Semester Two 2018 ACCT10001

Accounting Reports and Analysis

Group Assignment (Part B): Business Memorandum based on Financial Statement AnalysisThis part of the assignment constitutes 7% of you
ACCT 10001: Accounting Reports & Analysis Assignment Two – Financial Statement Analysis
Disclaimer
The information provided in this assignment, including the financial statements, is based on an actual Golf Club. The circumsta
of the case study and the names of the parties involved are, however, entirely fictitious. The club on which this information is
based, has no plans to make itself available for sale to any private investors. Any similarity to actual investment opportunities p
or present, or any people living or deceased, is purely coincidental.
The context
The Yarrange Golf Club is available for sale to a private investor for $2.5 million. Orson Buggy, a passionate golfer, has
engaged ARA Consulting Services seeking our advice about what he describes as “an exciting business opportunity”. Dependin
our recommendation, Orson would acquire the golf course using funds readily available in his private company, Albatross
Investments Pty Ltd.
Financial details pertaining to Yarrange Golf Club Incorporated (YGC) have been provided by the management of the clu
You and your fellow group members are employees of ARA Consulting Services. Your manager, Rufus Guttes, has assigned you
team to review and analyse the financial statements of YGC and prepare a maximum 1200‐word internal memo containing you
recommendation as to whether the client should pursue this opportunity.
Required
Prepare a 1200‐word business memo to your manager, Rufus Guttes, advising him as to whether to recommend the $2.5 millio
acquisition of Yarrange Golf Club Incorporated to the client, Orson Buggy.
This part of the assignment is independent of any financial statement information or ratio calculation relating to Part A of this
assignment. Your analysis should be based on the financial statements and ratios provided hereafter.
Your report should be in the form of an internal business memo, style guidelines for which will be made available from the LMS
through Academic Skills support resources.
Your report should include your key findings that support your recommendation, followed by your final recommendation. You
analysis will consider a range of issues, but not all of these will necessarily be included in your final report.
Your report should not simply quote ratios in narrative form. Rather, the purpose of the report is to investigate the reasons
BEHIND the ratios and financial statements to highlight the underlying
strengths and weaknesses of the company.
A glossary is not required; you can assume that Rufus has technical accounting skills and strong
knowledge of ratio analysis.
Word limit
The word limit for the body of the memo is 1200 words. This is a strict limit that must be adhered to. Any information present
beyond this limit risks not being graded. Any tables, diagrams, headings or charts you wish to include in the body of your repo
excluded from the word count.
It should be noted that it is not possible to comment on every aspect, strength and weakness of the investment opportunity w
this word limit. You are to identify the major points and keep your explanations as succinct as possible. Presenting your analy
point form is acceptable.
Format
The following requirements should be adhered to in your report:
 Minimum 1.5 line spacing
 Times New Roman font, size 12 for the text of the report (headings may be differentiated)
 Appropriate heading structure, numbering and format
 A minimum of 2.5‐centimetre margins all around
 Above all, this is supposed to reflect a business memo, therefore your format, use of headings, spacing and white space ar
reflect this style of report.
In addition to format requirements described above, the first page of the report should be the Faculty of Business and Econom
(FBE) Group Cover Sheet available for downloaded from the LMS.
It is also important to note that this is a single report, not a series of disjointed sections that amalgamates individuals
work. Marks may be deducted for noticeable differences in language, style,
format and inconsistencies in argument that occur within your report.
Background Information
The Yarrange Golf Club (YGC) was formed in the 1920s and is situated a few kilometres north of the township of Yarra Glen, in t
heart of the picturesque Yarra Valley. It is a scenic, 18‐hole course covering hilly and gently rolling terrain. Its wide 'Santa Ana
couch grass fairways flanked by natural bushland are complimented by superbly maintained greens featuring subtle contouring
giving it a ranking in Australia’s top 100 public access golf courses.
In addition to the course itself, YGC has a clubhouse which includes a members’ lounge and a pro shop. There is a separate
manager’s residence which provides scope for overnight or weekend accommodation for visitors and buildings to
accommodate course maintenance equipment and golf carts available for hire.
Some years ago, the club also purchased a 25‐acre property adjacent to the golf course for the purpose of constructing a dam,
ensuring it would not suffer water shortages during dry seasons. This dam has a surface area of approximately 10 acres.
Yarrange Golf Club is registered with Corporate Affairs Victoria (CAV) as an incorporated association.
In response to the significant incr4ease in the average age of its membership in recent times, the club has decided to make itse
available for sale to a private investor. Under the terms of the sale:
 the proceeds will be distributed amongst the current members (in accordance with special circumstances detailed in the
Associations Incorporation Reform Act 2012)
 the buyer will be required to honour existing memberships until the next renewal date
 Yarrange Golf Club Incorporated would become Yarrange Golf Club Pty Ltd with 100% of the shares held by Albatross
Investment Pty Ltd
General Financial Characteristics and Accounting Policies
The following information relates to financial characteristics and accounting policies of YGC and should be considered in conjun
with the financial statements that follow:
 Annual reporting date is June 30.
 All amounts reported in the financial statement are as stated.
 The following financial statements have been prepared applying generally accepted accounting principles using
accrual accounting and, according to the club’s constitution, have been audited and lodged with CAV.
 Course revenue comprises competition fees, green fees paid by casual players and lessons provided by the club profession
 Membership fees cover the 12 months from July 1 to June 30 each year. Members are sent renewal notices towards the
of May each year and unearned revenue reflects those memberships received prior to June 30.
  Proshop revenue is derived from selling golf equipment and clothing and equipment repair service fees.
 Food & beverage revenue arises from sales in the Members’ Dining Room.
 Cart shed revenue arises from hiring buggies to players.
 Accommodation revenue is derived from weekend and overnight stays by members and visiting players.
 Sponsorship revenue comes from local businesses who sponsor events in return for advertising within
clubhouse and around the course.
 Land is carried at fair value obtained by a professional external valuer (who is a member of the club).
 All other non‐current assets are carried at cost less accumulated depreciation
 Course assets include equipment and machinery.
 Assets under development refer to an irrigation system that was in the process of being installed at the 20
reporting date but has since been completed and is now included in Course assets. This was funded by a State
Government Grant reported under Non‐operating income.
 Taxation liabilities relate to GST incurred by the club.
 Provisions are employee‐related.
 The Asset revaluation reserve relates to fair value increases recognised in Land.

