2016 Finance Subcommittee

Date: Wednesday 7th week, Trinity 2016 (2016-06-08)

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. Treasurer's report [Darryl]

3. Pantry report [Zack & Freddy]

4. Bar report [Hugo]

5. AOB

Minutes

Cealach welcomed the meeting.

 

Darryl had nothing to report this week. Ste asked for it to be clarified that we still have money. We do. He's not looked over the term's accounts yet; but he told Fexec that it was more or less in line with projected at a first glance. He noted that Hilary was fine.

All is well.

He told Fexec that June Jamboree is going fine.

Asked if Pantry was on to make a loss, Zack replied we were on track a small loss.

 

Zack told Fexec that things were going fairly well; the revenue was steady at around £2000 - give or take £100 – and that there has been a £20 – £100 profit each week, besides a hefty loss in 1st week, which sufficiently dragged down the numbers enough that Pantry might break even, but will probably £300 down. He told Fexec that he intended for Pantry to be open 9th week until Friday because there are enough people around that it would be worth it, particularly given the low food costs in ninth week.

Hugo asked if Pantry would be allowed to be open, noting that the last night of bar is to be Wednesday of ninth week. Zack respondethat he would look into it.

Cealach asked when breakfast begins in 0th week; it was replied that it would be opening on Monday. Hugo noted that the bar would open on Sunday 0th week.

Cealach noted that the freshers' week timetable had not advertised lunch or dinner at Pantry; she would rectify this for the next timetable.

Zack noted that there was nothing compulsory around lunch on Monday, and hence this may be a suitable day for the big pantry lunch; Cealach however noted that people arrive throughout the day at varying times. It was suggested that Wednesday would not be an ideal day for the lunch as the timing of the meeting with the nurse tended to vary somewhat.

Darryl asked what Zack's thoughts were regarding finding staff over Summer; Zack replied that there was a member of permanent staff who was particularly keen; he was not because he does not believe Pantry is earning enough to justify this, and as PESC is running well, however he was happy for the member of staff – whom had established appropriate channels – to pursue this, as his objection was not as strong as their enthusiasm.

Darryl responded that he thinks finding a permanent member of staff was worth doing, arguing that he would be less concerned about the finances of pantry, which he stated will always make a loss.

It was asked what the profits were from Summer VIII's; Zack responded that there weren't exact figures on profit, however the takings were £180.

It was suggested that it would be desirable for a better performance for the June Jamboree; Zack replied that he will advertise ice creams for June Jamboree better.

 

Hugo told Fexec that the Bar was £482 up on last year for 4th week, which made the termly gain £1500; he also stated that 5th week very good, as £1216 was taken (including the takings from Summer VIII's), which is £1400 up on year before if the figures on last year include Summer VIII's (which he believes is the case), which makes the term £3000 up on the year beforehand; he noted that if Summer VIII's are not included in the figures for last year, the bar would still be up £1700.

He told Fexec that 6th week performance was not as positive, and that it was £480 down on the previous year; however he argued that this was not surprising given the increase in takings for 4th and 5th week. He claimed that he would intend to try and push through a solid 7th, 8th, and 9th week with the aim of a £2000 increase on the previous year for the term. Darryl noted that 6th week was peak finalists time.

Cealach asked Hugo if shutting early had created a noticeable effect. Hugo noted that the early closure occurred on the week where the loss was made. He estimated that on nights where the bar is open until 11:30, a third of the revenue is earned in the last half hour. He noted that Friday had seen a revenue of £320 rather than £480 as it had the previous year.

Darryl asked Hugo about stock costs; Hugo responded that these were not more than last term. He noted that there had been a few quiet weeks for stock orders, and nothing should be going off at end of term, and hence the profit margin should be same. Then he remembered Balliale. But everything is fine if you ignore the Balliale.

Darryl responded that on this basis he thinks the JCR could break even for Trinity. He noted that there had been a £2500 loss year before. Hugo added that he imagines it would be sensible to write off 150-200 bottles of Balliale, noting that the rest of the stock was being sold at £1 a bottle, which is below the cost price. He therefore estimated that the bar will lose £400-£500 of Balliale, and added that there was a lost profit margin from other drinks, and hence the effect of Balliale would be a loss of £700-£800 in profit. Cealach asked how many bottles were sold at Summer VIII's; Hugo responded that he had sold 60-70 bottles, which he described as brilliant on one hand, but ultimately a drop in an ocean given the order was 2000 bottles.

 

Meeting was adjourned.

 

All is well.