+'Hotel Workings Sheet'!K56","v":102000},{"$f":"'Club Workings Sheet'!L56+'Hotel Workings Sheet'!L56","v":104040},{"$f":"'Club Workings Sheet'!M56+'Hotel Workings Sheet'!M56","v":106120.79999999999},{"$f":"'Club Workings Sheet'!N56+'Hotel Workings Sheet'!N56","v":108243.216},{"$f":"'Club Workings Sheet'!O56+'Hotel Workings Sheet'!O56","v":110408.08032000001},{"$f":"'Club Workings Sheet'!P56+'Hotel Workings Sheet'!P56","v":112616.24192640001},{"$f":"'Club Workings Sheet'!Q56+'Hotel Workings Sheet'!Q56","v":114868.56676492798},{"$f":"'Club Workings Sheet'!R56+'Hotel Workings Sheet'!R56","v":117165.93810022656},{"$f":"'Club Workings Sheet'!S56+'Hotel Workings Sheet'!S56","v":119509.25686223108},{"$f":"'Club Workings Sheet'!T56+'Hotel Workings Sheet'!T56","v":121899.4419994757}]
[null,"Total revenue",null,null,"£",null,{"$f":"SUM(G53:G56)","v":130052989.83353445},null,null,null,{"$f":"SUM(K53:K56)","v":11877288},{"$f":"SUM(L53:L56)","v":12114833.76},12357130.435199998,12604273.043903999,12856358.504782081,13113485.674877722,13375755.388375275,13643270.496142782,13916135.906065635,14194458.624186952]
[]
[]
[null,"Expenditure"]
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[null,null,"Staff costs",null,"£",null,{"$f":"SUM(J62:T62)","v":-45518546.441737048},null,null,null,{"$f":"'Club Workings Sheet'!K62+'Hotel Workings Sheet'!K62","v":-4157050.8},{"$f":"'Club Workings Sheet'!L62+'Hotel Workings Sheet'!L62","v":-4240191.8159999996},{"$f":"'Club Workings Sheet'!M62+'Hotel Workings Sheet'!M62","v":-4324995.6523199994},{"$f":"'Club Workings Sheet'!N62+'Hotel Workings Sheet'!N62","v":-4411495.5653664004},{"$f":"'Club Workings Sheet'!O62+'Hotel Workings Sheet'!O62","v":-4499725.4766737279},{"$f":"'Club Workings Sheet'!P62+'Hotel Workings Sheet'!P62","v":-4589719.986207203},{"$f":"'Club Workings Sheet'!Q62+'Hotel Workings Sheet'!Q62","v":-4681514.3859313456},{"$f":"'Club Workings Sheet'!R62+'Hotel Workings Sheet'!R62","v":-4775144.6736499732},{"$f":"'Club Workings Sheet'!S62+'Hotel Workings Sheet'!S62","v":-4870647.5671229726},{"$f":"'Club Workings Sheet'!T62+'Hotel Workings Sheet'!T62","v":-4968060.5184654323}]
[null,null,"Estates & FM",null,"£",null,-14072581.428863093,null,null,null,{"$f":"'Club Workings Sheet'!K63+'Hotel Workings Sheet'!K63","v":-1285200},{"$f":"'Club Workings Sheet'!L63+'Hotel Workings Sheet'!L63","v":-1310904},{"$f":"'Club Workings Sheet'!M63+'Hotel Workings Sheet'!M63","v":-1337122.0799999998},{"$f":"'Club Workings Sheet'!N63+'Hotel Workings Sheet'!N63","v":-1363864.5215999999},{"$f":"'Club Workings Sheet'!O63+'Hotel Workings Sheet'!O63","v":-1391141.8120320002},{"$f":"'Club Workings Sheet'!P63+'Hotel Workings Sheet'!P63","v":-1418964.6482726401},{"$f":"'Club Workings Sheet'!Q63+'Hotel Workings Sheet'!Q63","v":-1447343.9412380927},{"$f":"'Club Workings Sheet'!R63+'Hotel Workings Sheet'!R63","v":-1476290.8200628546},{"$f":"'Club Workings Sheet'!S63+'Hotel Workings Sheet'!S63","v":-1505816.6364641117},{"$f":"'Club Workings Sheet'!T63+'Hotel Workings Sheet'!T63","v":-1535932.9691933938}]
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[null,null,"Promotions",null,"£",null,-1116871.5419732612,null,null,null,{"$f":"'Club Workings Sheet'!K65+'Hotel Workings Sheet'!K65","v":-102000},{"$f":"'Club Workings Sheet'!L65+'Hotel Workings Sheet'!L65","v":-104040},{"$f":"'Club Workings Sheet'!M65+'Hotel Workings Sheet'!M65","v":-106120.79999999999},{"$f":"'Club Workings Sheet'!N65+'Hotel Workings Sheet'!N65","v":-108243.216},{"$f":"'Club Workings Sheet'!O65+'Hotel Workings Sheet'!O65","v":-110408.08032000001},{"$f":"'Club Workings Sheet'!P65+'Hotel Workings Sheet'!P65","v":-112616.24192640001},{"$f":"'Club Workings Sheet'!Q65+'Hotel Workings Sheet'!Q65","v":-114868.56676492798},{"$f":"'Club Workings Sheet'!R65+'Hotel Workings Sheet'!R65","v":-117165.93810022656},{"$f":"'Club Workings Sheet'!S65+'Hotel Workings Sheet'!S65","v":-119509.25686223108},{"$f":"'Club Workings Sheet'!T65+'Hotel Workings Sheet'!T65","v":-121899.4419994757}]
[null,null,"Equipment",null,"£",null,-446748.61678930448,null,null,null,{"$f":"'Club Workings Sheet'!K66+'Hotel Workings Sheet'!K66","v":-40800},{"$f":"'Club Workings Sheet'!L66+'Hotel Workings Sheet'!L66","v":-41616},{"$f":"'Club Workings Sheet'!M66+'Hotel Workings Sheet'!M66","v":-42448.32},{"$f":"'Club Workings Sheet'!N66+'Hotel Workings Sheet'!N66","v":-43297.286399999997},{"$f":"'Club Workings Sheet'!O66+'Hotel Workings Sheet'!O66","v":-44163.232128000003},{"$f":"'Club Workings Sheet'!P66+'Hotel Workings Sheet'!P66","v":-45046.496770559999},{"$f":"'Club Workings Sheet'!Q66+'Hotel Workings Sheet'!Q66","v":-45947.426705971193},{"$f":"'Club Workings Sheet'!R66+'Hotel Workings Sheet'!R66","v":-46866.375240090623},{"$f":"'Club Workings Sheet'!S66+'Hotel Workings Sheet'!S66","v":-47803.702744892435},{"$f":"'Club Workings Sheet'!T66+'Hotel Workings Sheet'!T66","v":-48759.776799790285}]
[null,"Total expenditure",null,null,"£",null,{"$f":"SUM(G61:G66)","v":-72561881.334588647},null,null,null,{"$f":"SUM(K61:K66)","v":-6589750.7999999998},{"$f":"SUM(L61:L66)","v":-6763161.8159999996},-6898425.0523199989,-7036393.5533664003,-7177121.4244337268,-7320663.8529224023,-7467077.129980851,-7616418.6725804666,-7768747.0460320767,-7924121.9869527183]
[]
[null,"Terminal value",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(T67+T57)/'Club & Hotel Input Sheet'!I$66","v":104505610.62057056}]
[]
["Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(J71:T71)","v":119656719.11951634},null,null,{"$f":"J57+J67+J48+J45+J69+J46+J47","v":-42340000},{"$f":"K57+K67+K48+K45+K69","v":5287537.2},5351671.9440000001,5458705.3828799995,5567879.4905375987,5679237.0803483538,5792821.8219553195,5908678.2583944239,6026851.8235623157,6147388.8600335587,{"$f":"T57+T67+T48+T45+T69","v":110775947.25780478}]
["IRR",{"$f":"IRR(J71:T71)","v":0.19125881404163336}]
[]
["LOWER CASE"]
["Capital"]
[null,"New capital cost",null,null,"£",null,{"$f":"SUM(J76:T76)","v":-36190000},null,null,{"$f":"'Club Workings Sheet'!J76+'Hotel Workings Sheet'!J77","v":-36190000}]
[null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$f":"SUM(J77:T77)","v":-770000.00000000012},null,null,{"$f":"-'Club & Hotel Input Sheet'!K70","v":-770000.00000000012}]
[null,"Developers contingency",null,null,"£",null,-1100000,null,null,{"$f":"-'Club & Hotel Input Sheet'!K68","v":-1100000}]
[null,"Refurbishment",null,null,"£",null,{"$f":"SUM(J79:T79)","v":-7560000},null,null,{"$f":"'Club Workings Sheet'!J79+'Hotel Workings Sheet'!J80","v":-7560000},{"$f":"'Club Workings Sheet'!K79+'Hotel Workings Sheet'!K80","v":0},{"$f":"'Club Workings Sheet'!L79+'Hotel Workings Sheet'!L80","v":0},{"$f":"'Club Workings Sheet'!M79+'Hotel Workings Sheet'!M80","v":0},{"$f":"'Club Workings Sheet'!N79+'Hotel Workings Sheet'!N80","v":0},{"$f":"'Club Workings Sheet'!O79+'Hotel Workings Sheet'!O80","v":0},{"$f":"'Club Workings Sheet'!P79+'Hotel Workings Sheet'!P80","v":0},{"$f":"'Club Workings Sheet'!Q79+'Hotel Workings Sheet'!Q80","v":0},{"$f":"'Club Workings Sheet'!R79+'Hotel Workings Sheet'!R80","v":0},{"$f":"'Club Workings Sheet'!S79+'Hotel Workings Sheet'!S80","v":0},{"$f":"'Club Workings Sheet'!T79+'Hotel Workings Sheet'!T80","v":0}]
[null,null,null,null,null,null,{"$f":"SUM(G76:G79)","v":-45620000}]
[]
["Cash Flow Statement"]
[null,"Revenue"]
[null,null,"Accommodation",null,"£",null,{"$f":"SUM(J84:T84)","v":71384732.9180668},null,null,null,{"$f":"'Club Workings Sheet'!K84+'Hotel Workings Sheet'!K85","v":6519319.7999999998},{"$f":"'Club Workings Sheet'!L84+'Hotel Workings Sheet'!L85","v":6649706.1960000005},{"$f":"'Club Workings Sheet'!M84+'Hotel Workings Sheet'!M85","v":6782700.3199199988},{"$f":"'Club Workings Sheet'!N84+'Hotel Workings Sheet'!N85","v":6918354.3263184},{"$f":"'Club Workings Sheet'!O84+'Hotel Workings Sheet'!O85","v":7056721.4128447678},{"$f":"'Club Workings Sheet'!P84+'Hotel Workings Sheet'!P85","v":7197855.8411016641},{"$f":"'Club Workings Sheet'!Q84+'Hotel Workings Sheet'!Q85","v":7341812.9579236954},{"$f":"'Club Workings Sheet'!R84+'Hotel Workings Sheet'!R85","v":7488649.2170821698},{"$f":"'Club Workings Sheet'!S84+'Hotel Workings Sheet'!S85","v":7638422.2014238136},{"$f":"'Club Workings Sheet'!T84+'Hotel Workings Sheet'!T85","v":7791190.6454522898}]
[null,null,"Room & equip hire",null,"£",null,{"$f":"SUM(J85:T85)","v":8990815.9128847532},null,null,null,{"$f":"'Club Workings Sheet'!K85+'Hotel Workings Sheet'!K86","v":821100},{"$f":"'Club Workings Sheet'!L85+'Hotel Workings Sheet'!L86","v":837522},{"$f":"'Club Workings Sheet'!M85+'Hotel Workings Sheet'!M86","v":854272.44},{"$f":"'Club Workings Sheet'!N85+'Hotel Workings Sheet'!N86","v":871357.88879999996},{"$f":"'Club Workings Sheet'!O85+'Hotel Workings Sheet'!O86","v":888785.04657600005},{"$f":"'Club Workings Sheet'!P85+'Hotel Workings Sheet'!P86","v":906560.74750752002},{"$f":"'Club Workings Sheet'!Q85+'Hotel Workings Sheet'!Q86","v":924691.96245767025},{"$f":"'Club Workings Sheet'!R85+'Hotel Workings Sheet'!R86","v":943185.80170682375},{"$f":"'Club Workings Sheet'!S85+'Hotel Workings Sheet'!S86","v":962049.51774096023},{"$f":"'Club Workings Sheet'!T85+'Hotel Workings Sheet'!T86","v":981290.50809577946}]
[null,null,"Restaurant",null,"£",null,23454302.381438486,null,null,null,{"$f":"'Club Workings Sheet'!K86+'Hotel Workings Sheet'!K87","v":2142000},{"$f":"'Club Workings Sheet'!L86+'Hotel Workings Sheet'!L87","v":2184840},{"$f":"'Club Workings Sheet'!M86+'Hotel Workings Sheet'!M87","v":2228536.7999999998},{"$f":"'Club Workings Sheet'!N86+'Hotel Workings Sheet'!N87","v":2273107.5359999998},{"$f":"'Club Workings Sheet'!O86+'Hotel Workings Sheet'!O87","v":2318569.6867200001},{"$f":"'Club Workings Sheet'!P86+'Hotel Workings Sheet'!P87","v":2364941.0804544003},{"$f":"'Club Workings Sheet'!Q86+'Hotel Workings Sheet'!Q87","v":2412239.9020634876},{"$f":"'Club Workings Sheet'!R86+'Hotel Workings Sheet'!R87","v":2460484.7001047577},{"$f":"'Club Workings Sheet'!S86+'Hotel Workings Sheet'!S87","v":2509694.3941068528},{"$f":"'Club Workings Sheet'!T86+'Hotel Workings Sheet'!T87","v":2559888.2819889896}]
[null,null,"Events",null,"£",null,1116871.5419732612,null,null,null,{"$f":"'Club Workings Sheet'!K87+'Hotel Workings Sheet'!K88","v":102000},{"$f":"'Club Workings Sheet'!L87+'Hotel Workings Sheet'!L88","v":104040},{"$f":"'Club Workings Sheet'!M87+'Hotel Workings Sheet'!M88","v":106120.79999999999},{"$f":"'Club Workings Sheet'!N87+'Hotel Workings Sheet'!N88","v":108243.216},{"$f":"'Club Workings Sheet'!O87+'Hotel Workings Sheet'!O88","v":110408.08032000001},{"$f":"'Club Workings Sheet'!P87+'Hotel Workings Sheet'!P88","v":112616.24192640001},{"$f":"'Club Workings Sheet'!Q87+'Hotel Workings Sheet'!Q88","v":114868.56676492798},{"$f":"'Club Workings Sheet'!R87+'Hotel Workings Sheet'!R88","v":117165.93810022656},{"$f":"'Club Workings Sheet'!S87+'Hotel Workings Sheet'!S88","v":119509.25686223108},{"$f":"'Club Workings Sheet'!T87+'Hotel Workings Sheet'!T88","v":121899.4419994757}]
[null,"Total revenue",null,null,"£",null,{"$f":"SUM(G84:G87)","v":104946722.7543633},null,null,null,{"$f":"SUM(K84:K87)","v":9584419.8000000007},{"$f":"SUM(L84:L87)","v":9776108.1960000005},9971630.3599199988,10171062.967118399,10374484.226460768,10581973.910989985,10793613.389209781,11009485.656993978,11229675.370133858,11454268.877536535]
[]
[]
[null,"Expenditure"]
[null,null,"Cost of sales",null,"£",null,{"$f":"SUM(J92:T92)","v":-8209005.8335034698},null,null,null,{"$f":"'Club Workings Sheet'!K92+'Hotel Workings Sheet'!K93","v":-749699.99999999988},{"$f":"'Club Workings Sheet'!L92+'Hotel Workings Sheet'!L93","v":-764693.99999999988},{"$f":"'Club Workings Sheet'!M92+'Hotel Workings Sheet'!M93","v":-779987.87999999989},{"$f":"'Club Workings Sheet'!N92+'Hotel Workings Sheet'!N93","v":-795587.6375999999},{"$f":"'Club Workings Sheet'!O92+'Hotel Workings Sheet'!O93","v":-811499.39035200002},{"$f":"'Club Workings Sheet'!P92+'Hotel Workings Sheet'!P93","v":-827729.37815904},{"$f":"'Club Workings Sheet'!Q92+'Hotel Workings Sheet'!Q93","v":-844283.9657222206},{"$f":"'Club Workings Sheet'!R92+'Hotel Workings Sheet'!R93","v":-861169.64503666502},{"$f":"'Club Workings Sheet'!S92+'Hotel Workings Sheet'!S93","v":-878393.0379373983},{"$f":"'Club Workings Sheet'!T92+'Hotel Workings Sheet'!T93","v":-895960.89869614632}]
[null,null,"Staff costs",null,"£",null,{"$f":"SUM(J93:T93)","v":-47226025.239463501},null,null,null,{"$f":"'Club Workings Sheet'!K93+'Hotel Workings Sheet'!K94","v":-4312988.91},{"$f":"'Club Workings Sheet'!L93+'Hotel Workings Sheet'!L94","v":-4399248.6881999997},{"$f":"'Club Workings Sheet'!M93+'Hotel Workings Sheet'!M94","v":-4487233.6619640002},{"$f":"'Club Workings Sheet'!N93+'Hotel Workings Sheet'!N94","v":-4576978.3352032807},{"$f":"'Club Workings Sheet'!O93+'Hotel Workings Sheet'!O94","v":-4668517.9019073453},{"$f":"'Club Workings Sheet'!P93+'Hotel Workings Sheet'!P94","v":-4761888.2599454932},{"$f":"'Club Workings Sheet'!Q93+'Hotel Workings Sheet'!Q94","v":-4857126.0251444019},{"$f":"'Club Workings Sheet'!R93+'Hotel Workings Sheet'!R94","v":-4954268.5456472905},{"$f":"'Club Workings Sheet'!S93+'Hotel Workings Sheet'!S94","v":-5053353.9165602364},{"$f":"'Club Workings Sheet'!T93+'Hotel Workings Sheet'!T94","v":-5154420.9948914405}]
[null,null,"Estates & FM",null,"£",null,-17199821.746388227,null,null,null,{"$f":"'Club Workings Sheet'!K94+'Hotel Workings Sheet'!K95","v":-1570800},{"$f":"'Club Workings Sheet'!L94+'Hotel Workings Sheet'!L95","v":-1602216},{"$f":"'Club Workings Sheet'!M94+'Hotel Workings Sheet'!M95","v":-1634260.3199999998},{"$f":"'Club Workings Sheet'!N94+'Hotel Workings Sheet'!N95","v":-1666945.5264000001},{"$f":"'Club Workings Sheet'!O94+'Hotel Workings Sheet'!O95","v":-1700284.4369280001},{"$f":"'Club Workings Sheet'!P94+'Hotel Workings Sheet'!P95","v":-1734290.1256665601},{"$f":"'Club Workings Sheet'!Q94+'Hotel Workings Sheet'!Q95","v":-1768975.9281798908},{"$f":"'Club Workings Sheet'!R94+'Hotel Workings Sheet'!R95","v":-1804355.446743489},{"$f":"'Club Workings Sheet'!S94+'Hotel Workings Sheet'!S95","v":-1840442.5556783588},{"$f":"'Club Workings Sheet'!T94+'Hotel Workings Sheet'!T95","v":-1877251.4067919259}]
[null,null,"Marketing",null,"£",null,-852697.23357860895,null,null,null,{"$f":"'Club Workings Sheet'!K95+'Hotel Workings Sheet'!K96","v":-40800},{"$f":"'Club Workings Sheet'!L95+'Hotel Workings Sheet'!L96","v":-83232},{"$f":"'Club Workings Sheet'!M95+'Hotel Workings Sheet'!M96","v":-84896.639999999999},{"$f":"'Club Workings Sheet'!N95+'Hotel Workings Sheet'!N96","v":-86594.572799999994},{"$f":"'Club Workings Sheet'!O95+'Hotel Workings Sheet'!O96","v":-88326.464256000007},{"$f":"'Club Workings Sheet'!P95+'Hotel Workings Sheet'!P96","v":-90092.993541119999},{"$f":"'Club Workings Sheet'!Q95+'Hotel Workings Sheet'!Q96","v":-91894.853411942386},{"$f":"'Club Workings Sheet'!R95+'Hotel Workings Sheet'!R96","v":-93732.750480181247},{"$f":"'Club Workings Sheet'!S95+'Hotel Workings Sheet'!S96","v":-95607.405489784869},{"$f":"'Club Workings Sheet'!T95+'Hotel Workings Sheet'!T96","v":-97519.553599580569}]
[null,null,"Promotions",null,"£",null,-1116871.5419732612,null,null,null,{"$f":"'Club Workings Sheet'!K96+'Hotel Workings Sheet'!K97","v":-102000},{"$f":"'Club Workings Sheet'!L96+'Hotel Workings Sheet'!L97","v":-104040},{"$f":"'Club Workings Sheet'!M96+'Hotel Workings Sheet'!M97","v":-106120.79999999999},{"$f":"'Club Workings Sheet'!N96+'Hotel Workings Sheet'!N97","v":-108243.216},{"$f":"'Club Workings Sheet'!O96+'Hotel Workings Sheet'!O97","v":-110408.08032000001},{"$f":"'Club Workings Sheet'!P96+'Hotel Workings Sheet'!P97","v":-112616.24192640001},{"$f":"'Club Workings Sheet'!Q96+'Hotel Workings Sheet'!Q97","v":-114868.56676492798},{"$f":"'Club Workings Sheet'!R96+'Hotel Workings Sheet'!R97","v":-117165.93810022656},{"$f":"'Club Workings Sheet'!S96+'Hotel Workings Sheet'!S97","v":-119509.25686223108},{"$f":"'Club Workings Sheet'!T96+'Hotel Workings Sheet'!T97","v":-121899.4419994757}]
[null,null,"Equipment",null,"£",null,-446748.61678930448,null,null,null,{"$f":"'Club Workings Sheet'!K97+'Hotel Workings Sheet'!K98","v":-40800},{"$f":"'Club Workings Sheet'!L97+'Hotel Workings Sheet'!L98","v":-41616},{"$f":"'Club Workings Sheet'!M97+'Hotel Workings Sheet'!M98","v":-42448.32},{"$f":"'Club Workings Sheet'!N97+'Hotel Workings Sheet'!N98","v":-43297.286399999997},{"$f":"'Club Workings Sheet'!O97+'Hotel Workings Sheet'!O98","v":-44163.232128000003},{"$f":"'Club Workings Sheet'!P97+'Hotel Workings Sheet'!P98","v":-45046.496770559999},{"$f":"'Club Workings Sheet'!Q97+'Hotel Workings Sheet'!Q98","v":-45947.426705971193},{"$f":"'Club Workings Sheet'!R97+'Hotel Workings Sheet'!R98","v":-46866.375240090623},{"$f":"'Club Workings Sheet'!S97+'Hotel Workings Sheet'!S98","v":-47803.702744892435},{"$f":"'Club Workings Sheet'!T97+'Hotel Workings Sheet'!T98","v":-48759.776799790285}]
[null,"Total expenditure",null,null,"£",null,{"$f":"SUM(G92:G97)","v":-75051170.211696371},null,null,null,{"$f":"SUM(K92:K97)","v":-6817088.9100000001},{"$f":"SUM(L92:L97)","v":-6995046.6881999997},-7134947.6219640002,-7277646.5744032804,-7423199.5058913445,-7571663.4960091719,-7723096.7659293562,-7877558.7012479426,-8035109.8752729027,-8195812.0727783591]
[]
[null,"Terminal value",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(T98+T88)/'Club & Hotel Input Sheet'!I$66","v":54307613.412636273}]
[]
["Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(J102:T102)","v":38583165.955303222},null,null,{"$f":"J88+J98+J79+J76+J100+J77+J78","v":-45620000},{"$f":"K88+K98+K79+K76+K100","v":2767330.8900000006},2781061.5078000007,2836682.7379559986,2893416.3927151188,2951284.7205694234,3010310.4149808129,3070516.6232804246,3131926.9557460351,3194565.4948609555,{"$f":"T88+T98+T79+T76+T100","v":57566070.217394449}]
["IRR",{"$f":"IRR(J102:T102)","v":7.8039792769421856E-2}]

{"sheet":"Club Workings Sheet","index":4,"n_rows":103,"n_cols":20,"rows_kept":103,"cut":false,"hidden":true,"merged":[]}
["Plot A Analysis - Option 2: Club"]
["Workings Sheet"]
[]
[null,null,null,null,"Units","Constant","Total","Sparkline",null,0,1,2,3,4,5,6,7,8,9,10]
[]
["Inflation index",null,null,null,"%",{"$f":"'Club & Hotel Input Sheet'!G65","v":0.02},null,null,null,{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^J4","v":1},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^K4","v":1.02},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^L4","v":1.0404},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^M4","v":1.0612079999999999},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^N4","v":1.08243216},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^O4","v":1.1040808032},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^P4","v":1.1261624192640001},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^Q4","v":1.1486856676492798},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^R4","v":1.1716593810022655},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^S4","v":1.1950925686223108},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^T4","v":1.2189944199947571}]
[]
[]
["Refurbishment",null,null,null,null,null,null,null,null,{"$f":"IF(J4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(K4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(L4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(M4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(N4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(O4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(P4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(Q4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(R4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(S4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(T4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"}]
["Refurbishment factor",null,null,null,null,null,null,null,null,{"$f":"IF(J9=\"No\",1,0.5)","v":0.5},{"$f":"IF(K9=\"No\",1,0.5)","v":1},1,1,1,1,1,1,1,1,1]
[]
["BASE CASE"]
["Capital"]
[null,"New capital cost",null,null,"£",null,{"$f":"SUM(J14:T14)","v":-11060000},null,null,{"$f":"-'Club & Hotel Input Sheet'!I$13*'Club & Hotel Input Sheet'!I$10-'Club & Hotel Input Sheet'!I72","v":-11060000}]
[null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$f":"SUM(J15:T15)","v":-700000},null,null,{"$f":"-'Club & Hotel Input Sheet'!I70","v":-700000}]
[null,"Developers contingency",null,null,"£",null,-1000000,null,null,{"$f":"-'Club & Hotel Input Sheet'!I68","v":-1000000}]
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[null,null,null,null,null,null,{"$f":"SUM(G14:G17)","v":-16540000}]
[]
["Cash Flow Statement"]
[null,"Revenue"]
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[null,"Total revenue",null,null,"£",null,{"$f":"SUM(G22:G25)","v":23829236.158078909},null,null,null,{"$f":"SUM(K22:K25)","v":2176241.4},{"$f":"SUM(L22:L25)","v":2219766.2280000001},2264161.5525599997,2309444.7836111998,2355633.6792834243,2402746.3528690925,2450801.2799264737,2499817.3055250039,2549813.6516355039,2600809.9246682143]
[]
[]
[null,"Expenditure"]
