Course Title: Provide financial and business performance information
Part B: Course Detail
Teaching Period: Term2 2017
Course Code: ACCT5378C
Course Title: Provide financial and business performance information
School: 650T Vocational Business Education
Campus: City Campus
Program: C5374 - Diploma of Accounting
Course Contact: Ben Sethia
Course Contact Phone: +61 3 9925 5982
Course Contact Email: ben.sethia@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Sana Mahajan
+61 3 9925 5460
Building: 080
Level: 05
Room: 030
Nominal Hours: 60
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
None
Course Description
This unit describes the skills and knowledge required to analyse and report on a broad range of financial and business performance information and encompasses assessing clients’ needs, analysing data and preparing advice.
It applies to individuals who, within their level of authority, apply specialised knowledge, systematic approaches and analytical techniques to research and prepare customised information for clients.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC501 Provide financial and business performance information |
Element: |
1. Assess client needs |
Performance Criteria: |
1.1 Clarify and confirm expectations and objectives of client to ensure mutual understanding of client goals 1.2 Identify client’s specific legal and financial requirements when establishing, structuring and financing a business 1.3 Discuss financial options and processes with client to develop suitable plans for provision of information and achievement of client goals 1.4 Regularly review progress of plans against agreed criteria and clearly communicate results to client 1.5 Monitor client objectives to identify changes in client needs 1.6 Regularly obtain, analyse and incorporate feedback on client services 1.7 Investigate shortfalls in customer service and formulate and implement proposals for overcoming them |
Element: |
2. Analyse data |
Performance Criteria: |
3.1 Ensure advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options 3.2 Use suitable methods of presentation and formats, language and forms of documentation to convey information to client 3.3 Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations 3.4 Advise client on new or alternative sources and features of short-term and long-term finance |
Element: |
3. Prepare advice |
Performance Criteria: |
2.1 Seek advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures 2.2 Compile and reconcile data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles 2.3 Analyse revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives 2.4 Analyse all data and reports in accordance with standard financial analysis techniques 2.5 Evaluate information in relation to financial performance of a business, specifically profitability, efficiency and financial stability 2.6 Ensure analysis is consistent with client’s business and personal objectives 2.7 Undertake evaluation to assess financial potential of the business, its future funding requirements and statutory obligations |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this course including self paced and collaborative classroom based activities.
The self-paced activities will be delivered thought various technology platforms and include your contribution to activities, discussion threads, reflective journals on industry updates, presentations, quizzes and interactive sessions.
The collaborative classroom based activities will include role plays, group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
You are expected to participate and contribute in all scheduled learning activities.
Teaching Schedule
Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- MyRMIT/Blackboard
- Overview of assessment requirements
- Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency/Grading Criteria
- Plagiarism
- Appeals
- Extensions
- Feedback
- Privacy
- Submission requirements
- Resubmission policy
- Where to get support
- Student responsibilities
The Teaching Schedule for this course is attached below but please note that it is subject to change.
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Course Delivery:
Week
|
Week Commencing |
Topics |
Details of Topic Covered |
Assessment |
1 |
July 3 2017 |
Introduction to the course including: · Course requirements · Course support documents · Course Blackboard access · Accuracy of enrolment · Assessment requirements/Cover Sheets · Reminder re Plagiarism · Reminder re Appeals · Extensions/Resubmissions · Feedback in this course · Reminder re submission requirements · Getting help · Introduction to the course
|
Course Book – Provide Financial & Business Performance Information – Richard Hughes & Godfrey Senaratne National Unit Code(s) and Name(s): FNSACC501 - Provide financial and business performance information RMIT Code(s) and Name(s): ACCT5378C Provide financial and business performance information
|
|
2 |
July 10 2017 |
Financial Management /Major Sources of Finance |
Financial Manager Objectives Sources of Conflict – Management & Shareholders The Financial Managers Role regarding Investment, Financing & Dividend Decisions Business Structures Forms Of Funding Sources Of Finance Chapter 1 & 2 Pages 5 – 21 ( Reading Compulsory) Complete Review Questions for both Chapters Assessment 1, 2 & 3
|
|
3 |
July 17 2017 |
Business Risk |
Business Risk – Managing and Mitigating Chapter 3 Pages 33 – 61 ( Reading Compulsory) Complete Review Questions for this Chapter Assessment 1, 2 & 3
|
|
4 |
July 24 2017 |
Business Mathematics |
Simple Interest Compound Interest Investment Options Calculating Effective Interest Rates Annuities Chapter 4 Pages 61 - 107 ( Reading Compulsory) Complete Review Questions for this Chapter Assessment 1, 2 & 3
|
|
5 |
August 7 2017 |
Management of Working Capital |
Working Capital Operating Cycle Managing Cash & Liquid Assets Costs associated with Collection policies Concepts of Inventory Management Economic Order Quantity Assessment 1 to be submitted on Blackboard Chapter 5 Pages 107 -141 ( Reading Compulsory) Complete Review Questions for this Chapter Assessment 1, 2 & 3
|
Assessment 1 |
6 |
August 14 2017 |
Financial Ratios |
Interpreting Financial Reports Classification of Ratios Summary of Ratios Analyse and Interpret Financial Statements Compute and Interpret Ratios Chapter 6 Pages 141-201 ( Reading Compulsory) Complete Review Questions for this Chapter Assessment 2 |
|
7 |
August 21 2017 |
Business Analysis |
Limitations of Ratio Analysis Interpreting Ratios Time Series Analysis Cross Sectional Analysis Identifying Problems Liquidity Activity Profitability Leverage Market Performance Writing a Report Feedback Assessment 1 Chapter 7 Pages 201-237 ( Reading Compulsory) Complete Review Questions for this Chapter
|
