The 100 Club

27/11/2018
The trustees of EAST have decided to form a “100 Club” to help cover our running
costs.
This will have a monthly subscription of £5 for each share, and for the first year, the
number of shares will be capped at 100, to be issued on a first-come -first served
basis. Membership is limited to members of EAST, to avoid the need to apply for a
licence from the Gambling Commission.
50% of the monthly takings will be paid out as prize money – with three prizes of 35%,
10% and 5% each. (If we sell all 100 tickets this would give prizes of £175, £50 and
£25.)
To keep the administration simple and transparent, all contributions will be paid into a
dedicated bank account by monthly standing order or an advance payment for the
whole year. The prizes will be drawn using an electronic random number generator
at a public draw with at least three “officials” (trustees and/or instructors) present. The
draw will take place at the last Tuesday evening sailing session of each month
(maintenance session in winter). The first draw will be at the end of January 2019.
Prizes will then be paid by electronic transfer, and results will be posted on the EAST
website.
A full set of rules and a standing order form are attached.