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[null,null,"Equipment",null,"£",null,-223374.30839465224,null,null,null,{"$f":"-'Club & Hotel Input Sheet'!$I$62*K$6","v":-20400},{"$f":"-'Club & Hotel Input Sheet'!$I$62*L$6","v":-20808},{"$f":"-'Club & Hotel Input Sheet'!$I$62*M$6","v":-21224.16},{"$f":"-'Club & Hotel Input Sheet'!$I$62*N$6","v":-21648.643199999999},{"$f":"-'Club & Hotel Input Sheet'!$I$62*O$6","v":-22081.616064000002},{"$f":"-'Club & Hotel Input Sheet'!$I$62*P$6","v":-22523.24838528},{"$f":"-'Club & Hotel Input Sheet'!$I$62*Q$6","v":-22973.713352985596},{"$f":"-'Club & Hotel Input Sheet'!$I$62*R$6","v":-23433.187620045312},{"$f":"-'Club & Hotel Input Sheet'!$I$62*S$6","v":-23901.851372446217},{"$f":"-'Club & Hotel Input Sheet'!$I$62*T$6","v":-24379.888399895142}]
[null,"Total expenditure",null,null,"£",null,{"$f":"SUM(G30:G35)","v":-17357317.045593727},null,null,null,{"$f":"SUM(K30:K35)","v":-1566646.56},{"$f":"SUM(L30:L35)","v":-1618787.4912},-1651163.2410240001,-1684186.5058444801,-1717870.2359613695,-1752227.6406805969,-1787272.1934942086,-1823017.637364093,-1859477.9901113748,-1896667.5499136026]
[]
[null,"Terminal value",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(T36+T26)/'Club & Hotel Input Sheet'!I$66","v":11735706.245910194}]
[]
["Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(J40:T40)","v":1667625.358395379},null,null,{"$f":"J26+J36+J17+J14+J38+J15+J16","v":-16540000},{"$f":"K26+K36+K17+K14+K38","v":609594.83999999985},600978.73680000007,612998.31153599964,625258.27776671969,637763.44332205481,650518.71218849556,{"$f":"Q26+Q36+Q17+Q14+Q38","v":663529.08643226512},676799.66816091095,690335.6615241291,{"$f":"T26+T36+T17+T14+T38","v":12439848.620664805}]
["IRR",{"$f":"IRR(J40:T40)","v":1.148603021480632E-2}]
[]
["UPPER CASE"]
["Capital"]
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[null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$f":"SUM(J46:T46)","v":-630000},null,null,{"$f":"-'Club & Hotel Input Sheet'!J70","v":-630000}]
[null,"Developers contingency",null,null,"£",null,-900000,null,null,{"$f":"-'Club & Hotel Input Sheet'!J68","v":-900000}]
[null,"Refurbishment",null,null,"£",null,{"$f":"SUM(J48:T48)","v":-3780000},null,null,{"$f":"IF(J$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*J$6))","v":-3780000},{"$f":"IF(K$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*K$6))","v":0},{"$f":"IF(L$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*L$6))","v":0},{"$f":"IF(M$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*M$6))","v":0},{"$f":"IF(N$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*N$6))","v":0},{"$f":"IF(O$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*O$6))","v":0},{"$f":"IF(P$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*P$6))","v":0},{"$f":"IF(Q$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*Q$6))","v":0},{"$f":"IF(R$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*R$6))","v":0},{"$f":"IF(S$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*S$6))","v":0},{"$f":"IF(T$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*T$6))","v":0}]
[null,null,null,null,null,null,{"$f":"SUM(G45:G48)","v":-15810000}]
[]
["Cash Flow Statement"]
[null,"Revenue"]
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[null,"Total revenue",null,null,"£",null,{"$f":"SUM(G53:G56)","v":26463154.315514453},null,null,null,{"$f":"SUM(K53:K56)","v":2416788},{"$f":"SUM(L53:L56)","v":2465123.7599999998},2514426.2351999995,2564714.759904,2616009.0551020806,2668329.2362041217,2721695.8209282034,2776129.7373467679,2831652.3320937031,2888285.3787355777]
[]
[]
[null,"Expenditure"]
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[null,null,"Equipment",null,"£",null,-223374.30839465224,null,null,null,{"$f":"-'Club & Hotel Input Sheet'!$J$62*K$6","v":-20400},{"$f":"-'Club & Hotel Input Sheet'!$J$62*L$6","v":-20808},{"$f":"-'Club & Hotel Input Sheet'!$J$62*M$6","v":-21224.16},{"$f":"-'Club & Hotel Input Sheet'!$J$62*N$6","v":-21648.643199999999},{"$f":"-'Club & Hotel Input Sheet'!$J$62*O$6","v":-22081.616064000002},{"$f":"-'Club & Hotel Input Sheet'!$J$62*P$6","v":-22523.24838528},{"$f":"-'Club & Hotel Input Sheet'!$J$62*Q$6","v":-22973.713352985596},{"$f":"-'Club & Hotel Input Sheet'!$J$62*R$6","v":-23433.187620045312},{"$f":"-'Club & Hotel Input Sheet'!$J$62*S$6","v":-23901.851372446217},{"$f":"-'Club & Hotel Input Sheet'!$J$62*T$6","v":-24379.888399895142}]
[null,"Total expenditure",null,null,"£",null,{"$f":"SUM(G61:G66)","v":-17361360.12057567},null,null,null,{"$f":"SUM(K61:K66)","v":-1567015.7999999998},{"$f":"SUM(L61:L66)","v":-1619164.1159999999},-1651547.3983199997,-1684578.3462864,-1718269.9132121282,-1752635.3114763706,-1787688.0177058976,-1823441.7780600155,-1859910.6136212158,-1897108.8258936403]
[]
[null,"Terminal value",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(T67+T57)/'Club & Hotel Input Sheet'!I$66","v":16519609.214032291}]
[]
["Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(J71:T71)","v":9811403.408971075},null,null,{"$f":"J57+J67+J48+J45+J69+J46+J47","v":-15810000},{"$f":"K57+K67+K48+K45+K69","v":849772.20000000019},845959.64399999985,862878.83687999984,880136.41361759999,897739.14188995236,915693.92472775117,934007.80322230584,952687.95928675239,971741.71847248729,{"$f":"T57+T67+T48+T45+T69","v":17510785.766874228}]
["IRR",{"$f":"IRR(J71:T71)","v":6.0458089959192884E-2}]
[]
["LOWER CASE"]
["Capital"]
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[null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$f":"SUM(J77:T77)","v":-770000.00000000012},null,null,{"$f":"-'Club & Hotel Input Sheet'!K70","v":-770000.00000000012}]
[null,"Developers contingency",null,null,"£",null,-1100000,null,null,{"$f":"-'Club & Hotel Input Sheet'!K68","v":-1100000}]
[null,"Refurbishment",null,null,"£",null,{"$f":"SUM(J79:T79)","v":-3780000},null,null,{"$f":"IF(J$10=1,0,-('Club & Hotel Input Sheet'!$K$18*'Club & Hotel Input Sheet'!$K$10*J$6))","v":-3780000},{"$f":"IF(K$10=1,0,-('Club & Hotel Input Sheet'!$K$18*'Club & Hotel Input Sheet'!$K$10*K$6))","v":0},{"$f":"IF(L$10=1,0,-('Club & Hotel Input Sheet'!$K$18*'Club & Hotel Input Sheet'!$K$10*L$6))","v":0},{"$f":"IF(M$10=1,0,-('Club & Hotel Input Sheet'!$K$18*'Club & Hotel Input Sheet'!$K$10*M$6))","v":0},{"$f":"IF(N$10=1,0,-('Club & Hotel Input Sheet'!$K$18*'Club & Hotel Input Sheet'!$K$10*N$6))","v":0},{"$f":"IF(O$10=1,0,-('Club & Hotel Input Sheet'!$K$18*'Club & Hotel Input Sheet'!$K$10*O$6))","v":0},{"$f":"IF(P$10=1,0,-('Club & Hotel Input Sheet'!$K$18*'Club & Hotel Input Sheet'!$K$10*P$6))","v":0},{"$f":"IF(Q$10=1,0,-('Club & Hotel Input Sheet'!$K$18*'Club & Hotel Input Sheet'!$K$10*Q$6))","v":0},{"$f":"IF(R$10=1,0,-('Club & Hotel Input Sheet'!$K$18*'Club & Hotel Input Sheet'!$K$10*R$6))","v":0},{"$f":"IF(S$10=1,0,-('Club & Hotel Input Sheet'!$K$18*'Club & Hotel Input Sheet'!$K$10*S$6))","v":0},{"$f":"IF(T$10=1,0,-('Club & Hotel Input Sheet'!$K$18*'Club & Hotel Input Sheet'!$K$10*T$6))","v":0}]
[null,null,null,null,null,null,{"$f":"SUM(G76:G79)","v":-17270000}]
[]
["Cash Flow Statement"]
[null,"Revenue"]
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[null,"Total revenue",null,null,"£",null,{"$f":"SUM(G84:G87)","v":21195318.000643373},null,null,null,{"$f":"SUM(K84:K87)","v":1935694.8},{"$f":"SUM(L84:L87)","v":1974408.696},2013896.8699200002,2054174.8073184001,2095258.3034647678,2137163.4695340632,2179906.7389247441,2223504.8737032395,2267974.9711773042,2313334.4706008499]
[]
[]
[null,"Expenditure"]
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[null,null,"Equipment",null,"£",null,-223374.30839465224,null,null,null,{"$f":"-'Club & Hotel Input Sheet'!$K$62*K$6","v":-20400},{"$f":"-'Club & Hotel Input Sheet'!$K$62*L$6","v":-20808},{"$f":"-'Club & Hotel Input Sheet'!$K$62*M$6","v":-21224.16},{"$f":"-'Club & Hotel Input Sheet'!$K$62*N$6","v":-21648.643199999999},{"$f":"-'Club & Hotel Input Sheet'!$K$62*O$6","v":-22081.616064000002},{"$f":"-'Club & Hotel Input Sheet'!$K$62*P$6","v":-22523.24838528},{"$f":"-'Club & Hotel Input Sheet'!$K$62*Q$6","v":-22973.713352985596},{"$f":"-'Club & Hotel Input Sheet'!$K$62*R$6","v":-23433.187620045312},{"$f":"-'Club & Hotel Input Sheet'!$K$62*S$6","v":-23901.851372446217},{"$f":"-'Club & Hotel Input Sheet'!$K$62*T$6","v":-24379.888399895142}]
[null,"Total expenditure",null,null,"£",null,{"$f":"SUM(G92:G97)","v":-17480787.19455887},null,null,null,{"$f":"SUM(K92:K97)","v":-1577922.66},{"$f":"SUM(L92:L97)","v":-1630289.1132},-1662894.8954640001,-1696152.7933732802,-1730075.8492407457,-1764677.3662255604,-1799970.9135500714,-1835970.3318210731,-1872689.7384574944,-1910143.5332266442]
[]
[null,"Terminal value",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(T98+T88)/'Club & Hotel Input Sheet'!I$66","v":6719848.9562367639}]
[]
["Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(J102:T102)","v":-6835620.2376787364},null,null,{"$f":"J88+J98+J79+J76+J100+J77+J78","v":-17270000},{"$f":"K88+K98+K79+K76+K100","v":357772.14000000013},344119.58279999997,351001.97445600014,358022.01394511992,365182.45422402211,372486.10330850282,379935.82537467266,387534.54188216641,395285.23271980975,{"$f":"T88+T98+T79+T76+T100","v":7123039.8936109692}]
["IRR",{"$f":"IRR(J102:T102)","v":-5.6628108807065591E-2}]

{"sheet":"Hotel Workings Sheet","index":5,"n_rows":104,"n_cols":20,"rows_kept":104,"cut":false,"hidden":true,"merged":[]}
["Plot A Analysis - Option 2: Hotel"]
["Workings Sheet"]
[]
[null,null,null,null,"Units","Constant","Total","Sparkline",null,0,1,2,3,4,5,6,7,8,9,10]
[]
["Inflation index",null,null,null,"%",{"$f":"'Club & Hotel Input Sheet'!G65","v":0.02},null,null,null,{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^J4","v":1},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^K4","v":1.02},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^L4","v":1.0404},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^M4","v":1.0612079999999999},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^N4","v":1.08243216},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^O4","v":1.1040808032},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^P4","v":1.1261624192640001},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^Q4","v":1.1486856676492798},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^R4","v":1.1716593810022655},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^S4","v":1.1950925686223108},{"$f":"(1+'Club & Hotel Input Sheet'!$G65)^T4","v":1.2189944199947571}]
[]
[]
["Refurbishment",null,null,null,null,null,null,null,null,{"$f":"IF(J4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(K4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(L4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(M4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(N4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(O4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(P4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(Q4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(R4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(S4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"},{"$f":"IF(T4='Club & Hotel Input Sheet'!$G17,\"Yes\",\"No\")","v":"No"}]
["Refurbishment factor",null,null,null,null,null,null,null,null,{"$f":"IF(J9=\"No\",1,0.5)","v":0.5},{"$f":"IF(K9=\"No\",1,0.5)","v":1},1,1,1,1,1,1,1,1,1]
[]
["BASE CASE"]
["Capital"]
[null,"New capital cost",null,null,"£",null,{"$f":"SUM(J14:T14)","v":-23660000},null,null,{"$f":"-'Club & Hotel Input Sheet'!I$14*'Club & Hotel Input Sheet'!I$11-'Club & Hotel Input Sheet'!I72","v":-23660000}]
[null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$f":"SUM(J15:T15)","v":-700000},null,null,{"$f":"-'Club & Hotel Input Sheet'!I70","v":-700000}]
[null,"Developers contingency",null,null,"£",null,-1000000,null,null,{"$f":"-'Club & Hotel Input Sheet'!I68","v":-1000000}]
[null,"Refurbishment",null,null,"£",null,-3780000,null,null,{"$f":"IF(J$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*J$6))","v":-3780000},{"$f":"IF(K$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*K$6))","v":0},{"$f":"IF(L$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*L$6))","v":0},{"$f":"IF(M$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*M$6))","v":0},{"$f":"IF(N$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*N$6))","v":0},{"$f":"IF(O$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*O$6))","v":0},{"$f":"IF(P$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*P$6))","v":0},{"$f":"IF(Q$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$11*Q$6))","v":0},{"$f":"IF(R$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*R$6))","v":0},{"$f":"IF(S$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*S$6))","v":0},{"$f":"IF(T$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*T$6))","v":0}]
[null,null,null,null,null,null,{"$f":"SUM(G14:G17)","v":-29140000}]
[]
["Cash Flow Statement"]
[null,"Revenue"]
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[null,null,"Room & equip hire",null,"£",null,{"$f":"SUM(J23:T23)","v":0}]
[null,null,"Restaurant",null,"£",null,19545251.984532073,null,null,null,{"$f":"('Club & Hotel Input Sheet'!$I$37*'Club & Hotel Input Sheet'!$I$38*'Club & Hotel Input Sheet'!$I$39*'Club & Hotel Input Sheet'!$I$40)*K$6","v":1785000},{"$f":"('Club & Hotel Input Sheet'!$I$37*'Club & Hotel Input Sheet'!$I$38*'Club & Hotel Input Sheet'!$I$39*'Club & Hotel Input Sheet'!$I$40)*L$6","v":1820700},{"$f":"('Club & Hotel Input Sheet'!$I$37*'Club & Hotel Input Sheet'!$I$38*'Club & Hotel Input Sheet'!$I$39*'Club & Hotel Input Sheet'!$I$40)*M$6","v":1857113.9999999998},{"$f":"('Club & Hotel Input Sheet'!$I$37*'Club & Hotel Input Sheet'!$I$38*'Club & Hotel Input Sheet'!$I$39*'Club & Hotel Input Sheet'!$I$40)*N$6","v":1894256.28},{"$f":"('Club & Hotel Input Sheet'!$I$37*'Club & Hotel Input Sheet'!$I$38*'Club & Hotel Input Sheet'!$I$39*'Club & Hotel Input Sheet'!$I$40)*O$6","v":1932141.4055999999},{"$f":"('Club & Hotel Input Sheet'!$I$37*'Club & Hotel Input Sheet'!$I$38*'Club & Hotel Input Sheet'!$I$39*'Club & Hotel Input Sheet'!$I$40)*P$6","v":1970784.2337120001},{"$f":"('Club & Hotel Input Sheet'!$I$37*'Club & Hotel Input Sheet'!$I$38*'Club & Hotel Input Sheet'!$I$39*'Club & Hotel Input Sheet'!$I$40)*Q$6","v":2010199.9183862398},{"$f":"('Club & Hotel Input Sheet'!$I$37*'Club & Hotel Input Sheet'!$I$38*'Club & Hotel Input Sheet'!$I$39*'Club & Hotel Input Sheet'!$I$40)*R$6","v":2050403.9167539647},{"$f":"('Club & Hotel Input Sheet'!$I$37*'Club & Hotel Input Sheet'!$I$38*'Club & Hotel Input Sheet'!$I$39*'Club & Hotel Input Sheet'!$I$40)*S$6","v":2091411.9950890439},{"$f":"('Club & Hotel Input Sheet'!$I$37*'Club & Hotel Input Sheet'!$I$38*'Club & Hotel Input Sheet'!$I$39*'Club & Hotel Input Sheet'!$I$40)*T$6","v":2133240.2349908249}]
[null,null,"Events",null,"£",null,0]
[null,"Total revenue",null,null,"£",null,{"$f":"SUM(G22:G25)","v":93670620.135869965},null,null,null,{"$f":"SUM(K22:K25)","v":8554612.5},8725704.75,8900218.8449999988,9078223.2218999993,9259787.686338,9444983.4400647599,9633883.1088660546,9826560.7710433751,10023091.986464243,10223553.826193528]
[]
[]
[null,"Expenditure"]
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[null,null,"Staff costs",null,"£",null,{"$f":"SUM(J31:T31)","v":-37468248.054347984},null,null,null,{"$f":"-K26*'Club & Hotel Input Sheet'!$I$51","v":-3421845},{"$f":"-L26*'Club & Hotel Input Sheet'!$I$51","v":-3490281.9000000004},{"$f":"-M26*'Club & Hotel Input Sheet'!$I$51","v":-3560087.5379999997},{"$f":"-N26*'Club & Hotel Input Sheet'!$I$51","v":-3631289.2887599999},{"$f":"-O26*'Club & Hotel Input Sheet'!$I$51","v":-3703915.0745352004},{"$f":"-P26*'Club & Hotel Input Sheet'!$I$51","v":-3777993.376025904},{"$f":"-Q26*'Club & Hotel Input Sheet'!$I$51","v":-3853553.2435464221},{"$f":"-R26*'Club & Hotel Input Sheet'!$I$51","v":-3930624.3084173501},{"$f":"-S26*'Club & Hotel Input Sheet'!$I$51","v":-4009236.7945856974},{"$f":"-T26*'Club & Hotel Input Sheet'!$I$51","v":-4089421.5304774116}]
[null,null,"Estates & FM",null,"£",null,-12508961.27010053,null,null,null,{"$f":"-('Club & Hotel Input Sheet'!$I$53*'Club & Hotel Input Sheet'!$I$55)*K$6","v":-1142400},{"$f":"-('Club & Hotel Input Sheet'!$I$53*'Club & Hotel Input Sheet'!$I$55)*L$6","v":-1165248},{"$f":"-('Club & Hotel Input Sheet'!$I$53*'Club & Hotel Input Sheet'!$I$55)*M$6","v":-1188552.96},{"$f":"-('Club & Hotel Input Sheet'!$I$53*'Club & Hotel Input Sheet'!$I$55)*N$6","v":-1212324.0192},{"$f":"-('Club & Hotel Input Sheet'!$I$53*'Club & Hotel Input Sheet'!$I$55)*O$6","v":-1236570.4995840001},{"$f":"-('Club & Hotel Input Sheet'!$I$53*'Club & Hotel Input Sheet'!$I$55)*P$6","v":-1261301.90957568},{"$f":"-('Club & Hotel Input Sheet'!$I$53*'Club & Hotel Input Sheet'!$I$55)*Q$6","v":-1286527.9477671934},{"$f":"-('Club & Hotel Input Sheet'!$I$53*'Club & Hotel Input Sheet'!$I$55)*R$6","v":-1312258.5067225373},{"$f":"-('Club & Hotel Input Sheet'!$I$53*'Club & Hotel Input Sheet'!$I$55)*S$6","v":-1338503.6768569881},{"$f":"-('Club & Hotel Input Sheet'!$I$53*'Club & Hotel Input Sheet'!$I$55)*T$6","v":-1365273.750394128}]
[null,null,"Marketing",null,"£",null,-426348.61678930448,null,null,null,{"$f":"-'Club & Hotel Input Sheet'!$I$57*K$6","v":-20400},{"$f":"-'Club & Hotel Input Sheet'!$I$58*L$6","v":-41616},{"$f":"-'Club & Hotel Input Sheet'!$I$58*M$6","v":-42448.32},{"$f":"-'Club & Hotel Input Sheet'!$I$58*N$6","v":-43297.286399999997},{"$f":"-'Club & Hotel Input Sheet'!$I$58*O$6","v":-44163.232128000003},{"$f":"-'Club & Hotel Input Sheet'!$I$58*P$6","v":-45046.496770559999},{"$f":"-'Club & Hotel Input Sheet'!$I$58*Q$6","v":-45947.426705971193},{"$f":"-'Club & Hotel Input Sheet'!$I$58*R$6","v":-46866.375240090623},{"$f":"-'Club & Hotel Input Sheet'!$I$58*S$6","v":-47803.702744892435},{"$f":"-'Club & Hotel Input Sheet'!$I$58*T$6","v":-48759.776799790285}]
[null,null,"Promotions",null,"£",null,0]
[null,null,"Equipment",null,"£",null,-223374.30839465224,null,null,null,{"$f":"-'Club & Hotel Input Sheet'!$I$62*K$6","v":-20400},{"$f":"-'Club & Hotel Input Sheet'!$I$62*L$6","v":-20808},{"$f":"-'Club & Hotel Input Sheet'!$I$62*M$6","v":-21224.16},{"$f":"-'Club & Hotel Input Sheet'!$I$62*N$6","v":-21648.643199999999},{"$f":"-'Club & Hotel Input Sheet'!$I$62*O$6","v":-22081.616064000002},{"$f":"-'Club & Hotel Input Sheet'!$I$62*P$6","v":-22523.24838528},{"$f":"-'Club & Hotel Input Sheet'!$I$62*Q$6","v":-22973.713352985596},{"$f":"-'Club & Hotel Input Sheet'!$I$62*R$6","v":-23433.187620045312},{"$f":"-'Club & Hotel Input Sheet'!$I$62*S$6","v":-23901.851372446217},{"$f":"-'Club & Hotel Input Sheet'!$I$62*T$6","v":-24379.888399895142}]
[null,"Total expenditure",null,null,"£",null,{"$f":"SUM(G30:G35)","v":-56490507.844992094},null,null,null,{"$f":"SUM(K30:K35)","v":-5140545},{"$f":"SUM(L30:L35)","v":-5264163.9000000004},-5369447.1780000003,-5476836.121559999,-5586372.8439912004,-5698100.3008710248,-5812062.3068884443,-5928303.5530262133,-6046869.6240867376,-6167807.0165684735]
[]
[null,"Terminal value",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(T36+T26)/'Club & Hotel Input Sheet'!I$66","v":67595780.160417587}]
[]
["Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(J40:T40)","v":75635892.451295465},null,null,{"$f":"J26+J36+J17+J14+J38+J15+J16","v":-29140000},{"$f":"K26+K36+K17+K14+K38","v":3414067.5},3461540.8499999996,3530771.6669999985,3601387.1003400004,3673414.8423467996,3746883.1391937351,3821820.8019776102,3898257.2180171618,3976222.3623775057,71651526.970042646]
["IRR",{"$f":"IRR(J40:T40)","v":0.18037161770480536}]
[]
["UPPER CASE"]
["Capital"]
[null,"New capital cost",null,null,"£",null,{"$f":"SUM(J45:T45)","v":-22750000},null,null,{"$f":"-'Club & Hotel Input Sheet'!J$14*'Club & Hotel Input Sheet'!J$11-'Club & Hotel Input Sheet'!J72","v":-22750000}]
[null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$f":"SUM(J46:T46)","v":-630000},null,null,{"$f":"-'Club & Hotel Input Sheet'!J70","v":-630000}]
[null,"Developers contingency",null,null,"£",null,-900000,null,null,{"$f":"-'Club & Hotel Input Sheet'!J68","v":-900000}]
[null,"Refurbishment",null,null,"£",null,{"$f":"SUM(J48:T48)","v":-3780000},null,null,{"$f":"IF(J$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*J$6))","v":-3780000},{"$f":"IF(K$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*K$6))","v":0},{"$f":"IF(L$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*L$6))","v":0},{"$f":"IF(M$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*M$6))","v":0},{"$f":"IF(N$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*N$6))","v":0},{"$f":"IF(O$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*O$6))","v":0},{"$f":"IF(P$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*P$6))","v":0},{"$f":"IF(Q$10=1,0,-('Club & Hotel Input Sheet'!$J$18*'Club & Hotel Input Sheet'!$J$11*Q$6))","v":0},{"$f":"IF(R$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*R$6))","v":0},{"$f":"IF(S$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*S$6))","v":0},{"$f":"IF(T$10=1,0,-('Club & Hotel Input Sheet'!$I$18*'Club & Hotel Input Sheet'!$I$10*T$6))","v":0}]
[null,null,null,null,null,null,{"$f":"SUM(G45:G48)","v":-28060000}]
[]
["Cash Flow Statement"]
[null,"Revenue"]
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[null,null,"Room & equip hire",null,"£",null,{"$f":"SUM(J54:T54)","v":0}]
