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{"sheet":"Welcome","index":0,"n_rows":42,"n_cols":8,"rows_kept":42,"cut":false,"hidden":false,"merged":[[7,2,8,13],[10,2,10,13]]}
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[]
[null,"Support Services Investment Appraisal Model Guide "]
[]
[null,"Model Description","To assess the viability of a Support Services project and the value it generates. In the context of a business case, the primary objective of investment appraisal is to place a value on benefits so that the costs are justified."]
[]
[]
[null,null,"This Model is primarily designed for Support Services projects and has been designed to evaluate the financial benefits of a single construction or refurbishment project."]
[]
[null,null,"This includes the following areas:"]
[null,null,"- Accommodation ",null,null,null,"- ICT"]
[null,null,"- Advancement ",null,null,null,"- Offices "]
[null,null,"- Careers ",null,null,null,"- Library "]
[null,null,"- Catering ",null,null,null,"- Registry "]
[null,null,"- Conferences & Events",null,null,null,"- Research Office "]
[null,null,"- Early Years Education Centre",null,null,null,"- Student HUB"]
[null,null,"- Estates Facilities/Projects",null,null,null,"- Sports"]
[null,null,"- Human Resources "]
[]
[]
[null,"Instructions for use","See Model Guide "]
[null,null,"Enter scenarios on the Inputs page"]
[]
[null,"Input Sources","Judgement "]
[]
[null,"Colour codes",1,null,"An input cell",null,"NB Uses Cell styles"]
[]
[null,"Audit checks"]
[]
[null,"Recalculation Status",{"$f":"INFO(\"RECALC\")","v":"Automatic"}]
[]
[null,"Model designed to run on","Excel 2013",null,null,"Version you are using:",null,{"$f":"INFO(\"RELEASE\")","v":"15.0"}]
[]
[null,"Authors","Shahnura Hussain and Nicola Holt "]
[]
[null,"Change Log","Date","Who","Development"]
[]
[null,null,"2017-03-30","SH","Formulas "]
[null,null,"2017-05-23","SH","Base Case and 2x Scenarios all in Output Sheet"]

{"sheet":"Model Guide","index":1,"n_rows":82,"n_cols":5,"rows_kept":82,"cut":false,"hidden":false,"merged":[[24,4,24,25]]}
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[null,"Support Services Investment Appraisal Model Guide "]
[]
[null,"The Model will forecast a summary Income and Expenditure Statement (excluding depreciation), and uses the following capital appraisal measures:"]
[null,null,"- Net Present Value"]
[null,null,"- Internal Rate of Return"]
[null,null,"- Modified Internal Rate of Return"]
[null,null,"- Payback Period"]
[]
[null,"Please do not insert any rows in the Inputs Tab",null,"Please enter all income as negative and expenses as positive. "]
[null,"Please enter all amounts in £'000s"]
[null,"The Model can produce NPVs over a 50 year duration."]
[]
[null,"The year of construction cannot begin from more than two years than the current year. The longest construction period is three years. "]
[]
[null,"USER INPUTS AND COMPLETING THE MODEL "]
[]
[null,"The template is structured across several tabs as follows:"]
[null,null,"Tab Name:",null,"Description:"]
[]
[null,null,"1. Project Dashboard",null,"This sheet contains the variables, which are applied to the inputs. It highlights key outputs of the investment modelled scenario against sensitivities applied. It compares the outputs of the scenarios which are generated by the sensitivities inserted in the input sheet. \nChanges in this sheet should be justified in 6.Notes"]
[null,null,"2. Model Assumptions",null,"This sheet is where the general assumption inputs are inputted. This includes the start year of construction, duration and fixed rates which should not be altered. You should only complete the cells which are shaded green."]
[null,null,"3. Input Sheet ",null,"This sheet is where all estimates relating to expected costs and associated income should be entered. You should only complete the cells which are shaded green. "]
[null,null,"4. Output Sheet",null,"This sheet converts the inputs into summarised Income and Expenditure for a project with the cash flow data based on certain criteria with the use of the investment appraisal techniques. "]
[null,null,"5. Notes",null,"This sheet is for additional information or calculations."]
[]
[null,"Completing Individual Tabs"]
[]
[null,"1. Project Dashboard"]
[]
[null,"The Project Dashboard sheet gathers key data, ratios and financial headlines from the Input sheet. It highlights the key outputs of the investment modelled scenario against sensitivities applied. "]
[null,"This is presented along with key messages for the reader. "]
[]
[null,"This sheet will accompany the Business Case Summary in papers required to Estates Facilities. "]
[]
[null,"Scenario Comparer","The Project is illustrated to show the modelled scenario against 2 sensitivities."]
[]
[null,null,"The scenario comparer takes data from the input sheet. The purpose is to illustrate the variations between sensitivities, so that an assessment can be made as to the realism of certain assumptions. "]
[]
[null,"KPIs","A range of the College's KPIs for the project are based on current inputs."]
[]
[null,"2. Model Assumptions"]
[]
[null,null,"The Model has been prepared on an annual basis and the Net Present Value (NPV) calculations have been made on an assumed discount rate of 4% for the future cashflows. "]
[null,null,"The NPV calculations have only been discounted back to the start of the construction date. "]
[]
[null,null," - Please complete the green cells. "]
[null,null,"Values in the red cells are provided by Capital Investment & Appraisal Team. If you change these please provide justification on the Notes Tab."]
[]
[null,"3. Input Sheet"]
[null,"Balance Sheet"]
[null,null,"Enter Capital Initial Start Up costs in the Green Cells"]
[]
[null,"Income Statement"]
[null,null,"Complete the necessary cells in relation to the Investment Project. "]
[]
[null,null,"Please enter the 'Source' reference you are obtaining your data from "]
[]
[]
[null,"4. Output Sheet"]
[]
[null,"This sheet brings together the inputs entered in the inputs sheet for the project with the cash flow NPV, from year 0 (project initiation) to year 50 (model end)"]
[]
[null,"A summary of the following capital measures is provided at the end of the tab. "]
[null,null,"- Net Present Value"]
[null,null,"- Internal Rate of Return"]
[null,null,"- Modified Internal Rate of Return"]
[null,null,"- Payback Period"]
[]
[null,"The sheet also presents a cash flow forecast (based on revenue and capital spend). "]
[]
[null,"5. Notes"]
[]
[null,"Any additional information or calculations are to be entered and explained here."]
[]
[null,"Comments"]
[]
[null,"Please send comments or report issues to either the Capital Accountant or Maria Knight (Head of Capital Investment & Appraisal) so that the Model can be further refined or adapted where there is value in making specific changes. "]

{"sheet":"1. Project Dashboard","index":2,"n_rows":31,"n_cols":10,"rows_kept":31,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"NameofProject&\" appraisal - PROJECT DASHBOARD\"","v":"Investment A appraisal - PROJECT DASHBOARD"}]
[null,null,null,null,null,null,null,"Project Approval Process"]
[null,"Summary of Options"]
[null,null,{"$f":"NameofProject","v":"Investment A"},{"$f":"NameofProject","v":"Investment A"},{"$f":"NameofProject","v":"Investment A"},null,null,"Project Threshold","Project Board Approval","Minimum Investment Appraisal"]
[null,null,{"$f":"'3. Input Sheet '!H5","v":"Base Case"},{"$f":"'3. Input Sheet '!I5","v":"Upper Case"},{"$f":"'3. Input Sheet '!J5","v":"Lower Case"},null,null,"Above £150k-£1m","PRM Board","Discounted Payback Period"]
[null,"Key metrics (£)",null,null,null,null,null,"£1m-£10m","Resource Allocation Board","Discounted Payback Period, NPV, IRR & MIRR"]
[null,"Initial capital cost",{"$f":"Total_capital_Base","v":-1064216.9392717455},{"$f":"Total_capital_upper","v":-526031.84182128904},{"$f":"Total_capital_lower","v":-1210538.5450342253},null,null,"Above £10m","Council","NPV, IRR, MIRR"]
