Club update: finance and governance
September 30, 2009
At a meeting of members on the 29th September, club president David Smith provided an update to members on the financial status of the club.
The main points were:
1. The club has appointed a new treasury team consisting of three experienced accountants. Their job will be to re-establish financial control and reporting procedures for the club. Michael Seckington has accepted a place on the management board and he made a short presentation to the meeting.
2. A more detailed report will be available at the Finance AGM on the 29th of October at 7:30pm.
3. The club is talking to all of its creditors and significant progress and payment has been made on old debt with nPower and Thames Water, among others. Talks with HM Customs & Revenue are on-going and open, with both sides hoping to make an affordable settlement agreement shortly.
4. David Jones will be assisting the club’s commercial team in getting further sponsorship.
5. Plans to redevelop the ground, which will provide increased revenue and improved facilities, are ongoing. Progress is expected by the time of the Finance AGM.
The club continues to build on its long-term vision of ‘one club’ and ‘rugby for all’ by building a sustainable facility available to the local community.
Julian Lewis
Director of professional rugby
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