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Detailed information regarding the Burrough Building project.
List of Donors to the Burrough Building project.
Link to the PLA Notices to Mariners page - scroll down to Upper River Notices.
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Burrough Building Details
Most of you will be aware of plans to construct a new training
facility to be known as the "Burrough Building". This is a summary of the status of this project at the 23rd November 2003. In recent days the Thames Rowing Club Charitable Trust received approval from the Charity Commission for its £250,000 grant. This places the club in a position to initiate the final stage of this project - detailed design and construction.
Demolition is planned for spring 2004 with an opening date towards the end of next year, in time for the 2004/2005 season.
The "Full" SchemeOutline details of the project were circulated to all members last December in the annual report. At the beginning of the year Sport England decided to freeze all grants and review future spending and with no change to their position likely in the forseeable future, the committee were forced to consider a building slightly reduced in scope. However, club members have been so generous in their donations that now, subject to confirmation of cost, we will once again be able to build the "full" scheme (including 2 gymnasia). Full details of this scheme will be sent to members shortly in the 2003 Annual Review.
The Burrough Building will include:
The space will be insulated, heated, ventilated and well lit.
In addition, the space occupied by the current tank will be released and used for new boat racks, which will be accessed via bays 3 and 4 of the boathouse, a great improvement on current arrangements.
FinancingThe construction cost for the "full scheme" was estimated last year at around £950,000, however due to inflation in the cost of inputs this is likely to have risen. Funding will be as follows:
Club contribution £300,000
Thames Rowing Club Charitable Trust ('TRCCT') grant £250,000
Donations and pledges from older members £160,000
Subtotal £710,000
Loan facility £250,000
Total £960,000
The £250,000 loan facility will allow construction work to start. However, the loan will need to be repaid as soon as possible to avoid interest and capital repayments adversely affecting the rowing programme in the coming years. We believe that, at a time of rising interest rates, we must not burden ourselves with significant debt. We are therefore seeking to raise a further £90,000 from members to reduce our borrowing and to allow for any building cost inflation since last year's estimate.
Appeal to all full members
Your Committee is firmly of the opinion that the new facilities will make the Club one of the best equipped in the country. The project requires investment not just from a few select older members but also from all those actively using the facilities on a daily basis.
The Committee is therefore inviting all full members to make a minimum donation of £1,000 towards the project. Our preference is to receive a single contribution now, but instalments by annual, quarterly or monthly standing order payments over 4 years are also welcome. As an example, if you wish to contribute £1,000 by monthly standing order over 4 years the payments will be a little over £20 per month.
Donors of £1,000 or more will be entitled to use the land training facilities for 5 years after they cease to be full members, subject only to retention of House or Country membership. |