[null,"Total revenue",{"$f":"'4. Output Sheet'!F37","v":1108794.3106132722},{"$f":"'4. Output Sheet'!F109","v":1179394.5798114934},{"$f":"'4. Output Sheet'!F182","v":489760.40628852521}]
[null,"Total expenditure",{"$f":"'4. Output Sheet'!F53","v":-277581.59800521529},{"$f":"'4. Output Sheet'!F125","v":-88907.57642649801},{"$f":"'4. Output Sheet'!F198","v":-102270.9425978153}]
[null,"Operating free cash",{"$f":"'4. Output Sheet'!F59","v":831212.71260805707},{"$f":"'4. Output Sheet'!F131","v":1090487.0033849953},{"$f":"'4. Output Sheet'!F204","v":387489.4636907099}]
[null,"Terminal value",{"$f":"'4. Output Sheet'!F55","v":640042.27209817851},{"$f":"'4. Output Sheet'!F127","v":704046.49930799636},{"$f":"'4. Output Sheet'!F200","v":576038.04488836066}]
[null,"Yield on cash",{"$f":"'4. Output Sheet'!C73","v":7.1005064162000336E-2},{"$f":"'4. Output Sheet'!C145","v":0.18845851951218623},{"$f":"'4. Output Sheet'!C218","v":2.9099705272067716E-2}]
[null,"NPV (£)",{"$f":"'4. Output Sheet'!C67","v":136149.36263495919},{"$f":"'4. Output Sheet'!C139","v":659114.69187680422},{"$f":"'4. Output Sheet'!C212","v":-320730.46247152454}]
[null,"IRR",{"$f":"'4. Output Sheet'!C68","v":0.12960546632400582},{"$f":"'4. Output Sheet'!C140","v":0.3019665837686436},{"$f":"'4. Output Sheet'!C213","v":-6.3248273020104162E-2}]
[null,"MIRR",{"$f":"'4. Output Sheet'!C69","v":9.3133771956797062E-2},{"$f":"'4. Output Sheet'!C141","v":0.17907408762800281},{"$f":"'4. Output Sheet'!C214","v":1.0782596924657328E-2}]
[null,"Payback year",{"$f":"'4. Output Sheet'!F71","v":"6 years 10 months"},{"$f":"'4. Output Sheet'!F143","v":"3 years 8 months"},{"$f":"'4. Output Sheet'!F216","v":"0 years 0 months"}]
[]
[null,"Key assumptions"]
[null,"Construction period (Years)",{"$f":"Year_to_commence_operations_Base","v":1.99},{"$f":"Year_to_commence_operations_upper","v":1.99},{"$f":"Year_to_commence_operations_lower","v":1.99}]
[null,"Refurbishment period (YearS)",{"$f":"Refurbishment_schedule__every_x_years_Base","v":5},{"$f":"Refurbishment_schedule__every_x_years_upper","v":6},{"$f":"Refurbishment_schedule__every_x_years_lower","v":4}]
[null,"Inflation measure",{"$f":"Inflation","v":2.5000000000000001E-2},{"$f":"Inflation","v":2.5000000000000001E-2},{"$f":"Inflation","v":2.5000000000000001E-2}]
[null,"Discount rate",{"$f":"Discount_rate","v":6.5000000000000002E-2},{"$f":"Discount_rate","v":6.5000000000000002E-2},{"$f":"Discount_rate","v":6.5000000000000002E-2}]
[null,"Refurbishment factor applied to all income/expenditure",{"$f":"Refurbishment_factor_Base","v":0.5},{"$f":"Refurbishment_factor_upper","v":0.5},{"$f":"Refurbishment_factor_lower","v":0.5}]
[]
[]
[null,"KPIs",{"$f":"NameofProject","v":"Investment A"},{"$f":"NameofProject","v":"Investment A"},{"$f":"NameofProject","v":"Investment A"}]
[null,null,{"$f":"'3. Input Sheet '!H5","v":"Base Case"},{"$f":"'3. Input Sheet '!I5","v":"Upper Case"},{"$f":"'3. Input Sheet '!J5","v":"Lower Case"}]
[null,"Rental yield",{"$f":"((RentalSpaceIncomeRent_per_sq_ft_Base*RentalSpaceIncomeRental_area__sq_ft_Base)/Terminal_value_Base)*100","v":0.5},{"$f":"((RentalSpaceIncomeRent_per_sq_ft_upper*RentalSpaceIncomeRental_area__sq_ft_upper)/Terminal_value_upper)*100","v":0},{"$f":"((RentalSpaceIncomeRent_per_sq_ft_lower*RentalSpaceIncomeRental_area__sq_ft_lower)/Terminal_value_lower)*100","v":0}]
[null,"Construction period (years)",{"$f":"Number_of_years_for_capex_Base","v":3},{"$f":"Number_of_years_for_capex_upper","v":2},{"$f":"Number_of_years_for_capex_lower","v":4}]
[null,"Average profit margin ",{"$f":"AVERAGE('4. Output Sheet'!I63:AH63)","v":1.075},{"$f":"AVERAGE('4. Output Sheet'!I135:AH135)","v":4.6794871794871806},{"$f":"AVERAGE('4. Output Sheet'!I208:AH208)","v":1.3531468531468531}]

{"sheet":"2. Model Assumptions","index":3,"n_rows":11,"n_cols":4,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[{"$f":"CONCATENATE(\"Support Services Model: \",D6,\" - \",OFFSET(E1,0,Scenario),\"      Generated on: \",TEXT(NOW(),\"dd mmm yy\"))","v":"Support Services Model: Investment A -       Generated on: 04 Aug 17"}]
["Model Assumptions "]
[]
[null,"General Inputs"]
[]
[null,"Name of project",null,"Investment A"]
[]
[null,"Start year (yr 0)",null,2016]
[null,"Number of years (max = )",null,10]
[null,"Inflation",null,2.5000000000000001E-2]
[null,"Discount rate",null,6.5000000000000002E-2]

{"sheet":"3. Input Sheet ","index":4,"n_rows":210,"n_cols":12,"rows_kept":210,"cut":false,"hidden":false,"merged":[]}
[{"$f":"'2. Model Assumptions'!D6&\" Analysis\"","v":"Investment A Analysis"}]
["Input Sheet"]
[]
[null,null,"Scenario",1,null,null,null,1,2,3]
[null,null,null,null,"Unit",null,null,"Base Case","Upper Case","Lower Case",null,"Source"]
[]
["Balance sheet"]
["Initial start up"]
[null,"Initial capital costs",null,{"$f":"OFFSET(G9,0,Scenario)","v":450000},"£",null,null,{"$f":"(H10*H11)+(H10*H12)+H13","v":450000},{"$f":"(I10*I11)+(I10*I12)+I13","v":405000},{"$f":"(J10*J11)+(J10*J12)+J13","v":495000}]
[null,"Total area (sqft)",null,5000,"£",null,null,5000,{"$f":"H10","v":5000},{"$f":"I10","v":5000}]
[null,"Construction costs (£/sq ft)",null,20,"£",null,null,20,{"$f":"H11*0.9","v":18},{"$f":"H11*1.1","v":22}]
[null,"Fit out costs (£/sq ft)",null,10,"£",null,null,10,{"$f":"H12*0.9","v":9},{"$f":"H12*1.1","v":11}]
[null,"Purchase cost",null,300000,"£",null,null,300000,{"$f":"H13*0.9","v":270000},330000]
[null,"Professional fees",null,0,"£",null,null,0,0,0]
[null,"VAT",null,0,"£",null,null,0,0,0]
[null,"Other fees/duties",null,0,"£",null,null,0,0,0]
[null,"Contingency",null,0,"£",null,null,0,0,0]
[null,"Number of years for capex",null,{"$f":"OFFSET(G18,0,Scenario)","v":3},"Years ",null,null,3,2,4]
[null,"Terminal value",null,{"$f":"OFFSET(G19,0,Scenario)","v":500000},"£",null,null,500000,{"$f":"H19*1.1","v":550000},{"$f":"H19*0.9","v":450000}]
[null,"Refurbishment schedule (every x years)",null,{"$f":"OFFSET(G20,0,Scenario)","v":5},"Years ",null,null,5,6,4]
[null,"Refurbishment factor",null,{"$f":"OFFSET(G21,0,Scenario)","v":0.5},"No.",null,null,0.5,0.5,0.5]
[null,"Refurbishment costs (£/sq ft)",null,{"$f":"OFFSET(G22,0,Scenario)","v":50},"£",null,null,50,20,60]
[]
[]
["Income statement"]
[null,"Year to commence operations",null,{"$f":"OFFSET(G26,0,Scenario)-0.01","v":1.98},"Years ",null,null,{"$f":"2-0.01","v":1.99},{"$f":"2-0.01","v":1.99},{"$f":"2-0.01","v":1.99}]
[]
["Revenue generation"]
["Membership income"]
[null,"No of members"]
[null,"Yr 1",1,{"$f":"OFFSET(G31,0,Scenario)","v":0},"No."]
[null,"Yr 2",2,{"$f":"OFFSET(G32,0,Scenario)","v":20},"No.",null,null,20,{"$f":"H32*1.1","v":22},{"$f":"H32*0.9","v":18}]
[null,"Yr 3",3,30,"No.",null,null,30,{"$f":"H33*1.1","v":33},{"$f":"H33*0.9","v":27}]
[null,"Yr 4",4,40,"No.",null,null,40,44,36]
[null,"Yr 5",5,50,"No.",null,null,50,55.000000000000007,45]
[null,"Yr 6",6,60,"No.",null,null,60,66,54]
[null,"Yr 7",7,0,"No."]
[null,"Yr 8",8,0,"No."]
[null,"Yr 9",9,0,"No."]
[null,"Yr 10",10,0,"No."]
[null,"Yr 11",11,0,"No."]
[null,"Yr 12",12,0,"No."]
[null,"Yr 13",13,0,"No."]
[null,"Yr 14",14,0,"No."]
[null,"Yr 15",15,0,"No."]
[null,"Yr 16",16,0,"No."]
[null,"Yr 17",17,0,"No."]
[null,"Yr 18",18,0,"No."]
[null,"Yr 19",19,0,"No."]
[null,"Yr 20",20,0,"No."]
[null,"Yr 21",21,0,"No."]
[null,"Yr 22",22,0,"No."]
[null,"Yr 23",23,0,"No."]
[null,"Yr 24",24,0,"No."]
[null,"Yr 25",25,0,"No."]
[null,"Yr 26",26,0,"No."]
[null,"Yr 27",27,0,"No."]
[null,"Yr 28",28,0,"No."]
[null,"Yr 29",29,0,"No."]
[null,"Yr 30",30,0,"No."]
[null,"Yr 31",31,0,"No."]
[null,"Yr 32",32,0,"No."]
[null,"Yr 33",33,{"$f":"OFFSET(G63,0,Scenario)","v":0},"No."]
[null,"Yr 34",34,0,"No."]
[null,"Yr 35",35,0,"No."]
[null,"Yr 36",36,0,"No."]
[null,"Yr 37",37,0,"No."]
[null,"Yr 38",38,0,"No."]
[null,"Yr 39",39,0,"No."]
[null,"Yr 40",40,0,"No."]
[null,"Yr 41",41,0,"No."]
[null,"Yr 42",42,0,"No."]
[null,"Yr 43",43,0,"No."]
[null,"Yr 44",44,0,"No."]
[null,"Yr 45",45,0,"No."]
[null,"Yr 46",46,0,"No."]
[null,"Yr 47",47,0,"No."]
[null,"Yr 48",48,0,"No."]
[null,"Yr 49",49,0,"No."]
[null,"Yr 50",50,0,"No."]
