Page 38 - Summer2018Gazette

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The Club AGM 24th March 2018
…passing of resolutions for the proposed Development

of Norman Park Community Sports Facility

said the major costs were going Denis Lawrie asked about the
A meeting having been held to be around £3,100,000 of staffing arrangements at the
by the Directors on Thursday which the build costs would new facility at Norman Park
15 March 2018 at which the be about 2,400,000. To meet and was told that the club
architect and building contractor the overall costs there was an would use some volunteers if
had presented the plans for the agreement for the contractor that proved possible but had
development of the Norman to buy the Bourne Way site for budgeted for a number of full
Park proposal, for club members £2 million. To make up the time employees. As in resolu-
to discuss those plans, several total there are cash reserves in tion C, this would be covered
resolutions were presented at the club of about £150,000 and by the ability to employ staff on
the club AGM on the 24th funds in the Jack Sims Trust the premises
March. If such Resolutions which were £350,000 but are Chris Haines asked about the
were approved the plans would now somewhat less in the light confidence of the Director/
be presented to the Council the of recent falls in the Stock Ex- Trustees that the contractor
following week and it was hoped change. The company has also would honour his word and
that approval of these would be got the offer of a £250,000 loan pay the promised £2 million
forthcoming by July when an facility from the Charity Bank. for the Bourne Way site. It was
order would be placed for the steel noted that we had spoken with
required for the building which The Business Plan has been a number of the very substantial
will be acquired by the company. put to Bromley Council and sporting organisations which
It would then be necessary to independently verified by them the contractor had worked
enter into an agreement to sell the and approved. A pessimis- with in the past and with some
club house to release the funds to tic assessment of the annual of which the contractor had
acquire the steel and begin the surplus is £70,000 and over a continuing relations. That was a
construction work. 25 years cycle the company will very clear indication of his bona
have to provide for the renewal fides and if he let down Black-
of the track at a current cost of heath Harriers he would suffer
It was anticipated that building £600,000 and building main-
work at Norman Park will begin tenance costs, over the same considerable damage to his,
in August with completion in currently, very high reputation.
Spring 2019. The fit out will period, of £250,000. An annual Roger Beswick raised the
be a major operation and all surplus of £70,000 leaves a possible threat of compulsory
members of the club were en- significant margin compared purchase by the Council of the
couraged to offer their help in with those costs and even if the Norman Park site as had hap-
terms of time and expertise. the surplus were to be no more than pened to a local football club.
company had applied to HM £35,000 that would still provide In response it was noted that
Revenue & Customs (HMRC) the necessary funds for track the company would be granted
for the construction work to be renewal and building mainte- a 125 year lease by Bromley
zero rated but HMRC might nance costs. Council at a peppercorn rent
require some of the building These resolutions were then and we would take legal advice
costs to be VATable discussed from the floor. There to ensure that the position
The company was also consid- was now greater support for the of the club was appropriately
ering raising some funds from Resolutions and the move but safeguarded against compulsory
members by way of debentures there should be provision for purchase or any other potential
along similar lines to the deben- a community sports and recre- threat.
tures issued in the 1970s when ation facility at Norman Park. Derek Gregory asked what
the original 1920s club house Most of the questions were met security would be required by
was extended. David Appleton with answers relating to the Charity Bank if it made the
speaking on the business plan resolutions: company a loan. He was told