Some of the key points that will be made are summarised below. On the night, more detail will be provided. Members, will of course, have an opportunity to ask questions or make comments from the floor.

 

Summary of Key Points:

 

• The proposal to reduce bar discount to 10% has been implemented

 

• Age related discounts on annual membership subscriptions will be reduced by 50% when fees are due

 

• Staff savings of approx. £72,000 have been identified

 

• Total projected savings approx. £148,000

 

• The bank has agreed to continue to support the club, by providing an extended overdraft facility of £100,000 until January.

 

• The Hon. Treasurer has revised his earlier cash flow projections made in June. Our projected peak cash requirement at the end of December 2014 is now £140,000 (in June the projected figure for the end of December had been £200,000)

 

• Council proposes to make up the £40,000 in excess of our overdraft limit, by asking members, on a voluntary basis, to pay their annual fees earlier than normal, between October and December, either in one lump sum or in instalments. The Honorary Secretary will be invoicing members in early October and will provide full payment details.

 

• The Hon. Treasurer’s cash flow projections for the next financial year (October 2014- September 2015) predict that we will have an operating surplus for the year and will be well within our normal overdraft limit of £50000 next September.

 

• Council is fully aware that to sustain this improvement in club finances, tight financial control must be maintained.

 

 

            Jim McDonnell

            Vice-Captain