[]
[null,"Membership rate (£ per annum)",null,{"$f":"OFFSET(G82,0,Scenario)","v":3000},"£",null,null,3000,{"$f":"H82*1.1","v":3300.0000000000005},{"$f":"H82*0.9","v":2700}]
[null,null,null,{"$f":"OFFSET(G83,0,Scenario)","v":0}]
[]
["Accommodation income"]
[null,"Number of rooms",null,{"$f":"OFFSET(G86,0,Scenario)","v":20},"No.",null,null,20,25]
[null,"Price per night (£)",null,{"$f":"OFFSET(G87,0,Scenario)","v":20},"£",null,null,20,25]
[null,"Nights in operation",null,{"$f":"OFFSET(G88,0,Scenario)","v":150},"days",null,null,150,100]
[null,"Occupancy",null,{"$f":"OFFSET(G89,0,Scenario)","v":0.9},"%",null,null,0.9,0.8]
[]
["Rental space income"]
[null,"Rent per sq/ft",null,{"$f":"OFFSET(G92,0,Scenario)","v":50},"£",null,null,50]
[null,"Rental area (sq/ft)",null,{"$f":"OFFSET(G93,0,Scenario)","v":50},"No.",null,null,50]
[null,"Rental",null,null,null,null,null,0]
[]
["Room & equipment hire income"]
[null,"Number of rooms",null,{"$f":"OFFSET(G97,0,Scenario)","v":0},"No.",null,null,0]
[null,"Blended rate (£/day)",null,{"$f":"OFFSET(G98,0,Scenario)","v":0},"£",null,null,0]
[null,"Days in operation",null,{"$f":"OFFSET(G99,0,Scenario)","v":0},"Days",null,null,0]
[null,"Occupancy",null,{"$f":"OFFSET(G100,0,Scenario)","v":0},"%",null,null,0]
[]
["Restaurant and private dining income"]
[null,"Covers per day ",null,{"$f":"OFFSET(G103,0,Scenario)","v":0},"No.",null,null,0]
[null,"Price (£/cover)",null,{"$f":"OFFSET(G104,0,Scenario)","v":0},"£",null,null,0]
[null,"Days in operation",null,{"$f":"OFFSET(G105,0,Scenario)","v":0},"Days",null,null,0]
[null,null,null,null,null,null,null,0]
[]
["Events income"]
[null,"Number of events per annum",null,{"$f":"OFFSET(G109,0,Scenario)","v":0},"No.",null,null,0]
[null,"Average takings (£/event)",null,{"$f":"OFFSET(G110,0,Scenario)","v":0},"£",null,null,0]
[null,"Events",null,0,null,null,null,0]
[]
["Income from provision of services"]
[null,"Average service price (£)",null,{"$f":"OFFSET(G114,0,Scenario)","v":0},"£",null,null,0]
[null,"Target service volume per annum",null,{"$f":"OFFSET(G115,0,Scenario)","v":0},"No.",null,null,0]
[null,null,null,null,null,null,null,0]
[]
["Sale of goods income"]
[null,"Average sales price (£)",null,{"$f":"OFFSET(G119,0,Scenario)","v":0},"£",null,null,0]
[null,"Target sales volume per annum",null,{"$f":"OFFSET(G120,0,Scenario)","v":0},"No.",null,null,0]
[null,null,null,null,null,null,null,0]
[]
["Expenditure"]
[]
[null,"Staff costs",null,{"$f":"OFFSET(G125,0,Scenario)","v":10000},"£",null,null,10000,9000,11000]
[]
[null,"Cost of sales",null,{"$f":"OFFSET(G127,0,Scenario)","v":20000},"£",null,null,20000]
[]
[null,"Marketing costs per annum",null,{"$f":"OFFSET(G129,0,Scenario)","v":0},"£"]
[null,"Other opex",null,{"$f":"OFFSET(G130,0,Scenario)","v":0},"£"]
[]
[null,"Estates costs"]
[null,"Cost (£/sq ft)",null,{"$f":"OFFSET(G133,0,Scenario)","v":0},"£"]
[null,"Area (sq ft)",null,{"$f":"OFFSET(G134,0,Scenario)","v":0},"No."]
[]
[null,"Facilities Management costs"]
[null,"Cost (£/sq ft)",null,{"$f":"OFFSET(G137,0,Scenario)","v":0},"£"]
[null,"Area (sq ft)",null,{"$f":"OFFSET(G138,0,Scenario)","v":0},"No."]
[]
[null,"Equipment cost","(£/year)",{"$f":"OFFSET(G140,0,Scenario)","v":0},"£"]
[null,"Promotions and events","(£/year)",0,"£"]
[null,"Other attributable central costs","(£/year)",0,"£"]
[null,"Lease costs","(£/year)",0,"£"]
[null,"Rates","(£/year)",0,"£"]
[null,"Other costs","(£/year - please define)",0,"£"]
[]
["Other factors"]
[null,"Inflation (@ RPI)",null,{"$f":"OFFSET(G148,0,Scenario)","v":2.5000000000000001E-2},"%",null,null,{"$f":"'2. Model Assumptions'!D10","v":2.5000000000000001E-2},{"$f":"'2. Model Assumptions'!D10","v":2.5000000000000001E-2},{"$f":"'2. Model Assumptions'!D10","v":2.5000000000000001E-2}]
[null,"Discount factor (RPI+2.5%)",null,{"$f":"OFFSET(G149,0,Scenario)","v":6.5000000000000002E-2},"%",null,null,{"$f":"'2. Model Assumptions'!D11","v":6.5000000000000002E-2},{"$f":"'2. Model Assumptions'!D11","v":6.5000000000000002E-2},{"$f":"'2. Model Assumptions'!D11","v":6.5000000000000002E-2}]
[]
[]
[]
[]
[]
["Refurbishment input"]
[null,"Schedule (from above)",null,{"$f":"OFFSET(G156,0,Scenario)","v":5},null,null,null,{"$f":"H20","v":5},{"$f":"I20","v":6},4]
[null,"Length of appraisal",null,{"$f":"OFFSET(G157,0,Scenario)","v":10},null,null,null,{"$f":"'2. Model Assumptions'!$D$9","v":10},{"$f":"'2. Model Assumptions'!$D$9","v":10},{"$f":"'2. Model Assumptions'!$D$9","v":10}]
[]
[null,"Year of refurb"]
[null,null,"Refurb 0",{"$f":"OFFSET(G160,0,Scenario)","v":0},null,null,0,0,0,0]
[null,null,"Refurb 1",{"$f":"OFFSET(G161,0,Scenario)","v":5},null,null,1,{"$f":"IFERROR(IF($H$156*G161<$H$157+1,$H$156*G161,\"\"),\"\")","v":5},{"$f":"IFERROR(IF($I$156*G161<$I$157+1,$I$156*G161,\"\"),\"\")","v":6},{"$f":"IFERROR(IF($J$156*G161<$J$157+1,$J$156*G161,\"\"),\"\")","v":4}]
[null,null,"Refurb 2",{"$f":"OFFSET(G162,0,Scenario)","v":10},null,null,2,10,"",8]
[null,null,"Refurb 3",{"$f":"OFFSET(G163,0,Scenario)","v":""},null,null,3,"","",""]
[null,null,"Refurb 4",{"$f":"OFFSET(G164,0,Scenario)","v":""},null,null,4,"","",""]
[null,null,"Refurb 5",0,null,null,5,"","",""]
[null,null,"Refurb 6",0,null,null,6,"","",""]
[null,null,"Refurb 7",0,null,null,7,"","",""]
[null,null,"Refurb 8",0,null,null,8,"","",""]
[null,null,"Refurb 9",0,null,null,9,"","",""]
[null,null,"Refurb 10",0,null,null,10,"","",""]
[null,null,"Refurb 11",0,null,null,11,"","",""]
[null,null,"Refurb 12",0,null,null,12,"","",""]
[null,null,"Refurb 13",0,null,null,13,"","",""]
[null,null,"Refurb 14",0,null,null,14,"","",""]
[null,null,"Refurb 15",0,null,null,15,"","",""]
[null,null,"Refurb 16",0,null,null,16,"","",""]
[null,null,"Refurb 17",0,null,null,17,"","",""]
[null,null,"Refurb 18",0,null,null,18,"","",""]
[null,null,"Refurb 19",0,null,null,19,"","",""]
[null,null,"Refurb 20",0,null,null,20,"","",""]
[null,null,"Refurb 21",0,null,null,21,"","",""]
[null,null,"Refurb 22",0,null,null,22,"","",""]
[null,null,"Refurb 23",0,null,null,23,"","",""]
[null,null,"Refurb 24",0,null,null,24,"","",""]
[null,null,"Refurb 25",0,null,null,25,"","",""]
[null,null,"Refurb 26",0,null,null,26,"","",""]
[null,null,"Refurb 27",0,null,null,27,"","",""]
[null,null,"Refurb 28",0,null,null,28,"","",""]
[null,null,"Refurb 29",0,null,null,29,"","",""]
[null,null,"Refurb 30",0,null,null,30,"","",""]
[null,null,"Refurb 31",0,null,null,31,"","",""]
[null,null,"Refurb 32",0,null,null,32,"","",""]
[null,null,"Refurb 33",0,null,null,33,"","",""]
[null,null,"Refurb 34",0,null,null,34,"","",""]
[null,null,"Refurb 35",0,null,null,35,"","",""]
[null,null,"Refurb 36",0,null,null,36,"","",""]
[null,null,"Refurb 37",0,null,null,37,"","",""]
[null,null,"Refurb 38",0,null,null,38,"","",""]
[null,null,"Refurb 39",0,null,null,39,"","",""]
[null,null,"Refurb 40",0,null,null,40,"","",""]
[null,null,"Refurb 41",0,null,null,41,"","",""]
[null,null,"Refurb 42",0,null,null,42,"","",""]
[null,null,"Refurb 43",0,null,null,43,"","",""]
[null,null,"Refurb 44",0,null,null,44,"","",""]
[null,null,"Refurb 45",0,null,null,45,"","",""]
[null,null,"Refurb 46",0,null,null,46,"","",""]
[null,null,"Refurb 47",0,null,null,47,"","",""]
[null,null,"Refurb 48",0,null,null,48,"","",""]
[null,null,"Refurb 49",0,null,null,49,"","",""]
[null,null,"Refurb 50",0,null,null,50,"","",""]

{"sheet":"4. Output Sheet","index":5,"n_rows":218,"n_cols":34,"rows_kept":218,"cut":false,"hidden":false,"merged":[]}
[{"$f":"'2. Model Assumptions'!D6&\" Analysis\"","v":"Investment A Analysis"}]
["Output Sheet"]
[]
[{"$f":"CONCATENATE(\"Results generated \",\"on: \",TEXT(NOW(),\"dd mmm yy\"))","v":"Results generated on: 04 Aug 17"}]
[null,"BASE CASE"]
["Year",null,null,"Constant","Units","Total","Sparkline",null,{"$f":"'2. Model Assumptions'!D8","v":2016},{"$f":"IFERROR(IF((J7+$I$6)<($I$6+Number_of_years__max+1),(J7+$I$6),\"\"),\"\")","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026,"","","","","","","","","","","","","","",""]
[null,null,null,null,null,null,null,null,0,{"$f":"IFERROR(IF((I7+1)<Number_of_years__max+1,(I7+1),\"\"),\"\")","v":1},2,3,4,5,6,7,8,9,10,"","","","","","","","","","","","","","",""]
[]
[null,"Inflation Index",null,{"$f":"Inflation","v":2.5000000000000001E-2},"%",null,null,null,{"$f":"(1+Inflation)^I7","v":1},1.0249999999999999,1.0506249999999999,1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682125,1.2184028975099177,1.2488629699476654,1.2800845441963571,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,null,"Refurbishment",null,null,null,null,null,{"$f":"IF(IFERROR(VLOOKUP(I7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(J7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(K7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(L7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(M7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(N7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(O7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(P7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(Q7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(R7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(S7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(T7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(U7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(V7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(W7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(X7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(Y7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(Z7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AA7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AB7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AC7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AD7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AE7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AF7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AG7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AH7,'3. Input Sheet '!$H$160:$H$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"}]
[null,null,"Refurbishment factor",null,null,null,null,null,{"$f":"IF(I11=\"No\",1,Refurbishment_factor_Base)","v":1},1,1,1,1,0.5,1,1,1,1,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[]
