ENOTHE Finance Report 2014 Membership 2014 Membership Requested an - PowerPoint PPT Presentation

ENOTHE Finance Report

2014 Membership

2014 Membership Requested an invoice. Amount was credited to the ENOTHE account but payment was never made so invoice had to be cancelled and the amount debited back from the ENOTHE account

2014 Annual Meeting Total Income was £53165.71 / € 72,302.80 Host bill was £23604.25 / € 32,100.70

2014 Board Expenses Actual 2014 cost once expenses were sorted between years was £6825.41 / € 9282.23 Cost of Board Meetings after transfer of ENOTHE bank account 1- Lausanne, May £2031.79 / € 2763.14 2- Nijmegen for Annual Meeting, October £4748.94 / € 6458.33 Other hidden costs included: £8.64 / € 11.75 Website £29.27 / € 39.81 Equipment £138.76/ € 188.71 Annual Meeting Badges and USB sticks

2014 Projects Project costs for 2014 were zero as no invoices were submitted between May- December 2014 All payments to projects were made prior the ENOTHE office transfer Project budgets will be replaced with balance as payments are made Budget is project total funding divided by expected years the project will run

2014 Office Expenses Mainly one off costs for setting up the ENOTHE office at York St John University Salary 1- Assistant Co-ordinator, 3 days a week Salary 2- Co-ordinator, 1 day a week

2014 Bank Charges Bank Charges were the only miscellaneous expenditure 56 separate charges at an average of £11.65 / € 15.84 Charges were for 2 main reasons -short payment due to currency exchange rate movement -bank currency exchange rate fees

2014 points to note Income from membership does not cover ENOTHE costs alone Minus profit of Annual Meeting then ENOTHE operated at a deficit of £7019 / € 9545 for 2014 Membership would need to increase by 19 Full EU institutional members to cover deficit of ENOTHE operational costs based on 2014 figures

2014 points to note Increasing acceptance and use of the online shop will help to reduce bank charges as payments can be made in local currency and ENOTHE recoup 100% of the money

2015 so far- Membership Expected drop in revenue of approximately £1500 / € 2040 (5%) due to currency exchange rate movement -2014 Full EU Membership received was between £371-£361 when converted from € 460 -2015 Full EU Membership received was between £350-£347 when converted from € 485 Even though membership fee was increased ENOTHE actually banked less because of the weak Euro- proving it was wise to make the increase On the other hand ENOTHE has increase of purchasing power because it is banking in GBP when most expenditure is in Euros

2015 so far- Membership Currently there are 11 invoices outstanding for £3304 / € 4493 If these invoices are not paid 2015 membership will be £21327 / € 29004

2015 so far- Annual Meeting This does not include the cost of running the 2015 event Numbers attending 2015 were expect to be slightly smaller than 2014 due to location and running two Annual Meetings in the same academic year. At the time currently there are 224 paying registered for the 2015 Annual Meeting compared to 268 for the 2014 Annual Meeting

2015 so far- Annual Meeting Like membership currency exchange change rate has meant that ENOTHE is banking less then 2014 For 1 Staff place ( € 300) 2014 = between £235-£236 2015 = between £215-£219 For 1 Student place ( € 200) 2014 = between £156-£157 2015 = between £144-£146 Introduction of non-member fee rates: Staff € 400, Student € 250 Fiscally this made little difference only 1 non- member rate sold. However it may have helped decision making to maintain ENOTHE membership because of the additional cost for non-member There was also an introduction of a retired rate of € 200 but none was sold

2015 so far- Board Expenses Actual 2015 so far expenses once sorted between years is £7600.90 / € 10336.90 Cost of Board Meetings 2015 1- Vienna, January £1883 / € 2560.79 2- Amsterdam, March £2766.03 / € 3761.67 3- Ruse, May £1710.63 / € 2326.37 4- Ruse for Annual Meeting so far, October £1170.82 / € 1592.26 Other hidden costs included: £41.00 / € 55.76 Travel to conference £29.42 / € 40.01 Website £5.49 / € 7.47 Equipment

2015 so far- Projects Zero project costs were paid out from the ENOTHE account from January – September 2015 Citizenship- € 2500 Masters 1- € 820.93 Masters 2- € 2500 JIP- € 2500 Total Project Budget 2015= € 8320.93