Financial Statements
YARRANGE GOLF CLUB INCORPORATED
Balance sheet as at 30 June
ASSETS
Current assets
Cash
Receivables
Inventory
Other current assets
Total current assets
Non‐current assets
Course assets
Clubhouse assets
Cart shed assets
Residence
Assets under development
Land at valuation
Total non‐current assets
TOTAL ASSETS
LIABILITIES
Current liabilities
Payables
Unearned income
Accrued expenses
Taxation liabilities
Provisions
Total current liabilities
Non‐current liabilities
Bank loans
Debentures
Total non‐current liabilities
Total liabilities
NET ASSETS

EQUITY

Asset revaluation reserve

Retained earnings
TOTAL EQUITY
 Semester Two 2018 ACCT10001
Accounting Reports and Analysis

ased on Financial Statement AnalysisThis part of the assignment constitutes 7% of your final grade in this subject. It is a requirement that this assignmen
s Assignment Two – Financial Statement Analysis

uding the financial statements, is based on an actual Golf Club. The circumstances
volved are, however, entirely fictitious. The club on which this information is
ale to any private investors. Any similarity to actual investment opportunities past
urely coincidental.

o a private investor for $2.5 million. Orson Buggy, a passionate golfer, has
vice about what he describes as “an exciting business opportunity”. Depending on
olf course using funds readily available in his private company, Albatross

lub Incorporated (YGC) have been provided by the management of the club.
ees of ARA Consulting Services. Your manager, Rufus Guttes, has assigned your
ents of YGC and prepare a maximum 1200‐word internal memo containing your
d pursue this opportunity.

