CHALFONT PARK SPORTS ASSOCIATION

Minutes of a Board Meeting held on Thursday 14th February 2002

Present; Simon Seabrook (SS), Chairman
David Peters (DP)
Bob Hance (BH)
David Banner (DB)
Peter Banner (PB)
Ken Manders (KM) (by invitation)
Giles Payne (GP) (by invitation)


Previous meeting

The minutes of the previous meeting were approved.

Financial position: creditors
"The Board agreed to dispute the billings of AP after further reflection. BH would write this letter and has further met with AP to discuss both views. The Board's position remains unchanged after this meeting"

DP reported that BP Collins were chasing their two unpaid invoices, as were ERI Refrigeration for the cooler installed in the beer cellar. BP Collins subsequently agreed to accept post-dated cheques for end March and end April; DP would seek ERI agreement to pay at end March, failing which they would be paid end February.

DB had negotiated a 60 day credit period from Delta for the alarm system and would seek Delta’s agreement that the 60 days would start when the installation was completed - this invoice should not become payable until end April.

By end February, PG Construction would need to be paid £15,500 and Barclays Bank £8,000; also, a member to be repaid his £3000 short-term loan: total £26,500. DP/PB were asked to seek Barclays’ agreement to extend the overdraft for one month in the light of the major fund-raising exercise in hand and the hoped-for additional Vat refund which formed the basis for the overdraft in the first place. This would leave PGC owed £19,000, which DB had underwritten and which needed to be paid as soon as possible.

DP confirmed that payments to Barclays in respect of the bank loan were up to date.


Financial position: fund raising
The Board noted that the funds required to pay off all creditors arising from the clubhouse rebuild amounted to £63,000, that this sum was needed urgently and that the funds would have to come from the membership as additional bank funding was at least three months away (May).

After extensive discussion it was agreed that the targets for realising these funds would be:

* Life memberships (£1000), of which 8 pledges had been secured and 22 were possibles
* Loans (multiples of £150) repayable by way of monthly draws

Commutation of playing memberships would be accepted if offered but care would be required to ensure that this did not fatally undermine cash flow in future years (DB’s projections had suggested that it would not).

DB and BH would prepare an appeal to members in time to go on the club notice board the following day (ready to catch the playing members on 16/17th February) and this would incorporate a running list of members supporting the appeal in one way or another.

DB would promote the appeal to the squash members at a meeting on 16th February and to the First XI cricket team on 17th. GP would promote the appeal through the men’s hockey captains meeting on 18th February. DP asked that cheques be made payable to “CPSA” and passed to him for banking, to avoid the confusion that arises when others bank CPSA cheques.


Hockey Section Annual Dinner
BH confirmed that his group was organising the above club function on 14th April at the club, ticket cost £27.50, target attendance 180. Ticket price intended to fund official guests. PB offered to buy in red and white wine on a sale or return basis.


Board composition
SS announced that PB would assume the role of Finance Director with DP providing key advice and support up to and beyond the AGM. PB would relinquish his role as Sports Director; this would be filled in due course.

Sarah Birger would be invited to become a Director with responsibility for Operations; DB would relinquish this role in order to concentrate on the immediate fund-raising exercise.

PB undertook to find out the date by which the AGM would need to be held.


Next meeting
To be held at the club at 8.30pm on Thursday 28th February 2002.

Simon Seabrook
Chairman