2015 so far- Projects 1) Citizens; € 5000 budget. € 230.19 is currently being processed. € 4770.29 remaining balance. 2) Masters 1; € 2300 budget. € 820.93 was unspent from 2014, € 379.56 is currently being processed. € 441.37 remaining will be added to Masters 2 3) Masters 2; € 5000 budget. Plus € 441.37 of Masters 1 € 699.59 is currently being processed. € 4741.42 remaining balance. 4 JIP; € 5000 budget. No claims. € 5000 remaining balance. Processed amounts are due to known cost but having been received too late to appear on the ENOTHE account at the present time

2015 so far- Projects In Euros Citizenship Project Masters Masters 2 JIP Total Total Budget 5000.00 2300.00 5000.00 5000.00 17300.00 inc Masters 1 2015 balance in 2016 Citizenship Project Masters Masters 2 JIP Total 2014 Budget N/A 1150.00 N/A N/A 1150.00 2014 Actual N/A 1479.07 N/A N/A 1479.07 Balance N/A 820.93 N/A N/A 820.93 Citizenship Project Masters Masters 2 JIP Total 2015 Budget 2500.00 820.93 2500.00 2500.00 8320.93 2015 Actual 230.19 379.56 699.95 0.00 1309.70 Balance 4769.81 441.37 4300.05 5000.00 14511.23 Citizenship Project Masters Masters 2 JIP Total 2016 Budget 2500.00 N/A 2941.37 2500.00 7941.37 2016 Actual 0.00 N/A 0.00 0.00 0.00 Balance 0.00 N/A 0.00 0.00 0.00

2015 so far- Projects In Euros Citizenship Project Masters Masters 2 JIP Total Not included in figures Total Budget 5000.00 2300.00 5000.00 5000.00 17300.00 as paid before ENOTHE inc Masters 1 2015 balance in 2016 office transfer Citizenship Project Masters Masters 2 JIP Total 2014 Budget N/A 1150.00 N/A N/A 1150.00 Additional 441.37 added 2014 Actual N/A 1479.07 N/A N/A 1479.07 to Masters 2 from left Balance N/A 820.93 N/A N/A 820.93 over Masters 1 budget. Citizenship Project Masters Masters 2 Not counted in 2015 JIP Total Masters 1 project 2015 Budget 2500.00 820.93 2500.00 2500.00 8320.93 otherwise the same ended 2015 Actual 230.19 379.56 699.95 0.00 1309.70 figure will be counted Balance 4769.81 441.37 4300.05 5000.00 14511.23 twice but is available to spend. Citizenship Project Masters Masters 2 JIP Total 2016 Budget 2500.00 N/A 2941.37 2500.00 7941.37 2016 Actual 0.00 N/A 0.00 0.00 0.00 Balance 0.00 N/A 0.00 0.00 0.00

2015 so far- Bank Charges The increase in use of the online shop has helped to bring this figure down there are still 26 outstanding invoices in total. Based on 2014 average charge a conservative estimate would be £390 / € 530. Which means bank charges for 2015 have been reduced around 40%

2015 so far- Points to note Again when annual meeting is removed ENOTHE is running at an operational deficit. At the moment £18456 / € 25099 2015 Operational deficit is £15542 / € 21136 2014 Operational deficit is £7019 / € 9546 There was no payments made to project groups during 2014, which artificially supressed operating costs. There are still additional Board Expenses to add for 2015. Including costs of face to face meeting in Ruse and Galway. Also unpaid invoices will need to be subtracted. So 2015 deficit could be much higher still.

2016 projection- Points to note 2016 Joint Congress with COTEC is not run by ENOTHE. So there is zero profit. Expected Board Expenses will be at a similar level to 2015 There are 5 Board Meetings scheduled Once 2015 figures are completed after the last meeting in 2015 then 2016 projected expenses can be updated. The 2014 record is not accurate because it wasn’t for a complete 12 month period due to the transition of ENOTHE office not taking place till May 2014. Bank charges should be less again as we are only invoicing for membership. Conservatively half of 2015 figure.

2016 projection- Points to note There is still no formal marketing/promotion budget so costs of all marketing/promotion have been kept to zero Website development was in-house which is a significant cost saving If Annual Meeting were run non-profit 2014= -£7019 / € 9546 2015= -£15542 / € 21136 2016= -£18205 / € 24759 At an average of -£13589 / € 18480 ENOTHE bank reserves will cover 10 years of operation. The relationship between Annual Meeting and Membership should be re-evaluated.