Very welcome news and well done to the Club for releasing this information and identifying a greater role for supporter involvement.

I do think, however, that there is a major difference between supporter fund raising and wider commercial activity, the latter particularly being where we have suffered hugely from a lack of in recent years.

Perhaps if an additional post to reflect this distinction cannot be found now, this can be something that could be possibly be addressed in the near future.

I'm not taking the mick, but could someone copy and paste these announcements for me? For some unknown reason, my work filter blocks the links as 'gambling'!

Minutes and Funds Raised


The club can advise the following in respect of the loan arrangement that was formally launched on Saturday.

The amount in the Solicitors Account has now increased to £29,250 including cheques held and to be presented on Tuesday or Wednesday of this week.

In addition further loan agreements have been signed and we will advise you once the funds pledged on these forms have been deposited in the Solicitors Account.

In addition The Appeal Fund has pledged a further £4,000 by way of donation.

As it stands following the meeting 22 individuals have either contributed or indicated they will be making a pledge or have made a pledge. As can be seen in the minutes 31 individuals indicated a willingness to contribute, so we hope the remaining 9 make contact with the club or its solicitors to confirm their position as soon as possible.

Notwithstanding this it is a very encouraging start and the club wishes to express its sincerest thanks to all of those who have lent their money so generously at this stage.

We must not rest on our laurels though as we only have a few days left where we have the opportunity to collect further funds which need to be cleared in the Solicitors Bank Account by next Tuesday.


Welling United Football Club Open Meeting Minutes
Date: 4 December 2010
Venue Executive Lounge
Chairman Matthew Mein
1. Summary of Current Situation
Winding Up Petition of a little over £59,000 had been served on the club by HMRC. The judge
had adjourned the case until 15 December to allow the club a final opportunity to raise the
funds.
The club advised that included within other creditors owed money by the club that there was a
further current liability in respect of VAT and PAYE tax and National Insurance of £20,000
owed to HMRC. However with potentially lucrative fixtures being played between now and the
New Year should the club survive the petition it is anticipated that this as well as the clubs other
creditors will be serviced by the funds so arising. Furthermore the club has debtors owing
various sums to the club.
2. Clarification on Initial Funds Raised
At the time of the Court Case on 1 December 2010 £15,500 had been deposited with the clubs
solicitors for the sole purpose of clearing the debt to HMRC. It was felt by the clubs solicitors
that this played a major part in the Judge reaching his decision to allow more time.
3. Proposals to ensure initial target met
Explanation of Convertible Loan / Deposits with Club Solicitors
Loan agreement sheets were made available.
Question raised on any short term alternatives. Answer - Other monies from WSU and Appeal
Fund were mentioned these were estimated at £2,000 and £4,000 respectively.
The general opinion of most present was that some form of running total of funds raised /
pledged would motivate others to follow suit. The club would check with the clubs solicitors that
this was ethical to do before publishing.
It was also advised that it was the clubs intention to prepare a business plan / cash flow
projection to demonstrate to all parties concerned (lenders / the Court ) that the club was able
to meet its financial commitments post any settlement of the petition debt.
It was agreed that a Supporters Association would be created with a view to having input into
the clubs future financial management and that this would be represented on a Club Board. A
show of hands of who was going to invest in the loan agreement was 31. This did not include
the four people that had contacted Russell and Barry prior to the meeting
4. Short Term Financial Situation Beyond 15 December
A Main Sponsor Draw initiative was launched with tickets being available for £50 plus VAT.
The exact basis of the scheme will be placed on the web site. The club can confirm that the
scheme is open to individuals as well as businesses. It is hoped that a minimum of £5,000 will
be raised from this venture. A dual purpose of the venture is to collect a database of local
businesses who are willing to support the club in some commercial form going forward.
5. Proposals to Generate Income Beyond 15 December
Ideas were recorded for discussion of renovation to club.
Improved usage of bars.
Tickets to Local school children and in general encouraging the youth teams to attend matches.
Grants for facilities.
It was said that by having a Ladies team grants are easier to obtain.
The general view that volunteers would be required to pursue / head up each of these aspects
and then these ideas can hopefully turn into reality.
The individuals so chosen would then liaise with the club to move things forward
6. Opportunities to reduce costs
The business plan that will be created to satisfy the group of lenders will review this area
7. Implementation of Proposals
Volunteers
A number of volunteers came forward to assist with the Sponsorship Draw, to help organise
and sell the tickets. Full details of this will be published separately
It is thought that volunteers for other areas will be forthcoming at the Supporters Association
meeting scheduled for 11 December
8. Any Other Business
None