nager, Rufus Guttes, advising him as to whether to recommend the $2.5 million
the client, Orson Buggy.
y financial statement information or ratio calculation relating to Part A of this
e financial statements and ratios provided hereafter.
business memo, style guidelines for which will be made available from the LMS and

support your recommendation, followed by your final recommendation. Your

ll of these will necessarily be included in your final report.
rative form. Rather, the purpose of the report is to investigate the reasons
o highlight the underlying
 hat Rufus has technical accounting skills and strong

words. This is a strict limit that must be adhered to. Any information presented
les, diagrams, headings or charts you wish to include in the body of your report are

ment on every aspect, strength and weakness of the investment opportunity within
ints and keep your explanations as succinct as possible. Presenting your analysis in

o in your report:

of the report (headings may be differentiated)

nd format
ound
ess memo, therefore your format, use of headings, spacing and white space are to

ove, the first page of the report should be the Faculty of Business and Economics
ed from the LMS.
gle report, not a series of disjointed sections that amalgamates individuals’
fferences in language, style,
ur within your report.
1920s and is situated a few kilometres north of the township of Yarra Glen, in the
nic, 18‐hole course covering hilly and gently rolling terrain. Its wide 'Santa Ana'
are complimented by superbly maintained greens featuring subtle contouring,
cess golf courses.
use which includes a members’ lounge and a pro shop. There is a separate
for overnight or weekend accommodation for visitors and buildings to
nd golf carts available for hire.
re property adjacent to the golf course for the purpose of constructing a dam,
ng dry seasons. This dam has a surface area of approximately 10 acres.
ffairs Victoria (CAV) as an incorporated association.
erage age of its membership in recent times, the club has decided to make itself
terms of the sale:
e current members (in accordance with special circumstances detailed in the

memberships until the next renewal date

me Yarrange Golf Club Pty Ltd with 100% of the shares held by Albatross

counting Policies
racteristics and accounting policies of YGC and should be considered in conjunction

ent are as stated.

been prepared applying generally accepted accounting principles using
onstitution, have been audited and lodged with CAV.
green fees paid by casual players and lessons provided by the club professional.
July 1 to June 30 each year. Members are sent renewal notices towards the end
ects those memberships received prior to June 30.
 lling golf equipment and clothing and equipment repair service fees.
m sales in the Members’ Dining Room.
g buggies to players.
ed from weekend and overnight stays by members and visiting players.
m local businesses who sponsor events in return for advertising within the

d by a professional external valuer (who is a member of the club).

ried at cost less accumulated depreciation
nd machinery.
o an irrigation system that was in the process of being installed at the 2017
pleted and is now included in Course assets. This was funded by a State
‐operating income.
urred by the club.

es to fair value increases recognised in Land.

2018 2017 2016

47,488.74 56,829.87 38,729.04

6,806.49 6,944.37 0.00
95,298.90 96,670.55 88,242.87
5,441.05 5,168.69 3,066.00
155,035.18 165,613.48 130,037.91

620,158.35 286,840.29 234,686.70

514,877.11 525,702.87 535,668.42
49,129.47 48,347.30 49,749.49
 57,032.38 58,708.17 57,589.35
0.00 58,953.02 0.00
1,000,000.00 1,000,000.00 1,000,000.00
2,241,197.31 1,978,551.65 1,877,693.96
2,396,232.49 2,144,165.13 2,007,731.87

97,458.46 36,344.83 21,721.66

116,934.29 148,374.31 110,975.17
0.00 0.00 11,416.06
13,031.85 (59.90) 16,523.30
59,899.50 54,098.30 53,535.17
287,324.10 238,757.54 214,171.36

303,418.11 224,100.30 214,405.67

0.00 61,300.00 64,300.00
303,418.11 285,400.30 278,705.67
590,742.21 524,157.84 492,877.03
1,805,490.28 1,620,007.29 1,514,854.84

720,000.00 720,000.00 720,000.00

1,085,490.28 900,007.29 794,854.84
1,805,490.28 1,620,007.29 1,514,854.84
 YARRANGE GOLF CLUB INCORPORATED
Statement of profit or loss for the year ended 30 June