Assessment 2 |
8 |
The Mid Semester break |
The Mid Semester break is from August 28th to September 1st |
|
|
9 |
September 4 2017 |
Assessment 2 Power Point Presentation |
|
Assessment 2 |
10 |
September 11 2017 |
Weighted Average Cost of Capital |
The cost of Capital Estimating the weighted cost of capital Chapter 8 Pages 237-257 ( Reading Compulsory) Complete Review Questions for this Chapter Assessment 1, 2 & 3
|
|
11 |
September 18 2017 |
Dividend Policy / Business Plans |
Dividends and factors determining Dividend Policy Types of Dividend Policy Other Dividend Options Steps in Dividend payment Imputation and Capital Gains Tax The Dividend Irrelevance theory Business Plans – Format ,Process and Construction Business Plan components Role of planning in managing operations Chapters 9 & 10 Pages 257 – 301 ( Reading Compulsory) Complete Review Questions for both Chapters Assessment 3 |
|
12 |
September 23 2017 |
Capital Budgeting |
Capital Budgeting Independent and mutually exclusive projects Payback period Accounting Rate of return Determination of After Tax Cash Flows Capital Rationing Relevant Cash Flows Feedback Assessment 2 Chapter 11 Pages 301 –350 ( Reading Compulsory) Complete Review Questions for this Chapter Assessment 3 |
|
13 |
October 2 2017 |
Revision for Assessment 3 |
Revise key areas of this semester Chapter’s 1- 11 - Provide Financial & Business Performance Information
|
|
14 |
October 9 2017 |
Assessment 3 – In Class Supervised Assessment |
|
Assessment 3 – In Class Supervised Assessment |
15 |
October 16 2017 |
Resit and Resubmissions |
Grading and Feedback |
|
16 |
October 23 2017 |
Resit and Resubmissions |
Resit and Resubmissions |
|
The Mid Semester break is from August 28th to Septe
The Mid Semester break is from August 28th to September 1st
Learning Resources
Prescribed Texts
Richard Hughes & Godfrey Senaratne - Provide Financial and Business Performance Information ( Learn Now Publications 6 Ed 2016) |
9781876124991 |
References
Other Resources
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.
The online learning materials listed include:
- Course outlines
- Client files
- Power point Presentations
- Course Workbooks
- Supporting Reading material
- Industry relevant articles
- Activities
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
Evidence of the ability to:
- access clients’ needs and analyse their financial data
- prepare and document appropriate advice for clients that:
- complies with financial legislation and accounting standards, practices and principles
- assesses taxation, compliance and business viability issues faced by clients
- assesses risk management options and practices
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
- explain the key requirements of taxation legislation relating to deductions, allowances and charges
- list the key areas that can cause significant taxation issues
- compare and contrast forecasting techniques
- identify and explain the key features of government financial policy and secretary’s financial management instructions
- explain the key requirements of relevant corporations and consumer legislation
- describe a range of methods for presenting and formatting financial data
- identify and explain the key principles of cash flow and budgetary control
- identify and categorise sources of information on financial products and markets
- outline a range of risks and contingencies and risk management options relating to financial and business performance
- outline client rights and responsibilities
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:
- a range of common office equipment, technology, software and consumables
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.
Feedback
Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.
You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.
Assessment Tasks
Overview of Assessment
This course is delivered and assessed with the following competencies:
FNSACC501 Provide financial and business performance information
Critical Aspects of assessment are described above in the performance evidence for this course.
The assessments for this course have been designed to allow participants apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.
This Assessment is Task 1 of 3 Assessments for this course. Each of the 3 assessments must be completed to be deemed competent in this course.
Assessment Task/Title: Individual Assignment 1
This Assessment is to be completed individually in word and students must answer all questions in totality. The completed assessment must be submitted in Blackboard by the due date.
Students must answer the following ten questions and submit this completed assessment by the 4th of August 2017.
Task 1 – Individual Assignment Weeks 1-5
-
Students must answer the following 10 questions and submit this completed assessment by the 4th of August 2017.
- Outline the key fundamentals of Financial Management? Specify 3 examples of the responsibilities that fall under the jurisdiction of Financial Management?
- Your Company has accumulated excessive losses and struggled with liquidity issues that threaten the company’s future viability. Outline what solutions you could implement to address your Company’s issues?
- There are many forms of Funding available to Financial Management in the market place that are strategically put in place to address certain issues. Your company has an issue whereby debtors are falling way behind payment terms offered and it is affecting the cashflow of your business. Detail a form of funding that would address this issue and why you have picked this type of funding?
- What are the dangers for a business not keeping track of when liabilities fall due? Detail a mitigation strategy to overcome this
- Briefly discuss the following statement – “Investment returns should be evaluated against risk”
- Calculate the value in 10 years of an investment of $25000 earning 7% simple interest per year. John earns $500 interest over 4 years on his investment of $4000. What interest rate does this represent?
- You borrow $25000 at annual simple interest of 12%. The loan is to be repaid with equal quarterly instalments over 2 years? What is the repayment amount?
- What will $5000, be worth in 4 years if invested at 9.5% compound p.a? Draw up a table to show the growth of the investment
- Calculate the Principal and Interest repayments (separately) on a Business loan of $500,000 over 15 years at 8%
- Your Company’s Total Current Assets are $2,500,000 and your Company’s Total Current Liabilities are $1,127,978. Calculate the Working Capital Ratio and give an overview your Company’s position.
Overview
This Assessment is Task 2 of 3 Assessments for this course. Each of the 3 assessments must be completed to be deemed competent in this course.
