2016 Finance Subcommittee

Date: Friday 4th week, Hilary 2016 (2016-02-12)

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. Bar

4. Treasurer

5. AOB

Minutes

Cealach welcomed the meeting.

 

1. Matters Arising
Fexec agreed that the process of filling PESC should start promptly.

 

2. Pantry

“More optimistic than last time.”

Zack reported that financially, second and third weeks were essentially identical: revenues and expenditures were almost the same or very similar in almost all respects. He expressed the opinion that this is reason to believe that (whilst situations are unchanged) the term will prove to be relatively homogenous. He believed that the level of profit (£200 per week) can be projected to hold between now and 8th week. 

He explained that given a bumper week this week, due to Shrove Tuesday and Superbowl, in which he projected the Pantry are likely to take £400 profit, and formal pantry, for which Pantry aims to take £200 profit, leaving Pantry with a projected +£100 profit by the end of the term. He explained that profit historically improves later on in terms (expressing the opinion that this is probably because of reduced food costs), he believes this to be incredibly feasible, and that he believes that Pantry are likely to attain the hustings goal of £300 profit per term.

He reported that revenues appear stable at around £350 per weekday, £175 per weekend day and £150 in vending machines: an average of £2250. He noted to Fexec that this matches the data that he currently has for fourth week. He reported that this is a drop compared to Hilary term last year (which he believes to be the most reasonably comparable data) where the average week saw takings of £2500. He noted that there is, however, only a 10% difference, which he believes can be accounted for by  the box in the JCR.

He concluded that it is not a cause for concern, but to be expected that we will end up below HT15 revenues. He explained that if 0th week is discounted, but a sluggish 1st week is not, HT15 revenues are still only 18% higher than profits thus far this term, which he considers a success.

Fexec was happy with this report.

Darryl noted HT15 was particularly successful, and suggested comparisons with average HT instead, however Zack expressed a reluctance to do so as situations have changed over past years; Darryl noted this was true for wages, but not for takings; Zack agreed this could be a measure of interest in Pantry.

Zack noted that there is a fifteen pound discrepancy between doughnut costs and takings.

 

3. Bar

Hugo reported that the bar had revenues of £3652 and £2500 for third week and second week respectively. He noted that while the difference in takings is large, it is a similar difference to that reported last year. He explained that he believes the difference largely exists because of parents dinner bumping up profits. He reported that week-on-week, the revenue of the bar is up on last year.

Hugo then took the time to commend Richard's previous efforts in attractive freshers, and advertising Crazy Tuesday, and generally in attracting outside attention to the bar, noting that three large externa; groups are expected to come later this term.
“That's lovely,” Hugo aptly summarised.
He informed Fexec that the bar is taking in roughly £200 per week more than last year, however he noted that last year may not be the greatest measure due to circumstances of the bar at that time.

Cealach asked about how he believes the trade-off between making the bar a Balliol space and advertising to external parties is affecting the bar; Hugo replied that he is not concerned due to the massively high ratio of Balliol to non-Balliol users of the bar. He did however report that he wants significant custom to begin earlier in nights. He expressed the opinion that he likes Tuesday being the night for external characters to use the bar. He noted that Tuesdays are generating smaller revenue than in previous years. He noted that the most recent Crazy Tuesday took £450; the same as last year, as contrasted with a couple of years ago, in which a typical Crazy Tuesday could see roughly £1000.

Annie asked how the bar is advertised to other colleges. Hugo responded that there exist posters (and will soon exist more posters) in other college's JCRs. He noted that directing advertisements to societies is likely to be very effective advertising, as this then leads to the bar being advertised by word of mouth. He reported that he doesn't think that using Facebook events to advertise helps much, due to saturation of usage (in that, there is one crazy Tuesday per week).

Cealach suggested after-parties for student productions can be used to advertise and take in larger revenue. Hugo noted that it may not be feasible due to the closing time of the Lindsay bar.

Hugo concluded by noting that “all is well.”

 

4. Treasurer

Darryl reported that he had concluded compiling the Michaelmas accounts. He told Fexec that pantry lost £2381 in Michaelmas. He reported that the takings were low takings, noting that it was the worst loss since Michaelmas 2013.

He then told Fexec that the bar did very well last term, reporting the best takings when compared to the last three Michaelmas terms. He reported that the profits were lower than this time last year, however this was due to higher stock costs. He reported that the bar last year saw the biggest takings on record, recording nearly £29,000 with machines. He told Fexec that there was a £3942.93 overall profit.

He reported that last term, the Entz loss was £2734.50, which he emphasised was not bad; he told Fexec that they had spent £2900 on freshers tickets, and that the JCR will get money back from that this term, noting that the JCR should get back around £2500. This loss then is small when compared to the Entz fund of approximately £5000. He reported that the Entz account should therefore break even.

He then proceeded to list other JCR costs and revenues: eg wages, energy bills, grants, dedicated accounts, committee expenditure, newspapers, printing, postage, stationary, repairs, and renewals. He told Fexec that these various factors combined to create a loss of £587.

He reported to Fexec that last term saw a loss of £1721.10, which is a larger loss than we've had in any Michaelmas recorded, which he noted was good, because it indicates an active Committee.

Darryl ultimately concluded that he is not worried, so long as the JCR doesn't make a loss in Hilary; he is very happy now.

 

5. AOB

It was suggested that Pantry engage more in Freshers Week so that the culture of eating at Pantry is more obvious early on.