["Balance sheet"]
[null,"Capital "]
[null,null,"Initial capital cost",null,"£",{"$f":"SUM(I16:AH16)","v":-461343.75},null,null,{"$f":"IFERROR(IF(I7<Number_of_years_for_capex_Base,-InitialcapitalcostsBase/Number_of_years_for_capex_Base*I9,\"\"),0)","v":-150000},-153750,-157593.75,"","","","","","","","","","","","","","","","","","","","","","",""]
[null,null,{"$f":"'[1]Input Sheet'!$C$14","v":"Professional fees"},null,"£",{"$f":"SUM(I17:AH17)","v":0},null,null,{"$f":"IFERROR(IF(I7<Number_of_years_for_capex_Base,-Professional_fees_Base/Number_of_years_for_capex_Base*I9,\"\"),0)","v":0},0,0,"","","","","","","","","","","","","","","","","","","","","","",""]
[null,null,{"$f":"'[1]Input Sheet'!$C$15","v":"VAT"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7<Number_of_years_for_capex_Base,-VAT_Base/Number_of_years_for_capex_Base*I9,\"\"),0)","v":0},0,0,"","","","","","","","","","","","","","","","","","","","","","",""]
[null,null,{"$f":"'[1]Input Sheet'!$C$16","v":"Other fees/duties"},null,"£",0,null,null,{"$f":"IFERROR(IF(I9<Number_of_years_for_capex_Base,-Other_fees_duties_Base/Number_of_years_for_capex_Base*I11,\"\"),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$17","v":"Contingency"},null,"£",0,null,null,{"$f":"IFERROR(IF(I10<Number_of_years_for_capex_Base,-Contingency_Base/Number_of_years_for_capex_Base*I12,\"\"),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refurbishment",null,"£",-602873.1892717455,null,null,{"$f":"IFERROR(IF(AND(I11=\"Yes\",I7>1),-Refurbishment_costs_sq_ft_Base*Totalarea_sqft_Base*I9,0),0)","v":0},0,0,0,0,-282852.05322265619,0,0,0,0,-320021.13604908925,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Total capital",null,null,null,"£",{"$f":"SUM(I23:AH23)","v":-1064216.9392717455},null,null,{"$f":"SUM(I16:I21)","v":-150000},-153750,-157593.75,0,0,-282852.05322265619,0,0,0,0,-320021.13604908925,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cash Flow Statement"]
["Income Statement"]
[null,"Revenue"]
[null,null,{"$f":"'[1]Input Sheet'!$B$28","v":"Membership income"},null,"£",{"$f":"SUM(I28:AH28)","v":586015.6343701171},null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,(VLOOKUP(I7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*I9*Membership_rate_per_annum_Base)*I12,\"\"),0)","v":""},{"$f":"IFERROR(IF(J7>Year_to_commence_operations_Base,(VLOOKUP(J7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*J9*Membership_rate_per_annum_Base)*J12,\"\"),0)","v":""},{"$f":"IFERROR(IF(K7>Year_to_commence_operations_Base,(VLOOKUP(K7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*K9*Membership_rate_per_annum_Base)*K12,\"\"),0)","v":63037.5},{"$f":"IFERROR(IF(L7>Year_to_commence_operations_Base,(VLOOKUP(L7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*L9*Membership_rate_per_annum_Base)*L12,\"\"),0)","v":96920.156249999985},{"$f":"IFERROR(IF(M7>Year_to_commence_operations_Base,(VLOOKUP(M7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*M9*Membership_rate_per_annum_Base)*M12,\"\"),0)","v":132457.54687499997},{"$f":"IFERROR(IF(N7>Year_to_commence_operations_Base,(VLOOKUP(N7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*N9*Membership_rate_per_annum_Base)*N12,\"\"),0)","v":84855.61596679686},{"$f":"IFERROR(IF(O7>Year_to_commence_operations_Base,(VLOOKUP(O7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*O9*Membership_rate_per_annum_Base)*O12,\"\"),0)","v":208744.81527832025},{"$f":"IFERROR(IF(P7>Year_to_commence_operations_Base,(VLOOKUP(P7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*P9*Membership_rate_per_annum_Base)*P12,\"\"),0)","v":0},{"$f":"IFERROR(IF(Q7>Year_to_commence_operations_Base,(VLOOKUP(Q7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*Q9*Membership_rate_per_annum_Base)*Q12,\"\"),0)","v":0},{"$f":"IFERROR(IF(R7>Year_to_commence_operations_Base,(VLOOKUP(R7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*R9*Membership_rate_per_annum_Base)*R12,\"\"),0)","v":0},{"$f":"IFERROR(IF(S7>Year_to_commence_operations_Base,(VLOOKUP(S7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*S9*Membership_rate_per_annum_Base)*S12,\"\"),0)","v":0},{"$f":"IFERROR(IF(T7>Year_to_commence_operations_Base,(VLOOKUP(T7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*T9*Membership_rate_per_annum_Base)*T12,\"\"),0)","v":0},{"$f":"IFERROR(IF(U7>Year_to_commence_operations_Base,(VLOOKUP(U7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*U9*Membership_rate_per_annum_Base)*U12,\"\"),0)","v":0},{"$f":"IFERROR(IF(V7>Year_to_commence_operations_Base,(VLOOKUP(V7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*V9*Membership_rate_per_annum_Base)*V12,\"\"),0)","v":0},{"$f":"IFERROR(IF(W7>Year_to_commence_operations_Base,(VLOOKUP(W7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*W9*Membership_rate_per_annum_Base)*W12,\"\"),0)","v":0},{"$f":"IFERROR(IF(X7>Year_to_commence_operations_Base,(VLOOKUP(X7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*X9*Membership_rate_per_annum_Base)*X12,\"\"),0)","v":0},{"$f":"IFERROR(IF(Y7>Year_to_commence_operations_Base,(VLOOKUP(Y7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*Y9*Membership_rate_per_annum_Base)*Y12,\"\"),0)","v":0},{"$f":"IFERROR(IF(Z7>Year_to_commence_operations_Base,(VLOOKUP(Z7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*Z9*Membership_rate_per_annum_Base)*Z12,\"\"),0)","v":0},{"$f":"IFERROR(IF(AA7>Year_to_commence_operations_Base,(VLOOKUP(AA7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*AA9*Membership_rate_per_annum_Base)*AA12,\"\"),0)","v":0},{"$f":"IFERROR(IF(AB7>Year_to_commence_operations_Base,(VLOOKUP(AB7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*AB9*Membership_rate_per_annum_Base)*AB12,\"\"),0)","v":0},{"$f":"IFERROR(IF(AC7>Year_to_commence_operations_Base,(VLOOKUP(AC7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*AC9*Membership_rate_per_annum_Base)*AC12,\"\"),0)","v":0},{"$f":"IFERROR(IF(AD7>Year_to_commence_operations_Base,(VLOOKUP(AD7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*AD9*Membership_rate_per_annum_Base)*AD12,\"\"),0)","v":0},{"$f":"IFERROR(IF(AE7>Year_to_commence_operations_Base,(VLOOKUP(AE7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*AE9*Membership_rate_per_annum_Base)*AE12,\"\"),0)","v":0},{"$f":"IFERROR(IF(AF7>Year_to_commence_operations_Base,(VLOOKUP(AF7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*AF9*Membership_rate_per_annum_Base)*AF12,\"\"),0)","v":0},{"$f":"IFERROR(IF(AG7>Year_to_commence_operations_Base,(VLOOKUP(AG7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*AG9*Membership_rate_per_annum_Base)*AG12,\"\"),0)","v":0},{"$f":"IFERROR(IF(AH7>Year_to_commence_operations_Base,(VLOOKUP(AH7,'3. Input Sheet '!$C$31:$H$80,6,FALSE)*AH9*Membership_rate_per_annum_Base)*AH12,\"\"),0)","v":0}]
[null,null,{"$f":"'[1]Input Sheet'!$C$84","v":"Accommodation income"},null,"£",499646.87640938745,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,AccommodationNumber_of_rooms_Base*AccommodationPrice_per_night_Base*AccommodationNights_in_operation_Base*AccommodationOccupancy_Base*I9*I12,\"\"),0)","v":""},"",56733.749999999993,58152.093749999993,59605.896093749987,30548.021748046867,62623.444583496072,64189.030698083472,65793.756465535553,67438.600377173934,34562.28269330164,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$90","v":"Rental space income"},null,"£",23131.799833767942,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,RentalSpaceIncomeRent_per_sq_ft_Base*RentalSpaceIncomeRental_area__sq_ft_Base*I9*I12,\"\"),0)","v":""},"",2626.5625,2692.2265624999995,2759.5322265624995,1414.2602661132807,2899.2335455322254,2971.714384170531,3046.0072437747945,3122.1574248691636,1600.1056802454464,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$95","v":"Room & equipment hire income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,Room_EquipmentHire_Number_of_rooms_Base*Room_EquipmentHireBlended_rate_day_Base*Room_EquipmentHireDays_in_operation_Base*Room_EquipmentHireOccupancy_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$101","v":"Restaurant and private dining income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,RestaurantCovers_per_day_Base*RestaurantPrice_cover_Base*RestaurantDays_in_operation_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$107","v":"Events income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,EventsincomeNumber_of_events_per_annum_Base*EventsincomeAverage_takings_event_Base*Events_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$112","v":"Income from provision of services"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,IncomefromProvisionServicesAverage_service_price_Base*IncomefromProvisionServicesTarget_service_volume_per_annum_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$117","v":"Sale of goods income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,GoodsIncomeAverage_sales_price_Base*GoodsIncomeTarget_sales_volume_per_annum_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Total Revenue",null,null,"£",1108794.3106132722,null,null,{"$f":"SUM(I28:I35)","v":0},{"$f":"SUM(J28:J35)","v":0},122397.8125,157764.47656249997,194822.97519531247,116817.89798095702,274267.49340734852,67160.745082253998,68839.76370931034,70560.757802043096,36162.388373547088,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Expenditure"]