Assessment Task/Title: Assignment 2 - Group PowerPoint Presentation
This Assessment is to be presented in class in groups 3 - 4 students in the form of a Power Point Presentation. Students must answer all questions in totality. The completed Power Point must be submitted in Blackboard by the due date.
Students must present this Power Point Presentation in their Scheduled Class Week 9.
Task 2 – Group Assignment – Group Presentation
-
Task 2 – Group Assignment – Group Presentation
- Refer to R. Cooke Ltd Balance Sheet below and answer the following questions.
- Comment on the Liquidity of the business over the 2 years. For e.g. Have they got cash flow to cover current liabilities?
- Would the collection of all receivables cover current liabilities in 2016?
- What options would be available to the company - to cover short term debts any liquidity problems?
- The company has received an offer to purchase its motor vehicle above the cost price in the Balance Sheet. If this asset is not required by the company, should the consider this option as an immediate source of funds?
- Answer the following question on the Balance Sheet below.
- Fundamental concept of accounting is that the cash figure as at the end of the year in a cash flow statement must reconcile to which figure in the balance sheet?
- From the question above and in your opinion, what does a cashflow statement depict or illustrate?
- Based on each of the 3 elements of the cash flow, comment on the financial position of Cooke Ltd?
-
Cashflow from operating Activities
2015
Cash Sales
$100,000
Payment from Debtors
$20,000
Payment of creditors
-$30,000
Interest Paid
-$10,000
Wages and Salaries
-$67,000
Total
$13,000
Cashflow from financing activities
2015
Bank Loan
$20,000
Share Capital
$50,000
Total
$70,000
Cashflow from investing activities
2015
Purchase of Land & Buildings
-$70,000
Purchase of Shop Plant and Equipment
-$19,000
Total
-$89,000
Net Cashflow for 2015
-$6,000
Cashflow at the start of the year
$0
Cashflow at the end of the year
-$6,000
Below is the consolidated Balance Sheet of R. Cooke Ltd as at 30 June 2015 & 2016
2015
2016
Accounts Receivable
$ 7,300
$ 8,000
Inventory
$19,000
$20,000
Petty Cash
$0
$ 2,500
Land & Buildings
$70,000
$70,000
Motor Vehicles
$14,000
$ 9,000
Shop Plant & Equipment
$19,000
$21,500
Office Equipment
$ 5,700
$ 6,500
Total Assets
$135,000
$137,500
Accounts Payable
$14,000
$16,500
Bank Overdraft
$ 6,000
$0
Mortgage Loan
$20,000
$15,000
Equity
$95,000
$106,000
Total Liabilities & Equity
$135,000
$137,500
Additional Information
Gross profit for 2015 is $36,700 and for 2016 is $37,000
C.O.G.S 2015 is $76,700 & 2016 is $87,300
Opening Inventory 01/07/2014 was $37,000
Credit Sales for both years are 60% of total sales
Total expenses for 2015 are $25,300 and for 2016 $23,000
Opening balance of Accounts Receivable 01/07/2014 was 7,000
Company Tax Rate 30%
Question 4A - Calculate the following for both years using the above information
Question
To be completed
Industry Average
Part 1
Current Ratio
2:1
Part 2
Liquid Ratio
1:1
Part 3
Average Collection Period
40 days
Part 4
Inventory Holding Days
60 days
Part 5
Return on Equity
25%
Question 4B – Comment on the Liquidity and Efficiency as revealed by these results
Asset A
Initial Purchase
-$250,000
Asset B
Initial Purchase
-$375,000
Year
Cash flow
Accumulative Cash Flow
Year
Cash Flow
Accumulative Cash Flow
1
$50,000
$50,000
1
$200,000
$200,000
2
$100,000
$150,000
2
$200,000
$400,000
3
$100,000
$250,000
3
$300,000
$700,000
- Case Study
- Explain with reference to the 2 forecasting techniques indicated below the difference in each technique and the theory behind their application. The 2 forecasting techniques are 1. Pay Back Period – Which asset which the organisation choose using this technique 2. Net Cashflow Technique – Which asset which the organisation choose using this 3 years
- Technique, from the prospective of the Asset that gives the highest Net Cash Flow after
Overview
This Assessment is Task 3 of 3 Assessments for this course. Each of the 3 assessments must be completed to be deemed competent in this course.
Assessment Task/Title: Assignment 3 – In class Supervised Assessment
This Assessment is an in class Supervised Assessment, to be completed in the scheduled class week 15.
Task 3 – Supervised Assessment
- Name two sources of debt finance available to UDSC? Briefly describe each source and why they would be advantageous to UDSC.
- What Businesses Risk do you think UDSC would face? Explain, outline and include how you would mitigate these risks.
- What are UDSC’s key obligations under The Corporations Act 2001 & The Australian Consumer Legislation?
- Under the Tax Legislation outline what deductions UDSC could legally claim to reduce their taxable income and give an analysis as to why?.
- List 2 key areas that can cause significant taxation issues for UDSC and give explanation?
- Please complete the following ratios for UDSC and analyse each ratio giving an explanation as to what each ratio has revealed ? Gross Profit Ratio, Net Profit Ratio, Liquidity Ratio & Current Ratio
- Outline one strategy by looking at UDSC’s profit and loss statement, as to how you could increase its profit margin?
- What are UDCS’s rights and responsibilities in relation to Government Financial policy ?
- Give an overview of UDSC’S Balance Sheet and Profit and Loss Reports and outline its performance in relation to these Financial Statements?
