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• Trustee's Announcement

  

  WE, AS THE TRUSTEES AND THE COMMITTEE HAVE PLEASURE IN INFORMING ALL OUR COMMUNITY MEMBERS THAT THE PROCESS OF PURCHASING THE NEXT DOOR BUILDING AT 97 HILDYARD ROAD, LEICESTER HAS BEEN COMPLETED ON 30TH
  MARCH 2010.
  
  OVER THE PAST SO MANY YEARS THERE HAS BEEN A GROWING DEMAND FOR BUYING AN ADJACENT PROPERTY AND INCREASING THE SIZE OF THE HALL. WE HAD PREVIOUSLY TRIED UNSUCCESSFULLY TO PURCHASE THE ADJACENT B.U. PROPERTY BUT THIS DID NOT COME TO FRUITION.
  
  THEN AT THE BEGINNING OF OCTOBER 2009 THIS TWO STOREY FREEHOLD BUILDING OF APPROXIMATELY 10,000 SQ FT CAME ON THE MARKET. THE TRUSTEES AND
  MANAGEMENT COMMITTEE MET URGENTLY AND COMMENCED NEGOTIATIONS TO PURCHASE IT. THE ACTUAL APPROVAL OF PURCHASING THIS BUILDING WAS PROPERLY EXPLAINED AT THE EXTRAORDINARY GENERAL MEETING AT OUR HALL ON 8TH NOVEMBER 2009. THE PROPERTY WAS LEFT OPEN FOR VIEWING FOR ALL THE MEMBERS PRESENT.
  
  AT THE MEETING IT WAS UNANIMOUSLY APPROVED THAT THE PROPERTY BE PURCHASED AT AGREED PRICE £595,000 SUBJECT TO PLANNING APPROVAL AND AFTER CARRYING OUT ALL THE NECESSARY SEARCHES, STRUCTURAL AND PROPERTY
  SURVEYS. THE MEMBERS PRESENT UNANIMOUSLY APPROVED ALL THE EXPENDITURE INCLUDING THE COSTS OF ALL SURVEYS AND LEGAL AND PROFESSIONAL EXPENSES.
  AFTER CARRYING OUT ALL DUE DILIGENCE THE PURCHASE HAS BEEN COMPLETED ON OBTAINING A 20 YEAR NATWEST BANK LOAN OF £416,500. BALANCE OF THE COST INCLUDING ALL THE LEGAL AND PROFESSIONAL COSTS CAME FROM THE
  ASSOCIATION’S SAVINGS.
  
  OUR PRESENT MONTHLY REPAYMENT ON THE LOAN IS £2,413. THE TRUSTEES AND THE MANAGEMENT COMMITTEE AGREED THAT APPROXIMATELY £70,000 TO £80,000 OF THE REMAINING SAVINGS BE RETAINED FOR THE IMMEDIATE IMPROVEMENTS.
  THE COMMITTEE HAVE AGREED THAT IN ORDER TO MAKE THE NEXT DOOR INTO A VIABLE COMMUNITY CENTRE WE IMMEDIATELY NEED TO CONVERT THE DOWNSTAIRS OF NEW BUILDING FOR USE AS DINING HALL. THE FIRST FLOOR OF THE BUILDING IS AT PRESENT LET TO A MANUFACTURING COMPANY UNTIL END OF DECEMBER. WE WISH TO CONVERT THE UPSTAIRS AS A CLUB AND SPORTS HALL AT A LATER STAGE.
  
  FOR THE EFFECTIVE USE OF OUR FACILITIES WE ALSO NEED TO INCREASE THE SIZE OF THE EXISTING 49 HILDYARD ROAD PROPERTY BY REMOVING SOME OF THE WALLS AND CONVERTING IT INTO AN APPROX. 800 PERSON CAPACITY PRESTIGIOUS HALL WITH THE DINING HALL FACILITIES NEXT DOOR IN 97 HILDYARD ROAD. WE NEED TO PURCHASE NEW ROUND TABLES AND PADDED CHAIRS TO FURNISH THE CENTRE.
  
  NEW BUILDING FUND RAISING SCHEMES
  YOUR COMMITTEE AND TRUSTEES CARRY A HEAVY LOAD OF DEBT OF THE ASSOCIATION, AND IT BECOMES A MORAL DUTY OF OUR NEARLY 900 FAMILY STRONG COMMUNITY IN LEICESTER TO REDUCE THIS DEBT AS SOON AS POSSIBLE.
  WE HAVE AFTER A LOT OF DISCUSSIONS COME TO PROPOSE THE FOLLOWING SCHEMES TO RAISE THE FUNDS TO PAY FOR THE PROPERTY IMPROVEMENTS AND REDUCE THE BANK BORROWING.
  