[null,null,"Restaurant",null,"£",null,23454302.381438486,null,null,null,{"$f":"('Club & Hotel Input Sheet'!$J$37*'Club & Hotel Input Sheet'!$J$38*'Club & Hotel Input Sheet'!$J$39*'Club & Hotel Input Sheet'!$J$40)*K$6","v":2142000},{"$f":"('Club & Hotel Input Sheet'!$J$37*'Club & Hotel Input Sheet'!$J$38*'Club & Hotel Input Sheet'!$J$39*'Club & Hotel Input Sheet'!$J$40)*L$6","v":2184840},{"$f":"('Club & Hotel Input Sheet'!$J$37*'Club & Hotel Input Sheet'!$J$38*'Club & Hotel Input Sheet'!$J$39*'Club & Hotel Input Sheet'!$J$40)*M$6","v":2228536.7999999998},{"$f":"('Club & Hotel Input Sheet'!$J$37*'Club & Hotel Input Sheet'!$J$38*'Club & Hotel Input Sheet'!$J$39*'Club & Hotel Input Sheet'!$J$40)*N$6","v":2273107.5359999998},{"$f":"('Club & Hotel Input Sheet'!$J$37*'Club & Hotel Input Sheet'!$J$38*'Club & Hotel Input Sheet'!$J$39*'Club & Hotel Input Sheet'!$J$40)*O$6","v":2318569.6867200001},{"$f":"('Club & Hotel Input Sheet'!$J$37*'Club & Hotel Input Sheet'!$J$38*'Club & Hotel Input Sheet'!$J$39*'Club & Hotel Input Sheet'!$J$40)*P$6","v":2364941.0804544003},{"$f":"('Club & Hotel Input Sheet'!$J$37*'Club & Hotel Input Sheet'!$J$38*'Club & Hotel Input Sheet'!$J$39*'Club & Hotel Input Sheet'!$J$40)*Q$6","v":2412239.9020634876},{"$f":"('Club & Hotel Input Sheet'!$J$37*'Club & Hotel Input Sheet'!$J$38*'Club & Hotel Input Sheet'!$J$39*'Club & Hotel Input Sheet'!$J$40)*R$6","v":2460484.7001047577},{"$f":"('Club & Hotel Input Sheet'!$J$37*'Club & Hotel Input Sheet'!$J$38*'Club & Hotel Input Sheet'!$J$39*'Club & Hotel Input Sheet'!$J$40)*S$6","v":2509694.3941068528},{"$f":"('Club & Hotel Input Sheet'!$J$37*'Club & Hotel Input Sheet'!$J$38*'Club & Hotel Input Sheet'!$J$39*'Club & Hotel Input Sheet'!$J$40)*T$6","v":2559888.28198899}]
[null,null,"Events",null,"£",null,0]
[null,"Total revenue",null,null,"£",null,{"$f":"SUM(G53:G56)","v":103589835.51801997},null,null,null,{"$f":"SUM(K53:K56)","v":9460500},{"$f":"SUM(L53:L56)","v":9649710},9842704.1999999993,10039558.284,10240349.449680001,10445156.438673601,10654059.56744707,10867140.758796014,11084483.573971935,11306173.245451372]
[]
[]
[null,"Expenditure"]
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[]
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[]
["Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(J71:T71)","v":108315315.71054527},null,null,{"$f":"J57+J67+J48+J45+J69+J46+J47","v":-28060000},{"$f":"K57+K67+K48+K45+K69","v":4437765},4505712.3,4595826.5459999992,4687743.0769200008,4781497.9384584008,4877127.8972275676,4974670.4551721178,5074163.8642755626,5175647.1415610742,{"$f":"T57+T67+T48+T45+T69","v":93265161.490930542}]
["IRR",{"$f":"IRR(J71:T71)","v":0.23589535041797838}]
[]
["LOWER CASE"]
["Capital"]
[]
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[null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$f":"SUM(J78:T78)","v":-770000.00000000012},null,null,{"$f":"-'Club & Hotel Input Sheet'!K70","v":-770000.00000000012}]
[null,"Developers contingency",null,null,"£",null,-1100000,null,null,{"$f":"-'Club & Hotel Input Sheet'!K68","v":-1100000}]
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["Cash Flow Statement"]
[null,"Revenue"]
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[null,null,"Room & equip hire",null,"£",null,{"$f":"SUM(J86:T86)","v":0}]
[null,null,"Restaurant",null,"£",null,15636201.587625662,null,null,null,{"$f":"('Club & Hotel Input Sheet'!$K$37*'Club & Hotel Input Sheet'!$K$38*'Club & Hotel Input Sheet'!$K$39*'Club & Hotel Input Sheet'!$K$40)*K$6","v":1428000},{"$f":"('Club & Hotel Input Sheet'!$K$37*'Club & Hotel Input Sheet'!$K$38*'Club & Hotel Input Sheet'!$K$39*'Club & Hotel Input Sheet'!$K$40)*L$6","v":1456560},{"$f":"('Club & Hotel Input Sheet'!$K$37*'Club & Hotel Input Sheet'!$K$38*'Club & Hotel Input Sheet'!$K$39*'Club & Hotel Input Sheet'!$K$40)*M$6","v":1485691.2},{"$f":"('Club & Hotel Input Sheet'!$K$37*'Club & Hotel Input Sheet'!$K$38*'Club & Hotel Input Sheet'!$K$39*'Club & Hotel Input Sheet'!$K$40)*N$6","v":1515405.024},{"$f":"('Club & Hotel Input Sheet'!$K$37*'Club & Hotel Input Sheet'!$K$38*'Club & Hotel Input Sheet'!$K$39*'Club & Hotel Input Sheet'!$K$40)*O$6","v":1545713.12448},{"$f":"('Club & Hotel Input Sheet'!$K$37*'Club & Hotel Input Sheet'!$K$38*'Club & Hotel Input Sheet'!$K$39*'Club & Hotel Input Sheet'!$K$40)*P$6","v":1576627.3869696001},{"$f":"('Club & Hotel Input Sheet'!$K$37*'Club & Hotel Input Sheet'!$K$38*'Club & Hotel Input Sheet'!$K$39*'Club & Hotel Input Sheet'!$K$40)*Q$6","v":1608159.9347089918},{"$f":"('Club & Hotel Input Sheet'!$K$37*'Club & Hotel Input Sheet'!$K$38*'Club & Hotel Input Sheet'!$K$39*'Club & Hotel Input Sheet'!$K$40)*R$6","v":1640323.1334031718},{"$f":"('Club & Hotel Input Sheet'!$K$37*'Club & Hotel Input Sheet'!$K$38*'Club & Hotel Input Sheet'!$K$39*'Club & Hotel Input Sheet'!$K$40)*S$6","v":1673129.5960712351},{"$f":"('Club & Hotel Input Sheet'!$K$37*'Club & Hotel Input Sheet'!$K$38*'Club & Hotel Input Sheet'!$K$39*'Club & Hotel Input Sheet'!$K$40)*T$6","v":1706592.1879926599}]
[null,null,"Events",null,"£",null,0]
[null,"Total revenue",null,null,"£",null,{"$f":"SUM(G85:G88)","v":83751404.753719941},null,null,null,{"$f":"SUM(K85:K88)","v":7648725},{"$f":"SUM(L85:L88)","v":7801699.5},7957733.4899999993,8116888.1598000005,8279225.9229959995,8444810.4414559212,8613706.6502850372,8785980.7832907382,8961700.398956554,9140934.4069356844]
[]
[]
[null,"Expenditure"]
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[null,null,"Staff costs",null,"£",null,{"$f":"SUM(J94:T94)","v":-37688132.139173977},null,null,null,{"$f":"-K89*'Club & Hotel Input Sheet'!$K$51","v":-3441926.25},{"$f":"-L89*'Club & Hotel Input Sheet'!$K$51","v":-3510764.7749999999},{"$f":"-M89*'Club & Hotel Input Sheet'!$K$51","v":-3580980.0704999999},{"$f":"-N89*'Club & Hotel Input Sheet'!$K$51","v":-3652599.6719100005},{"$f":"-O89*'Club & Hotel Input Sheet'!$K$51","v":-3725651.6653481997},{"$f":"-P89*'Club & Hotel Input Sheet'!$K$51","v":-3800164.6986551648},{"$f":"-Q89*'Club & Hotel Input Sheet'!$K$51","v":-3876167.992628267},{"$f":"-R89*'Club & Hotel Input Sheet'!$K$51","v":-3953691.3524808325},{"$f":"-S89*'Club & Hotel Input Sheet'!$K$51","v":-4032765.1795304492},{"$f":"-T89*'Club & Hotel Input Sheet'!$K$51","v":-4113420.483121058}]
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[null,null,"Marketing",null,"£",null,-426348.61678930448,null,null,null,{"$f":"-'Club & Hotel Input Sheet'!$K$57*K$6","v":-20400},{"$f":"-'Club & Hotel Input Sheet'!$K$58*L$6","v":-41616},{"$f":"-'Club & Hotel Input Sheet'!$K$58*M$6","v":-42448.32},{"$f":"-'Club & Hotel Input Sheet'!$K$58*N$6","v":-43297.286399999997},{"$f":"-'Club & Hotel Input Sheet'!$K$58*O$6","v":-44163.232128000003},{"$f":"-'Club & Hotel Input Sheet'!$K$58*P$6","v":-45046.496770559999},{"$f":"-'Club & Hotel Input Sheet'!$K$58*Q$6","v":-45947.426705971193},{"$f":"-'Club & Hotel Input Sheet'!$K$58*R$6","v":-46866.375240090623},{"$f":"-'Club & Hotel Input Sheet'!$K$58*S$6","v":-47803.702744892435},{"$f":"-'Club & Hotel Input Sheet'!$K$58*T$6","v":-48759.776799790285}]
[null,null,"Promotions",null,"£",null,0]
[null,null,"Equipment",null,"£",null,-223374.30839465224,null,null,null,{"$f":"-'Club & Hotel Input Sheet'!$K$62*K$6","v":-20400},{"$f":"-'Club & Hotel Input Sheet'!$K$62*L$6","v":-20808},{"$f":"-'Club & Hotel Input Sheet'!$K$62*M$6","v":-21224.16},{"$f":"-'Club & Hotel Input Sheet'!$K$62*N$6","v":-21648.643199999999},{"$f":"-'Club & Hotel Input Sheet'!$K$62*O$6","v":-22081.616064000002},{"$f":"-'Club & Hotel Input Sheet'!$K$62*P$6","v":-22523.24838528},{"$f":"-'Club & Hotel Input Sheet'!$K$62*Q$6","v":-22973.713352985596},{"$f":"-'Club & Hotel Input Sheet'!$K$62*R$6","v":-23433.187620045312},{"$f":"-'Club & Hotel Input Sheet'!$K$62*S$6","v":-23901.851372446217},{"$f":"-'Club & Hotel Input Sheet'!$K$62*T$6","v":-24379.888399895142}]
[null,"Total expenditure",null,null,"£",null,{"$f":"SUM(G93:G98)","v":-57570383.01713749},null,null,null,{"$f":"SUM(K93:K98)","v":-5239166.25},{"$f":"SUM(L93:L98)","v":-5364757.5750000002},-5472052.7264999999,-5581493.7810300002,-5693123.6566505991,-5806986.1297836127,-5923125.8523792839,-6041588.3694268698,-6162420.1368154073,-6285668.5395517154]
[]
[null,"Terminal value",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(T99+T89)/'Club & Hotel Input Sheet'!I$66","v":47587764.456399485}]
[]
["Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(J103:T103)","v":43548786.192981936},null,null,{"$f":"J89+J99+J80+J77+J101+J78+J79","v":-30220000},{"$f":"K89+K99+K80+K77+K101","v":2409558.75},2436941.9249999998,2485680.7634999994,2535394.3787700003,2586102.2663454004,2637824.3116723085,2690580.7979057534,2744392.4138638685,2799280.2621411467,{"$f":"T89+T99+T80+T77+T101","v":50443030.323783457}]
["IRR",{"$f":"IRR(J103:T103)","v":0.11817229482997704}]

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["Balance sheet"]
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[null,null,"Total area",null,null,null,0,null,null,null,null,{"$f":"IF(C10=$H$1,I10*(1+$H$2),I10)","v":0}]
[null,null,"Construction costs (£/sq ft)",null,null,null,0,null,null,null,null,0]
[null,null,"Fit out costs (£/sq ft)",null,null,null,0,null,null,null,null,0,null,null,null,null,null,-75,-50,-25,0,25,50,75]
[null,null,"Purchase cost",null,null,null,0,null,null,null,null,0]
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[null,null,"VAT",null,null,null,0,null,null,null,null,0]
[null,null,"Other fees/duties",null,null,null,0,null,null,null,null,0]
[null,null,"Number of years for capex",null,null,null,2,null,2,2,2,3.5]
[null,null,"Residual value",null,null,null,0,null,null,null,null,0]
[null,null,"Refurbishment schedule",null,null,null,0,null,null,null,null,0]
[null,null,"Refurbishment costs (£/sq ft)",null,null,null,0,null,null,null,null,0]
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[null,null,"Drawdown year",null,null,null,0,null,null,null,null,0]
[null,null,"Interest rate",null,null,null,0,null,null,null,null,0]
[null,null,"Payment schedule",null,null,null,0,null,null,null,null,0]
[]
["Income statement"]
[null,null,"Year to commence operations",null,null,null,{"$f":"OFFSET(H29,0,G$4)-0.01","v":1.99},null,2,2,2,{"$f":"IF(C29=$H$1,I29*(1+$H$2),I29)","v":2}]
[]
["Revenue generation"]
[null,"Membership income"]
[null,null,"No of members"]
[null,null,null,"Yr 1",1,null,{"$f":"OFFSET(H34,0,G$4)","v":1},null,1,1,1,{"$f":"IF(D34=$H$1,I34*(1+$H$2),I34)","v":1}]
[null,null,null,"Yr 2",2,null,2,null,2,2,2,{"$f":"IF(D35=$H$1,I35*(1+$H$2),I35)","v":2}]
[null,null,null,"Yr 3",3,null,2,null,2,2,2,2]
[null,null,null,"Yr 4",4,null,2,null,2,2,2,2]
[null,null,null,"Yr 5",5,null,2,null,2,2,2,2]
[null,null,null,"Yr 6",6,null,2,null,2,2,2,2]
[null,null,null,"Yr 7",7,null,2,null,2,2,2,2]
[null,null,null,"Yr 8",8,null,2,null,2,2,2,2]
[null,null,null,"Yr 9",9,null,2,null,2,2,2,2]
[null,null,null,"Yr 10",10,null,2,null,2,2,2,2]
[null,null,null,"Yr 11",11,null,2,null,2,2,2,2]
[null,null,null,"Yr 12",12,null,0,null,null,null,null,0]
[null,null,null,"Yr 13",13,null,0,null,null,null,null,0]
[null,null,null,"Yr 14",14,null,0,null,null,null,null,0]
[null,null,null,"Yr 15",15,null,0,null,null,null,null,0]
[]
[null,null,null,"Membership rate (£ per annum)",null,null,300,null,300,300,300,{"$f":"IF(D50=$H$1,I50*(1+$H$2),I50)","v":300}]
[null,null,null,null,null,null,0,null,null,null,null,{"$f":"IF(C51=$H$1,I51*(1+$H$2),I51)","v":0}]
[]
[null,null,"Accommodation income"]
[null,null,null,"Number of rooms",null,null,{"$f":"OFFSET(H54,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D54=$H$1,I54*(1+$H$2),I54)","v":0}]
[null,null,null,"Price per night (£)",null,null,0,null,null,null,null,{"$f":"IF(D55=$H$1,I55*(1+$H$2),I55)","v":0}]
[null,null,null,"Nights in operation",null,null,0,null,null,null,null,0]
[null,null,null,"Occupancy",null,null,0,null,null,null,null,{"$f":"IF(D57=$H$1,I57*(1+$H$2),I57)","v":0}]
[]
[null,null,"Rental space income"]
[null,null,null,"Rent per sq/ft",null,null,{"$f":"OFFSET(H60,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D60=$H$1,I60*(1+$H$2),I60)","v":0}]
[null,null,null,"Rental area (sq/ft)",null,null,0,null,null,null,null,0]
[null,null,null,null,null,null,0,null,null,null,null,0]
[]
[null,null,"Room & equipment hire income"]
[null,null,null,"Number of rooms",null,null,{"$f":"OFFSET(H65,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D65=$H$1,I65*(1+$H$2),I65)","v":0}]
[null,null,null,"Blended rate (£/day)",null,null,0,null,null,null,null,0]
[null,null,null,"Days in operation",null,null,0,null,null,null,null,0]
[null,null,null,"Occupancy",null,null,0,null,null,null,null,0]
[]
[null,null,"Restaurant and private dining income"]
[null,null,null,"Covers per day - Club",null,null,{"$f":"OFFSET(H71,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D71=$H$1,I71*(1+$H$2),I71)","v":0}]
[null,null,null,"Price (£/cover) - Club",null,null,{"$f":"OFFSET(H72,0,G$4)","v":0},null,null,null,null,0]
[null,null,null,"Days in operation",null,null,0,null,null,null,null,0]
[null,null,null,null,null,null,0,null,null,null,null,0]
[]
[null,null,"Events income"]
[null,null,null,"Number of events per annum",null,null,{"$f":"OFFSET(H77,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D77=$H$1,I77*(1+$H$2),I77)","v":0}]
[null,null,null,"Average takings (£/event)",null,null,0,null,null,null,null,0]
[null,null,null,"Funded by ticket sales",null,null,0,null,null,null,null,0]
[]
[null,"Expenditure"]
[]
[null,null,null,"Staff costs",null,null,{"$f":"OFFSET(H83,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D83=$H$1,I83*(1+$H$2),I83)","v":0}]
[]
[null,null,null,"Cost of sales",null,null,0,null,null,null,null,{"$f":"IF(D85=$H$1,I85*(1+$H$2),I85)","v":0}]
[]
[null,null,null,"Marketing",null,null,{"$f":"OFFSET(H87,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D87=$H$1,I87*(1+$H$2),I87)","v":0}]
[null,null,null,"Other opex",null,null,0,null,null,null,null,0]
[]
[null,null,null,"Estates costs",null,null,{"$f":"OFFSET(H90,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D90=$H$1,I90*(1+$H$2),I90)","v":0}]
[null,null,null,"Equipment",null,null,0,null,null,null,null,0]
[null,null,null,"Lease costs",null,null,null,null,null,null,null,0]
[null,null,null,"Rates",null,null,0,null,null,null,null,0]
[]
["Other factors"]
[null,"Inflation (@ RPI)",null,null,null,null,0.02,null,{"$f":"'Model input'!D6","v":0.02},0.02,0.02,{"$f":"IF(B96=$H$1,I96*(1+$H$2),I96)","v":0.02}]
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[null,"BASE CASE"]
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[]
[null,"Capital"]
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[null,null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$error":"#REF!"},null,null,{"$f":"-'Opt 1 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 1 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"Professional fees",null,null,"£",null,{"$error":"#REF!"},null,null,{"$f":"-'Opt 1 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 1 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"VAT",null,null,"£",null,0,null,null,0,0]
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[]
[null,"Cash Flow Statement"]
[null,null,"Revenue"]
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[null,null,null,"Amenity space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 1 Input Sheet'!$J$56*'Opt 1 Input Sheet'!$J$10*'Opt 1 Input Sheet'!$J$60)*'Opt 1 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 1 Input Sheet'!$J$56*'Opt 1 Input Sheet'!$J$10*'Opt 1 Input Sheet'!$J$60)*'Opt 1 Output sheet'!M5","v":0},{"$f":"('Opt 1 Input Sheet'!$J$56*'Opt 1 Input Sheet'!$J$10*'Opt 1 Input Sheet'!$J$61)*'Opt 1 Output sheet'!N5","v":0},{"$f":"('Opt 1 Input Sheet'!$J$56*'Opt 1 Input Sheet'!$J$10*'Opt 1 Input Sheet'!$J$62)*'Opt 1 Output sheet'!O5","v":0},{"$f":"('Opt 1 Input Sheet'!$J$56*'Opt 1 Input Sheet'!$J$10*'Opt 1 Input Sheet'!$J$62)*'Opt 1 Output sheet'!P5","v":0},{"$f":"('Opt 1 Input Sheet'!$J$56*'Opt 1 Input Sheet'!$J$10*'Opt 1 Input Sheet'!$J$62)*'Opt 1 Output sheet'!Q5","v":0},{"$f":"('Opt 1 Input Sheet'!$J$56*'Opt 1 Input Sheet'!$J$10*'Opt 1 Input Sheet'!$J$62)*'Opt 1 Output sheet'!R5","v":0},{"$f":"('Opt 1 Input Sheet'!$J$56*'Opt 1 Input Sheet'!$J$10*'Opt 1 Input Sheet'!$J$62)*'Opt 1 Output sheet'!S5","v":0}]
[null,null,"Total revenue",null,null,"£",null,{"$f":"SUM(H70:H75)","v":0},null,null,null,{"$f":"SUM(L70:L75)","v":0},0,0,0,0,0,0,0]
[]
[]
[null,null,"Expenditure"]
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[]
[null,null,"Terminal value"]
[]
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[null,"IRR",{"$f":"IRR(K86:S86)","v":{"$error":"#VALUE!"}}]
[]
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[null,"Yield on cash",{"$f":"-(AVERAGE(L89:S89))/(SUM(H61:H63))","v":{"$error":"#REF!"}}]
[]
[null,"LOWER CASE"]
[null,"Capital"]
[]
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[null,null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$f":"SUM(K96:S96)","v":{"$error":"#REF!"}},null,null,{"$f":"-'Opt 1 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 1 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"Professional fees",null,null,"£",null,{"$f":"SUM(K97:S97)","v":{"$error":"#REF!"}},null,null,{"$f":"-'Opt 1 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 1 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"VAT",null,null,"£",null,{"$f":"SUM(K98:S98)","v":0},null,null,0,0]
[null,null,"Refurbishment",null,null,"£",null,{"$f":"SUM(K99:S99)","v":{"$error":"#REF!"}},null,null,{"$f":"IF(K$8=1,0,-('Opt 1 Input Sheet'!#REF!*'Opt 1 Input Sheet'!$K$18*K$5))","v":{"$error":"#REF!"}},{"$f":"IF(L$8=1,0,-('Opt 1 Input Sheet'!#REF!*'Opt 1 Input Sheet'!$K$18*L$5))","v":0},{"$f":"IF(M$8=1,0,-('Opt 1 Input Sheet'!#REF!*'Opt 1 Input Sheet'!$K$18*M$5))","v":0},{"$f":"IF(N$8=1,0,-('Opt 1 Input Sheet'!#REF!*'Opt 1 Input Sheet'!$K$18*N$5))","v":0},{"$f":"IF(O$8=1,0,-('Opt 1 Input Sheet'!#REF!*'Opt 1 Input Sheet'!$K$18*O$5))","v":0},{"$f":"IF(P$8=1,0,-('Opt 1 Input Sheet'!#REF!*'Opt 1 Input Sheet'!$K$18*P$5))","v":0},{"$f":"IF(Q$8=1,0,-('Opt 1 Input Sheet'!#REF!*'Opt 1 Input Sheet'!$K$18*Q$5))","v":0},{"$f":"IF(R$8=1,0,-('Opt 1 Input Sheet'!#REF!*'Opt 1 Input Sheet'!$K$18*R$5))","v":0},{"$f":"IF(S$8=1,0,-('Opt 1 Input Sheet'!#REF!*'Opt 1 Input Sheet'!$K$18*S$5))","v":0}]
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[]
[null,"Cash Flow Statement"]
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[null,null,null,"Amenity space rental",null,"£",null,0,null,null,null,{"$f":"('Opt 1 Input Sheet'!$K$54*'Opt 1 Input Sheet'!$K$60*'Opt 1 Input Sheet'!$K$10)*'Opt 1 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 1 Input Sheet'!$K$54*'Opt 1 Input Sheet'!$K$60*'Opt 1 Input Sheet'!$K$10)*'Opt 1 Output sheet'!M5","v":0},{"$f":"('Opt 1 Input Sheet'!$K$54*'Opt 1 Input Sheet'!$K$61*'Opt 1 Input Sheet'!$K$10)*'Opt 1 Output sheet'!N5","v":0},{"$f":"('Opt 1 Input Sheet'!$K$54*'Opt 1 Input Sheet'!$K$62*'Opt 1 Input Sheet'!$K$10)*'Opt 1 Output sheet'!O5","v":0},{"$f":"('Opt 1 Input Sheet'!$K$54*'Opt 1 Input Sheet'!$K$62*'Opt 1 Input Sheet'!$K$10)*'Opt 1 Output sheet'!P5","v":0},{"$f":"('Opt 1 Input Sheet'!$K$54*'Opt 1 Input Sheet'!$K$62*'Opt 1 Input Sheet'!$K$10)*'Opt 1 Output sheet'!Q5","v":0},{"$f":"('Opt 1 Input Sheet'!$K$54*'Opt 1 Input Sheet'!$K$62*'Opt 1 Input Sheet'!$K$10)*'Opt 1 Output sheet'!R5","v":0},{"$f":"('Opt 1 Input Sheet'!$K$54*'Opt 1 Input Sheet'!$K$62*'Opt 1 Input Sheet'!$K$10)*'Opt 1 Output sheet'!S5","v":0}]
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[null,null,null,"Amenity space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 1 Input Sheet'!$K$56*'Opt 1 Input Sheet'!$K$10*'Opt 1 Input Sheet'!$K$60)*'Opt 1 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 1 Input Sheet'!$K$56*'Opt 1 Input Sheet'!$K$10*'Opt 1 Input Sheet'!$K$60)*'Opt 1 Output sheet'!M5","v":0},{"$f":"('Opt 1 Input Sheet'!$K$56*'Opt 1 Input Sheet'!$K$10*'Opt 1 Input Sheet'!$K$61)*'Opt 1 Output sheet'!N5","v":0},{"$f":"('Opt 1 Input Sheet'!$K$56*'Opt 1 Input Sheet'!$K$10*'Opt 1 Input Sheet'!$K$62)*'Opt 1 Output sheet'!O5","v":0},{"$f":"('Opt 1 Input Sheet'!$K$56*'Opt 1 Input Sheet'!$K$10*'Opt 1 Input Sheet'!$K$62)*'Opt 1 Output sheet'!P5","v":0},{"$f":"('Opt 1 Input Sheet'!$K$56*'Opt 1 Input Sheet'!$K$10*'Opt 1 Input Sheet'!$K$62)*'Opt 1 Output sheet'!Q5","v":0},{"$f":"('Opt 1 Input Sheet'!$K$56*'Opt 1 Input Sheet'!$K$10*'Opt 1 Input Sheet'!$K$62)*'Opt 1 Output sheet'!R5","v":0},{"$f":"('Opt 1 Input Sheet'!$K$56*'Opt 1 Input Sheet'!$K$10*'Opt 1 Input Sheet'!$K$62)*'Opt 1 Output sheet'!S5","v":0}]
[null,null,"Total revenue",null,null,"£",null,{"$f":"SUM(H104:H109)","v":0},null,null,null,{"$f":"SUM(L104:L109)","v":0},0,0,0,0,0,0,0]
[]
[]
[null,null,"Expenditure"]
