2016 Finance Subcommittee

Date: Wednesday 2nd week, Hilary 2016 (2016-01-27)

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

Agenda

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

Minutes

1. Darryl noted that Secretary is not a formal member of Fexec and suggested co-opting Ste. Ste was duly co-opted onto Fexec.

2. Zack outlined his report on Pantry finances:
He reported that ‘takings have been sluggish,’ with an average daily taking of £240 in 1st week, which is below the average of £400 in previous years, although he noted that this week has seen a 50% increase in previous terms, which he attributes to consistent opening (all nineteen shifts) of Pantry, though he is concerned that given the success may be enjoyed because of consistent opening, there may still be evidence for a drop of interest in Pantry, however he pointed out that this is likely to increase once the building works cease and once a new menu is created (think lasagne and stew).

He reported that 0th week had no takings owing to the closure of pantry. 0th week saw a loss of £1188.50; 1st week saw a profit of £151.27. He reported that the large costs of 0th week – owing to the large food purchase - shall hopefully be balanced by larger profits given the arrival of a semi-permanent member of staff. The large expenditure on food in 0th week also lead to a decrease in the food bought in 1st week. This balanced with the extra costs of paying for extended shifts and shifts of three people at a time.

He reported that it was worth noting that the costs of machinery were included in the food costs mentioned above, and that if you take out these (as these may be paid for by JCR funds), then Pantry made a profit in 1st week of £30.

He reported that last term a loss of £4283.84 was recorded; last year saw a loss of £2469.78, speculating that the loss in Michaelmas is possibly due to persistent closure, but suggesting that we should watch takings to monitor a decrease of interest in Pantry.

Cealach mentioned that the permanent member of staff’s departure in 6th week may affect the wage projections for pantry; Zack and Freddy would investigate this further.

3. ‘Bar is fine.’ Hugo reported that the opening night of the bar was successful, and 1st week compared favourably to previous years. In particular, the bar had excellent takings on the night of the bop, and that in general the bar has started doing well with takings on bop nights. He noted the persistent trend of the bar making less money each year, attributed to the fact that people are just drinking less.

Hugo noted that he had found ways to cut costs via changing suppliers and whatnot.

Hugo reported that the bar has seen more custom on non-Crazy Tuesday nights, which is a positive, as Crazy Tuesdays are not particularly profitable. He reported that the profits should be fine, although to find precise figures, a stock take would be required; this will take place at the end of term.

4.Darryl suggested to the Foodies that they should be seeking a replacement permanent member of staff in parallel with the establishment of the Foodie Subcommittee that Zack and Freddy intend to push (mandating five students to work at the back in pantry once a week each to maintain consistent opening).

Darryl explained to the committee that in lieu of a common understanding of who’s responsibility the Michaelmas finances report was, John had left it to him, and he should have it prepared by the next Fexec meeting.