2016 Finance Subcommittee

Date: Friday 6th week, Hilary 2016 (2016-02-26)

Present: Anne Williamson (President), Cealach McKeating (Vice-President (Administrative)), Steven Rose (Secretary), Hugo Monnery (Lindsay), Frederick Potts (Foody), Zachary Leather (Foody)

Absent with apologies: Darryl Braier-Lorimer (Treasurer)

Agenda



1. Matters Arising
2. Pantry
3. Bar
4. AOB

Minutes

1. Matters Arising

 

2. Pantry

Zack told Fexec that the last two weeks had not been as positive as the weeks reported in the previous Fexec meeting, with the main issue being an increased number of closures due to the loss of permanent staff. He told Fexec that he estimates that each closure loses approximately £100 of revenue, and that the savings made in wages do not amount to this, and hence each closure is a net loss. He did, however, comment that he believes that the institution of PESC should mitigate this in the future. Cealach took this opportunity to note that there do exist other students trained on back shifts who could further increase the likelihood of Pantry openings.

Zack reported to Fexec that 4th week saw a profit of £300 and a revenue of £2500, and fifth week saw a loss of £200 and a revenue of £1900. He explained to the Committee that he believes that the positive fourth week performance (which matches the best weeks of Hilary of 2015) are likely due to the Super Bowl and Shrove Tuesday.

He told the Committee that he is somewhat pleased with £300 profit, which he told the committee was “okay, not spectacular,” but noted that as Pantry is a service, it aims to maximise revenue rather than profit, and hence this is fine. He also reported to the Committee that the profit will in fact be less, as the cost of wages reported each week is in fact the cost of the wages of the week prior, however he noted that this also implies that the loss during fifth week will also be exaggerated by this effect. He estimated that this will imply that Pantry broke even in 4th week and lost less in 5th week.

He told Fexec that the lack of permanent staff saves around £180 a week in wages, and expressed his belief that the member of permanent staff earned the Committee more than this each week, although he suggested that it may be possible that orders will simply be concentrated during open hours now, rather than spread out throughout the day as they have been recently.

He told the Fexec that he intends to investigate the feasibility of the cost of wages applying to the appropriate week rather than the week prior; Cealach suggested this begin next term. He also told Fexec that he intends to investigate the feasibility of splitting the cost of wages for permanent staff and the cost of wages for student staff.

Hugo asked Zack if maximising revenue would still be a function for Pantry if Pantry started making large losses. Zack replied that it would not, however he anticipates that the aim of maximising revenue will likely result in breaking even, noting that if revenue were maximised and a loss was still being recorded, something would be ‘very wrong.’

Cealach asked for an update regarding formal pantry. Zack told Cealach that in general the organisation of it is complete; they still need to purchase food, but the alcohol has been bought. He told Fexec that the Foodys might seek decorations for the event; Annie suggested they liaise with the Entz to see if there are any currently stored appropriate decorations.

 

3. Bar

Hugo told Fexec that due to a lack of information regarding costs such as repairs, maintenance, and indeed most costs not relating to stock, it is impossible to give current figures regarding profit. He told Fexec that if wages for JCR staff are not counted as coming from the bar, then the bar is doing well; if they are, then this is doing less well, as this amounts to a difference of roughly £6000.

He reported to Fexec that 4th week saw an increased take in of £250 on 4th week of Hilary 2015, and 5th week saw an increase of revenue of £450. He noted that this week has been slower than previously, and expressed his perception that while it is relatively easy to shift when business in the bar will peak, it is hard to simply increase business, noting that on a Sunday, there was a revenue of £10.10 (though Monday did see over £900, so hey ho).

 

4. AOB