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[null,null,null,"Rates",null,"£",null,{"$f":"SUM(K115:S115)","v":0},null,null,null,{"$f":"(-'Opt 1 Input Sheet'!$K$85*(('Opt 1 Input Sheet'!$K$10+'Opt 1 Input Sheet'!$K$18))*'Opt 1 Output sheet'!L5/12*6)","v":0},{"$f":"(-'Opt 1 Input Sheet'!$K$85*('Opt 1 Input Sheet'!$K$10+'Opt 1 Input Sheet'!$K$18))*'Opt 1 Output sheet'!M5","v":0},{"$f":"(-'Opt 1 Input Sheet'!$K$85*('Opt 1 Input Sheet'!$K$10+'Opt 1 Input Sheet'!$K$18))*'Opt 1 Output sheet'!N5","v":0},{"$f":"(-'Opt 1 Input Sheet'!$K$85*('Opt 1 Input Sheet'!$K$10+'Opt 1 Input Sheet'!$K$18))*'Opt 1 Output sheet'!O5","v":0},{"$f":"(-'Opt 1 Input Sheet'!$K$85*('Opt 1 Input Sheet'!$K$10+'Opt 1 Input Sheet'!$K$18))*'Opt 1 Output sheet'!P5","v":0},{"$f":"(-'Opt 1 Input Sheet'!$K$85*('Opt 1 Input Sheet'!$K$10+'Opt 1 Input Sheet'!$K$18))*'Opt 1 Output sheet'!Q5","v":0},{"$f":"(-'Opt 1 Input Sheet'!$K$85*('Opt 1 Input Sheet'!$K$10+'Opt 1 Input Sheet'!$K$18))*'Opt 1 Output sheet'!R5","v":0},{"$f":"(-'Opt 1 Input Sheet'!$K$85*('Opt 1 Input Sheet'!$K$10+'Opt 1 Input Sheet'!$K$18))*'Opt 1 Output sheet'!S5","v":0}]
[null,null,"Total expenditure",null,null,"£",null,{"$f":"SUM(H114:H115)","v":0},null,null,null,{"$f":"SUM(L114:L115)","v":0},0,0,0,0,0,0,0]
[]
[null,null,"Terminal value"]
[]
[null,"Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(K120:S120)","v":{"$error":"#REF!"}},null,null,{"$f":"K110+K116+K99+K95+K118+K96+K97+K98","v":{"$error":"#REF!"}},{"$f":"L110+L116+L99+L95+L118+L96+L97+L98","v":{"$error":"#REF!"}},{"$f":"M110+M116+M99+M95+M118","v":0},0,0,0,0,0,0]
[null,"IRR",{"$f":"IRR(K120:S120)","v":{"$error":"#VALUE!"}}]
[]
[null,"Operating cash",null,null,null,null,null,null,null,null,null,{"$f":"L116+L110","v":0},{"$f":"M116+M110","v":0},0,0,{"$f":"P116+P110","v":0},0,0,0]
[null,"Yield on cash",{"$f":"-(AVERAGE(L123:S123))/(SUM(H95:H97))","v":{"$error":"#REF!"}}]
[]
[null,"Payback period",{"$f":"IF(K126>0,K2,IF(L126>0,L2,IF(M126>0,M2,IF(N126>0,N2,IF(O126>0,O2,IF(P126>0,P2,IF(Q126>0,Q2,IF(R126>0,R2,IF(S126>0,S2,IF(T126>0,T2,IF(U126>0,U2,IF(V126>0,V2,IF(W126>0,W2,IF(X126>0,X2,IF(Y126>0,Y2,IF(Z126>0,Z2,0))))))))))))))))","v":0},null,null,null,null,null,null,null,{"$f":"H17+K44-K17","v":-10100},{"$f":"K126+L44-L17","v":-10100},{"$f":"L126+M44-M17","v":-9475.76},-8839.0352000000003,-8189.5759040000003,-7527.1274220800005,-6851.4299705216008,{"$f":"Q126+R44-R17","v":-6162.2185699320326},-5459.2229413306732,-4742.1674001572865,-4010.770748160432,-3264.7461631236411,-3264.7461631236411,-3264.7461631236411,-3264.7461631236411,-3264.7461631236411]
[]
[]
[null,"Profit Margin",null,null,null,null,null,null,null,null,{"$f":"IFERROR((K27-K40)/K40,0)","v":0},{"$f":"IFERROR((L27-L40)/L40,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]

{"sheet":"Opt 2 Input Sheet","index":8,"n_rows":97,"n_cols":14,"rows_kept":97,"cut":false,"hidden":false,"merged":[]}
[{"$f":"'Model input'!D3&\" Analysis - Option 2\"","v":"Investment A Analysis - Option 2"},null,null,null,null,null,"Factor to change","Number of years for capex"]
["Input Sheet",null,null,null,null,null,"Change by",0.75]
[]
["Scenario",null,null,null,null,null,1,null,1,2,3,4]
["Description",null,null,null,null,null,{"$f":"HLOOKUP(G4,I4:K5,2)","v":"Base Case"},null,"Base Case","Upper Case","Lower Case","Variable",null,"Source"]
[]
["Balance sheet"]
[null,"Initial start up"]
[null,null,"Initial capital costs",null,null,null,{"$f":"OFFSET(H9,0,G$4)","v":0},null,{"$f":"I13+(I10*I12)+(I10*I11)","v":0},null,null,{"$f":"IF(C9=$H$1,I9*(1+$H$2),I9)","v":0}]
[null,null,"Total area",null,null,null,{"$f":"OFFSET(H10,0,G$4)","v":0},null,null,null,null,{"$f":"IF(C10=$H$1,I10*(1+$H$2),I10)","v":0}]
[null,null,"Construction costs (£/sq ft)",null,null,null,0,null,null,null,null,0]
[null,null,"Fit out costs (£/sq ft)",null,null,null,0,null,null,null,null,0]
[null,null,"Purchase cost",null,null,null,0,null,null,null,null,{"$f":"IF(C13=$H$1,I13*(1+$H$2),I13)","v":0}]
[null,null,"Professional fees",null,null,null,0,null,null,null,null,0]
[null,null,"VAT",null,null,null,0,null,null,null,null,0]
[null,null,"Other fees/duties",null,null,null,0,null,null,null,null,0]
[null,null,"Number of years for capex",null,null,null,2,null,2,null,null,3.5]
[null,null,"Residual value",null,null,null,0,null,null,null,null,0]
[null,null,"Refurbishment schedule",null,null,null,0,null,null,null,null,0]
[null,null,"Refurbishment costs (£/sq ft)",null,null,null,0,null,null,null,null,0]
[]
[null,"Financing"]
[null,null,"Drawdown value",null,null,null,{"$f":"OFFSET(H23,0,G$4)","v":0},null,null,null,null,{"$f":"IF(C23=$H$1,I23*(1+$H$2),I23)","v":0}]
[null,null,"Drawdown year",null,null,null,0,null,null,null,null,0]
[null,null,"Interest rate",null,null,null,0,null,null,null,null,0]
[null,null,"Payment schedule",null,null,null,0,null,null,null,null,0]
[]
["Income statement"]
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[]
["Revenue generation"]
[null,"Membership income"]
[null,null,"No of members"]
[null,null,null,"Yr 1",1,null,{"$f":"OFFSET(H34,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D34=$H$1,I34*(1+$H$2),I34)","v":0}]
[null,null,null,"Yr 2",2,null,0,null,null,null,null,{"$f":"IF(D35=$H$1,I35*(1+$H$2),I35)","v":0}]
[null,null,null,"Yr 3",3,null,0,null,null,null,null,0]
[null,null,null,"Yr 4",4,null,0,null,null,null,null,0]
[null,null,null,"Yr 5",5,null,0,null,null,null,null,0]
[null,null,null,"Yr 6",6,null,0,null,null,null,null,0]
[null,null,null,"Yr 7",7,null,0,null,null,null,null,0]
[null,null,null,"Yr 8",8,null,0,null,null,null,null,0]
[null,null,null,"Yr 9",9,null,0,null,null,null,null,0]
[null,null,null,"Yr 10",10,null,0,null,null,null,null,0]
[null,null,null,"Yr 11",11,null,0,null,null,null,null,0]
[null,null,null,"Yr 12",12,null,0,null,null,null,null,0]
[null,null,null,"Yr 13",13,null,0,null,null,null,null,0]
[null,null,null,"Yr 14",14,null,0,null,null,null,null,0]
[null,null,null,"Yr 15",15,null,0,null,null,null,null,0]
[]
[null,null,"Membership rate (£ per annum)",null,null,null,0,null,null,null,null,{"$f":"IF(D50=$H$1,I50*(1+$H$2),I50)","v":0}]
[null,null,null,null,null,null,0,null,null,null,null,{"$f":"IF(C51=$H$1,I51*(1+$H$2),I51)","v":0}]
[]
[null,null,"Accommodation income"]
[null,null,null,"Number of rooms",null,null,{"$f":"OFFSET(H54,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D54=$H$1,I54*(1+$H$2),I54)","v":0}]
[null,null,null,"Price per night (£)",null,null,0,null,null,null,null,{"$f":"IF(D55=$H$1,I55*(1+$H$2),I55)","v":0}]
[null,null,null,"Nights in operation",null,null,0,null,null,null,null,0]
[null,null,null,"Occupancy",null,null,0,null,null,null,null,{"$f":"IF(D57=$H$1,I57*(1+$H$2),I57)","v":0}]
[]
[null,null,"Rental space income"]
[null,null,null,"Rent per sq/ft",null,null,{"$f":"OFFSET(H60,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D60=$H$1,I60*(1+$H$2),I60)","v":0}]
[null,null,null,"Rental area (sq/ft)",null,null,0,null,null,null,null,0]
[null,null,null,null,null,null,0,null,null,null,null,0]
[]
[null,null,"Room & equipment hire income"]
[null,null,null,"Number of rooms",null,null,{"$f":"OFFSET(H65,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D65=$H$1,I65*(1+$H$2),I65)","v":0}]
[null,null,null,"Blended rate (£/day)",null,null,0,null,null,null,null,0]
[null,null,null,"Days in operation",null,null,0,null,null,null,null,0]
[null,null,null,"Occupancy",null,null,0,null,null,null,null,0]
[]
[null,null,"Restaurant and private dining income"]
[null,null,null,"Covers per day - Club",null,null,{"$f":"OFFSET(H71,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D71=$H$1,I71*(1+$H$2),I71)","v":0}]
[null,null,null,"Price (£/cover) - Club",null,null,{"$f":"OFFSET(H72,0,G$4)","v":0},null,null,null,null,0]
[null,null,null,"Days in operation",null,null,0,null,null,null,null,0]
[null,null,null,null,null,null,0,null,null,null,null,0]
[]
[null,null,"Events income"]
[null,null,null,"Number of events per annum",null,null,{"$f":"OFFSET(H77,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D77=$H$1,I77*(1+$H$2),I77)","v":0}]
[null,null,null,"Average takings (£/event)",null,null,0,null,null,null,null,0]
[null,null,null,"Funded by ticket sales",null,null,0,null,null,null,null,0]
[]
[null,"Expenditure"]
[]
[null,null,null,"Staff costs",null,null,{"$f":"OFFSET(H83,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D83=$H$1,I83*(1+$H$2),I83)","v":0}]
[]
[null,null,null,"Cost of sales",null,null,0,null,null,null,null,{"$f":"IF(D85=$H$1,I85*(1+$H$2),I85)","v":0}]
[]
[null,null,null,"Marketing",null,null,{"$f":"OFFSET(H87,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D87=$H$1,I87*(1+$H$2),I87)","v":0}]
[null,null,null,"Other opex",null,null,0,null,null,null,null,0]
[]
[null,null,null,"Estates costs",null,null,{"$f":"OFFSET(H90,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D90=$H$1,I90*(1+$H$2),I90)","v":0}]
[null,null,null,"Equipment",null,null,0,null,null,null,null,0]
[null,null,null,"Lease costs",null,null,null,null,null,null,null,0]
[null,null,null,"Rates",null,null,0,null,null,null,null,0]
[]
["Other factors"]
[null,"Inflation (@ RPI)",null,null,null,null,{"$f":"OFFSET(H96,0,G$4)","v":0.02},null,{"$f":"'Model input'!D6","v":0.02},null,null,{"$f":"IF(B96=$H$1,I96*(1+$H$2),I96)","v":0.02}]
[null,"Discount factor (RPI+2.5%)",null,null,null,null,0.04,null,{"$f":"'Model input'!D7","v":0.04},null,null,{"$f":"IF(B97=$H$1,I97*(1+$H$2),I97)","v":0.04}]

{"sheet":"Opt 2 Output sheet","index":9,"n_rows":129,"n_cols":30,"rows_kept":129,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"'Model input'!D3&\" Analysis - Option 2\"","v":"Investment A Analysis - Option 2"}]
[null,"Workings Sheet",null,null,null,null,null,null,null,null,{"$f":"'Model input'!D5","v":2016},{"$f":"L3+$K$2","v":2017},{"$f":"M3+$K$2","v":2018},2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031]
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[]
[null,"BASE CASE"]
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[]
[null,"Cash Flow Statement"]
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[null,"Yield on cash",{"$f":"-(AVERAGE(K47:Z47))/(SUM(H12:H16))","v":{"$error":"#DIV/0!"}}]
[]
[null,"UPPER CASE"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'Model input'!D5","v":2016},{"$f":"L52+$K$51","v":2017},{"$f":"M52+$K$2","v":2018},2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031]
[null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[]
[null,"Inflation index",{"$f":"'Opt 2 Input Sheet'!G146","v":0},null,null,null,null,null,null,null,{"$f":"(1+'Opt 2 Input Sheet'!$G146)^K52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^L52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^M52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^N52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^O52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^P52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^Q52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^R52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^S52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^T52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^U52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^V52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^W52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^X52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^Y52","v":1},{"$f":"(1+'Opt 2 Input Sheet'!$G146)^Z52","v":1}]
[]
[]
[null,"Refurbishment",null,null,null,null,null,null,null,null,{"$f":"IF(K52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(L52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(M52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(N52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(O52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(P52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(Q52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(R52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(S52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(T52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(U52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(V52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(W52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(X52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(Y52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(Z52='Opt 2 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"}]
[null,"Refurbishment factor",null,null,null,null,null,null,null,null,{"$f":"IF(K57=\"No\",1,0.5)","v":0.5},{"$f":"IF(L57=\"No\",1,0.5)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,"Capital"]
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[null,null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$error":"#REF!"},null,null,{"$f":"-'Opt 2 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 2 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"Professional fees",null,null,"£",null,{"$error":"#REF!"},null,null,{"$f":"-'Opt 2 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 2 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"VAT",null,null,"£",null,0,null,null,0,0]
[null,null,"Refurbishment",null,null,"£",null,{"$error":"#REF!"},null,null,{"$f":"IF(K$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$J$18*K$5))","v":{"$error":"#REF!"}},{"$f":"IF(L$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$J$18*L$5))","v":0},{"$f":"IF(M$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$J$18*M$5))","v":0},{"$f":"IF(N$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$J$18*N$5))","v":0},{"$f":"IF(O$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$J$18*O$5))","v":0},{"$f":"IF(P$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$J$18*P$5))","v":0},{"$f":"IF(Q$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$J$18*Q$5))","v":0},{"$f":"IF(R$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$J$18*R$5))","v":0},{"$f":"IF(S$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$J$18*S$5))","v":0}]
[null,null,null,null,null,null,null,0]
[]
[null,"Cash Flow Statement"]
[null,null,"Revenue"]
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[null,null,null,"Office space service charge",null,"£",null,0,null,null,null,{"$f":"('Opt 2 Input Sheet'!$J$35*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$60)*L$5/12*6","v":0},{"$f":"('Opt 2 Input Sheet'!$J$35*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$60)*M$5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$35*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$61)*N$5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$35*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$62)*O$5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$35*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$62)*P$5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$35*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$62)*Q$5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$35*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$62)*R$5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$35*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$62)*S$5","v":0}]
[null,null,null,"Office space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 2 Input Sheet'!$J$36*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$60)*'Opt 2 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 2 Input Sheet'!$J$36*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$60)*'Opt 2 Output sheet'!M5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$36*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$61)*'Opt 2 Output sheet'!N5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$36*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!O5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$36*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!P5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$36*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!Q5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$36*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!R5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$36*'Opt 2 Input Sheet'!$J$18*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space rental",null,"£",null,0,null,null,null,{"$f":"('Opt 2 Input Sheet'!$J$54*'Opt 2 Input Sheet'!$J$60*'Opt 2 Input Sheet'!$J$10)*'Opt 2 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 2 Input Sheet'!$J$54*'Opt 2 Input Sheet'!$J$60*'Opt 2 Input Sheet'!$J$10)*'Opt 2 Output sheet'!M5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$54*'Opt 2 Input Sheet'!$J$61*'Opt 2 Input Sheet'!$J$10)*'Opt 2 Output sheet'!N5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$54*'Opt 2 Input Sheet'!$J$62*'Opt 2 Input Sheet'!$J$10)*'Opt 2 Output sheet'!O5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$54*'Opt 2 Input Sheet'!$J$62*'Opt 2 Input Sheet'!$J$10)*'Opt 2 Output sheet'!P5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$54*'Opt 2 Input Sheet'!$J$62*'Opt 2 Input Sheet'!$J$10)*'Opt 2 Output sheet'!Q5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$54*'Opt 2 Input Sheet'!$J$62*'Opt 2 Input Sheet'!$J$10)*'Opt 2 Output sheet'!R5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$54*'Opt 2 Input Sheet'!$J$62*'Opt 2 Input Sheet'!$J$10)*'Opt 2 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space service charge",null,"£",null,0,null,null,null,{"$f":"('Opt 2 Input Sheet'!$J$55*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$60)*'Opt 2 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 2 Input Sheet'!$J$55*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$60)*'Opt 2 Output sheet'!M5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$55*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$61)*'Opt 2 Output sheet'!N5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$55*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!O5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$55*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!P5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$55*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!Q5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$55*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!R5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$55*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 2 Input Sheet'!$J$56*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$60)*'Opt 2 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 2 Input Sheet'!$J$56*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$60)*'Opt 2 Output sheet'!M5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$56*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$61)*'Opt 2 Output sheet'!N5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$56*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!O5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$56*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!P5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$56*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!Q5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$56*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!R5","v":0},{"$f":"('Opt 2 Input Sheet'!$J$56*'Opt 2 Input Sheet'!$J$10*'Opt 2 Input Sheet'!$J$62)*'Opt 2 Output sheet'!S5","v":0}]
[null,null,"Total revenue",null,null,"£",null,{"$f":"SUM(H70:H75)","v":0},null,null,null,{"$f":"SUM(L70:L75)","v":0},0,0,0,0,0,0,0]
[]
[]
[null,null,"Expenditure"]
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[null,null,null,"Rates",null,"£",null,{"$f":"SUM(K81:S81)","v":0},null,null,null,{"$f":"(-'Opt 2 Input Sheet'!$J$85*(('Opt 2 Input Sheet'!$J$10+'Opt 2 Input Sheet'!$J$18))*'Opt 2 Output sheet'!L5/12*6)","v":0},{"$f":"(-'Opt 2 Input Sheet'!$J$85*('Opt 2 Input Sheet'!$J$10+'Opt 2 Input Sheet'!$J$18))*'Opt 2 Output sheet'!M5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$J$85*('Opt 2 Input Sheet'!$J$10+'Opt 2 Input Sheet'!$J$18))*'Opt 2 Output sheet'!N5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$J$85*('Opt 2 Input Sheet'!$J$10+'Opt 2 Input Sheet'!$J$18))*'Opt 2 Output sheet'!O5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$J$85*('Opt 2 Input Sheet'!$J$10+'Opt 2 Input Sheet'!$J$18))*'Opt 2 Output sheet'!P5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$J$85*('Opt 2 Input Sheet'!$J$10+'Opt 2 Input Sheet'!$J$18))*'Opt 2 Output sheet'!Q5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$J$85*('Opt 2 Input Sheet'!$J$10+'Opt 2 Input Sheet'!$J$18))*'Opt 2 Output sheet'!R5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$J$85*('Opt 2 Input Sheet'!$J$10+'Opt 2 Input Sheet'!$J$18))*'Opt 2 Output sheet'!S5","v":0}]
[null,null,"Total expenditure",null,null,"£",null,{"$f":"SUM(H80:H81)","v":0},null,null,null,{"$f":"SUM(L80:L81)","v":0},0,0,0,0,0,0,0]
[]
[null,null,"Terminal value"]
[]
[null,"Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(K86:S86)","v":{"$error":"#REF!"}},null,null,{"$f":"K76+K82+K65+K61+K84+K62+K63+K64","v":{"$error":"#REF!"}},{"$f":"L76+L82+L65+L61+L84+L62+L63+L64","v":{"$error":"#REF!"}},{"$f":"M76+M82+M65+M61+M84","v":0},0,0,0,0,0,0]
[null,"IRR",{"$f":"IRR(K86:S86)","v":{"$error":"#VALUE!"}}]
[]
[null,"Operating cash",null,null,null,null,null,null,null,null,null,{"$f":"L82+L76","v":0},0,0,0,0,0,0,0]
[null,"Yield on cash",{"$f":"-(AVERAGE(L89:S89))/(SUM(H61:H63))","v":{"$error":"#REF!"}}]
[]
[null,"LOWER CASE"]
[null,"Capital"]
[]