2018
Income

Course revenue 310,342.87 314,628.92 302,030.16

Club membership fees 221,427.04 205,057.53 186,791.66
Proshop sales 206,084.35 202,865.40 153,449.32
Food & beverage sales 196,816.27 209,433.83 210,441.12
Cart shed revenue 22,618.74 24,346.97 27,734.16
Accommodation revenue 14,147.61 13,960.09 11,232.50
Sponsorship income 18,984.92 14,674.24 20,969.77
Total income 990,421.80 984,966.98 912,648.69
Cost of sales
Course (108,863.85) (93,937.07) (122,931.22)
Proshop (140,797.37) (133,349.42) (115,569.59)
Food and beverage (100,299.32) (104,362.71) (99,564.76)
Cart shed (2,892.86) (283.64) (463.64)
Accommodation (7,811.00) (2,612.08) (1,084.32)
Total cost of sales (360,664.40) (334,544.92) (339,613.53)
Gross profit 629,757.40 650,422.06 573,035.16
Operating expenses
Staff costs (394,042.74) (406,764.72) (380,341.21)
Repairs & maintenance (10,969.00) (4,724.36) (13,000.77)
Marketing & promotion (13,748.23) (13,194.61) (5,701.05)
Office costs (15,703.02) (13,538.20) (14,660.61)
Information communication & technology (9,109.14) (5,159.99) (6,982.90)
Power costs (11,535.50) (15,906.81) (19,726.64)
Property costs (10,184.27) (10,584.83) (8,750.76)
Risk & insurance (22,138.91) (20,528.60) (24,865.50)
Accounting & legal (6,832.60) (8,313.85) (12,905.39)
Banking costs (5,656.52) (4,687.84) (5,652.67)
Total operating expenses (499,919.93) (503,403.81) (492,587.50)
Operating profit 129,837.47 147,018.25 80,447.66
Non‐operating Income
Grant income 134,640.46 20,201.36 24,560.47

Total non‐operating Income 134,640.46 20,201.36 24,560.47

Non‐operating expenses
Depreciation (64,277.55) (49,441.04) (46,756.36)
Interest (14,717.39) (12,626.12) (14,572.24)
Total non‐operating expenses (78,994.94) (62,067.16) (61,328.60)
Net profit 185,482.99 105,152.45 43,679.53
 2017 2016

47,488.74 56,829.87 38,729.04

6,806.49 6,944.37 0.00

95,298.90 96,670.55 88,242.87

5,441.05 5,168.69 3,066.00

620,158.35 286,840.29 234,686.70

514,877.11 525,702.87
535,668.42
49,129.47 48,347.30 49,749.49
57,032.38 58,708.17 57,589.35
0.00 58,953.02 0.00
1,000,000.00 1,000,000.00 1,000,0
00.00

97,458.46 36,344.83 21,721.66

116,934.29 148,374.31 110,975.17

0.00 0.00 11,416.06
13,031.85 (59.90) 16,523.30
59,899.50 54,098.30 53,535.17
303,418.11 224,100.30 214,405.67
0.00 61,300.00 64,300.00

720,000.00 720,000.00 720,000.00

1,085,490.28 900,007.29 794,854.84
 YARRANGE GOLF CLUB INCORPORATED
Statement of cash flows for the year ended 30 June
2018 2017 2016

Operating activities
Receipts from customers
Grant income
Payments to suppliers & employees
Net cash flow from operating activities
Investing activities
Payments for property, plant & equipment

Net cash flow from investing activities

Financing activities
Proceeds from borrowings
Repayment of borrowings
Interest paid
Net cash flow from financing activities
Net change in cash
Cash at start
Cash at end
0 June

959,119.66 1,015,421.75 956,246.76

134,640.46 20,201.36 24,560.47
(779,478.46) (861,292.06) (862,460.42)
314,281.66 174,331.05 118,346.81

(326,923.21) (150,298.73) (52,408.89)

(326,923.21) (150,298.73) (52,408.89)

79,317.81 9,694.63 22,292.80

(61,300.00) (3,000.00) (46,300.00)
(14,717.39) (12,626.12) (14,572.24)
3,300.42 (5,931.49) (38,579.44)
(9,341.13) 18,100.83 27,358.48
56,829.87 38,729.04 11,370.56
47,488.74 56,829.87 38,729.04
47,488.74 56,829.87 38,729.04
6,806.49 6,944.37 0.00
95,298.90 96,670.55 88,242.87
5,441.05 5,168.69 3,066.00

620,158.35 286,840.29 234,686.70

514,877.11 525,702.87 535,668.42
49,129.47 48,347.30 49,749.49
57,032.38 58,708.17 57,589.35
0.00 58,953.02 0.00
1,000,000.00 1,000,000.00 1,000,000.00

97,458.46 36,344.83 21,721.66

116,934.29 148,374.31 110,975.17
0.00 0.00 11,416.06
13,031.85 (59.90) 16,523.30
59,899.50 54,098.30 53,535.17