[null,null,{"$f":"'[1]Input Sheet'!$D$124","v":"Staff costs"},null,"£",{"$f":"SUM(I40:AH40)","v":-92527.199335071768},null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,-Staff_costs_Base*I9*I12,\"\"),0)","v":""},"",-10506.25,-10768.906249999998,-11038.128906249998,-5657.041064453123,-11596.934182128902,-11886.857536682124,-12184.028975099178,-12488.629699476654,-6400.4227209817855,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$126","v":"Cost of sales"},null,"£",-185054.39867014354,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,-Cost_of_sales_Base*I9*I12,\"\"),0)","v":""},"",-21012.5,-21537.812499999996,-22076.257812499996,-11314.082128906246,-23193.868364257803,-23773.715073364248,-24368.057950198356,-24977.259398953309,-12800.845441963571,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$128","v":"Marketing costs per annum"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,-Marketing_costs_per_annum_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$129","v":"Other opex"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,-Other_opex_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$131","v":"Estates costs"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,-EstatesArea_sq_ft_Base*EstatesCost_sq_ft_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$135","v":"Facilities Management costs"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,-FMArea_sq_ft_Base*FMCost_sq_ft_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$139","v":"Equipment cost"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,-Equipment_cost_upper*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$140","v":"Promotions and events"},null,"£",{"$f":"SUM(I47:AH47)","v":0},null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,-Promotions_and_events_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$141","v":"Other attributable central costs"},null,"£",{"$f":"SUM(I48:AH48)","v":0},null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,-Other_attributable_central_costs_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$142","v":"Lease costs"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,-Lease_costs_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$143","v":"Rates"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,-Rates_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$144","v":"Other costs"},null,"£",0,null,null,{"$f":"IFERROR(IF(I7>Year_to_commence_operations_Base,-Other_costs_Base*I9*I12,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Total Expenditure",null,null,"£",{"$f":"SUM(I53:AH53)","v":-277581.59800521529},null,null,{"$f":"SUM(I40:I51)","v":0},{"$f":"SUM(J40:J51)","v":0},-31518.75,-32306.718749999993,-33114.386718749993,-16971.12319335937,-34790.802546386709,-35660.572610046373,-36552.086925297532,-37465.889098429965,-19201.268162945358,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Terminal value",null,null,null,"£",{"$f":"SUM(I55:AH55)","v":640042.27209817851},null,null,{"$f":"IF(I7=Number_of_years__max,Terminal_value_Base*I9,0)","v":0},0,0,0,0,0,0,0,0,0,640042.27209817851,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Free Cash Flow",null,null,null,"£",{"$f":"SUM(I57:AH57)","v":407038.0454344902},null,null,{"$f":"I37+I53+I23+I55","v":-150000},{"$f":"J37+J53+J23+J55","v":-153750},{"$f":"IF(K37+K53+K23+K55=0,\"\",K37+K53+K23+K55)","v":-66714.6875},{"$f":"IF(L37+L53+L23+L55=0,\"\",L37+L53+L23+L55)","v":125457.75781249997},161708.58847656247,-183005.27843505854,239476.6908609618,31500.172472207625,32287.676784012809,33094.86870361313,336982.25625969097,"","","","","","","","","","","","","","",""]
[]
["Operating cash",null,null,null,"£",{"$f":"SUM(I59:AH59)","v":831212.71260805707},null,null,{"$f":"I37+I53","v":0},{"$f":"J37+J53","v":0},{"$f":"IF(K37+K53=0,\"\",K37+K53)","v":90879.0625},{"$f":"IF(L37+L53=0,\"\",L37+L53)","v":125457.75781249997},161708.58847656247,99846.774787597649,239476.6908609618,31500.172472207625,32287.676784012809,33094.86870361313,16961.12021060173,"","","","","","","","","","","","","","",""]
[]
["Cumulative Cash Flow in year (excluding interest)",null,null,null,null,null,null,null,{"$f":"IFERROR(H61+I57,\"\")","v":-150000},-303750,-370464.6875,-245006.92968750003,-83298.341210937564,-266303.61964599614,-26826.928785034339,4673.2436871732862,36960.920471186095,70055.789174799225,407038.0454344902,{"$f":"IFERROR(S61+T57,\"\")","v":""},{"$f":"IFERROR(T61+U57,\"\")","v":""},"","","","","","","","","","","","",""]
[]
["Profit Margin",null,null,null,null,null,null,null,{"$f":"IFERROR(-(I37+I53)/I53,0)","v":0},{"$f":"IFERROR(-(J37+J53)/J53,0)","v":0},2.8833333333333333,3.8833333333333333,4.8833333333333337,5.8833333333333346,6.883333333333332,0.88333333333333319,0.88333333333333308,0.88333333333333319,0.88333333333333319,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[null,"NPV",{"$f":"NPV(OtherFactorsDiscount_factor_RPI_2.5_Base,I57:AH57)","v":136149.36263495919},null,"£"]
[null,"IRR",{"$f":"IRR(I57:AH57)","v":0.12960546632400582},null,"%"]
[null,"MIRR",{"$f":"MIRR(I57:AH57,OtherFactorsDiscount_factor_RPI_2.5_Base,OtherFactorsDiscount_factor_RPI_2.5_Base)","v":9.3133771956797062E-2},null,"%"]
[]
[null,"Payback ",{"$f":"MAX(I71:AH71)","v":6.8516438698455868},null,"Years",{"$f":" CONCATENATE(INT(ROUND(C71*12,0)/12),\" years \", ROUND(C71*12,0)-(INT(ROUND(C71*12,0)/12)*12),\" months\")","v":"6 years 10 months"},null,null,null,{"$f":"IFERROR(IF(AND(K61>0,J61<0),K7-(K61/K57),0),0)","v":0},{"$f":"IFERROR(IF(AND(L61>0,K61<0),L7-(L61/L57),0),0)","v":0},0,0,0,6.8516438698455868,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Yield on cash",{"$f":"-(AVERAGE(I59:AH59))/(Total_capital_Base)","v":7.1005064162000336E-2}]
[]
[]
[]
[null,{"$f":"'3. Input Sheet '!I5","v":"Upper Case"}]
["Year",null,null,"Constant","Units","Total","Sparkline",null,{"$f":"'2. Model Assumptions'!D8","v":2016},{"$f":"IFERROR(IF((J79+$I$6)<($I$6+Number_of_years__max+1),(J79+$I$6),\"\"),\"\")","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026,"","","","","","","","","","","","","","",""]
[null,null,null,null,null,null,null,null,0,{"$f":"IFERROR(IF((I79+1)<Number_of_years__max+1,(I79+1),\"\"),\"\")","v":1},2,3,4,5,6,7,8,9,10,"","","","","","","","","","","","","","",""]
[]
[null,"Inflation Index",null,{"$f":"Inflation","v":2.5000000000000001E-2},"%",null,null,null,{"$f":"(1+Inflation)^I79","v":1},1.0249999999999999,1.0506249999999999,1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682125,1.2184028975099177,1.2488629699476654,1.2800845441963571,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,null,"Refurbishment",null,null,null,null,null,{"$f":"IF(IFERROR(VLOOKUP(I79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(J79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(K79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(L79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(M79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(N79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(O79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(P79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(Q79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(R79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(S79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(T79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(U79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(V79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(W79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(X79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(Y79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(Z79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AA79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AB79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AC79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AD79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AE79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AF79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AG79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AH79,'3. Input Sheet '!$I$160:$I$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"}]
[null,null,"Refurbishment factor",null,null,null,null,null,{"$f":"IF(I83=\"No\",1,Refurbishment_factor_upper)","v":1},1,1,1,1,1,0.5,1,1,1,1,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[]
["Balance sheet"]
[null,"Capital "]
[null,null,"Initial capital cost",null,"£",{"$f":"SUM(I88:AH88)","v":-410062.5},null,null,{"$f":"IFERROR(IF(I79<Number_of_years_for_capex_upper,-Initialcapitalcostsupper/Number_of_years_for_capex_upper*I81,\"\"),0)","v":-202500},-207562.49999999997,"","","","","","","","","","","","","","","","","","","","","","","",""]
[null,null,{"$f":"'[1]Input Sheet'!$C$14","v":"Professional fees"},null,"£",{"$f":"SUM(I89:AH89)","v":0},null,null,{"$f":"IFERROR(IF(I79<Number_of_years_for_capex_upper,-Professional_fees_upper/Number_of_years_for_capex_upper*I81,\"\"),0)","v":0},0,"","","","","","","","","","","","","","","","","","","","","","","",""]
[null,null,{"$f":"'[1]Input Sheet'!$C$15","v":"VAT"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79<Number_of_years_for_capex_upper,-VAT_upper/Number_of_years_for_capex_upper*I81,\"\"),0)","v":0},0,"","","","","","","","","","","","","","","","","","","","","","","",""]
[null,null,{"$f":"'[1]Input Sheet'!$C$16","v":"Other fees/duties"},null,"£",0,null,null,{"$f":"IFERROR(IF(I81<Number_of_years_for_capex_upper,-Other_fees_duties_upper/Number_of_years_for_capex_upper*I83,\"\"),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$17","v":"Contingency"},null,"£",0,null,null,{"$f":"IFERROR(IF(I82<Number_of_years_for_capex_upper,-Contingency_upper/Number_of_years_for_capex_upper*I84,\"\"),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refurbishment",null,"£",-115969.34182128902,null,null,{"$f":"IFERROR(IF(AND(I83=\"Yes\",I79>1),-Refurbishment_costs_sq_ft_upper*Totalarea_sqft_upper*I81,0),0)","v":0},0,0,0,0,0,-115969.34182128902,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Total capital",null,null,null,"£",{"$f":"SUM(I95:AH95)","v":-526031.84182128904},null,null,{"$f":"SUM(I88:I93)","v":-202500},-207562.49999999997,0,0,0,0,-115969.34182128902,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cash Flow Statement"]
["Income Statement"]
[null,"Revenue"]