[null,null,"New capital cost",null,null,"£",null,{"$f":"SUM(K95:S95)","v":{"$error":"#REF!"}},null,null,{"$f":"(-'Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!K$9-'Opt 2 Input Sheet'!#REF!)/18*12","v":{"$error":"#REF!"}},{"$f":"(-'Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!K$9-'Opt 2 Input Sheet'!#REF!)/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$f":"SUM(K96:S96)","v":{"$error":"#REF!"}},null,null,{"$f":"-'Opt 2 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 2 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"Professional fees",null,null,"£",null,{"$f":"SUM(K97:S97)","v":{"$error":"#REF!"}},null,null,{"$f":"-'Opt 2 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 2 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"VAT",null,null,"£",null,{"$f":"SUM(K98:S98)","v":0},null,null,0,0]
[null,null,"Refurbishment",null,null,"£",null,{"$f":"SUM(K99:S99)","v":{"$error":"#REF!"}},null,null,{"$f":"IF(K$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$K$18*K$5))","v":{"$error":"#REF!"}},{"$f":"IF(L$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$K$18*L$5))","v":0},{"$f":"IF(M$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$K$18*M$5))","v":0},{"$f":"IF(N$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$K$18*N$5))","v":0},{"$f":"IF(O$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$K$18*O$5))","v":0},{"$f":"IF(P$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$K$18*P$5))","v":0},{"$f":"IF(Q$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$K$18*Q$5))","v":0},{"$f":"IF(R$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$K$18*R$5))","v":0},{"$f":"IF(S$8=1,0,-('Opt 2 Input Sheet'!#REF!*'Opt 2 Input Sheet'!$K$18*S$5))","v":0}]
[null,null,null,null,null,null,null,{"$f":"SUM(H95:H99)","v":{"$error":"#REF!"}}]
[]
[null,"Cash Flow Statement"]
[null,null,"Revenue"]
[null,null,null,"Office space rental",null,"£",null,{"$f":"SUM(K104:S104)","v":0},null,null,null,{"$f":"('Opt 2 Input Sheet'!$K$34*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$60)*L$5/12*6","v":0},{"$f":"('Opt 2 Input Sheet'!$K$34*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$60)*M$5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$34*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$61)*N$5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$34*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*O$5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$34*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*P$5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$34*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*Q$5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$34*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*R$5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$34*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*S$5","v":0}]
[null,null,null,"Office space service charge",null,"£",null,0,null,null,null,{"$f":"('Opt 2 Input Sheet'!$K$35*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$60)*L$5/12*6","v":0},{"$f":"('Opt 2 Input Sheet'!$K$35*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$60)*M$5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$35*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$61)*N$5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$35*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*O$5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$35*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*P$5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$35*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*Q$5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$35*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*R$5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$35*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*S$5","v":0}]
[null,null,null,"Office space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 2 Input Sheet'!$K$36*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$60)*'Opt 2 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 2 Input Sheet'!$K$36*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$60)*'Opt 2 Output sheet'!M5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$36*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$61)*'Opt 2 Output sheet'!N5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$36*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!O5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$36*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!P5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$36*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!Q5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$36*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!R5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$36*'Opt 2 Input Sheet'!$K$18*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space rental",null,"£",null,0,null,null,null,{"$f":"('Opt 2 Input Sheet'!$K$54*'Opt 2 Input Sheet'!$K$60*'Opt 2 Input Sheet'!$K$10)*'Opt 2 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 2 Input Sheet'!$K$54*'Opt 2 Input Sheet'!$K$60*'Opt 2 Input Sheet'!$K$10)*'Opt 2 Output sheet'!M5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$54*'Opt 2 Input Sheet'!$K$61*'Opt 2 Input Sheet'!$K$10)*'Opt 2 Output sheet'!N5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$54*'Opt 2 Input Sheet'!$K$62*'Opt 2 Input Sheet'!$K$10)*'Opt 2 Output sheet'!O5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$54*'Opt 2 Input Sheet'!$K$62*'Opt 2 Input Sheet'!$K$10)*'Opt 2 Output sheet'!P5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$54*'Opt 2 Input Sheet'!$K$62*'Opt 2 Input Sheet'!$K$10)*'Opt 2 Output sheet'!Q5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$54*'Opt 2 Input Sheet'!$K$62*'Opt 2 Input Sheet'!$K$10)*'Opt 2 Output sheet'!R5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$54*'Opt 2 Input Sheet'!$K$62*'Opt 2 Input Sheet'!$K$10)*'Opt 2 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space service charge",null,"£",null,0,null,null,null,{"$f":"('Opt 2 Input Sheet'!$K$55*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$60)*'Opt 2 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 2 Input Sheet'!$K$55*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$60)*'Opt 2 Output sheet'!M5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$55*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$61)*'Opt 2 Output sheet'!N5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$55*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!O5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$55*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!P5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$55*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!Q5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$55*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!R5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$55*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 2 Input Sheet'!$K$56*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$60)*'Opt 2 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 2 Input Sheet'!$K$56*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$60)*'Opt 2 Output sheet'!M5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$56*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$61)*'Opt 2 Output sheet'!N5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$56*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!O5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$56*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!P5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$56*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!Q5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$56*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!R5","v":0},{"$f":"('Opt 2 Input Sheet'!$K$56*'Opt 2 Input Sheet'!$K$10*'Opt 2 Input Sheet'!$K$62)*'Opt 2 Output sheet'!S5","v":0}]
[null,null,"Total revenue",null,null,"£",null,{"$f":"SUM(H104:H109)","v":0},null,null,null,{"$f":"SUM(L104:L109)","v":0},0,0,0,0,0,0,0]
[]
[]
[null,null,"Expenditure"]
[null,null,null,"Service charge",null,"£",null,{"$f":"SUM(K114:S114)","v":0},null,null,null,{"$f":"(-'Opt 2 Input Sheet'!$K$83*(('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18)+'Opt 2 Input Sheet'!$K$20))*'Opt 2 Output sheet'!L5/12*6","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$83*(('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18)+'Opt 2 Input Sheet'!$K$20))*'Opt 2 Output sheet'!M5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$83*(('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18)+'Opt 2 Input Sheet'!$K$20))*'Opt 2 Output sheet'!N5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$83*(('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18)+'Opt 2 Input Sheet'!$K$20))*'Opt 2 Output sheet'!O5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$83*(('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18)+'Opt 2 Input Sheet'!$K$20))*'Opt 2 Output sheet'!P5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$83*(('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18)+'Opt 2 Input Sheet'!$K$20))*'Opt 2 Output sheet'!Q5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$83*(('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18)+'Opt 2 Input Sheet'!$K$20))*'Opt 2 Output sheet'!R5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$83*(('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18)+'Opt 2 Input Sheet'!$K$20))*'Opt 2 Output sheet'!S5","v":0}]
[null,null,null,"Rates",null,"£",null,{"$f":"SUM(K115:S115)","v":0},null,null,null,{"$f":"(-'Opt 2 Input Sheet'!$K$85*(('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18))*'Opt 2 Output sheet'!L5/12*6)","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$85*('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18))*'Opt 2 Output sheet'!M5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$85*('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18))*'Opt 2 Output sheet'!N5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$85*('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18))*'Opt 2 Output sheet'!O5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$85*('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18))*'Opt 2 Output sheet'!P5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$85*('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18))*'Opt 2 Output sheet'!Q5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$85*('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18))*'Opt 2 Output sheet'!R5","v":0},{"$f":"(-'Opt 2 Input Sheet'!$K$85*('Opt 2 Input Sheet'!$K$10+'Opt 2 Input Sheet'!$K$18))*'Opt 2 Output sheet'!S5","v":0}]
[null,null,"Total expenditure",null,null,"£",null,{"$f":"SUM(H114:H115)","v":0},null,null,null,{"$f":"SUM(L114:L115)","v":0},0,0,0,0,0,0,0]
[]
[null,null,"Terminal value"]
[]
[null,"Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(K120:S120)","v":{"$error":"#REF!"}},null,null,{"$f":"K110+K116+K99+K95+K118+K96+K97+K98","v":{"$error":"#REF!"}},{"$f":"L110+L116+L99+L95+L118+L96+L97+L98","v":{"$error":"#REF!"}},{"$f":"M110+M116+M99+M95+M118","v":0},0,0,0,0,0,0]
[null,"IRR",{"$f":"IRR(K120:S120)","v":{"$error":"#VALUE!"}}]
[]
[null,"Operating cash",null,null,null,null,null,null,null,null,null,{"$f":"L116+L110","v":0},{"$f":"M116+M110","v":0},0,0,{"$f":"P116+P110","v":0},0,0,0]
[null,"Yield on cash",{"$f":"-(AVERAGE(L123:S123))/(SUM(H95:H97))","v":{"$error":"#REF!"}}]
[]
[null,"Payback period",{"$f":"IF(K126>0,K2,IF(L126>0,L2,IF(M126>0,M2,IF(N126>0,N2,IF(O126>0,O2,IF(P126>0,P2,IF(Q126>0,Q2,IF(R126>0,R2,IF(S126>0,S2,IF(T126>0,T2,IF(U126>0,U2,IF(V126>0,V2,IF(W126>0,W2,IF(X126>0,X2,IF(Y126>0,Y2,IF(Z126>0,Z2,0))))))))))))))))","v":0},null,null,null,null,null,null,null,{"$f":"H17+K44-K17","v":0},{"$f":"K126+L44-L17","v":0},{"$f":"L126+M44-M17","v":0},0,0,0,0,{"$f":"Q126+R44-R17","v":0},0,0,0,0,0,0,0,0]
[]
[]
[null,"Profit Margin",null,null,null,null,null,null,null,null,{"$f":"IFERROR((K27-K40)/K40,0)","v":0},{"$f":"IFERROR((L27-L40)/L40,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IFERROR((Y27-Y40)/Y40,0)","v":0},0]

{"sheet":"Opt 3 Input Sheet","index":10,"n_rows":97,"n_cols":14,"rows_kept":97,"cut":false,"hidden":false,"merged":[]}
[{"$f":"'Model input'!D3&\" Analysis - Option 3\"","v":"Investment A Analysis - Option 3"},null,null,null,null,null,"Factor to change","Number of years for capex"]
["Input Sheet",null,null,null,null,null,"Change by",0.75]
[]
["Scenario",null,null,null,null,null,1,null,1,2,3,4]
["Description",null,null,null,null,null,{"$f":"HLOOKUP(G4,I4:K5,2)","v":"Base Case"},null,"Base Case","Upper Case","Lower Case","Variable",null,"Source"]
[]
["Balance sheet"]
[null,"Initial start up"]
[null,null,"Initial capital costs",null,null,null,{"$f":"OFFSET(H9,0,G$4)","v":0},null,{"$f":"I13+(I10*I12)+(I10*I11)","v":0},null,null,{"$f":"IF(C9=$H$1,I9*(1+$H$2),I9)","v":0}]
[null,null,"Total area",null,null,null,{"$f":"OFFSET(H10,0,G$4)","v":0},null,null,null,null,{"$f":"IF(C10=$H$1,I10*(1+$H$2),I10)","v":0}]
[null,null,"Construction costs (£/sq ft)",null,null,null,0,null,null,null,null,0]
[null,null,"Fit out costs (£/sq ft)",null,null,null,0,null,null,null,null,0]
[null,null,"Purchase cost",null,null,null,0,null,null,null,null,0]
[null,null,"Professional fees",null,null,null,0,null,null,null,null,0]
[null,null,"VAT",null,null,null,0,null,null,null,null,0]
[null,null,"Other fees/duties",null,null,null,0,null,null,null,null,0]
[null,null,"Number of years for capex",null,null,null,2,null,2,null,null,3.5]
[null,null,"Residual value",null,null,null,0,null,null,null,null,0]
[null,null,"Refurbishment schedule",null,null,null,0,null,null,null,null,0]
[null,null,"Refurbishment costs (£/sq ft)",null,null,null,0,null,null,null,null,0]
[]
[null,"Financing"]
[null,null,"Drawdown value",null,null,null,{"$f":"OFFSET(H23,0,G$4)","v":0},null,null,null,null,{"$f":"IF(C23=$H$1,I23*(1+$H$2),I23)","v":0}]
[null,null,"Drawdown year",null,null,null,0,null,null,null,null,0]
[null,null,"Interest rate",null,null,null,0,null,null,null,null,0]
[null,null,"Payment schedule",null,null,null,0,null,null,null,null,0]
[]
["Income statement"]
[null,"Year to commence operations",null,null,null,null,{"$f":"OFFSET(H29,0,G$4)-0.01","v":1.99},null,2,null,null,{"$f":"IF(C29=$H$1,I29*(1+$H$2),I29)","v":2}]
[]
["Revenue generation"]
[null,"Membership income"]
[null,null,"No of members"]
[null,null,null,"Yr 1",1,null,{"$f":"OFFSET(H34,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D34=$H$1,I34*(1+$H$2),I34)","v":0}]
[null,null,null,"Yr 2",2,null,0,null,null,null,null,{"$f":"IF(D35=$H$1,I35*(1+$H$2),I35)","v":0}]
[null,null,null,"Yr 3",3,null,0,null,null,null,null,0]
[null,null,null,"Yr 4",4,null,0,null,null,null,null,0]
[null,null,null,"Yr 5",5,null,0,null,null,null,null,0]
[null,null,null,"Yr 6",6,null,0,null,null,null,null,0]
[null,null,null,"Yr 7",7,null,0,null,null,null,null,0]
[null,null,null,"Yr 8",8,null,0,null,null,null,null,0]
[null,null,null,"Yr 9",9,null,0,null,null,null,null,0]
[null,null,null,"Yr 10",10,null,0,null,null,null,null,0]
[null,null,null,"Yr 11",11,null,0,null,null,null,null,0]
[null,null,null,"Yr 12",12,null,0,null,null,null,null,0]
[null,null,null,"Yr 13",13,null,0,null,null,null,null,0]
[null,null,null,"Yr 14",14,null,0,null,null,null,null,0]
[null,null,null,"Yr 15",15,null,0,null,null,null,null,0]
[]
[null,null,"Membership rate (£ per annum)",null,null,null,0,null,null,null,null,{"$f":"IF(D50=$H$1,I50*(1+$H$2),I50)","v":0}]
[null,null,null,null,null,null,0,null,null,null,null,{"$f":"IF(C51=$H$1,I51*(1+$H$2),I51)","v":0}]
[]
[null,null,"Accommodation income"]
[null,null,null,"Number of rooms",null,null,{"$f":"OFFSET(H54,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D54=$H$1,I54*(1+$H$2),I54)","v":0}]
[null,null,null,"Price per night (£)",null,null,0,null,null,null,null,{"$f":"IF(D55=$H$1,I55*(1+$H$2),I55)","v":0}]
[null,null,null,"Nights in operation",null,null,0,null,null,null,null,0]
[null,null,null,"Occupancy",null,null,0,null,null,null,null,{"$f":"IF(D57=$H$1,I57*(1+$H$2),I57)","v":0}]
[]
[null,null,"Rental space income"]
[null,null,null,"Rent per sq/ft",null,null,{"$f":"OFFSET(H60,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D60=$H$1,I60*(1+$H$2),I60)","v":0}]
[null,null,null,"Rental area (sq/ft)",null,null,0,null,null,null,null,0]
[null,null,null,null,null,null,0,null,null,null,null,0]
[]
[null,null,"Room & equipment hire income"]
[null,null,null,"Number of rooms",null,null,{"$f":"OFFSET(H65,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D65=$H$1,I65*(1+$H$2),I65)","v":0}]
[null,null,null,"Blended rate (£/day)",null,null,0,null,null,null,null,0]
[null,null,null,"Days in operation",null,null,0,null,null,null,null,0]
[null,null,null,"Occupancy",null,null,0,null,null,null,null,0]
[]
[null,null,"Restaurant and private dining income"]
[null,null,null,"Covers per day - Club",null,null,{"$f":"OFFSET(H71,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D71=$H$1,I71*(1+$H$2),I71)","v":0}]
[null,null,null,"Price (£/cover) - Club",null,null,{"$f":"OFFSET(H72,0,G$4)","v":0},null,null,null,null,0]
[null,null,null,"Days in operation",null,null,0,null,null,null,null,0]
[null,null,null,null,null,null,0,null,null,null,null,0]
[]
[null,null,"Events income"]
[null,null,null,"Number of events per annum",null,null,{"$f":"OFFSET(H77,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D77=$H$1,I77*(1+$H$2),I77)","v":0}]
[null,null,null,"Average takings (£/event)",null,null,0,null,null,null,null,0]
[null,null,null,"Funded by ticket sales",null,null,0,null,null,null,null,0]
[]
[null,"Expenditure"]
[]
[null,null,null,"Staff costs",null,null,{"$f":"OFFSET(H83,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D83=$H$1,I83*(1+$H$2),I83)","v":0}]
[]
[null,null,null,"Cost of sales",null,null,0,null,null,null,null,{"$f":"IF(D85=$H$1,I85*(1+$H$2),I85)","v":0}]
[]
[null,null,null,"Marketing",null,null,{"$f":"OFFSET(H87,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D87=$H$1,I87*(1+$H$2),I87)","v":0}]
[null,null,null,"Other opex",null,null,0,null,null,null,null,0]
[]
[null,null,null,"Estates costs",null,null,{"$f":"OFFSET(H90,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D90=$H$1,I90*(1+$H$2),I90)","v":0}]
[null,null,null,"Equipment",null,null,0,null,null,null,null,0]
[null,null,null,"Lease costs",null,null,null,null,null,null,null,0]
[null,null,null,"Rates",null,null,0,null,null,null,null,0]
[]
["Other factors"]
[null,"Inflation (@ RPI)",null,null,null,null,{"$f":"OFFSET(H96,0,G$4)","v":0.02},null,{"$f":"'Model input'!D6","v":0.02},null,null,{"$f":"IF(B96=$H$1,I96*(1+$H$2),I96)","v":0.02}]
[null,"Discount factor (RPI+2.5%)",null,null,null,null,0.04,null,{"$f":"'Model input'!D7","v":0.04},null,null,{"$f":"IF(B97=$H$1,I97*(1+$H$2),I97)","v":0.04}]

{"sheet":"Opt 3 Output sheet","index":11,"n_rows":129,"n_cols":30,"rows_kept":129,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"'Model input'!D3&\" Analysis - Option 3\"","v":"Investment A Analysis - Option 3"}]
[null,"Workings Sheet",null,null,null,null,null,null,null,null,{"$f":"'Model input'!D5","v":2016},{"$f":"L3+$K$2","v":2017},{"$f":"M3+$K$2","v":2018},2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031]
[null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[]
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[]
[null,"BASE CASE"]
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[]
[null,"Cash Flow Statement"]
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[null,"Yield on cash",{"$f":"-(AVERAGE(K47:Z47))/(SUM(H12:H16))","v":{"$error":"#DIV/0!"}}]
[]
[null,"UPPER CASE"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'Model input'!D5","v":2016},{"$f":"L52+$K$51","v":2017},{"$f":"M52+$K$2","v":2018},2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031]
[null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[]
[null,"Inflation index",{"$f":"'Opt 3 Input Sheet'!G146","v":0},null,null,null,null,null,null,null,{"$f":"(1+'Opt 3 Input Sheet'!$G146)^K52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^L52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^M52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^N52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^O52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^P52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^Q52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^R52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^S52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^T52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^U52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^V52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^W52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^X52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^Y52","v":1},{"$f":"(1+'Opt 3 Input Sheet'!$G146)^Z52","v":1}]
[]
[]
