Important Updates from TVOC
Gents (and any Ladies)
As per promised in previous posts, I wrote to Felicity Irwin with some questions and here are the unedited questions and responses :
Q - How much money is required to achieve the following milestones, and by when ?
A -
ROLL OUT £250,000
FIRST TEST FLIGHT £750,000
FULL TEST PROGRAMME £500,000 to DISPLAY FLIGHT June 17th and possibly 2007 air shows.
Annual Display season approx £1M
These are based on current estimates and Marshall Aerospace of Cambridge projections.
Q - What contingency plans do the Trustees have if the trust fails to meet a deadline and or milestone due to lack of funding ?
A - The Trustees will be bitterly disappointed should the project have to cease and will do their utmost to ensure that XH558 is in the best condition possible to be displayed to the general public. This remains dependant on further funding and the Heritage Lottery Fund but should also be taken in context that XH558 is in better condition than she was when purchased by the Vulcan to the Sky Trust in February 2005.
Q -What is the current level of interest being shown by prospective commercial sponsors who are of sufficient magnitude to get the project on track again ?
A - Commercial sponsors have been sought throughout the project but it was always considered likely that until the majority of the restoration was completed and a sponsor could feel confident of the technical probability of flight, they may not commit. 'Roll Out' planned for August 31st is hoped to bring forth such a sponsor but sadly the Trustees have had to issue notices of termination to the workforce for the end of August in case such monies are not forthcoming by that date.
Q - How many full time or part time employees will remain with the trust after the lay offs which were recently announced, are effected, if they are effected.
A - There are likely to be 3 employees plus a possible number of volunteers available to VTST after August 31st should the termination be effected.
Q - What level of support and flexibility are current contractors showing other than extending normal credit terms etc ?
A - Support is good to achieve 'rollout' as everyone concerned has always known the nature of the project and its dependence on voluntary contribution.
Q - Why are the statutory accounts not yet filed and showing as overdue at Companies House ?
A - The accounts are filed at Companies House. They are on the website under financial update. They were delayed because the Trustees had to give lengthy consideration to the statement regarding the business as a 'going concern'. Which they ultimately felt unable to do.
Q - Do the trust still need £250,000 from today or has part been raised so far ?
A -No some has been raised but the Trust also has creditors so without going into minute details we have continued with the 'worst case'' scenario by stating that £250,000 is needed before the end of the month. If we introduce more figures we shall simply add to the confusion. Well, that is how we see it. I hope you agree.The fact is that £250,000 alone will not restart the project, it needs the full £1M to be given or pledged for it to be able to go forward.
Q - How much are current donations running at per month, on average ?
A - That varies according to whether or not a newsletter has just gone to the donor base or there has been media activity. £10,000 is slow, £50,000 is good. We have enjoyed both and almost nothing in some months over the five years.
As promised, I sent them a cheque today for £100 as a thank you for them taking the time to answer the questions.