FINANCE REPORT 2024
1 INTRODUCTION
Following on from the 40th Annual Prisoner Convention – Portmeiricon 2024, we have conducted a finance review for the society financial year ending 30 June 2024.
In line with our primary objectives to ensure effective and efficient running of the membership and to organise an annual Convention in Portmeirion, the following material demonstrates how the society is currently providing, and will continue to offer great quality and value for money.
Before reading and digesting the details presented - if you haven’t already done so - please familiarise yourself with the Society Details and Basis for Operation specifically the section that details the guiding financial principles under which we operate, as they underpin the specific breakdown for the last membership period.
As always, we encourage and appreciate your questions and feedback which can be raised through the normal website contacts.
2 SCOPE OF INFORMATION
The information contained in this statement covers Six of One’s financial dealings for the past financial year, specifically:
- Membership period 01 July 2023 to 30 June 2024.
- Breakdown of expenditure categories as a proportion of overall spend and assessment of reserve funds.
- While the society handle arrangements and payments for village accommodation, these are effectively pass through costs for individual members directly with Portmeirion and as such are neutral and therefore, excluded from the scope.
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3 FINANCIAL ANALYSIS
3.1 Summary
A breakdown of expenditure as percentages of the total spending are shown in the chart opposite.
Our analysis following the previous financial year review demonstrated a healthy reserve. This was over and above our target and so we actually spent more than was received and hence the chart does not show a reserve component, which in practice would be a negative amount.
See the individual sections below for details on what has been spent and the status of the reserve.
3.2 Magazine production and distribution
Magazine production and associated distribution costs accounted for 34% of the overall spend.
As noted in the previous report, replacing the former society magazine, “Orange Alert” with the latest, “Degree Absolute” introduced a level of uncertainty in detailed financial planning. The production of Degree Absolute is now well established and while we were able to actually reduce magazine production costs by negotiating a new deal with the existing printer, these were effectively balanced out by rising postage costs.
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This allowed us to keep membership rates at the same level and for the forthcoming year, there are some minor adjustments to rates to ensure that all payment methods incur the same charge to the members. This means that overall rates are effectively the same and we thank the members for continuing to make their payments electronically wherever possible. We are a small team of volunteers and electronic payments make administration less time consuming, more efficient and are automatically integrated into our financial accounting processes.
3.3 Website operation
A large proportion of the membership will be aware that the society website was completely redesigned and rolled out during the 2023 Convention. This was done entirely in house and the only external charges the society incurs are for internet hosting and domain registration.
The hosting provider, Freeola have increased their annual charges by a fractional amount and similar to last year, the total cost of operating the website was only 1% of the overall spend.
3.4 Convention guest expenses
Whilst guests receive no explicit payment for their attendance, they are paid accommodation, travel and meal expenses as a standard principle of not being out of pocket.
For the 40th event, we were delighted to welcome back Catherine McGoohan as our special guest. Funding transport from the USA naturally incurs a higher level of expenditure. Along with other guests, film librarian Tony Sloman and security expert Malcolm Nance, total expenditure was 53% of the overall spend.
3.5 Equipment refresh
During the 2023 Convention, it became clear that due to ageing equipment in addition to health and safety concerns, it was necessary to procure new audio-visual equipment for the Hercules Hall. Six of One were able to negotiate some discounts and extended warranties with large suppliers and we procured the following new equipment:
- Mixing desk with combined power amplifier
- DVD / Blu-Ray player
- Two high-quality radio microphones
We also considered purchasing a “short-throw projector” for the main screen. Members attending previous conventions will be aware that, for several years, a standard projector has been sited on a narrow table in the aisle between the forward seats. As well as presenting a Health & Safety concern, this was also a simple inconvenience as well as members moving around in front of it obscuring the image on the screen.
The changes we implemented greatly improved sound quality and removed the need for obstructions and trip hazards in the seating area.
We have not yet, purchased a new short-throw projector, but we were fortunate in being able to use a team member’s own projector as a working test. This proved successful and we may now consider buying a dedicated item for future events.
3.6 Badges, raffle and T-shirts
Production of numbered convention badges for all attendees accounted for 1% of the overall spend, while the procurement of raffle prizes and the production of T-shirts accounted for 3%.
Note that the incoming revenue from the raffle and T shirt sales was 16% more than the costs.
3.7 Outdoor setup
Setting up and dismantling the outdoor sound system is a specialist job. As set out in our guiding principles, we opted to use society members (outside the organising team) who have the necessary skills and experience to do a high-quality job.
For this financial year, outdoor setup accounted for 1% of the overall spend. By comparison, the average quote for this work from third party companies would have been approximately 8% which explains our decision making.
3.8 Team expenses
As noted in our guiding principles, the organising team pay the same rates for Convention registration as all other members and are paid no monies during the event.
Some of the organising team arrive well before the start of the Convention to set up the event. With the exception of one face-to-face finance review meeting per year, the team hold monthly online meetings which incur no cost to the society.
In line with society expenses policy, relevant team members were provided with Convention and finance meeting expenses and this accounted for 2% of the overall spend.
3.9 Managing the reserve
Societies such as Six of One, which may be essentially considered a “fan-club” have no formal regulations in the way they operate, but there are guidelines on best-practice.
One such guideline for operations like ours is to maintain a reserve to deal with unexpected costs and events. The general recommendation is for a society like Six of One with an annual subscription is to hold between one and two-year’s worth of funds. On this premise, our target is to hold the lower level of one year of membership funds plus convention costs.
At the end of the previous financial year, our reserve was approximately 20% above the one-year target. Given this healthy financial position, we have the opportunity for the forthcoming year to:
- Ensure we attract and secure the best possible guests and entertainers.
- Make some further improvements to the indoor equipment, potentially a dedicated society projector and new front of house speakers.
- Refresh the outdoor audio equipment to deal with ageing / failing kit and also to provide a level of “waterproofing” as we had issues with rain getting in to the equipment at the recent Convention.
- Effect the necessary maintenance and repairs on the Convention props.
- Continuous improvement of member experience and to ensure compliance with Portmeirion’s Health and Safety requirements including any necessary improvements.
Report prepared and agreed by the Six of One Organising Team, August 2024.