Upside Down Ski Club. ABN 79
352 124 898
Financial Statements
For the year ended 30 September 2016
Lorikeet Accounting Services
PO Box 212
Warrandytc 3113
Phone: 03 9844 3651 Fax: 03 9844 2648
Email: info@lorikeetaccountants.com.au
Contents
Income and Expenditure Statement Detailed Balance Sheet Depreciation Schedule
Pool Depreciation Report
Statement by Members of the Committee Compilation Report
Upside Down Ski Club. ABN 79
352 124 898
Income and Expenditure Statement For the year ended 30 September 2016
|
2016 $ |
|
2015 $ |
|
Income |
|
|
|
|
Interest received - ING Bus. Optimiser |
1,586.74 |
|
4,034.88 |
|
Interest received - CBA Online Saver |
|
|
1,379.77 |
|
Interest received - Term Deposit |
4,297.44 |
|
2,139.23 |
|
Lodge fees - Trekset |
10,181.82 |
|
22,909.08 |
|
Lodge fees (net) |
81,720.17 |
|
73,584.74 |
|
Membership fees |
44,800.00 |
|
44,400.00 |
|
Cash in lieu work party |
3,000.00 |
|
4,000.00 |
|
Membership transfer fees |
|
|
1,000.00 |
|
Total income |
145,586.17 |
|
153,447.70 |
|
Expenses |
|
|
|
|
Accountancy |
880.00 |
|
660.00 |
|
Adve1tising and promotion |
207.27 |
|
|
|
Administration |
|
|
259.74 |
|
Affiliation & Licenses Fees |
802.32 |
|
916.30 |
|
Bathroom Hygiene Service |
1,612.54 |
|
1,600.00 |
|
Cleaning/rubbish removal |
2,380.00 |
|
2,420.00 |
|
Club Dinners |
457.40 |
|
472.70 |
|
Committee meals |
2,711.09 |
|
2,041.30 |
|
Depreciation - plant |
26,811.70 |
|
37,436.70 |
|
Depreciation- buildings |
10,930.00 |
|
9,205.00 |
|
Electricity |
4,849.50 |
|
5,810.63 |
|
Fire service levy |
884.55 |
|
1,073.60 |
|
Fire Protection Inspection |
1,253.18 |
|
1,516.00 |
|
Firewood |
477.27 |
|
|
|
Gas |
11,006.67 |
|
13,238.24 |
|
Honoraria |
6,400.00 |
|
6,000.00 |
|
Ins1u·ance |
9,080.92 |
|
9,044.77 |
|
Laund1y expenses |
834.00 |
|
1,195.50 |
|
Work party labour |
22,500.00 |
|
22,000.00 |
|
Legal fees |
|
|
680.18 |
|
MV Fuel - Reimbursed |
1,079.68 |
|
119.37 |
|
These financial statements are unaudited. They must be read in conjunction with the attached Accountant's Compilation Report and Notes which form part of these financial statements.
Income and Expenditure Statement For the year ended 30 September 2016
|
2016 $ |
|
2015 $ |
|
Painting |
|
|
26,933.50 |
|
Postage and stationery |
338.47 |
|
368.90 |
|
Provisions |
1,820.54 |
|
4,050.18 |
|
Rates & land taxes |
26,940.23 |
|
25,967.76 |
|
Rental |
15,176.32 |
|
14,961.20 |
|
Repairs & maintenance |
4,360.51 |
|
4,288.20 |
|
Replacements of depreciable contents |
2,465.45 |
|
|
|
Telephone |
989.21 |
|
937.08 |
|
Website |
1,411.86 |
|
545.46 |
|
Total expenses |
158,660.68 |
|
193,742.31 |
|
Profit (loss) from ordinary activities before income tax |
(13,074.51) |
|
(40,294.61) |
|
Income tax revenue relating to ordinary activities |
|
|
|
|
Net profit (loss) attributable to the association |
(13,074.51) |
|
(40,294.61) |
|
Total changes in equity of the association |
(13,074.51) |
|
(40,294.61) |
|
Opening retained profits |
(305,994.13) |
|
(265,699.22) |
Net profit (loss) attributable to the association |
(13,074.51) |
|
(40,294.61) |
Closing retained profits |
(319,068.64) |
|
(305,993.83) |
Upside Down Ski Club. ABN 79
352 124 898
1.1.1
Detailed Balance Sheet as at 30 September 2016
|
Note |
2016 $ |
|
2015 $ |
|
Current Assets |
|
|
|
|
|
Cash Assets |
|
|
|
|
|
Cash At Bank |
|
7,271.12 |
|
1,995.96 |
|
ING Business Optimiser |
|
17,643.62 |
|
199,034.88 |
|
ING Term Deposit |
|
170,000.84 |
|
|
|
|
|
194,915.58 |
|
201,030.84 |
|
Receivables |
|
|
|
|
|
Membership fees receivable |
|
1,760.00 |
|
880.00 |
|
Lodge fees receivable |
|
490.00 |
|
|
|
Work paiiy labour owing |
|
3,000.00 |
|
2,500.00 |
|
Interest receivable |
|
2,274.60 |
|
|
|
Heat project deposit receivable |
|
|
|
500.00 |
|
|
|
7,524.60 |
|
3,880.00 |
|
Current Tax Assets |
|
|
|
|
|
GST payable control account |
|
(42,636.51) |
|
(28,666.50) |
|
Input tax credit control accotmt |
|
34,641.56 |
|
23,446.77 |
|
GST clearing |
|
10,059.00 |
|
4,793.00 |
|
|
|
2,064.05 |
|
(426.73) |
|
Other |
|
|
|
|
|
Prepaid expenses - Insurance |
|
6,037.90 |
|
6,061.97 |
|
Prepaid expenses - Rent |
|
1,264.61 |
|
1,265.58 |
|
Prepaid expenses - Rates |
|
2,251.16 |
|
2,177.43 |
|
|
|
9,553.67 |
|
9,504.98 |
|
|
|
|
|
|
|
Total Current Assets |
|
214,057.90 |
|
213,989.09 |
|
These financial statements are unaudited. They must be read in conjunction with the attached Accountant's
Compilation Report and Notes which form part of these financial statements.