[null,"Refurbishment",null,null,null,null,null,null,null,null,{"$f":"IF(K52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(L52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(M52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(N52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(O52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(P52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(Q52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(R52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(S52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(T52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(U52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(V52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(W52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(X52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(Y52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(Z52='Opt 3 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"}]
[null,"Refurbishment factor",null,null,null,null,null,null,null,null,{"$f":"IF(K57=\"No\",1,0.5)","v":0.5},{"$f":"IF(L57=\"No\",1,0.5)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,"Capital"]
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[null,null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$error":"#REF!"},null,null,{"$f":"-'Opt 3 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 3 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"Professional fees",null,null,"£",null,{"$error":"#REF!"},null,null,{"$f":"-'Opt 3 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 3 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"VAT",null,null,"£",null,0,null,null,0,0]
[null,null,"Refurbishment",null,null,"£",null,{"$error":"#REF!"},null,null,{"$f":"IF(K$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$J$18*K$5))","v":{"$error":"#REF!"}},{"$f":"IF(L$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$J$18*L$5))","v":0},{"$f":"IF(M$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$J$18*M$5))","v":0},{"$f":"IF(N$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$J$18*N$5))","v":0},{"$f":"IF(O$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$J$18*O$5))","v":0},{"$f":"IF(P$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$J$18*P$5))","v":0},{"$f":"IF(Q$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$J$18*Q$5))","v":0},{"$f":"IF(R$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$J$18*R$5))","v":0},{"$f":"IF(S$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$J$18*S$5))","v":0}]
[null,null,null,null,null,null,null,0]
[]
[null,"Cash Flow Statement"]
[null,null,"Revenue"]
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[null,null,null,"Office space service charge",null,"£",null,0,null,null,null,{"$f":"('Opt 3 Input Sheet'!$J$35*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$60)*L$5/12*6","v":0},{"$f":"('Opt 3 Input Sheet'!$J$35*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$60)*M$5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$35*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$61)*N$5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$35*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$62)*O$5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$35*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$62)*P$5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$35*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$62)*Q$5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$35*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$62)*R$5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$35*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$62)*S$5","v":0}]
[null,null,null,"Office space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 3 Input Sheet'!$J$36*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$60)*'Opt 3 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 3 Input Sheet'!$J$36*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$60)*'Opt 3 Output sheet'!M5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$36*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$61)*'Opt 3 Output sheet'!N5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$36*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!O5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$36*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!P5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$36*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!Q5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$36*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!R5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$36*'Opt 3 Input Sheet'!$J$18*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space rental",null,"£",null,0,null,null,null,{"$f":"('Opt 3 Input Sheet'!$J$54*'Opt 3 Input Sheet'!$J$60*'Opt 3 Input Sheet'!$J$10)*'Opt 3 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 3 Input Sheet'!$J$54*'Opt 3 Input Sheet'!$J$60*'Opt 3 Input Sheet'!$J$10)*'Opt 3 Output sheet'!M5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$54*'Opt 3 Input Sheet'!$J$61*'Opt 3 Input Sheet'!$J$10)*'Opt 3 Output sheet'!N5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$54*'Opt 3 Input Sheet'!$J$62*'Opt 3 Input Sheet'!$J$10)*'Opt 3 Output sheet'!O5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$54*'Opt 3 Input Sheet'!$J$62*'Opt 3 Input Sheet'!$J$10)*'Opt 3 Output sheet'!P5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$54*'Opt 3 Input Sheet'!$J$62*'Opt 3 Input Sheet'!$J$10)*'Opt 3 Output sheet'!Q5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$54*'Opt 3 Input Sheet'!$J$62*'Opt 3 Input Sheet'!$J$10)*'Opt 3 Output sheet'!R5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$54*'Opt 3 Input Sheet'!$J$62*'Opt 3 Input Sheet'!$J$10)*'Opt 3 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space service charge",null,"£",null,0,null,null,null,{"$f":"('Opt 3 Input Sheet'!$J$55*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$60)*'Opt 3 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 3 Input Sheet'!$J$55*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$60)*'Opt 3 Output sheet'!M5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$55*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$61)*'Opt 3 Output sheet'!N5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$55*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!O5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$55*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!P5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$55*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!Q5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$55*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!R5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$55*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 3 Input Sheet'!$J$56*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$60)*'Opt 3 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 3 Input Sheet'!$J$56*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$60)*'Opt 3 Output sheet'!M5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$56*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$61)*'Opt 3 Output sheet'!N5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$56*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!O5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$56*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!P5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$56*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!Q5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$56*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!R5","v":0},{"$f":"('Opt 3 Input Sheet'!$J$56*'Opt 3 Input Sheet'!$J$10*'Opt 3 Input Sheet'!$J$62)*'Opt 3 Output sheet'!S5","v":0}]
[null,null,"Total revenue",null,null,"£",null,{"$f":"SUM(H70:H75)","v":0},null,null,null,{"$f":"SUM(L70:L75)","v":0},0,0,0,0,0,0,0]
[]
[]
[null,null,"Expenditure"]
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[null,null,null,"Rates",null,"£",null,{"$f":"SUM(K81:S81)","v":0},null,null,null,{"$f":"(-'Opt 3 Input Sheet'!$J$85*(('Opt 3 Input Sheet'!$J$10+'Opt 3 Input Sheet'!$J$18))*'Opt 3 Output sheet'!L5/12*6)","v":0},{"$f":"(-'Opt 3 Input Sheet'!$J$85*('Opt 3 Input Sheet'!$J$10+'Opt 3 Input Sheet'!$J$18))*'Opt 3 Output sheet'!M5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$J$85*('Opt 3 Input Sheet'!$J$10+'Opt 3 Input Sheet'!$J$18))*'Opt 3 Output sheet'!N5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$J$85*('Opt 3 Input Sheet'!$J$10+'Opt 3 Input Sheet'!$J$18))*'Opt 3 Output sheet'!O5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$J$85*('Opt 3 Input Sheet'!$J$10+'Opt 3 Input Sheet'!$J$18))*'Opt 3 Output sheet'!P5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$J$85*('Opt 3 Input Sheet'!$J$10+'Opt 3 Input Sheet'!$J$18))*'Opt 3 Output sheet'!Q5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$J$85*('Opt 3 Input Sheet'!$J$10+'Opt 3 Input Sheet'!$J$18))*'Opt 3 Output sheet'!R5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$J$85*('Opt 3 Input Sheet'!$J$10+'Opt 3 Input Sheet'!$J$18))*'Opt 3 Output sheet'!S5","v":0}]
[null,null,"Total expenditure",null,null,"£",null,{"$f":"SUM(H80:H81)","v":0},null,null,null,{"$f":"SUM(L80:L81)","v":0},0,0,0,0,0,0,0]
[]
[null,null,"Terminal value"]
[]
[null,"Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(K86:S86)","v":{"$error":"#REF!"}},null,null,{"$f":"K76+K82+K65+K61+K84+K62+K63+K64","v":{"$error":"#REF!"}},{"$f":"L76+L82+L65+L61+L84+L62+L63+L64","v":{"$error":"#REF!"}},{"$f":"M76+M82+M65+M61+M84","v":0},0,0,0,0,0,0]
[null,"IRR",{"$f":"IRR(K86:S86)","v":{"$error":"#VALUE!"}}]
[]
[null,"Operating cash",null,null,null,null,null,null,null,null,null,{"$f":"L82+L76","v":0},0,0,0,0,0,0,0]
[null,"Yield on cash",{"$f":"-(AVERAGE(L89:S89))/(SUM(H61:H63))","v":{"$error":"#REF!"}}]
[]
[null,"LOWER CASE"]
[null,"Capital"]
[]
[null,null,"New capital cost",null,null,"£",null,{"$f":"SUM(K95:S95)","v":{"$error":"#REF!"}},null,null,{"$f":"(-'Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!K$9-'Opt 3 Input Sheet'!#REF!)/18*12","v":{"$error":"#REF!"}},{"$f":"(-'Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!K$9-'Opt 3 Input Sheet'!#REF!)/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$f":"SUM(K96:S96)","v":{"$error":"#REF!"}},null,null,{"$f":"-'Opt 3 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 3 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"Professional fees",null,null,"£",null,{"$f":"SUM(K97:S97)","v":{"$error":"#REF!"}},null,null,{"$f":"-'Opt 3 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 3 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"VAT",null,null,"£",null,{"$f":"SUM(K98:S98)","v":0},null,null,0,0]
[null,null,"Refurbishment",null,null,"£",null,{"$f":"SUM(K99:S99)","v":{"$error":"#REF!"}},null,null,{"$f":"IF(K$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$K$18*K$5))","v":{"$error":"#REF!"}},{"$f":"IF(L$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$K$18*L$5))","v":0},{"$f":"IF(M$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$K$18*M$5))","v":0},{"$f":"IF(N$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$K$18*N$5))","v":0},{"$f":"IF(O$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$K$18*O$5))","v":0},{"$f":"IF(P$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$K$18*P$5))","v":0},{"$f":"IF(Q$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$K$18*Q$5))","v":0},{"$f":"IF(R$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$K$18*R$5))","v":0},{"$f":"IF(S$8=1,0,-('Opt 3 Input Sheet'!#REF!*'Opt 3 Input Sheet'!$K$18*S$5))","v":0}]
[null,null,null,null,null,null,null,{"$f":"SUM(H95:H99)","v":{"$error":"#REF!"}}]
[]
[null,"Cash Flow Statement"]
[null,null,"Revenue"]
[null,null,null,"Office space rental",null,"£",null,{"$f":"SUM(K104:S104)","v":0},null,null,null,{"$f":"('Opt 3 Input Sheet'!$K$34*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$60)*L$5/12*6","v":0},{"$f":"('Opt 3 Input Sheet'!$K$34*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$60)*M$5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$34*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$61)*N$5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$34*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*O$5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$34*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*P$5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$34*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*Q$5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$34*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*R$5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$34*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*S$5","v":0}]
[null,null,null,"Office space service charge",null,"£",null,0,null,null,null,{"$f":"('Opt 3 Input Sheet'!$K$35*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$60)*L$5/12*6","v":0},{"$f":"('Opt 3 Input Sheet'!$K$35*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$60)*M$5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$35*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$61)*N$5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$35*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*O$5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$35*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*P$5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$35*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*Q$5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$35*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*R$5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$35*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*S$5","v":0}]
[null,null,null,"Office space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 3 Input Sheet'!$K$36*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$60)*'Opt 3 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 3 Input Sheet'!$K$36*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$60)*'Opt 3 Output sheet'!M5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$36*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$61)*'Opt 3 Output sheet'!N5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$36*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!O5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$36*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!P5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$36*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!Q5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$36*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!R5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$36*'Opt 3 Input Sheet'!$K$18*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space rental",null,"£",null,0,null,null,null,{"$f":"('Opt 3 Input Sheet'!$K$54*'Opt 3 Input Sheet'!$K$60*'Opt 3 Input Sheet'!$K$10)*'Opt 3 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 3 Input Sheet'!$K$54*'Opt 3 Input Sheet'!$K$60*'Opt 3 Input Sheet'!$K$10)*'Opt 3 Output sheet'!M5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$54*'Opt 3 Input Sheet'!$K$61*'Opt 3 Input Sheet'!$K$10)*'Opt 3 Output sheet'!N5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$54*'Opt 3 Input Sheet'!$K$62*'Opt 3 Input Sheet'!$K$10)*'Opt 3 Output sheet'!O5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$54*'Opt 3 Input Sheet'!$K$62*'Opt 3 Input Sheet'!$K$10)*'Opt 3 Output sheet'!P5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$54*'Opt 3 Input Sheet'!$K$62*'Opt 3 Input Sheet'!$K$10)*'Opt 3 Output sheet'!Q5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$54*'Opt 3 Input Sheet'!$K$62*'Opt 3 Input Sheet'!$K$10)*'Opt 3 Output sheet'!R5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$54*'Opt 3 Input Sheet'!$K$62*'Opt 3 Input Sheet'!$K$10)*'Opt 3 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space service charge",null,"£",null,0,null,null,null,{"$f":"('Opt 3 Input Sheet'!$K$55*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$60)*'Opt 3 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 3 Input Sheet'!$K$55*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$60)*'Opt 3 Output sheet'!M5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$55*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$61)*'Opt 3 Output sheet'!N5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$55*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!O5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$55*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!P5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$55*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!Q5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$55*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!R5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$55*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 3 Input Sheet'!$K$56*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$60)*'Opt 3 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 3 Input Sheet'!$K$56*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$60)*'Opt 3 Output sheet'!M5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$56*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$61)*'Opt 3 Output sheet'!N5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$56*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!O5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$56*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!P5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$56*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!Q5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$56*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!R5","v":0},{"$f":"('Opt 3 Input Sheet'!$K$56*'Opt 3 Input Sheet'!$K$10*'Opt 3 Input Sheet'!$K$62)*'Opt 3 Output sheet'!S5","v":0}]
[null,null,"Total revenue",null,null,"£",null,{"$f":"SUM(H104:H109)","v":0},null,null,null,{"$f":"SUM(L104:L109)","v":0},0,0,0,0,0,0,0]
[]
[]
[null,null,"Expenditure"]
[null,null,null,"Service charge",null,"£",null,{"$f":"SUM(K114:S114)","v":0},null,null,null,{"$f":"(-'Opt 3 Input Sheet'!$K$83*(('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18)+'Opt 3 Input Sheet'!$K$20))*'Opt 3 Output sheet'!L5/12*6","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$83*(('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18)+'Opt 3 Input Sheet'!$K$20))*'Opt 3 Output sheet'!M5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$83*(('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18)+'Opt 3 Input Sheet'!$K$20))*'Opt 3 Output sheet'!N5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$83*(('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18)+'Opt 3 Input Sheet'!$K$20))*'Opt 3 Output sheet'!O5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$83*(('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18)+'Opt 3 Input Sheet'!$K$20))*'Opt 3 Output sheet'!P5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$83*(('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18)+'Opt 3 Input Sheet'!$K$20))*'Opt 3 Output sheet'!Q5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$83*(('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18)+'Opt 3 Input Sheet'!$K$20))*'Opt 3 Output sheet'!R5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$83*(('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18)+'Opt 3 Input Sheet'!$K$20))*'Opt 3 Output sheet'!S5","v":0}]
[null,null,null,"Rates",null,"£",null,{"$f":"SUM(K115:S115)","v":0},null,null,null,{"$f":"(-'Opt 3 Input Sheet'!$K$85*(('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18))*'Opt 3 Output sheet'!L5/12*6)","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$85*('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18))*'Opt 3 Output sheet'!M5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$85*('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18))*'Opt 3 Output sheet'!N5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$85*('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18))*'Opt 3 Output sheet'!O5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$85*('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18))*'Opt 3 Output sheet'!P5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$85*('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18))*'Opt 3 Output sheet'!Q5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$85*('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18))*'Opt 3 Output sheet'!R5","v":0},{"$f":"(-'Opt 3 Input Sheet'!$K$85*('Opt 3 Input Sheet'!$K$10+'Opt 3 Input Sheet'!$K$18))*'Opt 3 Output sheet'!S5","v":0}]
[null,null,"Total expenditure",null,null,"£",null,{"$f":"SUM(H114:H115)","v":0},null,null,null,{"$f":"SUM(L114:L115)","v":0},0,0,0,0,0,0,0]
[]
[null,null,"Terminal value"]
[]
[null,"Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(K120:S120)","v":{"$error":"#REF!"}},null,null,{"$f":"K110+K116+K99+K95+K118+K96+K97+K98","v":{"$error":"#REF!"}},{"$f":"L110+L116+L99+L95+L118+L96+L97+L98","v":{"$error":"#REF!"}},{"$f":"M110+M116+M99+M95+M118","v":0},0,0,0,0,0,0]
[null,"IRR",{"$f":"IRR(K120:S120)","v":{"$error":"#VALUE!"}}]
[]
[null,"Operating cash",null,null,null,null,null,null,null,null,null,{"$f":"L116+L110","v":0},{"$f":"M116+M110","v":0},0,0,{"$f":"P116+P110","v":0},0,0,0]
[null,"Yield on cash",{"$f":"-(AVERAGE(L123:S123))/(SUM(H95:H97))","v":{"$error":"#REF!"}}]
[]
