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NEW BUILDING UPDATE

NEW BUILDING UPDATE

Graham Seppings1 Apr 2014 - 11:15
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Members have respond to appeal for funds with fantastic £17,000 since letters went out last week.

My thanks go out to those donors and club members who have worked hard to get us to this stage.

This brings members donations and fundraising to nearly £95,000 plus £30,000 from club reserves makes almost £125,000 contributed from club sources. If we can raise £200,000 that will help offset the lack of grant from London Marathon Charitable Trust which was a key part of the plan.

We have received offers of grants from the outstanding major Funding bodies each of which have their own terms and conditions which we are addressing plus still have applications pending expecting responses in next few weeks.

This will delay the start of works but enable us to focus on other fund raising initiatives therefore it is imperative that all members respond to our appeal letter with their donations as soon as possible to establish the best budget and help bring this project to fruition.

Last night at a Special General Meeting club members voted unanimously in favour of increasing the loan provision of £100,000 in our constitution to £200,000. This was done to enable us to accept the interest free loan of £100,000 from the Rugby Football Foundation in addition to a small long-standing commitment of £12,000 to another sporting body. The repayments of the RFF loan has been included in our financial forecasts submitted to all the funding bodies. We do not have plans to accept further loans however if we need to do so to “get this project over the tape” we will keep members advised.

Paul Woodhouse
Chairman WPRFC

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