Conclusion 1
The NSE does not require £32Million (or indeed anything like it) to update its residential care homes.

Conclusion 2
The NSE must get its residential care division (RCD) at least to break-even on a full life-cycle basis or, as a matter of policy, use cash from fundraising to support it. It must not use land sale(s) to create revenue from capital and deplete its asset base.

The RCD costs to be met must include periodic infrastructure replacement (in the NSE's current proposal this is £32Million, sense say £7-9Million) plus administration and overheads. Particular care must be taken in balancing revenues and costs when the number of residents falls from 250 to 152 as the fall in revenues appears to be in the order of £2.5Million p.a. whilst the cost base may fall by less than half that.

Conclusion 3
A modest scheme can be funded without major adverse consequences or undue delay.
The NSE's proposal fails to do either.