Detailed Balance Sheet as at 30 September 2016
|
Note |
2016 $ |
|
2015 $ |
|
Non-Current Assets |
|
|
|
|
|
Property, Plant and Equipment |
|
|
|
|
|
Ski lodge Buildings - at cost |
|
291,001.00 |
|
291,001.00 |
|
Less: Accumulated depreciation |
|
(177,301.00) |
|
(170,026.00) |
|
Basement project |
|
84,056.59 |
|
27,997.27 |
|
Less: Accumulated depreciation |
|
(2,677.00) |
|
(576.00) |
|
Improvements - since revaluation |
|
62,856.84 |
|
60,991.96 |
|
Less: Accumulated depreciation |
|
(4,865.00) |
|
(3,311.00) |
|
Plant & equipment - at cost >$1000 |
|
55,157.65 |
|
55,157.65 |
|
Less: Accmnulated depreciation |
|
(21,540.00) |
|
(12,595.00) |
|
Plant & Equipment Low Value Pool < $1000 |
|
157,095.72 |
|
156,744.81 |
|
Less: Accumulated depreciation |
|
(127,142.81) |
|
(109,275.81) |
|
|
|
316,641.99 |
|
296,108.88 |
|
|
|
|
|
|
|
Total Non-Current Assets |
|
316,641.99 |
|
296,108.88 |
|
|
|
|
|
|
|
Total Assets |
|
530,699.89 |
|
510,097.97 |
|
Current Liabilities |
|
|
|
|
|
Payables |
|
|
|
|
|
Unsecured: Committee dinners payable |
|
360.00 |
|
159.00 |
|
Gas payable |
|
911.81 |
|
2,440.44 |
|
Honoraria payable R & M Payable |
|
6,400.00 |
|
1,142.34 |
|
Provisions payable |
|
82.04 |
|
|
|
Telephone payable |
|
89.89 |
|
85.90 |
|
Work party labour credits |
|
1,000.00 |
|
1,000.00 |
|
Website payable |
|
118.55 |
|
|
|
Member locker room payable |
|
6,542.12 |
|
|
|
|
|
15,504.41 |
|
4,827.68 |
|
|
|
|
|
|
|
Total Current Liabilities |
|
15,504.41 |
|
4,827.68 |
|
Upside Down Ski Club. ABN 79
352 124 898
1.1.2
Detailed Balance Sheet as at 30 September 2016
|
Note |
2016 $ |
|
2015 $ |
|
|
|
|
|
|
|
Total Liabilities |
|
15,504.41 |
|
4,827.68 |
|
|
|
|
|
|
|
Net Assets |
|
515,195.48 |
|
505,270.29 |
|
Members' Funds
Issued Capital |
|
||
Capital contributed |
105,912.00 |
|
105,912.00 |
Reserves |
|
|
|
Assets revaluation reserve |
205,324.12 |
|
205,324.12 |
Work party labor |
523,028.00 |
|
500,028.00 |
Accumulated surplus (deficit) |
(319,068.64) |
|
(305,993.83) |
Total Members' Funds |
515,195.48 |
|
505,270.29 |
These financial statements are unaudited. They must be read in conjunction with the attached Accountant's
Compilation Report and Notes which form part of these financial statements.
|
Total |
Priv |
OWDV |
DISPOSAL Date Consid |
ADDITION Date Cost |
DEPRECIATION Value T Rate Depree |
Priv |
|
CWDV |
PROFIT Upto + Above |
|
LOSS Total - |
Priv |
|
Ski lodge building (BMT valuation) Ski lodge building (BMT 291,001.00 |
291,001 |
0.00 |
120,975 |
0 |
|
0 |
120,975 P 2.50 7,275 |
0 |
|
113,700 |
0 |
0 |
0 |
0 |
valuation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
291,001 |
|
120,975 |
0 |
|
0 |
120,975 7,275 |
0 |
|
113,700 |
|
|
|
|
Deduct Private Portion O
Net Depreciation 7,275
Plant & Equipment > $1000
DISPOSAL ADDITION DEPRECIATION PROFIT LOSS
Tota! Priv OWDV Date Consid Date Cost Value T Rate Depree Priv CWDV Upto + Above Total - Priv
Billiard Tables |
2,145.00 30/09/11 |
2,145 |
0.00 |
1,863 |
|
|
0 |
0 |
1,863 D |
5.00 |
93 |
0 |
|
1,770 |
0 |
0 |
0 |
0 |
Dish washer |
4,586.00 30/09/11 |
4,586 |
0.00 |
2,494 |
|
|
0 |
0 |
2,494 D |
20.00 |
499 |
0 |
|
1,995 |
0 |
0 |
0 |
0 |
Stoves |
10,563.00 30/09/11 |
10,563 |
0.00 |
6,412 |
|
|
0 |
0 |
6,412 D |
16.70 |
1,071 |
0 |
|
5,341 |
0 |
0 |
0 |
0 |
Hydronic Heating |
8,000.00 |
8,000 |
0.00 |
5,688 |
|
|
0 |
0 |
5,688 D |
13.30 |
756 |
0 |
|
4,932 |
0 |
0 |
0 |
0 |
Carpet project |
4,545.46 09/02/14 |
4,545 |
0.00 |
3,816 |
|
|
0 |
0 |
3,816 D |
25.00 |
954 |
0 |
|
2,862 |
0 |
0 |
0 |
0 |
Carpet project |
25,054.55 09/04/14 |
25,055 |
0.00 |
22,052 |
|
|
0 |
0 |
22,052 D |
25.00 |
5,513 |
0 |
|
16,539 |
0 |
0 |
0 |
0 |
Carpet project |
263.64 08/05/14 |
264 |
0.00 |
238 |
|
|
0 |
0 |
238 D |
25.00 |
59 |
0 |
|
179 |
0 |
0 |
0 |
0 |
|
|
55,158 |
|
42,563 |
|
|
0 |
0 |
42,563 |
|
8,945 |
0 |
|
33,618 |
|
|
|
|
Deduct Private Portion 0
Net Depreciation 8,945
Improvements - since revaluation
DISPOSAL ADDITION DEPRECIATION PROFIT LOSS
Total Priv OWDV Date Consid Date Cost Value T Rate Depree Priv CWDV Upto + Above Total Priv
Improvements - since 18,458.71 18,459 revaluation |
0.00 |
17,306 |
0 |
0 |
17,306 P |
2.50 |
461 |
0 |
16,845 |
0 |
0 |
0 |
0 |
|||
Windows 718.73 10102113 719 |
0.00 |
690 |
0 |
0 |
690 P |
2.50 |
18 |
0 |
672 |
0 |
0 |
0 |
0 |
|||
Windows 2,033.00 20/07(13 2,033 |
0.00 |
1,972 |
0 |
0 |
1,972 P |
2.50 |
51 |
0 |
1,921 |
