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The OCC needs your help to raise £7,500 in loans

We have recently received fantastic news that we have been successful in our ECB grant for a new net facility (click here to see more details……link into Gamey’s article). As part of the terms of this grant, the OCC are required to pay 25% of the total costs ourselves, with our expected liability of £19,000 being due for payment in full by the end of 2011. Through some fantastic fundraising over a period of three years, we are able to make good this payment through current club reserves, which is great testament to the club’s members and everyone else that has supported us over this period.

However, the £19,000 payment effectively wipes out all of the club’s reserves in the heart of Winter, a time when we are not generating any income. In addition, we will still have to meet our day to day running costs once this payment is made, including paying our monthly fees to the square contractors. As a result, our treasurer Steve Bradford recommended at the recent AGM that we need to raise £7,500 in loans to ensure that we are able to meet all of the costs and liabilities we incur as they fall due and that we will also have a small level of reserves to call upon should unforeseen circumstances strike.

How will the loans work?

Steve will keep a separate record of all loans. Payments can be made in the usual ways, any electronic transfers into the club’s bank account should include the reference ‘Loan’. The loans will have a maximum repayment period of 3 years. Steve will assess the club’s finances at each year end and will recommend a repayment of part, or if possible all of the outstanding loans at that year’s AGM. Loans will be repaid in proportion to the amounts loaned by each individual – e.g. If someone kindly loans £500, and at the 2012 AGM Steve recommends that the club is able to repay £3,750 of the total outstanding loans (i.e. 50%), then that person will be repaid £250 at that point in time. If any loans remain outstanding after 2012, Steve will reassess the club’s finances similarly in 2013 and if necessary 2014. The last possible repayment date for any remaining outstanding loans will be the 2014 AGM.

So as a club we ask each of you to consider making a loan to assist us financially in the coming period. Whilst we will take loans of any size, we would ask that any loans made are done so in multiples of £50. We are looking to spread the load and for as many people to get involved as is possible rather than us potentially being dependent on the same individuals or worse still not being able to raise the total of £7,500 that is required. The facilities the club is providing to its members have improved immeasurably over the past few years and the new net facility will once take things to a new level. We have managed to do this without increasing club subscriptions, shown again at the AGM where subscriptions were once again frozen for all members of our club. We hope that the idea of loans to see us through any medium term cash flow issues are therefore seen as a positive idea and one that you will be keen to support according to your own means.

David Robinson
OCC Chairman (on behalf of the whole OCC committee)





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