[null,null,{"$f":"'[1]Input Sheet'!$B$28","v":"Membership income"},null,"£",{"$f":"SUM(I100:AH100)","v":685463.59966428205},null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,(VLOOKUP(I79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*I81*Membership_rate_per_annum_upper)*I84,\"\"),0)","v":""},{"$f":"IFERROR(IF(J79>Year_to_commence_operations_upper,(VLOOKUP(J79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*J81*Membership_rate_per_annum_upper)*J84,\"\"),0)","v":""},{"$f":"IFERROR(IF(K79>Year_to_commence_operations_upper,(VLOOKUP(K79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*K81*Membership_rate_per_annum_upper)*K84,\"\"),0)","v":76275.375000000015},{"$f":"IFERROR(IF(L79>Year_to_commence_operations_upper,(VLOOKUP(L79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*L81*Membership_rate_per_annum_upper)*L84,\"\"),0)","v":117273.38906249999},{"$f":"IFERROR(IF(M79>Year_to_commence_operations_upper,(VLOOKUP(M79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*M81*Membership_rate_per_annum_upper)*M84,\"\"),0)","v":160273.63171875},{"$f":"IFERROR(IF(N79>Year_to_commence_operations_upper,(VLOOKUP(N79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*N81*Membership_rate_per_annum_upper)*N84,\"\"),0)","v":205350.59063964841},{"$f":"IFERROR(IF(O79>Year_to_commence_operations_upper,(VLOOKUP(O79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*O81*Membership_rate_per_annum_upper)*O84,\"\"),0)","v":126290.61324338375},{"$f":"IFERROR(IF(P79>Year_to_commence_operations_upper,(VLOOKUP(P79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*P81*Membership_rate_per_annum_upper)*P84,\"\"),0)","v":0},{"$f":"IFERROR(IF(Q79>Year_to_commence_operations_upper,(VLOOKUP(Q79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*Q81*Membership_rate_per_annum_upper)*Q84,\"\"),0)","v":0},{"$f":"IFERROR(IF(R79>Year_to_commence_operations_upper,(VLOOKUP(R79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*R81*Membership_rate_per_annum_upper)*R84,\"\"),0)","v":0},{"$f":"IFERROR(IF(S79>Year_to_commence_operations_upper,(VLOOKUP(S79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*S81*Membership_rate_per_annum_upper)*S84,\"\"),0)","v":0},{"$f":"IFERROR(IF(T79>Year_to_commence_operations_upper,(VLOOKUP(T79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*T81*Membership_rate_per_annum_upper)*T84,\"\"),0)","v":0},{"$f":"IFERROR(IF(U79>Year_to_commence_operations_upper,(VLOOKUP(U79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*U81*Membership_rate_per_annum_upper)*U84,\"\"),0)","v":0},{"$f":"IFERROR(IF(V79>Year_to_commence_operations_upper,(VLOOKUP(V79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*V81*Membership_rate_per_annum_upper)*V84,\"\"),0)","v":0},{"$f":"IFERROR(IF(W79>Year_to_commence_operations_upper,(VLOOKUP(W79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*W81*Membership_rate_per_annum_upper)*W84,\"\"),0)","v":0},{"$f":"IFERROR(IF(X79>Year_to_commence_operations_upper,(VLOOKUP(X79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*X81*Membership_rate_per_annum_upper)*X84,\"\"),0)","v":0},{"$f":"IFERROR(IF(Y79>Year_to_commence_operations_upper,(VLOOKUP(Y79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*Y81*Membership_rate_per_annum_upper)*Y84,\"\"),0)","v":0},{"$f":"IFERROR(IF(Z79>Year_to_commence_operations_upper,(VLOOKUP(Z79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*Z81*Membership_rate_per_annum_upper)*Z84,\"\"),0)","v":0},{"$f":"IFERROR(IF(AA79>Year_to_commence_operations_upper,(VLOOKUP(AA79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*AA81*Membership_rate_per_annum_upper)*AA84,\"\"),0)","v":0},{"$f":"IFERROR(IF(AB79>Year_to_commence_operations_upper,(VLOOKUP(AB79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*AB81*Membership_rate_per_annum_upper)*AB84,\"\"),0)","v":0},{"$f":"IFERROR(IF(AC79>Year_to_commence_operations_upper,(VLOOKUP(AC79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*AC81*Membership_rate_per_annum_upper)*AC84,\"\"),0)","v":0},{"$f":"IFERROR(IF(AD79>Year_to_commence_operations_upper,(VLOOKUP(AD79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*AD81*Membership_rate_per_annum_upper)*AD84,\"\"),0)","v":0},{"$f":"IFERROR(IF(AE79>Year_to_commence_operations_upper,(VLOOKUP(AE79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*AE81*Membership_rate_per_annum_upper)*AE84,\"\"),0)","v":0},{"$f":"IFERROR(IF(AF79>Year_to_commence_operations_upper,(VLOOKUP(AF79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*AF81*Membership_rate_per_annum_upper)*AF84,\"\"),0)","v":0},{"$f":"IFERROR(IF(AG79>Year_to_commence_operations_upper,(VLOOKUP(AG79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*AG81*Membership_rate_per_annum_upper)*AG84,\"\"),0)","v":0},{"$f":"IFERROR(IF(AH79>Year_to_commence_operations_upper,(VLOOKUP(AH79,'3. Input Sheet '!$C$31:$I$80,7,FALSE)*AH81*Membership_rate_per_annum_upper)*AH84,\"\"),0)","v":0}]
[null,null,{"$f":"'[1]Input Sheet'!$C$84","v":"Accommodation income"},null,"£",493930.98014721111,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,AccommodationNumber_of_rooms_upper*AccommodationPrice_per_night_upper*AccommodationNights_in_operation_upper*AccommodationOccupancy_upper*I81*I84,\"\"),0)","v":""},"",52531.249999999993,53844.531249999993,55190.644531249985,56570.410644531235,28992.335455322256,59434.287683410628,60920.144875495884,62443.14849738327,64004.227209817851,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$90","v":"Rental space income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,RentalSpaceIncomeRent_per_sq_ft_upper*RentalSpaceIncomeRental_area__sq_ft_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$95","v":"Room & equipment hire income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,Room_EquipmentHire_Number_of_rooms_upper*Room_EquipmentHireBlended_rate_day_upper*Room_EquipmentHireDays_in_operation_upper*Room_EquipmentHireOccupancy_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$101","v":"Restaurant and private dining income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,RestaurantCovers_per_day_upper*RestaurantPrice_cover_upper*RestaurantDays_in_operation_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$107","v":"Events income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,EventsincomeNumber_of_events_per_annum_upper*EventsincomeAverage_takings_event_upper*Events_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$112","v":"Income from provision of services"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,IncomefromProvisionServicesAverage_service_price_upper*IncomefromProvisionServicesTarget_service_volume_per_annum_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$117","v":"Sale of goods income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,GoodsIncomeAverage_sales_price_upper*GoodsIncomeTarget_sales_volume_per_annum_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Total Revenue",null,null,"£",{"$f":"SUM(I109:AH109)","v":1179394.5798114934},null,null,{"$f":"SUM(I100:I107)","v":0},{"$f":"SUM(J100:J107)","v":0},128806.625,171117.92031249998,215464.27625,261921.00128417963,155282.94869870599,59434.287683410628,60920.144875495884,62443.14849738327,64004.227209817851,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Expenditure"]
[null,null,{"$f":"'[1]Input Sheet'!$D$124","v":"Staff costs"},null,"£",{"$f":"SUM(I112:AH112)","v":-88907.57642649801},null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,-Staff_costs_upper*I81*I84,\"\"),0)","v":""},"",-9455.625,-9692.0156249999982,-9934.3160156249978,-10182.673916015621,-5218.620381958006,-10698.171783013913,-10965.626077589259,-11239.766729528988,-11520.760897767213,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$126","v":"Cost of sales"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,-Cost_of_sales_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$128","v":"Marketing costs per annum"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,-Marketing_costs_per_annum_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$129","v":"Other opex"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,-Other_opex_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$131","v":"Estates costs"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,-EstatesArea_sq_ft_upper*EstatesCost_sq_ft_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$135","v":"Facilities Management costs"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,-FMArea_sq_ft_upper*FMCost_sq_ft_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$139","v":"Equipment cost"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,-Equipment_cost_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$140","v":"Promotions and events"},null,"£",{"$f":"SUM(I119:AH119)","v":0},null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,-Promotions_and_events_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$141","v":"Other attributable central costs"},null,"£",{"$f":"SUM(I120:AH120)","v":0},null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,-Other_attributable_central_costs_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$142","v":"Lease costs"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,-Lease_costs_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$143","v":"Rates"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,-Rates_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$144","v":"Other costs"},null,"£",0,null,null,{"$f":"IFERROR(IF(I79>Year_to_commence_operations_upper,-Other_costs_upper*I81*I84,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Total Expenditure",null,null,"£",{"$f":"SUM(I125:AH125)","v":-88907.57642649801},null,null,{"$f":"SUM(I112:I123)","v":0},{"$f":"SUM(J112:J123)","v":0},-9455.625,-9692.0156249999982,-9934.3160156249978,-10182.673916015621,-5218.620381958006,-10698.171783013913,-10965.626077589259,-11239.766729528988,-11520.760897767213,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Terminal value",null,null,null,"£",{"$f":"SUM(I127:AH127)","v":704046.49930799636},null,null,{"$f":"IF(I79=Number_of_years__max,Terminal_value_upper*I81,0)","v":0},0,0,0,0,0,0,0,0,0,704046.49930799636,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Free Cash Flow",null,null,null,"£",{"$f":"SUM(I129:AH129)","v":1268501.6608717025},null,null,{"$f":"I109+I125+I95+I127","v":-202500},{"$f":"J109+J125+J95+J127","v":-207562.49999999997},{"$f":"IF(K109+K125+K95+K127=0,\"\",K109+K125+K95+K127)","v":119351},{"$f":"IF(L109+L125+L95+L127=0,\"\",L109+L125+L95+L127)","v":161425.90468749998},205529.960234375,251738.327368164,34094.986495458972,48736.115900396719,49954.518797906625,51203.381767854284,756529.96562004695,"","","","","","","","","","","","","","",""]
[]