0 |
0 |
0 |
0 |
|||
Room 13 renovation 1,864.88 10/02115 1,865 |
0.00 |
0 |
0 10/02/15 |
1,865 |
1,865 P |
2.50 |
30 |
0 |
1,835 |
0 |
0 |
0 |
0 |
|||
Roof project |
8,522.52 18/03/14 |
8,523 |
0.00 |
8,408 |
0 |
0 |
8,408 |
P |
2.50 |
213 |
0 |
8,195 |
0 |
0 |
0 |
0 |
Drainage and Rock Wall |
31,259.00 |
31,259 |
0.00 |
29,306 |
0 |
0 |
29,306 |
P |
2.50 |
781 |
0 |
28,525 |
0 |
0 |
0 |
0 |
---
62,858 57,682 0 1,865 59,547 1,554 0 57,993
Deduct Private Portion 0
Net Depreciation 1,554
|
Total |
Priv |
OWDV |
DISPOSAL Date Consid |
ADDITION Date Cost |
Value T |
DEPRECIATION Rate Depree |
Priv |
CWDV |
PROFIT Upto + Above |
LOSS Total - |
Priv |
||||
Basement project Basement project |
15,000.00 23/07/13 |
15,000 |
0.00 |
14,553 |
0 |
0 |
14,553 P |
2.50 |
375 |
0 |
14,178 |
0 |
0 |
0 |
0 |
|
Store room |
270.00 02/12/13 |
270 |
0.00 |
263 |
0 |
0 |
263 P |
2.50 |
7 |
0 |
256 |
0 |
0 |
0 |
0 |
|
Basement project |
10,027.00 29/04/14 |
10,027 |
0.00 |
9,921 |
0 |
0 |
9,921 P |
2.50 |
251 |
0 |
9,670 |
0 |
0 |
0 |
0 |
|
Basement project |
2,700.27 04/07/14 |
2,700 |
0.00 |
2,684 |
0 |
0 |
2,684 P |
2.50 |
67 |
0 |
2,617 |
0 |
0 |
0 |
0 |
|
Member lockers 2015 |
50,614.27 01/07/14 |
50,614 |
0.00 |
0 |
0 01/07/14 |
50,614 |
50,614 P |
2.50 |
1,265 |
0 |
49,349 |
0 |
0 |
0 |
0 |
|
Store room |
5,445.05 01/07/14 |
5,445 |
0.00 |
0 |
0 01/07/14 |
5,445 |
5,445 P |
2.50 |
136 |
0 |
5,309 |
0 |
0 |
0 |
0 |
|
84,056 27,421 0 56,059 83,480 2,101 0 81,379
Deduct Private Portion 0
Net Depreciation 2,101
Depreciation Pools for the year ended 30 September, 2016
1.1.3 Pool : Low Value Pool
Opening Value of the Pool:
Plus the taxable use percentage of assets allocated to the pool for the income year
Less deduction for the decline in value of depreciating assets of the pool for the income year
Less deduction for the decline in value of depreciating assets allocated to the pool for the income year
Less the taxable use percentage of the termination value of pooled assets disposed of during the income year Closing Value of the Pool
327
351
123
66
0
489
DISPOSAL ADDITION DEPRECIATION
Items less than $1000 |
Total |
Priv |
OWDV |
Date |
Consid |
Date |
Cost |
Value |
T |
Rate |
Depree |
Priv |
CWDV |
Beddings 3,570.00 |
3,570 |
0.00 |
871 |
|
0 |
|
0 |
871 |
D |
37.50 |
327 |
0 |
544 |
Cooking utensils 5,625.00 |
5,625 |
0.00 |
1,374 |
|
0 |
|
0 |
1,374 |
D |
37.50 |
515 |
0 |
859 |
Glassware 1,235.00 |
1,235 |
0.00 |
302 |
|
0 |
|
0 |
302 |
D |
37.50 |
113 |
0 |
189 |
Housekeeping assets 525.00 |
525 |
0.00 |
128 |
|
0 |
|
0 |
128 |
D |
37.50 |
48 |
0 |
80 |
linen 298.00 |
298 |
0.00 |
73 |
|
0 |
|
0 |
73 |
D |
37.50 |
27 |
0 |
46 |
Shower curtains 408.00 |
408 |
0.00 |
99 |
|
0 |
|
0 |
99 |
D |
37.50 |
37 |
0 |
62 |
Balcony light 540.00 |
540 |
0.00 |
171 |
|
0 |
|
0 |
171 |
D |
37.50 |
64 |
0 |
107 |
Kanade Micro Hifi 258.00 |
258 |
0.00 |
82 |
|
0 |
|
0 |
82 |
D |
37.50 |
31 |
0 |
51 |
Microwave 185.00 |
185 |
0.00 |
59 |
|
0 |
|
0 |
59 |
D |
37.50 |
22 |
0 |
37 |
Low Value Pool BMT 143,457.00 |
143,457 |
0.00 |
43,983 |
|
0 |
|
0 |
43,983 |
D |
37.50 |
16,494 |
0 |
27,489 |
Soft furnishing quiet 218.35 29/06/13 |
218 |
0.00 |
111 |
|
0 |
|
0 |
111 |
D |
37.50 |
42 |
0 |
69 |
room |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lamp 325.46 29/06/13 |
325 |
0.00 |
165 |
|
0 |
|
0 |
165 |
D |
37.50 |
62 |
0 |
103 |
Cot 100.00 01/01/13 |
100 |
0.00 |
51 |
|
0 |
|
0 |
51 |
D |
37.50 |
19 |
0 |
32 |
Ipod 350.91 26/06/15 |
351 |
0.00 |
0 |
|
0 |
26/06/15 |
351 |
351 |
D |
18.75 |
66 |
0 |
285 |
Upside Down Ski Club. ABN 79
352 124 898
Statement by Members of the Committee For the year ended 30 September 2016
The Committee has determined that the association is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements.
In the opinion of the Committee the Income and Expenditure Statement, Statement of Financial Position, and Notes to the Financial Statements:
- Presents fairly the financial position of Upside Down Ski Club Inc. as at 30 September 2016 and its performance for the year ended on that
- At the date of this statement, there are reasonable grounds to believe that the association will be able to pay its debts as and when they fall
This statement is made in accordance with a resolution of the Committee and is signed for and on behalf of the Committee by:
President
Treasurer