303,418.11 224,100.30 214,405.67

0.00 61,300.00 64,300.00
720,000.00 720,000.00 720,000.00
1,085,490.28 900,007.29 794,854.84
Financial Statement Ratios
2018 2017
Profitability
Return on equity 10.8% 6.7%
Return on assets 8.8% 5.7%
Gross profit margin 63.6% 66.0%
EBIT profit margin 20.2% 12.0%
Cash generated from operations to Sales 18.1% 15.6%
Efficiency
Asset turnover (times p.a.) 0.44 0.47

Days inventory 97.1 100.9

Days receivables ‐ food & beverage 12.8 6.1
Days payables 68.0 30.9
Liquidity
Current ratio 0.54 : 1 0.69 : 1

Quick ratio 0.19 : 1 0.27 : 1

Capital Structure
Debt ratio 24.7% 24.4%

Interest coverage (times p.a.) 13.60 47,488.749.33

56,829.87
Market ratios (Not applicable) 38,729.04
6,806.49 6,944.37 0.00
95,298.90 96,670.55 88,242.87
5,441.05 5,168.69 3,066.00

620,158.35 286,840.29 234,686.70

514,877.11 525,702.87 535,668.42
49,129.47 48,347.30 49,749.49
57,032.38 58,708.17 57,589.35
0.00 58,953.02 0.00
1,000,000.00 1,000,000.00 1,000,000.00

97,458.46 36,344.83 21,721.66

116,934.29 148,374.31 110,975.17
0.00 0.00 11,416.06
13,031.85 (59.90) 16,523.30
59,899.50 54,098.30 53,535.1

303,418.11 224,100.30 214,405.67

0.00 61,300.00 64,300.0
720,000.00 720,000.00 720,000.00
1,085,490.28 900,007.29 794,854.8
 2016

2.9%
2.9%
62.8%
6.4%
10.3%

0.46

88.9
4.1
35.1

0.61 : 1

0.18 : 1

24.5%

4.00

9 6,944.37 0.00
90 96,670.55 88,242.87
441.05 5,168.69 3,066.00

.35 286,840.29 234,686.70

.11 525,702.87 535,668.42
47 48,347.30 49,749.49
38 58,708.17 57,589.35
58,953.02 0.00
000.00 1,000,000.00 1,000,000.00

46 36,344.83 21,721.66
.29 148,374.31 110,975.17
0.00 11,416.06
85 (59.90) 16,523.30
899.50 54,098.30 53,535.17

.11 224,100.30 214,405.67

0.00 61,300.00 64,300.00
.00 720,000.00 720,000.00
490.28 900,007.29 794,854.84
 Trend Analysis
YARRANGE GOLF CLUB INCORPORATED
Balance sheet as at 30 June
ASSETS
Current assets
Cash
Receivables
Inventory
Other current assets
Total current assets
Non‐current assets
Course assets
Clubhouse assets
Cart shed assets
Residence
Assets under development
Land at valuation
Total non‐current assets
TOTAL ASSETS
LIABILITIES
Current liabilities
Payables
Unearned income
Accrued expenses
Taxation liabilities
Provisions
Total current liabilities
Non‐current liabilities
Bank loans
Debentures
Total non‐current liabilities
Total liabilities
NET ASSETS

EQUITY

Asset revaluation reserve

Retained earnings
TOTAL EQUITY
 2018 2017 2016

122.62 146.74 100.00

N/A N/A N/A
108.00 109.55 100.00
177.46 168.58 100.00
119.22 127.36 100.00

264.25 122.22 100.00

96.12 98.14 100.00
98.75 97.18 100.00
99.03 101.94 100.00
N/A N/A N/A
100.00 100.00 100.00 47,488.74 56,829.87 38,729.04
119.36 105.37 100.00 6,806.49 6,944.37 0.00
119.35 106.80 100.00
95,298.90 96,670.55 88,242.87
5,441.05 5,168.69 3,066.00

448.67 167.32 100.00

105.37 133.70 100.00 620,158.35 286,840.29 234,686.70
0.00 0.00 100.00 514,877.11 525,702.87 535,668.42
78.87 (0.36) 100.00 49,129.47 48,347.30 49,749.49
111.89 101.05 100.00 57,032.38 58,708.17 57,589.35
134.16 111.48 100.00 0.00 58,953.02 0.00
1,000,000.00 1,000,000.00 1,000,000.00
141.52 104.52 100.00
0.00 95.33 100.00
108.87 102.40 100.00
119.86 106.35 100.00
119.19 106.94 100.00 97,458.46 36,344.83 21,721.66