["Operating cash",null,null,null,"£",{"$f":"SUM(I131:AH131)","v":1090487.0033849953},null,null,{"$f":"I109+I125","v":0},{"$f":"J109+J125","v":0},{"$f":"IF(K109+K125=0,\"\",K109+K125)","v":119351},161425.90468749998,205529.960234375,251738.327368164,150064.328316748,48736.115900396719,49954.518797906625,51203.381767854284,52483.466312050637,{"$f":"IF(T109+T125=0,\"\",T109+T125)","v":""},{"$f":"IF(U109+U125=0,\"\",U109+U125)","v":""},"","","","","","","","","","","","",""]
[]
["Cumulative Cash Flow in year (excluding interest)",null,null,null,null,null,null,null,{"$f":"IFERROR(H133+I129,\"\")","v":-202500},{"$f":"IFERROR(I133+J129,\"\")","v":-410062.5},-290711.5,-129285.59531250002,76244.364921874978,327982.69229003898,362077.67878549796,410813.79468589468,460768.31348380132,511971.69525165559,1268501.6608717025,{"$f":"IFERROR(S133+T129,\"\")","v":""},{"$f":"IFERROR(T133+U129,\"\")","v":""},"","","","","","","","","","","","",""]
[]
["Profit Margin",null,null,null,null,null,null,null,{"$f":"IFERROR(-(I109+I125)/I125,0)","v":0},{"$f":"IFERROR(-(J109+J125)/J125,0)","v":0},12.622222222222222,16.655555555555555,20.688888888888894,24.722222222222225,28.755555555555556,4.5555555555555562,4.5555555555555554,4.5555555555555562,4.5555555555555554,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[null,"NPV (Upper)",{"$f":"NPV(OtherFactorsDiscount_factor_RPI_2.5_upper,I129:AH129)","v":659114.69187680422},null,"£"]
[null,"IRR (Upper)",{"$f":"IRR(I129:AH129)","v":0.3019665837686436},null,"%"]
[null,"MIRR (Upper)",{"$f":"MIRR(I129:AH129,OtherFactorsDiscount_factor_RPI_2.5_upper,OtherFactorsDiscount_factor_RPI_2.5_upper)","v":0.17907408762800281},null,"%"]
[]
[null,"Payback (Upper Case)",{"$f":"MAX(I143:AH143)","v":3.629035276244251},null,"Years",{"$f":" CONCATENATE(INT(ROUND(C143*12,0)/12),\" years \", ROUND(C143*12,0)-(INT(ROUND(C143*12,0)/12)*12),\" months\")","v":"3 years 8 months"},null,null,null,{"$f":"IFERROR(IF(AND(K133>0,J133<0),K79-(K133/K129),0),0)","v":0},{"$f":"IFERROR(IF(AND(L133>0,K133<0),L79-(L133/L129),0),0)","v":0},3.629035276244251,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Yield on cash (Upper)",{"$f":"-(AVERAGE(I131:AH131))/(Total_capital_upper)","v":0.18845851951218623}]
[]
[]
[]
[null,{"$f":"'3. Input Sheet '!J5","v":"Lower Case"}]
[]
["Year",null,null,"Constant","Units","Total","Sparkline",null,{"$f":"'2. Model Assumptions'!D8","v":2016},{"$f":"IFERROR(IF((J152+$I$6)<($I$6+Number_of_years__max+1),(J152+$I$6),\"\"),\"\")","v":2017},2018,2019,2020,2021,2022,2023,2024,2025,2026,"","","","","","","","","","","","","","",""]
[null,null,null,null,null,null,null,null,0,{"$f":"IFERROR(IF((I152+1)<Number_of_years__max+1,(I152+1),\"\"),\"\")","v":1},2,3,4,5,6,7,8,9,10,"","","","","","","","","","","","","","",""]
[]
[null,"Inflation Index",null,{"$f":"Inflation","v":2.5000000000000001E-2},"%",null,null,null,{"$f":"(1+Inflation)^I152","v":1},1.0249999999999999,1.0506249999999999,1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682125,1.2184028975099177,1.2488629699476654,1.2800845441963571,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"}]
[]
[null,null,"Refurbishment",null,null,null,null,null,{"$f":"IF(IFERROR(VLOOKUP(I152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(J152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(K152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(L152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(M152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(N152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(O152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(P152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(Q152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(R152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(S152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"No"},{"$f":"IF(IFERROR(VLOOKUP(T152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(U152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(V152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(W152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(X152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(Y152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(Z152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AA152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AB152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AC152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AD152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AE152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AF152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AG152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"},{"$f":"IF(IFERROR(VLOOKUP(AH152,'3. Input Sheet '!$J$160:$J$210,1,FALSE),0)>0,\"Yes\",\"No\")","v":"Yes"}]
[null,null,"Refurbishment factor",null,null,null,null,null,{"$f":"IF(I156=\"No\",1,Refurbishment_factor_lower)","v":1},1,1,1,0.5,1,1,1,0.5,1,1,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[]
["Balance sheet"]
[null,"Capital "]
[null,null,"Initial capital cost",null,"£",{"$f":"SUM(I161:AH161)","v":-513873.80859375},null,null,{"$f":"IFERROR(IF(I152<Number_of_years_for_capex_lower,-Initialcapitalcostslower/Number_of_years_for_capex_lower*I154,\"\"),0)","v":-123750},-126843.74999999999,-130014.84374999999,-133265.21484374997,"","","","","","","","","","","","","","","","","","","","","",""]
[null,null,{"$f":"'[1]Input Sheet'!$C$14","v":"Professional fees"},null,"£",{"$f":"SUM(I162:AH162)","v":0},null,null,{"$f":"IFERROR(IF(I152<Number_of_years_for_capex_lower,-Professional_fees_lower/Number_of_years_for_capex_lower*I154,\"\"),0)","v":0},0,0,0,"","","","","","","","","","","","","","","","","","","","","",""]
[null,null,{"$f":"'[1]Input Sheet'!$C$15","v":"VAT"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152<Number_of_years_for_capex_lower,-VAT_lower/Number_of_years_for_capex_lower*I154,\"\"),0)","v":0},0,0,0,"","","","","","","","","","","","","","","","","","","","","",""]
[null,null,{"$f":"'[1]Input Sheet'!$C$16","v":"Other fees/duties"},null,"£",0,null,null,{"$f":"IFERROR(IF(I154<Number_of_years_for_capex_lower,-Other_fees_duties_lower/Number_of_years_for_capex_lower*I156,\"\"),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$17","v":"Contingency"},null,"£",0,null,null,{"$f":"IFERROR(IF(I155<Number_of_years_for_capex_lower,-Contingency_lower/Number_of_years_for_capex_lower*I157,\"\"),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refurbishment",null,"£",{"$f":"SUM(I166:AH166)","v":-696664.73644047533},null,null,{"$f":"IFERROR(IF(AND(I156=\"Yes\",I152>1),-Refurbishment_costs_sq_ft_lower*Totalarea_sqft_lower*I154,0),0)","v":0},0,0,0,-331143.86718749994,0,0,0,-365520.86925297533,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Total capital",null,null,null,"£",{"$f":"SUM(I168:AH168)","v":-1210538.5450342253},null,null,{"$f":"SUM(I161:I166)","v":-123750},-126843.74999999999,-130014.84374999999,-133265.21484374997,-331143.86718749994,0,0,0,-365520.86925297533,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cash Flow Statement"]
["Income Statement"]
[null,"Revenue"]
[null,null,{"$f":"'[1]Input Sheet'!$B$28","v":"Membership income"},null,"£",{"$f":"SUM(I173:AH173)","v":489760.40628852521},null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,(VLOOKUP(I152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*I154*Membership_rate_per_annum_lower)*I157,\"\"),0)","v":""},{"$f":"IFERROR(IF(J152>Year_to_commence_operations_lower,(VLOOKUP(J152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*J154*Membership_rate_per_annum_lower)*J157,\"\"),0)","v":""},{"$f":"IFERROR(IF(K152>Year_to_commence_operations_lower,(VLOOKUP(K152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*K154*Membership_rate_per_annum_lower)*K157,\"\"),0)","v":51060.375},{"$f":"IFERROR(IF(L152>Year_to_commence_operations_lower,(VLOOKUP(L152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*L154*Membership_rate_per_annum_lower)*L157,\"\"),0)","v":78505.326562499991},{"$f":"IFERROR(IF(M152>Year_to_commence_operations_lower,(VLOOKUP(M152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*M154*Membership_rate_per_annum_lower)*M157,\"\"),0)","v":53645.306484374982},{"$f":"IFERROR(IF(N152>Year_to_commence_operations_lower,(VLOOKUP(N152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*N154*Membership_rate_per_annum_lower)*N157,\"\"),0)","v":137466.09786621091},{"$f":"IFERROR(IF(O152>Year_to_commence_operations_lower,(VLOOKUP(O152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*O154*Membership_rate_per_annum_lower)*O157,\"\"),0)","v":169083.30037543937},{"$f":"IFERROR(IF(P152>Year_to_commence_operations_lower,(VLOOKUP(P152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*P154*Membership_rate_per_annum_lower)*P157,\"\"),0)","v":0},{"$f":"IFERROR(IF(Q152>Year_to_commence_operations_lower,(VLOOKUP(Q152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*Q154*Membership_rate_per_annum_lower)*Q157,\"\"),0)","v":0},{"$f":"IFERROR(IF(R152>Year_to_commence_operations_lower,(VLOOKUP(R152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*R154*Membership_rate_per_annum_lower)*R157,\"\"),0)","v":0},{"$f":"IFERROR(IF(S152>Year_to_commence_operations_lower,(VLOOKUP(S152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*S154*Membership_rate_per_annum_lower)*S157,\"\"),0)","v":0},{"$f":"IFERROR(IF(T152>Year_to_commence_operations_lower,(VLOOKUP(T152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*T154*Membership_rate_per_annum_lower)*T157,\"\"),0)","v":0},{"$f":"IFERROR(IF(U152>Year_to_commence_operations_lower,(VLOOKUP(U152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*U154*Membership_rate_per_annum_lower)*U157,\"\"),0)","v":0},{"$f":"IFERROR(IF(V152>Year_to_commence_operations_lower,(VLOOKUP(V152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*V154*Membership_rate_per_annum_lower)*V157,\"\"),0)","v":0},{"$f":"IFERROR(IF(W152>Year_to_commence_operations_lower,(VLOOKUP(W152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*W154*Membership_rate_per_annum_lower)*W157,\"\"),0)","v":0},{"$f":"IFERROR(IF(X152>Year_to_commence_operations_lower,(VLOOKUP(X152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*X154*Membership_rate_per_annum_lower)*X157,\"\"),0)","v":0},{"$f":