Are you prepared to invest ££££ in your club?
Belper Meadows Sports Club (BMSC) representing the Hockey sections, plus those of Cricket, Tennis and Bowls, is exploring the possibility of building a two storey pavilion on the site of the current dilapidated wooden pavilion used by Tennis and Bowls. This goes beyond the single storey building that was agreed at the recent AGM and will need endorsing by the members. Whilst this idea is being explored the designs and plans for the single storey will be progressed. The single storey design incorporates foundations and a roof slab that allows for the addition of a second storey at a later date.
The two storey design would allow for full size changing rooms at the centre of the sports areas plus a room on the ground floor with easy access for bowls. On the 2nd floor there could be a full size social area and kitchen that could be used for functions. This would mean that Hockey had access to all the facilities you would look for in a clubhouse (except a bar) including a viewing balcony close to the pitch. The current single storey design does not have full team size changing rooms and does not have sufficient space for team teas, for a full game scenario the Clubhouse would have to be used.
Whilst BMSC has sufficient funds to build the single storey pavilion, for the two storey design additional funds would be necessary if, as prudent, a significant reserve is maintained in case of some emergency. To this end BMSC is considering raising approximately £190,000 through the mechanism of a bond issue to members. The bond would be available in multiples of £1000. A similar mechanism was used to build the existing Clubhouse. What is envisaged is an unsecured five year bond giving ~5% interest per annum.
How would the funds be repaid? BMSC finances are already structured to build up reserves for major projects such as the new astro surface a couple of years ago.
What about the other projects including the Pitch Lights? Whilst grants are being sought to assist in funding these, if they are not forthcoming then the need for the aforementioned reserves becomes evident.
At this point in time BMSC are asking all sections to consider whether their members would be interested in what is in effect a five year loan to BMSC attracting interest. Members are encouraged to spread the concept and discuss it with fellow members. The intent of this letter is to canvass members for their interest. If BMSC gets to the point of issuing a bond it will be drawn up with professional advice and a publication of accounts so that the financial security of BMSC is evident.
This is an opportunity to take our Club forward and get some decent facilities pitch side.
Those interested in the idea or wanting to discuss further should contact their Section Officers or Nigel Hooker ([email protected] ) of the Men’s section.
21st April 2016
