Setting
In the conference, where EM is angry that the light still doesn’t work. RJ has provided donuts and cookies.
Present: JC (Vice-President), DB, AB, EM (President), KM, RJ (FCO), SR
Apologies:
Absent:
CRC budget
RJ: They’re not asking for anymore money. They’ve added another race but changed it to fewer people at each one, leaving the same amount of money.
*RJ abstains due to conflict of interest*
*Approved*
Rugby reserves request
RJ: Last term, they ordered the wrong size tackle pad in the reserves expenditure, then sent it back. I think we should buy this with the reserves as they were allocated for the original one.
*Approved*
Tech cupboards
RJ: The alumni association said they would give us £3k for some tech. We paid up front, and have now got the money from them. But we only spent £2.5k. So we’ve bought some lockable cupboards for tech. But now they don’t want to give us the money. So we need to approve the expenditure of the £300 for tech cupboards.
*Approved*
Bodcon review
RJ: This budget includes what’s happened so far this year. They’re probably going to go into debt again. But the president has negotiated a lower rate for the hall they rent and they won’t rent it in third term. Next year they’ll use the new building at Brooks. For now it’s not sustainable, but they can probably pay it of in future.
AB: I say we should keep them afloat for now.
*Approved*
Action: Next year’s finance committee to review this in November.
SU Comm budget
RJ: CG (communications officer) asked if she could spend her budget on an event, but she doesn’t have a budget. I think £100 would be the maximum I’d want to give out. She said she’d use it for printing and snacks. Snacks for meetings shouldn’t really come out of the budget, but if they’re at an event it’s fine. So if we approve it, we should place some restrictions. It would be a budget for the whole year. They could also print posters, leaflets etc.
AB: What is SU comm and what does it do?
EM: Discusses how the communications officer will vote at Assembly.
RJ: They don’t need a budget in the same way as welfare does, but gov comm also has a budget and they spend it on food. I’m not opposed to having them having it if it’s used sensibly. Shall we say that they can buy food with it, but for open events not for just committee members. Is £100 ok?
*Approved*
SR: It’s better for them to need to ask for more than to feel like they need to spend more.
Long-term financial plan
RJ: This is more for your interest. I’ve been working on it with the trustees. The changes to accounts have all happened. Then we want a plan on paper for the future. We aim to spend around £10k per year from the reserves, and also subsidise the overall budget by £5k per year. So we’ll reduce reserves by £15k per year. I would welcome comments. Currently we’re making a surplus each year.
Management Accounts
RJ: SR created these. The chair of trustees likes them. The numbers are all there.
RJ: The category for bar is because we’ve received a chunk this year from historic bar profits. Then we spent some of that on refurbishing the bar. College-JCR relationship over money is a little strange.
Bookkeeping Update & Review of FCO
RJ: Ribchester’s come out once a month to do this with me and KM. It was helpful at the start. The frequency of this might change because my role is being reviewed by the trustees.
New FCO
RJ: We have a new FCO, I’ll invite her from next term so she can understand how we work. She’s now in the group to observe.
JC: Is she allowed to come to socials?
RJ: Only in 3rd term.
Review of Overall Budget
RJ: I’d like someone to help me review the overall budget. I want to find why we’re turning a surplus every year. We’ll redraft it now, then review it in June when we have more information. I don’t think we’re spending enough. I also want to review committee budgets. They seem fairly arbitrary at the moment. We like spending money on good things so we might bump some up if they’ll spend them.
Overview of next term – key dates etc.
RJ: We’ll have 2 meetings next term. Before the finance JCR meeting, we need to approve all the sports and societies budgets. It’s a big job. Then we also need to write the overall budget before that meeting.
6 month finance review for trustees
RJ: Looking at the management accounts, we’d like to provide some comments alongside for people that are looking at them.
Tasks for Future
RJ: I’d like to look at a potential new budget for next year. I’d also like to review the financial procedures. There are lots of jobs. More than 4. You might have to double up. If you got loads of work, you can work around it.
Action: KM to continue with bookkeeping.
Action: KM to review the overall budget.
Action: AB to look at spreadsheets.
Action: SR to create a new budget template for sports and societies.
Action: DB to do 6 month review.
Action: AB to review financial procedures.