[null,"Payback period",{"$f":"IF(K126>0,K2,IF(L126>0,L2,IF(M126>0,M2,IF(N126>0,N2,IF(O126>0,O2,IF(P126>0,P2,IF(Q126>0,Q2,IF(R126>0,R2,IF(S126>0,S2,IF(T126>0,T2,IF(U126>0,U2,IF(V126>0,V2,IF(W126>0,W2,IF(X126>0,X2,IF(Y126>0,Y2,IF(Z126>0,Z2,0))))))))))))))))","v":0},null,null,null,null,null,null,null,{"$f":"H17+K44-K17","v":0},{"$f":"K126+L44-L17","v":0},{"$f":"L126+M44-M17","v":0},0,0,0,0,{"$f":"Q126+R44-R17","v":0},0,0,0,0,0,0,0,0]
[]
[]
[null,"Profit Margin",null,null,null,null,null,null,null,null,{"$f":"IFERROR((K27-K40)/K40,0)","v":0},{"$f":"IFERROR((L27-L40)/L40,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]

{"sheet":"Opt 4 Input Sheet","index":12,"n_rows":97,"n_cols":14,"rows_kept":97,"cut":false,"hidden":false,"merged":[]}
[{"$f":"'Model input'!D3&\" Analysis - Option 4\"","v":"Investment A Analysis - Option 4"},null,null,null,null,null,"Factor to change","Number of years for capex"]
["Input Sheet",null,null,null,null,null,"Change by",0.75]
[]
["Scenario",null,null,null,null,null,1,null,1,2,3,4]
["Description",null,null,null,null,null,{"$f":"HLOOKUP(G4,I4:K5,2)","v":"Base Case"},null,"Base Case","Upper Case","Lower Case","Variable",null,"Source"]
[]
["Balance sheet"]
[null,"Initial start up"]
[null,null,"Initial capital costs",null,null,null,{"$f":"OFFSET(H9,0,G$4)","v":0},null,{"$f":"I13+(I10*I12)+(I10*I11)","v":0},null,null,{"$f":"IF(C9=$H$1,I9*(1+$H$2),I9)","v":0}]
[null,null,"Total area",null,null,null,{"$f":"OFFSET(H10,0,G$4)","v":0},null,null,null,null,{"$f":"IF(C10=$H$1,I10*(1+$H$2),I10)","v":0}]
[null,null,"Construction costs (£/sq ft)",null,null,null,0,null,null,null,null,0]
[null,null,"Fit out costs (£/sq ft)",null,null,null,0,null,null,null,null,0]
[null,null,"Purchase cost",null,null,null,0,null,null,null,null,0]
[null,null,"Professional fees",null,null,null,0,null,null,null,null,0]
[null,null,"VAT",null,null,null,0,null,null,null,null,0]
[null,null,"Other fees/duties",null,null,null,0,null,null,null,null,0]
[null,null,"Number of years for capex",null,null,null,2,null,2,null,null,3.5]
[null,null,"Residual value",null,null,null,0,null,null,null,null,0]
[null,null,"Refurbishment schedule",null,null,null,0,null,null,null,null,0]
[null,null,"Refurbishment costs (£/sq ft)",null,null,null,0,null,null,null,null,0]
[]
[null,"Financing"]
[null,null,"Drawdown value",null,null,null,{"$f":"OFFSET(H23,0,G$4)","v":0},null,null,null,null,{"$f":"IF(C23=$H$1,I23*(1+$H$2),I23)","v":0}]
[null,null,"Drawdown year",null,null,null,0,null,null,null,null,0]
[null,null,"Interest rate",null,null,null,0,null,null,null,null,0]
[null,null,"Payment schedule",null,null,null,0,null,null,null,null,0]
[]
["Income statement"]
[null,"Year to commence operations",null,null,null,null,{"$f":"OFFSET(H29,0,G$4)-0.01","v":1.99},null,2,null,null,{"$f":"IF(C29=$H$1,I29*(1+$H$2),I29)","v":2}]
[]
["Revenue generation"]
[null,"Membership income"]
[null,null,"No of members"]
[null,null,null,"Yr 1",1,null,{"$f":"OFFSET(H34,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D34=$H$1,I34*(1+$H$2),I34)","v":0}]
[null,null,null,"Yr 2",2,null,0,null,null,null,null,{"$f":"IF(D35=$H$1,I35*(1+$H$2),I35)","v":0}]
[null,null,null,"Yr 3",3,null,0,null,null,null,null,0]
[null,null,null,"Yr 4",4,null,0,null,null,null,null,0]
[null,null,null,"Yr 5",5,null,0,null,null,null,null,0]
[null,null,null,"Yr 6",6,null,0,null,null,null,null,0]
[null,null,null,"Yr 7",7,null,0,null,null,null,null,0]
[null,null,null,"Yr 8",8,null,0,null,null,null,null,0]
[null,null,null,"Yr 9",9,null,0,null,null,null,null,0]
[null,null,null,"Yr 10",10,null,0,null,null,null,null,0]
[null,null,null,"Yr 11",11,null,0,null,null,null,null,0]
[null,null,null,"Yr 12",12,null,0,null,null,null,null,0]
[null,null,null,"Yr 13",13,null,0,null,null,null,null,0]
[null,null,null,"Yr 14",14,null,0,null,null,null,null,0]
[null,null,null,"Yr 15",15,null,0,null,null,null,null,0]
[]
[null,null,"Membership rate (£ per annum)",null,null,null,0,null,null,null,null,{"$f":"IF(D50=$H$1,I50*(1+$H$2),I50)","v":0}]
[null,null,null,null,null,null,0,null,null,null,null,{"$f":"IF(C51=$H$1,I51*(1+$H$2),I51)","v":0}]
[]
[null,null,"Accommodation income"]
[null,null,null,"Number of rooms",null,null,{"$f":"OFFSET(H54,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D54=$H$1,I54*(1+$H$2),I54)","v":0}]
[null,null,null,"Price per night (£)",null,null,0,null,null,null,null,{"$f":"IF(D55=$H$1,I55*(1+$H$2),I55)","v":0}]
[null,null,null,"Nights in operation",null,null,0,null,null,null,null,0]
[null,null,null,"Occupancy",null,null,0,null,null,null,null,{"$f":"IF(D57=$H$1,I57*(1+$H$2),I57)","v":0}]
[]
[null,null,"Rental space income"]
[null,null,null,"Rent per sq/ft",null,null,{"$f":"OFFSET(H60,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D60=$H$1,I60*(1+$H$2),I60)","v":0}]
[null,null,null,"Rental area (sq/ft)",null,null,0,null,null,null,null,0]
[null,null,null,null,null,null,0,null,null,null,null,0]
[]
[null,null,"Room & equipment hire income"]
[null,null,null,"Number of rooms",null,null,{"$f":"OFFSET(H65,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D65=$H$1,I65*(1+$H$2),I65)","v":0}]
[null,null,null,"Blended rate (£/day)",null,null,0,null,null,null,null,0]
[null,null,null,"Days in operation",null,null,0,null,null,null,null,0]
[null,null,null,"Occupancy",null,null,0,null,null,null,null,0]
[]
[null,null,"Restaurant and private dining income"]
[null,null,null,"Covers per day - Club",null,null,{"$f":"OFFSET(H71,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D71=$H$1,I71*(1+$H$2),I71)","v":0}]
[null,null,null,"Price (£/cover) - Club",null,null,{"$f":"OFFSET(H72,0,G$4)","v":0},null,null,null,null,0]
[null,null,null,"Days in operation",null,null,0,null,null,null,null,0]
[null,null,null,null,null,null,0,null,null,null,null,0]
[]
[null,null,"Events income"]
[null,null,null,"Number of events per annum",null,null,{"$f":"OFFSET(H77,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D77=$H$1,I77*(1+$H$2),I77)","v":0}]
[null,null,null,"Average takings (£/event)",null,null,0,null,null,null,null,0]
[null,null,null,"Funded by ticket sales",null,null,0,null,null,null,null,0]
[]
[null,"Expenditure"]
[]
[null,null,null,"Staff costs",null,null,{"$f":"OFFSET(H83,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D83=$H$1,I83*(1+$H$2),I83)","v":0}]
[]
[null,null,null,"Cost of sales",null,null,0,null,null,null,null,{"$f":"IF(D85=$H$1,I85*(1+$H$2),I85)","v":0}]
[]
[null,null,null,"Marketing",null,null,{"$f":"OFFSET(H87,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D87=$H$1,I87*(1+$H$2),I87)","v":0}]
[null,null,null,"Other opex",null,null,0,null,null,null,null,0]
[]
[null,null,null,"Estates costs",null,null,{"$f":"OFFSET(H90,0,G$4)","v":0},null,null,null,null,{"$f":"IF(D90=$H$1,I90*(1+$H$2),I90)","v":0}]
[null,null,null,"Equipment",null,null,0,null,null,null,null,0]
[null,null,null,"Lease costs",null,null,null,null,null,null,null,0]
[null,null,null,"Rates",null,null,0,null,null,null,null,0]
[]
["Other factors"]
[null,"Inflation (@ RPI)",null,null,null,null,{"$f":"OFFSET(H96,0,G$4)","v":0.02},null,{"$f":"'Model input'!D6","v":0.02},null,null,{"$f":"IF(B96=$H$1,I96*(1+$H$2),I96)","v":0.02}]
[null,"Discount factor (RPI+2.5%)",null,null,null,null,0.04,null,{"$f":"'Model input'!D7","v":0.04},null,null,{"$f":"IF(B97=$H$1,I97*(1+$H$2),I97)","v":0.04}]

{"sheet":"Opt 4 Output sheet","index":13,"n_rows":129,"n_cols":30,"rows_kept":129,"cut":false,"hidden":false,"merged":[]}
[null,{"$f":"'Model input'!D3&\" Analysis - Option 4\"","v":"Investment A Analysis - Option 4"}]
[null,"Workings Sheet",null,null,null,null,null,null,null,null,{"$f":"'Model input'!D5","v":2016},{"$f":"L3+$K$2","v":2017},{"$f":"M3+$K$2","v":2018},2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031]
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[]
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[]
[null,"BASE CASE"]
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[]
[null,"Cash Flow Statement"]
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[null,"Yield on cash",{"$f":"-(AVERAGE(K47:Z47))/(SUM(H12:H16))","v":{"$error":"#DIV/0!"}}]
[]
[null,"UPPER CASE"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'Model input'!D5","v":2016},{"$f":"L52+$K$51","v":2017},{"$f":"M52+$K$2","v":2018},2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031]
[null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[]
[null,"Inflation index",{"$f":"'Opt 4 Input Sheet'!G146","v":0},null,null,null,null,null,null,null,{"$f":"(1+'Opt 4 Input Sheet'!$G146)^K52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^L52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^M52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^N52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^O52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^P52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^Q52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^R52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^S52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^T52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^U52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^V52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^W52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^X52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^Y52","v":1},{"$f":"(1+'Opt 4 Input Sheet'!$G146)^Z52","v":1}]
[]
[]
[null,"Refurbishment",null,null,null,null,null,null,null,null,{"$f":"IF(K52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(L52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(M52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(N52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(O52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(P52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(Q52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(R52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(S52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(T52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(U52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(V52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(W52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(X52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(Y52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"},{"$f":"IF(Z52='Opt 4 Input Sheet'!$G$19,\"Yes\",\"No\")","v":"No"}]
[null,"Refurbishment factor",null,null,null,null,null,null,null,null,{"$f":"IF(K57=\"No\",1,0.5)","v":0.5},{"$f":"IF(L57=\"No\",1,0.5)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,"Capital"]
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[null,null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$error":"#REF!"},null,null,{"$f":"-'Opt 4 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 4 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"Professional fees",null,null,"£",null,{"$error":"#REF!"},null,null,{"$f":"-'Opt 4 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 4 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"VAT",null,null,"£",null,0,null,null,0,0]
[null,null,"Refurbishment",null,null,"£",null,{"$error":"#REF!"},null,null,{"$f":"IF(K$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$J$18*K$5))","v":{"$error":"#REF!"}},{"$f":"IF(L$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$J$18*L$5))","v":0},{"$f":"IF(M$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$J$18*M$5))","v":0},{"$f":"IF(N$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$J$18*N$5))","v":0},{"$f":"IF(O$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$J$18*O$5))","v":0},{"$f":"IF(P$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$J$18*P$5))","v":0},{"$f":"IF(Q$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$J$18*Q$5))","v":0},{"$f":"IF(R$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$J$18*R$5))","v":0},{"$f":"IF(S$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$J$18*S$5))","v":0}]
[null,null,null,null,null,null,null,0]
[]
[null,"Cash Flow Statement"]
[null,null,"Revenue"]
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[null,null,null,"Office space service charge",null,"£",null,0,null,null,null,{"$f":"('Opt 4 Input Sheet'!$J$35*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$60)*L$5/12*6","v":0},{"$f":"('Opt 4 Input Sheet'!$J$35*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$60)*M$5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$35*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$61)*N$5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$35*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$62)*O$5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$35*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$62)*P$5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$35*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$62)*Q$5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$35*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$62)*R$5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$35*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$62)*S$5","v":0}]
[null,null,null,"Office space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 4 Input Sheet'!$J$36*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$60)*'Opt 4 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 4 Input Sheet'!$J$36*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$60)*'Opt 4 Output sheet'!M5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$36*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$61)*'Opt 4 Output sheet'!N5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$36*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!O5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$36*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!P5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$36*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!Q5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$36*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!R5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$36*'Opt 4 Input Sheet'!$J$18*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space rental",null,"£",null,0,null,null,null,{"$f":"('Opt 4 Input Sheet'!$J$54*'Opt 4 Input Sheet'!$J$60*'Opt 4 Input Sheet'!$J$10)*'Opt 4 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 4 Input Sheet'!$J$54*'Opt 4 Input Sheet'!$J$60*'Opt 4 Input Sheet'!$J$10)*'Opt 4 Output sheet'!M5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$54*'Opt 4 Input Sheet'!$J$61*'Opt 4 Input Sheet'!$J$10)*'Opt 4 Output sheet'!N5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$54*'Opt 4 Input Sheet'!$J$62*'Opt 4 Input Sheet'!$J$10)*'Opt 4 Output sheet'!O5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$54*'Opt 4 Input Sheet'!$J$62*'Opt 4 Input Sheet'!$J$10)*'Opt 4 Output sheet'!P5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$54*'Opt 4 Input Sheet'!$J$62*'Opt 4 Input Sheet'!$J$10)*'Opt 4 Output sheet'!Q5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$54*'Opt 4 Input Sheet'!$J$62*'Opt 4 Input Sheet'!$J$10)*'Opt 4 Output sheet'!R5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$54*'Opt 4 Input Sheet'!$J$62*'Opt 4 Input Sheet'!$J$10)*'Opt 4 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space service charge",null,"£",null,0,null,null,null,{"$f":"('Opt 4 Input Sheet'!$J$55*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$60)*'Opt 4 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 4 Input Sheet'!$J$55*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$60)*'Opt 4 Output sheet'!M5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$55*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$61)*'Opt 4 Output sheet'!N5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$55*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!O5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$55*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!P5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$55*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!Q5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$55*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!R5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$55*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 4 Input Sheet'!$J$56*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$60)*'Opt 4 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 4 Input Sheet'!$J$56*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$60)*'Opt 4 Output sheet'!M5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$56*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$61)*'Opt 4 Output sheet'!N5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$56*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!O5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$56*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!P5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$56*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!Q5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$56*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!R5","v":0},{"$f":"('Opt 4 Input Sheet'!$J$56*'Opt 4 Input Sheet'!$J$10*'Opt 4 Input Sheet'!$J$62)*'Opt 4 Output sheet'!S5","v":0}]
[null,null,"Total revenue",null,null,"£",null,{"$f":"SUM(H70:H75)","v":0},null,null,null,{"$f":"SUM(L70:L75)","v":0},0,0,0,0,0,0,0]
[]
[]
[null,null,"Expenditure"]
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[null,null,null,"Rates",null,"£",null,{"$f":"SUM(K81:S81)","v":0},null,null,null,{"$f":"(-'Opt 4 Input Sheet'!$J$85*(('Opt 4 Input Sheet'!$J$10+'Opt 4 Input Sheet'!$J$18))*'Opt 4 Output sheet'!L5/12*6)","v":0},{"$f":"(-'Opt 4 Input Sheet'!$J$85*('Opt 4 Input Sheet'!$J$10+'Opt 4 Input Sheet'!$J$18))*'Opt 4 Output sheet'!M5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$J$85*('Opt 4 Input Sheet'!$J$10+'Opt 4 Input Sheet'!$J$18))*'Opt 4 Output sheet'!N5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$J$85*('Opt 4 Input Sheet'!$J$10+'Opt 4 Input Sheet'!$J$18))*'Opt 4 Output sheet'!O5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$J$85*('Opt 4 Input Sheet'!$J$10+'Opt 4 Input Sheet'!$J$18))*'Opt 4 Output sheet'!P5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$J$85*('Opt 4 Input Sheet'!$J$10+'Opt 4 Input Sheet'!$J$18))*'Opt 4 Output sheet'!Q5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$J$85*('Opt 4 Input Sheet'!$J$10+'Opt 4 Input Sheet'!$J$18))*'Opt 4 Output sheet'!R5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$J$85*('Opt 4 Input Sheet'!$J$10+'Opt 4 Input Sheet'!$J$18))*'Opt 4 Output sheet'!S5","v":0}]
[null,null,"Total expenditure",null,null,"£",null,{"$f":"SUM(H80:H81)","v":0},null,null,null,{"$f":"SUM(L80:L81)","v":0},0,0,0,0,0,0,0]
[]
[null,null,"Terminal value"]
[]
[null,"Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(K86:S86)","v":{"$error":"#REF!"}},null,null,{"$f":"K76+K82+K65+K61+K84+K62+K63+K64","v":{"$error":"#REF!"}},{"$f":"L76+L82+L65+L61+L84+L62+L63+L64","v":{"$error":"#REF!"}},{"$f":"M76+M82+M65+M61+M84","v":0},0,0,0,0,0,0]
[null,"IRR",{"$f":"IRR(K86:S86)","v":{"$error":"#VALUE!"}}]
[]
[null,"Operating cash",null,null,null,null,null,null,null,null,null,{"$f":"L82+L76","v":0},0,0,0,0,0,0,0]
[null,"Yield on cash",{"$f":"-(AVERAGE(L89:S89))/(SUM(H61:H63))","v":{"$error":"#REF!"}}]
[]
[null,"LOWER CASE"]
[null,"Capital"]
[]
[null,null,"New capital cost",null,null,"£",null,{"$f":"SUM(K95:S95)","v":{"$error":"#REF!"}},null,null,{"$f":"(-'Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!K$9-'Opt 4 Input Sheet'!#REF!)/18*12","v":{"$error":"#REF!"}},{"$f":"(-'Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!K$9-'Opt 4 Input Sheet'!#REF!)/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"CIL/s.106/s.278 costs",null,null,"£",null,{"$f":"SUM(K96:S96)","v":{"$error":"#REF!"}},null,null,{"$f":"-'Opt 4 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 4 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"Professional fees",null,null,"£",null,{"$f":"SUM(K97:S97)","v":{"$error":"#REF!"}},null,null,{"$f":"-'Opt 4 Input Sheet'!#REF!/18*12","v":{"$error":"#REF!"}},{"$f":"-'Opt 4 Input Sheet'!#REF!/18*6*L5","v":{"$error":"#REF!"}}]
[null,null,"VAT",null,null,"£",null,{"$f":"SUM(K98:S98)","v":0},null,null,0,0]
[null,null,"Refurbishment",null,null,"£",null,{"$f":"SUM(K99:S99)","v":{"$error":"#REF!"}},null,null,{"$f":"IF(K$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$K$18*K$5))","v":{"$error":"#REF!"}},{"$f":"IF(L$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$K$18*L$5))","v":0},{"$f":"IF(M$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$K$18*M$5))","v":0},{"$f":"IF(N$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$K$18*N$5))","v":0},{"$f":"IF(O$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$K$18*O$5))","v":0},{"$f":"IF(P$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$K$18*P$5))","v":0},{"$f":"IF(Q$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$K$18*Q$5))","v":0},{"$f":"IF(R$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$K$18*R$5))","v":0},{"$f":"IF(S$8=1,0,-('Opt 4 Input Sheet'!#REF!*'Opt 4 Input Sheet'!$K$18*S$5))","v":0}]
[null,null,null,null,null,null,null,{"$f":"SUM(H95:H99)","v":{"$error":"#REF!"}}]
