Here is an update on the studio mixer refit.
As you know, this project will cost £24,000+VAT, a huge amount in our terms. Work is going on in teams to fundraise half of this amount at least. We will match every pound raised with a pound from our reserves.
Given the jeopardy that our current setup puts us in, the Board made a decision in November that we had to purchase equipment even if funds had not come in to cover half. We have placed an order for over £17,000+VAT and the good news is that the equipment ordered has arrived with our Engineering Company Sentia Global (Nik Fox).
That means that we have taken a big hit to our reserves, with more to come. Put simply, if we don't get fundraising cash coming in before the Summer, we will be eating into our operating reserves, which are supposed to cover at least six months of general spending like rent and electricity. That we cannot do. Our reserves stood at around £50,000 a few months ago. With no fundraising, by December they will be down to around £14,000.
So, once again, please get involved in raising money. If you're not in one of the teams, then do your bit by encouraging contacts to attend or sponsor the various events planned. You'll start seeing events like a quiz night, a spinathon, a music event, a wine tasting, and a radio experience coming out with plans and marketing in the next few weeks. If you have an idea for a fundraiser or you want to be part of a team, please speak to Leona.
Onto the practical points....a small team led by Nik will be taking out our old equipment and putting in the new between Friday 17th and Sunday 19th April. This will affect live programmes, an we hope to run a good recorded schedule. Andy will let affected shows know a bit nearer the time.
As a Director, and I know the rest of the Board feels the same way, it is scary to spend this much money and get into a position where by this time next year we will have no money left unless we get income from these plans. So, please help us manage this by doing your bit.
Any questions just get in touch with me.