These financial statements are unaudited. They must be read in conjunction with the attached Accountant's Compilation Report and Notes which form part of these financial statements.
Upside Down Ski Club. ABN 79
352 124 898
Compilation Report to Upside Down Ski Club Inc.
We have compiled the accompanying special purpose financial statements of Upside Down Ski Club Inc., which comprise the Income and Expenditure Statement and Balance Sheet as at 30 September 2016, a summary of significant accounting policies and other explanatory notes. The specific purpose for which the special purpose financial statements have been prepared is to provide financial information to the committee of management.
The Responsibility of the Committee of Management
The committee of management is solely responsible for the information contained in the special purpose financial statements, the reliability, accuracy and completeness of the information and for the determination that the basis of accounting adopted is appropriate to meet the needs of the committee of management for the purpose of complying with the association's constitution.
Our Responsibility
On the basis of information provided by the committee of management, we have compiled the accompanying special purpose financial statements in accordance with the financial reporting framework described in Note I to the financial statements and APES 315 Compilation of Financial Information.
We have applied our expertise in accounting and financial reporting to compile these financial statements in accordance with the financial reporting framework described in Note I to the financial statements. We have complied with the relevant ethical requirements of APES 110 Code of Ethics for Professional Accountants.
Assurance Disclaimer
Since a compilation engagement is not an assurance engagement, we are not required to verify the reliability, accuracy or completeness of the information provided to us by management to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on these financial statements.
The special purpose financial statements were compiled exclusively for the benefit of the committee of management who are responsible for the reliability, accuracy and completeness of the information used to compile them. We do not accept responsibility for the contents of the special purpose financial statements.
Lorikeet Accounting Services PO Box 212
Warrandyte
5 November, 2016
Upside Down Ski Club. ABN 79
352 124 898
Notes to the Financial Statements For the year ended 30 September 2016
1.2 Note 1: Summary of Significant Accounting Policies
This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associations Incorporation Reform Act 2012. The committee has determined that the association is not a reporting entity.
The financial report has been prepared on an accruals basis and is based on historical costs and does not take into account changing money values or, except where specifically stated, current valuations of non-current assets.
The following significant accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of this financial report.
(a) Property, Plant and Equipment (PPE)
The lodge building and improvements and plant and equipment are carried at cost less, where applicable, any accumulated depreciation unless otherwise disclosed.
(b) Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of twelve months or less.
(c) Revenue and Other Income
Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and volume rebates allowed. For this purpose, deferred consideration is not discounted to present values when recognising revenue.
Interest revenue is recognised on an accrual basis.
(d) Goods and Services Tax (GST)
The Association was required to register for GST as from 1/10/2012 as it was more likely than not that GST turnover would exceed the threshold for compulsory registration of $150,000. GST is reported to the ATO quarterly on a cash basis.
(e) Accounts Receivable
Accmmts Receivable represents income brought to account in the Income and Expenditure Statement that remains unpaid at the end of the financial year. The amounts unpaid represent obligations owing by members for unpaid membership fees, work party levies and lodge fees.
(f) Accounts Payable
Accounts Payable represents the liability outstanding at the end of the reporting period for goods and services received by the association during the reporting period, that remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.