116,934.29 148,374.31 110,975.17

100.00 100.00 100.00 0.00 0.00 11,416.06
136.56 113.23 100.00 13,031.85 (59.90) 16,523.30
119.19 106.94 100.00 59,899.50 54,098.30 53,535.17
303,418.11 224,100.30 214,405.67
0.00 61,300.00 64,300.00

720,000.00 720,000.00 720,000.00

1,085,490.28 900,007.29 794,854.84
64,300.00

794,854.84
 YARRANGE GOLF CLUB INCORPORATED
Statement of profit or loss for the year ended 30 June
2018 2017 2016

Income
Course revenue
Club membership fees
Proshop sales
Food & beverage sales
Cart shed revenue
Accommodation revenue
Sponsorship income
Total income
Cost of sales
Course
Proshop
Food and beverage
Cart shed
Accommodation
Total cost of sales
Gross profit
Operating expenses
Staff costs
Repairs & maintenance
Marketing & promotion
Office costs
Information communication & technology
Power costs
Property costs
Risk & insurance
Accounting & legal
Banking costs
Total operating expenses
Operating profit
Non‐operating Income
Grant income

Total non‐operating Income

Non‐operating expenses
Depreciation
Interest
Total non‐operating expenses
Net profit
ded 30 June

102.75 104.17 100.00

118.54 109.78 100.00
134.30 132.20 100.00
93.53 99.52 100.00
81.56 87.79 100.00
125.95 124.28 100.00
90.53 69.98 100.00
108.52 107.92 100.00

88.56 76.41 100.00

121.83 115.38 100.00
100.74 104.82 100.00
623.95 61.18 100.00
720.36 240.90 100.00
106.20 98.51 100.00 47,488.74 56,829.87 38,729.04
109.90 113.50 100.00 6,806.49 6,944.37 0.00
95,298.90 96,670.55 88,242.87
103.60 106.95 100.00 5,441.05 5,168.69 3,066.00
84.37 36.34 100.00
241.15 231.44 100.00
107.11 92.34 100.00 620,158.35 286,840.29 234,686.70
130.45 73.89 100.00 514,877.11 525,702.87 535,668.42
58.48 80.64 100.00 49,129.47 48,347.30 49,749.49
116.38 120.96 100.00 57,032.38 58,708.17 57,589.35
89.03 82.56 100.00 0.00 58,953.02 0.00
52.94 64.42 100.00 1,000,000.00 1,000,000.00 1,000,000.00
100.07 82.93 100.00
101.49 102.20 100.00
161.39 182.75 100.00

548.20 82.25 100.00

548.20 82.25 100.00 97,458.46 36,344.83 21,721.66

116,934.29 148,374.31 110,975.17
137.47 105.74 100.00 0.00 0.00 11,416.06
101.00 86.65 100.00 13,031.85 (59.90) 16,523.30
 128.81 101.20 100.00 59,899.50 54,098.30 53,535.17
424.65 240.74 100.00

303,418.11 224,100.30 214,405.67

0.00 61,300.00 64,300.00

720,000.00 720,000.00 720,000.00

1,085,490.28 900,007.29 794,854.84
53,535.17

64,300.00

794,854.84
 Common‐sized Financial Statements
YARRANGE GOLF CLUB INCORPORATED
Balance sheet as at 30 June
ASSETS
Current assets
Cash
Receivables
Inventory
Other current assets
Total current assets
Non‐current assets
Course assets
Clubhouse assets
Cart shed assets
Residence
Assets under development
Land at valuation
Total non‐current assets
TOTAL ASSETS
LIABILITIES
Current liabilities
Payables
Unearned income
Accrued expenses
Taxation liabilities
Provisions
Total current liabilities
Non‐current liabilities
Bank loans
Debentures
Total non‐current liabilities
Total liabilities
NET ASSETS

EQUITY

Asset revaluation reserve

Retained earnings
TOTAL EQUITY
 2018 2017 2016

1.98 2.65 1.93

0.28 0.32 0.00
3.98 4.51 4.40
0.23 0.24 0.15
6.47 7.72 6.48

25.88 13.38 11.69

21.49 24.52 26.68
2.05 2.25 2.48
2.38 2.74 2.87
0.00 2.75 0.00
41.73 46.64 49.81 47,488.74 56,829.87 38,729.04
93.53 92.28 93.52 6,806.49 6,944.37 0.00
100.00 100.00 100.00
95,298.90 96,670.55 88,242.87
5,441.05 5,168.69 3,066.00

