by Minty4371 » Fri Mar 22, 2013 7:43 pm
£220,055 - 88% of Phase 2 target.
£68,945 left to get by 31st March.
£581,055 - 72.6% of overall target.
£218,945 left to get by 30th June.
Total as of Friday 22nd March at 5pm.
Funding update as 31st March deadline looms close.
We now have just over £70,000 to raise in just under 9 days. That's nearly £8,000 each and every day! People have asked us, just how critical is it to reach the target, knowing we were short on the last deadline by £39,000?
When asked this morning, the Trust's Commercial Director, Michael Trotter, requested we publish his 'off the cuff' comments;
"Well, this time, it is very serious. We have said before that the VTST has no cash reserves and no access to a bank facility (overdraft). I personally check our cash position every day and if the current published targets in the appeal are missed we will be faced with insufficient funds to prepare XH558 for the 2013 season and the increased cash-flow the displays bring."
"As it is at the moment, this shortfall will roll on and will put us in a negative cash position within only a few weeks. I continually advise our Board of Trustees on the cash position; they have a legal responsibility to ensure the Trust remains financially viable. We have not been in this position for some time, but fear the growing financial uncertainty in the economy is having a serious effect on peoples ability to find cash they are willing to part with in order to support XH558."
"I believe is some ways, we are a victim of our own success. We have track record of launching and delivering appeals and I am sure our supporters must think they've done it before - so they will be fine. In this difficult climate, to have raised nearly £600k so far is remarkable indeed - we are blessed with our core supporters. The fact remains though, we are still not safe and I would urge everyone to spread the word and be our ambassadors. It would be a tragedy if the end of XH558s flying life was actually last September."
This is taken from the Newsletter today.