1.2.1.1 Note 2: Valuation of the Ski Lodge Building and Plant & Equipment
In January 2012 the Committee engaged the services of Quantity Surveyors, BMT Tax Depreciation Pty Ltd for the purpose of undertaking a review of the value which the ski lodge building was carried forward in the club's fmaucial statements. In addition, an audit and valuation of all of the ski lodge contents of plant and equipment was also undertaken in order to provide an up to date record and cost base for updating the asset values carried forward in the financial statements. This information is reflected in the attached depreciation schedules denominated as follows:
Ski Lodge Building (BMT valuation)
Plaut & Equipment > $1000 Pool: Low Value Pool
The methodology employed by BMT according to their report was as follows:
"Actual cost information for the building structure and fit-out was not available for all items. The building structure together with Plant & Equipment items for which actual costs were not available, have been estimated using BMT Tax Depreciation cost advice as at March 27th 2012. These figures were then adjusted to date of construction via the application of Building Price Indices."
The value of the building was established at 9/12/1989 to be $269,677 aud additions valued at $21,324 taken up on 1/7/1994 to give a total value of $291,001. These values have been depreciated at the rate of 2.5% per annum on a straight line basis as from 9/12/1989 and resulted in au upward revaluation adjustment of $108,835.50 which was credited to Building Revaluation Reserve in Members Funds in 2012.
1.2.1.2 Note 3: Lodge Improvements
Further improvements to the lodge building since January 2012 including the drainage project along the rear of the lodge building costing $31,259, the dining room windows project costing $21,211 and the basement project costing $78, 109 have been capitalised and included in the cost of the ski lodge as separate items. The rear section of the roof was replaced at a cost of $8,523 and room 13 has been renovated at a cost of $1,865. All of the above improvements to the building are subject to depreciation at the rate of 2.5% per annum.
Upside Down Ski Club Inc.
Notes to the Financial Statements For the year ended 30 September 2016
1.2.1.3 Note 4: Depreciation of Plant & Equipment
Also contained in the report is a complete listing of all items of Plant & Equipment which has been split into three categories for depreciation purposes:
- Items valued in excess of $1,000 are separately identified and have a total cost of $55,158. Each of these items is depreciated on the basis of their effective life using the diminishing value method and for this purpose the Commissioner of Taxation's estimate of their effective life has been used.
- Items having a value of less than $1000 but greater than $300 or forming a group such as bedding or furnishings, each item of which has a value of less than $1000, have been assigned to a Low Value Pool and depreciated using the diminishing value basis at 37.5% per annum. The cost of items comprising this Low Value Pool has been established at $157,096.
- Items costing less than $300 are depreciated at the rate of 100% in the year of
As a result of the BMT survey identifying and valuing all items of the club's Plant & Equipment in January 2012, an upward revaluation amounting to $130,536.87 has been credited to a Plant & Equipment Valuation Reserve in Members Funds.
1.2.1.4 Note 5: Valuation of Property Plant & Equipment
- Book Value of the Lodge Building
As at 30/9/2016 the value of the lodge building in the books (at depreciated adjusted historical cost) is $253,071.43 and $206,076 (2015).
The original building structure was constructed in 1973 using member labour and expertise.
In 1978 the basement was excavated to create a drying room, games room, day ski store, member's store and supplies storage with club labour.
In 1980 the new plant room was constructed with club labour.
In 1985 the eastern extension of the building comprising the downstairs lounge room and frreplace and four additional bedrooms was completed by an external contractor.
In 1992 the lower dining room, cool room, small quiet room lounge, conversion of old plant room to bedroom 13 and the present day balcony were constructed primarily with club labour and expertise.
In2012 the drainage system along the rear of the lodge was constructed and completed by Murray Smith with some assistance from club labour and excavation of the basement storeroom commenced by Murray Smith with assistance from club labour.
The whole of the exterior of the lodge was painted by an external contractor at a cost of
$20,630 which was fully expensed being in the nature ofrepairs & maintenance.
In 2013 further work in progress on the basement storeroom by Murray Smith with assistance from club labour. (completion delayed due to restricted access to Mt Hotham during and following the bushfire and subsequent closure of the Harrietville -Mt Hotham access.)
In 2015 underpinning work was completed in the basement storeroom at a cost of $12,727 and the rear roof was replaced at a cost of $8,523. The lodge interior was painted at a cost of $26,933 and fully expensed.
In 2016 the new member's locker room, member's lockers and the provisions store were completed at a cost of $50,112.
b) Book Value of plant & Equipment
As at 30/9/2016 the value oflodge contents in the books (at depreciated adjusted historical cost) is $63,570.56 and $83,241 (2015). All items costing less than $100 including bed linen are expensed in full inthe year of purchase.
c) Insured Value
Lodge Building $1,430,000 Lodge Contents $200,000
d) Valuer General's Valuation at: 1/1/2016 |
1/1/2015 |
Site Value $425,000 |
$355,000 |
Lodge Building $440,000 |
$390,000 |
Capital Improved $865,000 |
$745,000 |
1.2.1.5 Note 6: Work Party Labour
Work party labour provided by members or member's proxies is treated in the accounts as having a value of $500 per annual member obligation being the equivalent of the cash in lieu charge net of GST. Being a non-monetary contribution of value no GST is applicable. As the vast majority of club work party labour is employed in carrying out regular maintenance and cleaning tasks the value of this labour is taken lip in the Income & Expenditure Statement as an expense and credited to Members Funds as a non-monetary capital contribution. Ifmembers did not volunteer their labour each year to undertake these routine maintenance and cleaning tasks the club would be obliged to contract labour externally with the consequent charge against cash and reduction in members funds.
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