Minutes – Finance – Mar 2020

Minutes Of LSMC Finance Team meeting 9th March 2020

present Jez, Jane, Peter

Apologies – Adam

 

 

Agenda 

1 the practicalities of implementing strategies for increasing use of the centre eg the a board  outside

2 finalising and posting the applicAtion process for go ahead for running events especially new ones

3 February finance reports

4 Scheduling for P&E

5 Oxford Group

6 Fundraising – Shambhala Day and going forward

7 Worst case scenario

 

Minutes

1 the practicalities of implementing strategies for increasing use of the centre eg the a board  outside

  • Jane O’Callaghan has agreed to look into publicising on various websites.  She has emailed Jez asking for various information. We may need to supply photos for this, Jez to source photographer.  Jez to work with Jane in next few days.
  • Jez to look into putting a notice board out front of building where centre hire can be advertised.  The Oddfellows donated there old notice board to us, so we just need to put it up.

 

2 finalising and posting the applicAtion process for go ahead for running events especially new ones

  • It’s a good idea to have a system for proposed programmes.
  • Need Adam to complete this agenda point.

 

3 February finance reports

  • £3,500 loss in February as we didn’t run any programmes
  • Membership dues are also still falling
  • March may incur a similar loss as programme signups are very low.
  • Half yearly situation is we are running a deficit of £4,350.  However due to coronavirus and uncertainty over the programme schedule and whether people will attend, we could record massive losses, up to £25,000 by year end.
  • Jez to prepare a new budget for the rest of the year, including worst case scenario

 

4 Scheduling for P&E

  • Need to create a working process with P&E to ensure that programmes are agreed and publicised a minimum of 2 months in advance.  In London, people get booked up very early.
  • Both LTM and Level 1 only got teachers in place 1 month before start date and both have suffered in attracting participants.  LTM – 7 which is lowest for several years. Level 1 has only 2, but still has 2 weeks to go.

 

5 Oxford Group

  • Peter has spoken to Victoria and the group is starting to be self sustaining so we can drop our funding as agreed in August 2020, in the meantime, we will still receive donations from them.
  • There is no need to send Victoria a letter.

 

6 Fundraising – Shambhala Day and going forward

  • Should there have been fundraising on Shambhala Day, liaise with CDI to find out more.  We are in serious financial difficulty, this could have been a good opportunity.
  • How can we look at fundraising going forward?

 

7 Worst case scenario

  • What is our worst case scenario financially and what does that mean for the centre’s survival.
  • We need to make everyone aware of the precariousness of our situation
  • Jez to elucidate more with the new budget which can be taken to the next council meeting