4.07 1.70 1.08

4.88 6.92 5.53 620,158.35 286,840.29 234,686.70
0.00 0.00 0.57 514,877.11 525,702.87 535,668.42
0.54 (0.00) 0.82 49,129.47 48,347.30 49,749.49
2.50 2.52 2.67 57,032.38 58,708.17 57,589.35
11.99 11.14 10.67 0.00 58,953.02 0.00
1,000,000.00 1,000,000.00 1,000,000.00
12.66 10.45 10.68
0.00 2.86 3.20
12.66 13.31 13.88
24.65 24.45 24.55
75.35 75.55 75.45 97,458.46 36,344.83 21,721.66

116,934.29 148,374.31 110,975.17

30.05 33.58 35.86 0.00 0.00 11,416.06
45.30 41.97 39.59 13,031.85 (59.90) 16,523.30
75.35 75.55 75.45 59,899.50 54,098.30 53,535.17
303,418.11 224,100.30 214,405.67
0.00 61,300.00 64,300.00

720,000.00 720,000.00 720,000.00

1,085,490.28 900,007.29 794,854.84
64,300.00

794,854.84
 YARRANGE GOLF CLUB INCORPORATED
Statement of profit or loss for the year ended 30 June
2018 2017 2016

Income
Course revenue
Club membership fees
Proshop sales
Food & beverage sales
Cart shed revenue
Accommodation revenue
Sponsorship income
Total income
Cost of sales
Course
Proshop
Food and beverage
Cart shed
Accommodation
Total cost of sales
Gross profit
Operating expenses
Staff costs
Repairs & maintenance
Marketing & promotion
Office costs
Information communication & technology
Power costs
Property costs
Risk & insurance
Accounting & legal
Banking costs
Total operating expenses
Operating profit
Non‐operating Income
Grant income

Total non‐operating Income

Non‐operating expenses
Depreciation
Interest
Total non‐operating expenses
Net profit
ded 30 June

31.33 31.94 33.09

22.36 20.82 20.47
20.81 20.60 16.81
19.87 21.26 23.06
2.28 2.47 3.04
1.43 1.42 1.23
1.92 1.49 2.30
100.00 100.00 100.00

(10.99) (9.54) (13.47)

(14.22) (13.54) (12.66)
(10.13) (10.60) (10.91)
(0.29) (0.03) (0.05)
(0.79) (0.27) (0.12)
(36.42) (33.97) (37.21) 47,488.74 56,829.87 38,729.04
63.58 66.03 62.79 6,806.49 6,944.37 0.00
95,298.90 96,670.55 88,242.87
(39.79) (41.30) (41.67) 5,441.05 5,168.69 3,066.00
(1.11) (0.48) (1.42)
(1.39) (1.34) (0.62)
(1.59) (1.37) (1.61) 620,158.35 286,840.29 234,686.70
(0.92) (0.52) (0.77) 514,877.11 525,702.87 535,668.42
(1.16) (1.61) (2.16) 49,129.47 48,347.30 49,749.49
(1.03) (1.07) (0.96) 57,032.38 58,708.17 57,589.35
(2.24) (2.08) (2.72) 0.00 58,953.02 0.00
(0.69) (0.84) (1.41) 1,000,000.00 1,000,000.00 1,000,000.00
(0.57) (0.48) (0.62)
(50.48) (51.11) (53.97)
13.11 14.93 8.81

13.59 2.05 2.69

13.59 2.05 2.69 97,458.46 36,344.83 21,721.66

116,934.29 148,374.31 110,975.17
(6.49) (5.02) (5.12) 0.00 0.00 11,416.06
(1.49) (1.28) (1.60) 13,031.85 (59.90) 16,523.30
 (7.98) (6.30) (6.72) 59,899.50 54,098.30 53,535.17
18.73 10.68 4.79

303,418.11 224,100.30 214,405.67

0.00 61,300.00 64,300.00

720,000.00 720,000.00 720,000.00

1,085,490.28 900,007.29 794,854.84
53,535.17

64,300.00

794,854.84