What is happening with the Life Factory project, and will it affect the other projects?
As the Accountable Body for the Glastonbury Town Deal, Somerset Council is responsible for the proper use and administration of Town Deal funding. The role also requires us to report to Government on areas covering expenditure, progress, risks, outputs, and outcomes. It is important to note that each of the 10 projects has its own budget. All projects operate independently from each other and have separate grant funding agreements.
The responsible body for each organisation manages the project and budget, ensuring the project can either be delivered within the funding or apply for match funding from other sources. As we have stated before, the costs of construction have risen considerably since the successful submission of the Town Investment Plan, and that has impacted Town Investment Plans all over the country
The Life Factory project, to restore Building C of the Red Brick Building, has been paused at present while a thorough and independent audit is carried out. Somerset Council, as the accountable body, needs to be assured that the governance and financial management is appropriate for the project. Four claims have already been paid and work is ongoing to establish the building work that is still needed, including planning permission and a Section 106 agreement, and whether additional fundraising is possible to allow for completion of the project.
The Board of the Red Brick Building are being informed as the responsible body for the project. The Town Deal Board, as the Advisory Body, has also been kept fully up to date on all matters involved.
Why was the Enterprise and Innovation Hub project not progressed?
Somerset Council took the difficult decision not to progress the Enterprise & Innovation Hub project after declaring a financial emergency in November 2023.
We are now waiting for Government (MHCLG – Ministry for Housing, Communities and Local Government) to approve this as they make the final decision. Should MHCLG give approval the Town Deal Board has agreed how that funding should be reallocated to projects that were best placed for completion during 2024.
