Chairman's Update 7 Jan

Dear [[firstname]],

On Monday evening the club entered a lockdown for the third time in the last twelve months. With infection rates and death rates running at high levels as a result of the new variant of Covid-19 it is likely that this current lockdown could potentially be for an extended period of time. The roll out of the vaccines over the next few months will be a significant factor in determining when the lockdown ends and when we can return the club to some semblance of normal activity.

Last year the financial position of the club was helped by a combination of Government support and a significant number of new members in the period October 2019 to February 2020. The Government support in the form of grants, a rates holiday and the furlough scheme amounted to approximately £95,000. The subscription income for that period from new members amounted to about £31,000.

Due to the state of the economy the Chancellor has announced only limited financial assistance for clubs in this current lockdown. We must therefore assume that the current rates holiday will not be extended beyond March 2021 and that any significant grants will not be forthcoming. This will leave just the furlough scheme which at present is due to end at the end of April 2021. At the present moment in time there is no further financial assistance available to the club beyond April 2021.

In this current financial year we have already reduced members subscription levels by one and a half months in lieu of the first lockdown and refunded the November 2020 subscriptions for the second lockdown. These combined measures to date have cost the club £24,000. We are also committed to a further reduction in members subscription levels for the next renewal of one and a half months in lieu of the first lockdown. This could potentially cost the club a further £41,000 in future revenue for 2021/22.

We always knew that the financial impact of the Covid-19 pandemic would probably hit the club hardest this year and so it is going to prove. Our primary objective, as always, must be to maintain the financial stability of the club for both existing members and future generations of members. In the uncertain climate that the club now finds itself it would be unwise to commit the club to any form of rebate or credit until we are more certain about the financial future of the club. We are therefore not making any decision on a rebate or credit for members at this particular time. Once we are finally through this crisis we will look at the financial position again as we will then be able to make an informed decision.

In the meantime please keep safe and look after yourselves.

Your Fellow Member

John

Chairman

07/01/2021

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