Hotbins

I think I have finally worked out how to make a cheap hot bin, I have a 200lt. water butt which I rarely use, so have decided to use that, I don't want to cut the water butt as I might need to use it for water again, so it will be filled right from the start, that way I will up end it when the top looks like compost, but to make the hot bin I will cut down a water bucket to make a support ring for a perforated base plate made from the side of an old air pot, the base plate will be sit above the spicket which will allow me to drain off any juice, I will sit the butt on a base of insulation board which I have aquiered, to insulate the butt I will have to buy some flexible insulation, I intend using a foam exercise mat which will cost about £4 but I should be able to cut a hole in it to fit round the spicket then wrap round the butt, once I fill it I will insulate the top with more insulation board, so now just have to save up for the exercise mat

Photos please Spec?