2014 Finance Subcommittee

Date: Friday 7th week, Trinity 2014 (2014-06-13)

Present: Dan Turner (President), Krista Halttunen (Vice-President (Administrative)), Georgina Wilson (Secretary), Max Dalton (Treasurer), Alex Mullan (Lindsay), Matthew Lynch (Foody), Darryl Braier-Lorimer (Foody)

Agenda

1. Matters Arising

New staff

Till for Pantry

Agenda

1. Pantry

2. Bar

3. General Finances

 

AOB

Minutes

Matters Arising

The new cleaner is doing fine. We are still looking at finding possible places for Stephen to live over the summer.

DT has emailed the head of the bursary about getting a new till for pantry. There has so far been no reply, but DT hopes to meet in the next week or two.

Agenda

Pantry

Takings are still strong – we are up about 8% on Trinity last year. There was a lot of costs last week, but that was due to a large re-stocking. At the moment there is about £170 profit which should continue to the end of term. DT asked about margins on the new products (such as pasties). ML said that they were originally bought on a deal, but were so successful that when the deal ran out they continued to buy pasties.

Bar

AM said that AH’s takings spreadsheets has nothing for 7th or 8th week. Takings are beginning to pick up after exams – end of 6th week we were down compared to last year much less than compared to 8th week. Battels for summer eights have not yet come through, but AM expects about £100 profit. The pool room is now dry but AM has no idea what is happening. There is a possible plan to rip up half the flooring and then reseal the pipe. DT asked if there were plans to re-kit the bar. AM is meeting Carlsburg on the 18th to talk about this. AM said he would be around for some of the summer, but that he would be in Bristol which is not too far away. DT said that we need to get this sorted out before Freshers’ Week. MD said that College would be happy if we were spending lots of money to sort this out as we currently have high reserves. MD also said that the trend of building up reserves was beginning to reverse naturally.

General Finances

MD said that there had recently been to a meeting with College where it arose that some JCR practices that had gone on for years were being questioned. The official accounts were rejected by College. MD wrote a full report to reply to all of College’s questions. MD is assimilating the Picture Fund accounts to the general accounts. The College also pushed to have the accounts audited; this would be expensive but might be something that the legalisation of the JCR would require. There were large discrepancies on entz accounts profits, because the amount of stock bought varied hugely. Entz are now going to be asked to do a stock check at the end of each term.