  • G.A.A. (LEICESTER) LTD SHARE SCHEME -
  THIS COMPANY HAD BEEN SET UP IN MARCH 1992 SPECIFICALLY FOR A RESTRICTED SHARE ISSUE TO OUR COMMUNITY. WE HAD RAISED OVER £200,000 IN THE PREVIOUS SHARE ISSUE TO PURCHASE 49 HILDYARD ROAD. THE COMPANY HAS LOANED
  THIS MONEY TO THE ASSOCIATION IN RETURN FOR SECURITY ON ITS ASSETS. WE HAVE ONCE MORE OPENED THE SCHEME TO ISSUE FURTHER ‘A’ SHARES OF £500 EACH. NO ‘B’ SHARES ARE TO BE ISSUED THIS TIME. ALL ‘A’ SHAREHOLDERS RECEIVE VERY ATTRACTIVE HIGHEST AMOUNT OF DISCOUNT ON HALL HIRE RATES. IN THE PAST WE HAVE ALSO PAID DIVIDENDS TO ALL SHAREHOLDERS, AND IN FUTURE IT IS INTENDED TO DO SO SUBJECT TO FINANCE AVAILABILITY. AT A COMMITTEE AND VOLUNTEER GATHERING ON 28TH MARCH 2010, WE HAVE ALREADY BEEN PLEDGED PURCHASE OF SHARES WORTH £30,000.PLEASE CONTACT THE TRUSTEES OR EXECUTIVE COMMITTEE TO PURCHASE YOUR SHARES AND BE A PART OF THIS COMPANY.
  
  OUR AIM IS TO OBTAIN MAXIMUM FUNDING THROUGH SHARE ISSUE AND LOOK FORWARD TO YOUR WHOLE HEARTED SUPPORT.
  
  • PHOTO
  IF YOU DONATE £1,000 THEN A PHOTO DEDICATED TO YOU OR YOUR RELATIVES WILL BE DISPLAYED IN THE HALL.
  
  • DONATIONS
  WE ALSO NEED LUMP SUM DONATIONS OF £500 FROM AS
  MANY FAMILIES AS POSSIBLE. WE WILL ALSO HAVE DONATION SCHEME TOWARDS THE
  PURCHASE OF TABLES, CHAIRS AND FOR THE VARIOUS EQUIPMENT AND CONSTRUCTION OF NEW STAGE.
  
  • LOANS
  LUMP SUM LOANS FROM OUR COMMUNITY MEMBERS TO SAVE ON INTEREST PAID TO THE BANK. INTEREST ON LOAN AT MARKET SAVINGS RATE WILL BE PAID TO ALL LENDERS AND THE CAPITAL AND INTEREST WILL BE REPAID AT THE EARLIEST CONVENIENCE.
  
  •REFURBISHMENT
  OUR URGENT REQUIREMENT IS TO REFURBISH THE GROUND FLOOR WHICH WILL INVOLVE INSTALLING A NEW HEATING AND ELECTRICAL SYSTEM, REWIRING, PUTTING A
  NEW CEILING, LIGHTING AND BUILDING A NEW FULLY FITTED KITCHEN, NEW TOILETS, MAKING A STORE AND A BOOKING OFFICE. AS SOON AS THIS MAJOR WORK IS COMPLETED WE WILL BE HOLDING AN OPENING CEREMONY OF THE HALL
  AND ANYONE MAKING DONATION OF £5.000 OR MORE WILL
  HAVE PRIVILEGE OF PERFORMING THAT CEREMONY AND BE
  THE CHIEF GUEST OF THE DAY.
  
  CONSIDERING THAT WE HAVE SUCH A LARGE POPULATION IN LEICESTER AND SURROUNDING AREAS, LET US ALL JOIN HANDS TOGETHER AND RAISE SUFFICIENT FUNDS TO CLEAR THE BANK BORROWING AND PAY FOR THE SMART REFURBISHING THE HALL. LET US MAKE OUR TWO SUBSTANTIAL PROPERTIES INTO A PRESTIGIOUS COMMUNITY CENTRE THAT EVERY ONE WOULD LOVE TO HIRE FOR THEIR
  WEDDINGS AND FUNCTIONS. OUR COMMITTEE MEMBERS WILL ALSO BE CONTACTING YOU SHORTLY TO CALL FOR YOUR TOTAL FINANCIAL SUPPORT. IF THERE ARE SKILLED ARCHITECTS OR BUILDING CONSULTANTS WE WOULD WELCOME THEIR IDEAS ON
  REFURBISHMENTS. YOUR VALUABLE CONTRIBUTIONS WILL BE MOST WELCOME.
  
  VOTE OF THANKS GOES TO ALL THE TRUSTEES, MANAGEMENT COMMITTEE MEMBERS, VOLUNTEERS, DONORS AND SHAREHOLDERS FOR MAKING THE PURCHASE
  OF THIS HALL A SUCCESS.