"IFERROR(IF(Y152>Year_to_commence_operations_lower,(VLOOKUP(Y152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*Y154*Membership_rate_per_annum_lower)*Y157,\"\"),0)","v":0},{"$f":"IFERROR(IF(Z152>Year_to_commence_operations_lower,(VLOOKUP(Z152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*Z154*Membership_rate_per_annum_lower)*Z157,\"\"),0)","v":0},{"$f":"IFERROR(IF(AA152>Year_to_commence_operations_lower,(VLOOKUP(AA152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*AA154*Membership_rate_per_annum_lower)*AA157,\"\"),0)","v":0},{"$f":"IFERROR(IF(AB152>Year_to_commence_operations_lower,(VLOOKUP(AB152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*AB154*Membership_rate_per_annum_lower)*AB157,\"\"),0)","v":0},{"$f":"IFERROR(IF(AC152>Year_to_commence_operations_lower,(VLOOKUP(AC152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*AC154*Membership_rate_per_annum_lower)*AC157,\"\"),0)","v":0},{"$f":"IFERROR(IF(AD152>Year_to_commence_operations_lower,(VLOOKUP(AD152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*AD154*Membership_rate_per_annum_lower)*AD157,\"\"),0)","v":0},{"$f":"IFERROR(IF(AE152>Year_to_commence_operations_lower,(VLOOKUP(AE152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*AE154*Membership_rate_per_annum_lower)*AE157,\"\"),0)","v":0},{"$f":"IFERROR(IF(AF152>Year_to_commence_operations_lower,(VLOOKUP(AF152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*AF154*Membership_rate_per_annum_lower)*AF157,\"\"),0)","v":0},{"$f":"IFERROR(IF(AG152>Year_to_commence_operations_lower,(VLOOKUP(AG152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*AG154*Membership_rate_per_annum_lower)*AG157,\"\"),0)","v":0},{"$f":"IFERROR(IF(AH152>Year_to_commence_operations_lower,(VLOOKUP(AH152,'3. Input Sheet '!$C$31:$J$80,8,FALSE)*AH154*Membership_rate_per_annum_lower)*AH157,\"\"),0)","v":0}]
[null,null,{"$f":"'[1]Input Sheet'!$C$84","v":"Accommodation income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,AccommodationNumber_of_rooms_lower*AccommodationPrice_per_night_lower*AccommodationNights_in_operation_lower*AccommodationOccupancy_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$90","v":"Rental space income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,RentalSpaceIncomeRent_per_sq_ft_lower*RentalSpaceIncomeRental_area__sq_ft_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$95","v":"Room & equipment hire income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,Room_EquipmentHire_Number_of_rooms_lower*Room_EquipmentHireBlended_rate_day_lower*Room_EquipmentHireDays_in_operation_lower*Room_EquipmentHireOccupancy_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$101","v":"Restaurant and private dining income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,RestaurantCovers_per_day_lower*RestaurantPrice_cover_lower*RestaurantDays_in_operation_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$107","v":"Events income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,EventsincomeNumber_of_events_per_annum_lower*EventsincomeAverage_takings_event_lower*Events_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$112","v":"Income from provision of services"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,IncomefromProvisionServicesAverage_service_price_lower*IncomefromProvisionServicesTarget_service_volume_per_annum_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$C$117","v":"Sale of goods income"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,GoodsIncomeAverage_sales_price_lower*GoodsIncomeTarget_sales_volume_per_annum_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Total Revenue",null,null,"£",{"$f":"SUM(I182:AH182)","v":489760.40628852521},null,null,{"$f":"SUM(I173:I180)","v":0},{"$f":"SUM(J173:J180)","v":0},51060.375,78505.326562499991,53645.306484374982,137466.09786621091,169083.30037543937,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Expenditure"]
[null,null,{"$f":"'[1]Input Sheet'!$D$124","v":"Staff costs"},null,"£",{"$f":"SUM(I185:AH185)","v":-102270.9425978153},null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,-Staff_costs_lower*I154*I157,\"\"),0)","v":""},"",-11556.875,-11845.796874999998,-6070.9708984374984,-12445.490341796871,-12756.627600341792,-13075.543290350337,-6701.2159363045475,-13737.49266942432,-14080.929986159928,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$126","v":"Cost of sales"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,-Cost_of_sales_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$128","v":"Marketing costs per annum"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,-Marketing_costs_per_annum_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$129","v":"Other opex"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,-Other_opex_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$131","v":"Estates costs"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,-EstatesArea_sq_ft_lower*EstatesCost_sq_ft_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$135","v":"Facilities Management costs"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,-FMArea_sq_ft_lower*FMCost_sq_ft_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$139","v":"Equipment cost"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,-Equipment_cost_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$140","v":"Promotions and events"},null,"£",{"$f":"SUM(I192:AH192)","v":0},null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,-Promotions_and_events_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$141","v":"Other attributable central costs"},null,"£",{"$f":"SUM(I193:AH193)","v":0},null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,-Other_attributable_central_costs_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$142","v":"Lease costs"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,-Lease_costs_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$143","v":"Rates"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,-Rates_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"'[1]Input Sheet'!$D$144","v":"Other costs"},null,"£",0,null,null,{"$f":"IFERROR(IF(I152>Year_to_commence_operations_lower,-Other_costs_lower*I154*I157,\"\"),0)","v":""},"",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Total Expenditure",null,null,"£",{"$f":"SUM(I198:AH198)","v":-102270.9425978153},null,null,{"$f":"SUM(I185:I196)","v":0},{"$f":"SUM(J185:J196)","v":0},-11556.875,-11845.796874999998,-6070.9708984374984,-12445.490341796871,-12756.627600341792,-13075.543290350337,-6701.2159363045475,-13737.49266942432,-14080.929986159928,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Terminal value",null,null,null,"£",{"$f":"SUM(I200:AH200)","v":576038.04488836066},null,null,{"$f":"IF(I152=Number_of_years__max,Terminal_value_lower*I154,0)","v":0},0,0,0,0,0,0,0,0,0,576038.04488836066,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Free Cash Flow",null,null,null,"£",{"$f":"SUM(I202:AH202)","v":-247011.03645515454},null,null,{"$f":"I182+I198+I168+I200","v":-123750},{"$f":"J182+J198+J168+J200","v":-126843.74999999999},{"$f":"IF(K182+K198+K168+K200=0,\"\",K182+K198+K168+K200)","v":-90511.343749999985},-66605.68515624998,-283569.53160156246,125020.60752441404,156326.67277509757,-13075.543290350337,-372222.08518927987,-13737.49266942432,561957.11490220076,{"$f":"IF(T182+T198+T168+T200=0,\"\",T182+T198+T168+T200)","v":""},{"$f":"IF(U182+U198+U168+U200=0,\"\",U182+U198+U168+U200)","v":""},"","","","","","","","","","","","",""]
[]
["Operating cash",null,null,null,"£",{"$f":"SUM(I204:AH204)","v":387489.4636907099},null,null,{"$f":"I182+I198","v":0},{"$f":"J182+J198","v":0},{"$f":"IF(K182+K198=0,\"\",K182+K198)","v":39503.5},{"$f":"IF(L182+L198=0,\"\",L182+L198)","v":66659.529687499991},47574.335585937486,125020.60752441404,156326.67277509757,-13075.543290350337,-6701.2159363045475,-13737.49266942432,-14080.929986159928,"","","","",{"$f":"IF(X182+X198=0,\"\",X182+X198)","v":""},"","","","","","","","","",""]
[]
["Cumulative Cash Flow in year (excluding interest)",null,null,null,null,null,null,null,{"$f":"IFERROR(H206+I202,\"\")","v":-123750},-250593.75,-341105.09375,-407710.77890624997,-691280.31050781242,-566259.70298339834,-409933.0302083008,-423008.57349865115,-795230.65868793102,-808968.15135735529,-247011.03645515454,{"$f":"IFERROR(S206+T202,\"\")","v":""},{"$f":"IFERROR(T206+U202,\"\")","v":""},"","","","","","","","","","","","",""]
[]
["Profit Margin",null,null,null,null,null,null,null,{"$f":"IFERROR(-(I182+I198)/I198,0)","v":0},{"$f":"IFERROR(-(J182+J198)/J198,0)","v":0},3.418181818181818,5.627272727272727,7.836363636363636,10.045454545454547,12.254545454545452,-1,-1,-1,-1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[null,"NPV (Lower)",{"$f":"NPV(OtherFactorsDiscount_factor_RPI_2.5_lower,I202:AH202)","v":-320730.46247152454},null,"£"]
[null,"IRR (Lower)",{"$f":"IRR(I202:AH202)","v":-6.3248273020104162E-2},null,"%"]
[null,"MIRR (Lower)",{"$f":"MIRR(I202:AH202,OtherFactorsDiscount_factor_RPI_2.5_lower,OtherFactorsDiscount_factor_RPI_2.5_lower)","v":1.0782596924657328E-2},null,"%"]
[]
[null,"Payback (Lower)",{"$f":"MAX(I216:AH216)","v":0},null,"Years",{"$f":" CONCATENATE(INT(ROUND(C216*12,0)/12),\" years \", ROUND(C216*12,0)-(INT(ROUND(C216*12,0)/12)*12),\" months\")","v":"0 years 0 months"},null,null,{"$f":"IFERROR(IF(AND(J206>0,I206<0),J152-(J206/J202),0),0)","v":0},{"$f":"IFERROR(IF(AND(K206>0,J206<0),K152-(K206/K202),0),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Yield on cash (Lower)",{"$f":"-(AVERAGE(I204:AH204))/(Total_capital_lower)","v":2.9099705272067716E-2}]

{"sheet":"5. Notes","index":6,"n_rows":16,"n_cols":2,"rows_kept":16,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[]
[null,"5. NOTES"]
[]
[null,"- To include any additional information/calculations here"]
[]
[null,"Please note clearly where you have made any changes to the model (if any)"]
[]
[null,"Key assumptions "]
[null,"Please be explicit about the base assumptions used to any changes/additional information provided. "]
[]
[null,"Risks "]
[null,"If there are any risks or uncertainty associated with the project and (if any) mitigating actions . "]