[]
[null,"Cash Flow Statement"]
[null,null,"Revenue"]
[null,null,null,"Office space rental",null,"£",null,{"$f":"SUM(K104:S104)","v":0},null,null,null,{"$f":"('Opt 4 Input Sheet'!$K$34*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$60)*L$5/12*6","v":0},{"$f":"('Opt 4 Input Sheet'!$K$34*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$60)*M$5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$34*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$61)*N$5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$34*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*O$5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$34*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*P$5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$34*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*Q$5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$34*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*R$5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$34*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*S$5","v":0}]
[null,null,null,"Office space service charge",null,"£",null,0,null,null,null,{"$f":"('Opt 4 Input Sheet'!$K$35*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$60)*L$5/12*6","v":0},{"$f":"('Opt 4 Input Sheet'!$K$35*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$60)*M$5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$35*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$61)*N$5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$35*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*O$5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$35*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*P$5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$35*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*Q$5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$35*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*R$5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$35*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*S$5","v":0}]
[null,null,null,"Office space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 4 Input Sheet'!$K$36*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$60)*'Opt 4 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 4 Input Sheet'!$K$36*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$60)*'Opt 4 Output sheet'!M5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$36*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$61)*'Opt 4 Output sheet'!N5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$36*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!O5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$36*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!P5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$36*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!Q5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$36*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!R5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$36*'Opt 4 Input Sheet'!$K$18*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space rental",null,"£",null,0,null,null,null,{"$f":"('Opt 4 Input Sheet'!$K$54*'Opt 4 Input Sheet'!$K$60*'Opt 4 Input Sheet'!$K$10)*'Opt 4 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 4 Input Sheet'!$K$54*'Opt 4 Input Sheet'!$K$60*'Opt 4 Input Sheet'!$K$10)*'Opt 4 Output sheet'!M5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$54*'Opt 4 Input Sheet'!$K$61*'Opt 4 Input Sheet'!$K$10)*'Opt 4 Output sheet'!N5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$54*'Opt 4 Input Sheet'!$K$62*'Opt 4 Input Sheet'!$K$10)*'Opt 4 Output sheet'!O5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$54*'Opt 4 Input Sheet'!$K$62*'Opt 4 Input Sheet'!$K$10)*'Opt 4 Output sheet'!P5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$54*'Opt 4 Input Sheet'!$K$62*'Opt 4 Input Sheet'!$K$10)*'Opt 4 Output sheet'!Q5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$54*'Opt 4 Input Sheet'!$K$62*'Opt 4 Input Sheet'!$K$10)*'Opt 4 Output sheet'!R5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$54*'Opt 4 Input Sheet'!$K$62*'Opt 4 Input Sheet'!$K$10)*'Opt 4 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space service charge",null,"£",null,0,null,null,null,{"$f":"('Opt 4 Input Sheet'!$K$55*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$60)*'Opt 4 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 4 Input Sheet'!$K$55*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$60)*'Opt 4 Output sheet'!M5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$55*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$61)*'Opt 4 Output sheet'!N5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$55*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!O5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$55*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!P5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$55*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!Q5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$55*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!R5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$55*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!S5","v":0}]
[null,null,null,"Amenity space rates",null,"£",null,0,null,null,null,{"$f":"('Opt 4 Input Sheet'!$K$56*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$60)*'Opt 4 Output sheet'!L5/12*6","v":0},{"$f":"('Opt 4 Input Sheet'!$K$56*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$60)*'Opt 4 Output sheet'!M5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$56*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$61)*'Opt 4 Output sheet'!N5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$56*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!O5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$56*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!P5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$56*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!Q5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$56*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!R5","v":0},{"$f":"('Opt 4 Input Sheet'!$K$56*'Opt 4 Input Sheet'!$K$10*'Opt 4 Input Sheet'!$K$62)*'Opt 4 Output sheet'!S5","v":0}]
[null,null,"Total revenue",null,null,"£",null,{"$f":"SUM(H104:H109)","v":0},null,null,null,{"$f":"SUM(L104:L109)","v":0},0,0,0,0,0,0,0]
[]
[]
[null,null,"Expenditure"]
[null,null,null,"Service charge",null,"£",null,{"$f":"SUM(K114:S114)","v":0},null,null,null,{"$f":"(-'Opt 4 Input Sheet'!$K$83*(('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18)+'Opt 4 Input Sheet'!$K$20))*'Opt 4 Output sheet'!L5/12*6","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$83*(('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18)+'Opt 4 Input Sheet'!$K$20))*'Opt 4 Output sheet'!M5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$83*(('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18)+'Opt 4 Input Sheet'!$K$20))*'Opt 4 Output sheet'!N5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$83*(('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18)+'Opt 4 Input Sheet'!$K$20))*'Opt 4 Output sheet'!O5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$83*(('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18)+'Opt 4 Input Sheet'!$K$20))*'Opt 4 Output sheet'!P5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$83*(('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18)+'Opt 4 Input Sheet'!$K$20))*'Opt 4 Output sheet'!Q5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$83*(('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18)+'Opt 4 Input Sheet'!$K$20))*'Opt 4 Output sheet'!R5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$83*(('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18)+'Opt 4 Input Sheet'!$K$20))*'Opt 4 Output sheet'!S5","v":0}]
[null,null,null,"Rates",null,"£",null,{"$f":"SUM(K115:S115)","v":0},null,null,null,{"$f":"(-'Opt 4 Input Sheet'!$K$85*(('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18))*'Opt 4 Output sheet'!L5/12*6)","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$85*('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18))*'Opt 4 Output sheet'!M5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$85*('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18))*'Opt 4 Output sheet'!N5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$85*('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18))*'Opt 4 Output sheet'!O5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$85*('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18))*'Opt 4 Output sheet'!P5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$85*('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18))*'Opt 4 Output sheet'!Q5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$85*('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18))*'Opt 4 Output sheet'!R5","v":0},{"$f":"(-'Opt 4 Input Sheet'!$K$85*('Opt 4 Input Sheet'!$K$10+'Opt 4 Input Sheet'!$K$18))*'Opt 4 Output sheet'!S5","v":0}]
[null,null,"Total expenditure",null,null,"£",null,{"$f":"SUM(H114:H115)","v":0},null,null,null,{"$f":"SUM(L114:L115)","v":0},0,0,0,0,0,0,0]
[]
[null,null,"Terminal value"]
[]
[null,"Free Cash Flow",null,null,null,"£",null,{"$f":"SUM(K120:S120)","v":{"$error":"#REF!"}},null,null,{"$f":"K110+K116+K99+K95+K118+K96+K97+K98","v":{"$error":"#REF!"}},{"$f":"L110+L116+L99+L95+L118+L96+L97+L98","v":{"$error":"#REF!"}},{"$f":"M110+M116+M99+M95+M118","v":0},0,0,0,0,0,0]
[null,"IRR",{"$f":"IRR(K120:S120)","v":{"$error":"#VALUE!"}}]
[]
[null,"Operating cash",null,null,null,null,null,null,null,null,null,{"$f":"L116+L110","v":0},{"$f":"M116+M110","v":0},0,0,{"$f":"P116+P110","v":0},0,0,0]
[null,"Yield on cash",{"$f":"-(AVERAGE(L123:S123))/(SUM(H95:H97))","v":{"$error":"#REF!"}}]
[]
[null,"Payback period",{"$f":"IF(K126>0,K2,IF(L126>0,L2,IF(M126>0,M2,IF(N126>0,N2,IF(O126>0,O2,IF(P126>0,P2,IF(Q126>0,Q2,IF(R126>0,R2,IF(S126>0,S2,IF(T126>0,T2,IF(U126>0,U2,IF(V126>0,V2,IF(W126>0,W2,IF(X126>0,X2,IF(Y126>0,Y2,IF(Z126>0,Z2,0))))))))))))))))","v":0},null,null,null,null,null,null,null,{"$f":"H17+K44-K17","v":0},{"$f":"K126+L44-L17","v":0},{"$f":"L126+M44-M17","v":0},0,0,0,0,{"$f":"Q126+R44-R17","v":0},0,0,0,0,0,0,0,0]
[]
[]
[null,"Profit Margin",null,null,null,null,null,null,null,null,{"$f":"IFERROR((K27-K40)/K40,0)","v":0},{"$f":"IFERROR((L27-L40)/L40,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]

{"sheet":"Sheet1","index":14,"n_rows":59,"n_cols":5,"rows_kept":59,"cut":false,"hidden":true,"merged":[]}
[null,null,"Initial capital costs"]
[null,null,"Total area"]
[null,null,"Construction costs (£/sq ft)"]
[null,null,"Fit out costs (£/sq ft)"]
[null,null,"Purchase cost"]
[null,null,"Professional fees"]
[null,null,"VAT"]
[null,null,"Other fees/duties"]
[null,null,"Number of years for capex"]
[null,null,"Residual value"]
[null,null,"Refurbishment schedule"]
[null,null,"Refurbishment costs (£/sq ft)"]
[null,null,"Drawdown value"]
[null,null,"Drawdown year"]
[null,null,"Interest rate"]
[null,null,"Payment schedule"]
[null,null,"Year to commence operations"]
[null,null,"Yr 1",null,1]
[null,null,"Yr 2",null,2]
[null,null,"Yr 3",null,3]
[null,null,"Yr 4",null,4]
[null,null,"Yr 5",null,5]
[null,null,"Yr 6",null,6]
[null,null,"Yr 7",null,7]
[null,null,"Yr 8",null,8]
[null,null,"Yr 9",null,9]
[null,null,"Yr 10",null,10]
[null,null,"Yr 11",null,11]
[null,null,"Yr 12",null,12]
[null,null,"Yr 13",null,13]
[null,null,"Yr 14",null,14]
[null,null,"Yr 15",null,15]
[null,null,"Membership rate (£ per annum)"]
[null,null,"Number of rooms"]
[null,null,"Price per night (£)"]
[null,null,"Nights in operation"]
[null,null,"Occupancy"]
[null,null,"Rent per sq/ft"]
[null,null,"Rental area (sq/ft)"]
[null,null,"Number of rooms"]
[null,null,"Blended rate (£/day)"]
[null,null,"Days in operation"]
[null,null,"Occupancy"]
[null,null,"Covers per day - Club"]
[null,null,"Price (£/cover) - Club"]
[null,null,"Days in operation"]
[null,null,"Number of events per annum"]
[null,null,"Average takings (£/event)"]
[null,null,"Funded by ticket sales"]
[null,null,"Staff costs"]
[null,null,"Cost of sales"]
[null,null,"Marketing"]
[null,null,"Other opex"]
[null,null,"Estates costs"]
[null,null,"Equipment"]
[null,null,"Lease costs"]
[null,null,"Rates"]
[null,null,"Inflation (@ RPI)"]
[null,null,"Discount factor (RPI+2.5%)"]

{"sheet":"GradPad Output Sheet","index":15,"n_rows":86,"n_cols":35,"rows_kept":86,"cut":false,"hidden":true,"merged":[]}
[{"$f":"#REF!","v":{"$error":"#REF!"}}]
["Output Sheet",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"10 year project"]
[]
[null,null,null,null,"Units","Constant","Total","Sparkline",null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25]
["Project Appraisal"]
[]
[]
[null,"Number of Members"]
[null,null,"Standard UK @ £800pa",null,null,null,null,null,null,null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
[null,null,"Under 30s UK @ £300pa",null,null,null,null,null,null,null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
[null,null,"International, staff and alummi @£500pa",null,null,null,null,null,null,null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
[null,"Total membership @blended rate of £630pa",null,null,null,null,null,null,null,null,{"$f":"SUM(K9:K11)","v":{"$error":"#REF!"}},{"$f":"SUM(L9:L11)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[]
[null,null,"Corporate memberships @£2,000pa",null,null,null,null,null,null,null,{"$f":"No_of_Members_Corporate","v":{"$error":"#NAME?"}},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[]
[]
[null,"Capital and Operational free cash flows"]
[null,null,"Capital - construction and fit out",null,null,null,null,null,null,{"$f":"#REF!+#REF!+#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
[]
[null,null,"Revenue"]
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[null,null,"Total expenditure",null,null,null,{"$f":"SUM(G32:G38)","v":{"$error":"#REF!"}},null,null,{"$f":"SUM(J33:J38)","v":{"$error":"#REF!"}},{"$f":"SUM(K32:K38)","v":{"$error":"#REF!"}},{"$f":"SUM(L32:L38)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[null,null,"Terminal value",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(T29+T39)/Discount_Rate","v":{"$error":"#REF!"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"(AI39+AI29)/Discount_Rate","v":{"$error":"#REF!"}}]
[]
[null,"Total operational cash flows",null,null,null,null,{"$f":"G29+G39","v":{"$error":"#REF!"}},null,null,{"$f":"J39+J29","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$f":"L39+L29","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"U39+U29","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"AI39+AI29+AI40","v":{"$error":"#REF!"}}]
[null,"Total operational free cash flows",null,null,null,null,null,null,null,null,{"$f":"K42-K27","v":{"$error":"#REF!"}},{"$f":"L42-L27","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[]
[null,"Total capital and operational  cash flows",null,null,null,null,{"$f":"SUM(J45:T45)","v":{"$error":"#REF!"}},null,null,{"$f":"J42+J18+J19","v":{"$error":"#REF!"}},{"$f":"K42+K18","v":{"$error":"#REF!"}},{"$f":"L42+L18","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"T42+T18+T40","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[null,"Total capital and operational  free cash flows",null,null,null,null,null,null,null,{"$f":"J45-J27","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"T45-T27","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[]
[null,"Cumulative capital and operational free cash flows",null,null,null,null,null,null,null,{"$f":"J45","v":{"$error":"#REF!"}},{"$f":"J48+K45","v":{"$error":"#REF!"}},{"$f":"K48+L45","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"T48+U45","v":{"$error":"#REF!"}},{"$f":"U48+V45","v":{"$error":"#REF!"}},{"$f":"V48+W45","v":{"$error":"#REF!"}},{"$f":"W48+X45","v":{"$error":"#REF!"}},{"$f":"X48+Y45","v":{"$error":"#REF!"}},{"$f":"Y48+Z45","v":{"$error":"#REF!"}},{"$f":"Z48+AA45","v":{"$error":"#REF!"}},{"$f":"AA48+AB45","v":{"$error":"#REF!"}},{"$f":"AB48+AC45","v":{"$error":"#REF!"}},{"$f":"AC48+AD45","v":{"$error":"#REF!"}},{"$f":"AD48+AE45","v":{"$error":"#REF!"}},{"$f":"AE48+AF45","v":{"$error":"#REF!"}},{"$f":"AF48+AG45","v":{"$error":"#REF!"}},{"$f":"AG48+AH45","v":{"$error":"#REF!"}},{"$f":"AH48+AI45","v":{"$error":"#REF!"}}]
[]
[null,null,null,null,null,null,"Incl debenture cash",null,"Excl debenture cash"]
[null,"Net Present Value",null,null,null,null,{"$f":"NPV(Discount_Rate,K45:T45)+J45","v":{"$error":"#NAME?"}},null,{"$f":"NPV(Discount_Rate,K46:T46)+J46","v":{"$error":"#NAME?"}}]
[null,"Internal Rate of Return",null,null,null,null,{"$f":"IRR(J45:T45)","v":{"$error":"#VALUE!"}},null,{"$f":"IRR(J46:T46)","v":{"$error":"#VALUE!"}}]
[]
[]
["Project Financing"]
[]
[null,"Total operational free cash flows",null,null,null,null,{"$f":"SUM(J57:T57)","v":{"$error":"#REF!"}},null,null,{"$f":"J42","v":{"$error":"#REF!"}},{"$f":"K42","v":{"$error":"#REF!"}},{"$f":"L42","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"U42","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[]
[null,"Opening debt balance",null,null,null,null,null,null,null,0,{"$f":"J64","v":{"$error":"#REF!"}},{"$f":"K64","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"T64","v":{"$error":"#REF!"}},{"$f":"U64","v":{"$error":"#REF!"}},{"$f":"V64","v":{"$error":"#REF!"}},{"$f":"W64","v":{"$error":"#REF!"}},{"$f":"X64","v":{"$error":"#REF!"}},{"$f":"Y64","v":{"$error":"#REF!"}},{"$f":"Z64","v":{"$error":"#REF!"}},{"$f":"AA64","v":{"$error":"#REF!"}},{"$f":"AB64","v":{"$error":"#REF!"}},{"$f":"AC64","v":{"$error":"#REF!"}},{"$f":"AD64","v":{"$error":"#REF!"}},{"$f":"AE64","v":{"$error":"#REF!"}},{"$f":"AF64","v":{"$error":"#REF!"}},{"$f":"AG64","v":{"$error":"#REF!"}},{"$f":"AH64","v":{"$error":"#REF!"}}]
[null,"Interest charged",null,null,null,null,{"$f":"SUM(J60:T60)","v":{"$error":"#REF!"}},null,null,{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}}]
[null,"Capital drawdowns",null,null,null,null,{"$error":"#REF!"},null,null,{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
[null,"Interest payments",null,null,null,null,{"$error":"#REF!"},null,null,{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}}]
[null,"Capital repayments",null,null,null,null,{"$error":"#REF!"},null,null,{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}},{"$f":"-#REF!","v":{"$error":"#REF!"}}]
[null,"Closing debt balance",null,null,null,null,null,null,null,{"$f":"SUM(J59:J63)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$f":"SUM(L59:L63)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"SUM(U59:U63)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[]
[null,"Total project financing costs",null,null,null,null,{"$f":"SUM(J66:T66)","v":{"$error":"#REF!"}},null,null,{"$f":"J62+J63","v":{"$error":"#REF!"}},{"$f":"K62+K63","v":{"$error":"#REF!"}},{"$f":"L62+L63","v":{"$error":"#REF!"}},{"$f":"M62+M63","v":{"$error":"#REF!"}},{"$f":"N62+N63","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"U62+U63","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[]
[null,"Total post financing project cash flows",null,null,null,null,{"$f":"SUM(J68:T68)","v":{"$error":"#REF!"}},null,null,{"$f":"J45+J66","v":{"$error":"#REF!"}},{"$f":"K45+K66","v":{"$error":"#REF!"}},{"$f":"L45-L66","v":{"$error":"#REF!"}},{"$f":"M45-M66","v":{"$error":"#REF!"}},{"$f":"N45-N66","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"U57+U66","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[]
[null,null,null,null,null,null,null,"IRR",{"$f":"IRR(J68:T68)","v":{"$error":"#VALUE!"}}]
["Summary Financial Statements"]
[null,"Income statement"]
[null,null,"Revenue",null,null,null,{"$f":"SUM(J73:T73)","v":{"$error":"#REF!"}},null,null,{"$f":"J29-J27","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[null,null,"Operating costs",null,null,null,{"$error":"#REF!"},null,null,{"$f":"J39","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"U39","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
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[null,null,"Depreciation",null,null,null,{"$f":"SUM(J76:AI76)","v":{"$error":"#REF!"}},null,null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
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[]
[null,"Balance sheet"]
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[null,null,"Debenture liability",null,null,null,null,null,null,{"$f":"-J27","v":0},{"$f":"-K27+J82","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[null,null,"Loan liability",null,null,null,null,null,null,{"$f":"-J64","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$f":"L64","v":{"$error":"#REF!"}},{"$f":"M64","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"-U64","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[null,null,"Net assets",null,null,null,null,null,null,{"$f":"SUM(J80:J83)","v":{"$error":"#REF!"}},{"$f":"SUM(K80:K83)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"SUM(N80:N83)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$f":"SUM(U80:U83)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[]
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