GOING CONCERN VALUATION PVVAL308A

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Moodle: courses.highered.tafensw.edu.au
GOING CONCERN VALUATION
PVVAL308A
PLEASE SWITCH MOBILE PHONES OFF
If you leave phones on, except for emergencies, I will also leave my phone on and take calls during
lectures too.
Repeat offenders will be required to leave the lecture-room for the day.
Please do not continually walk in and out of the lecture-room during the course of the lecture as it
distracts the interested students who want to pass this course.
If you need your phone for emergency reasons, please see me before lectures.
APPOINTMENTS
IF YOU NEED TO SPEAK WITH ME OUT OF LECTURE TIME, PLEASE MAKE AN APPOINTMENT
WITH ANNA JIMENEZ ON PHONE (02) 9217-5302.
Ken Rayner
www.tafensw.edu.au/courses/tafe-nsw-degrees
Moodle: courses.highered.tafensw.edu.au
Going Concern Valuation
Case Study – Cammeray Golf Club
Ken Rayner 2
Photo Source : Cammeray Golf Club
www.tafensw.edu.au/courses/tafe-nsw-degrees
Moodle: courses.highered.tafensw.edu.au
Case Study – Cammeray Golf Club
Annual Report – 2016
Club Functions
– Trivia
– Twilight Golf
– Melbourne Cup Day Lunch
– Club’s 110th Anniversary
Ken Rayner 3
www.tafensw.edu.au/courses/tafe-nsw-degrees
Moodle: courses.highered.tafensw.edu.au
Case Study – Cammeray Golf Club
Annual Report – 2016
Sell Poker Machines – $95,000
ProShop Changes
Bar GM 61.92%
Ken Rayner 4
www.tafensw.edu.au/courses/tafe-nsw-degrees
Moodle: courses.highered.tafensw.edu.au
Case Study – Cammeray Golf Club
Annual Report – 2017
Sold Poker Machines – $98,455
Ken Rayner 5
www.tafensw.edu.au/courses/tafe-nsw-degrees
Moodle: courses.highered.tafensw.edu.au
Case Study – Cammeray Golf Club
Annual Report – 2018
RMS – Western Harbour Tunnel and the Beaches
Link Tunnel
Ground lease expires 2026
Clubhouse and carpark lease expired June 2018
AusGrid to put new cables in May/June
Bar GM 58% compared with 59% in 2017
Ken Rayner 6
www.tafensw.edu.au/courses/tafe-nsw-degrees
Moodle: courses.highered.tafensw.edu.au
Case Study – Cammeray Golf Club
Ken Rayner 7

2015 2016 2017 2018
Income
Bar and Function Income $379,881 $397,132 $401,220 $393,739
Services $39,115 $40,081 $37,535 $29,715
Green Fees $385,579 $410,920 $424,135 $425,979
Interest $2,195 $1,554 $1,882 $317
Subs and Entrance Fees $286,109 $303,660 $328,357 $277,691
Poker Machine Revenue $16,473 $5,261 $0 $0
Admin and Other Revenue $30,423 $52,741 $38,050 $51,486
Cart Hire $0 $0 $67,234 $52,220
Other Income $0 $0
Total Income $1,139,775 $1,211,349 $1,298,413 $1,231,147

www.tafensw.edu.au/courses/tafe-nsw-degrees
Moodle: courses.highered.tafensw.edu.au
Case Study – Cammeray Golf Club
Ken Rayner 8

Expenses
Bar $140,116 $151,244 $153,106 $156,319
Rent $27,792 $44,294 $29,212 $38,350
Employee $517,991 $532,198 $569,501 $594,805
Untilities $105,720 $106,128 $105,932 $120,065
Depreciation $119,206 $115,527 $105,794 $73,264
Cart Hire $0 $0 $34,430 $31,744
Insurance $36,774 $41,293 $41,600 $42,651
Maintenance $154,115 $144,451 $152,681 $138,902
Pro-Shop $48,369 $48,570 $52,775 $34,272
Accountinmg $7,997 $9,463 $8,719 $8,772
Affiliation $26,125 $25,678 $24,414 $26,868
Printing $6,706 $5,556 $5,537 $4,245
Competition $32,249 $32,348 $22,546 $20,348
Other Expenses $75,308 $83,122 $101,462 $81,595
Finance Costs $3,553 $2,853 $2,608 $2,174
Total Expenses $1,302,021 $1,342,725 $1,410,317 $1,374,374

www.tafensw.edu.au/courses/tafe-nsw-degrees
Moodle: courses.highered.tafensw.edu.au
Case Study – Cammeray Golf Club
Ken Rayner 9

Expenses
Bar $140,116 $151,244 $153,106 $156,319
Rent $27,792 $44,294 $29,212 $38,350
Employee $517,991 $532,198 $569,501 $594,805
Untilities $105,720 $106,128 $105,932 $120,065
Depreciation $119,206 $115,527 $105,794 $73,264
Cart Hire $0 $0 $34,430 $31,744
Insurance $36,774 $41,293 $41,600 $42,651
Maintenance $154,115 $144,451 $152,681 $138,902
Pro-Shop $48,369 $48,570 $52,775 $34,272
Accountinmg $7,997 $9,463 $8,719 $8,772
Affiliation $26,125 $25,678 $24,414 $26,868
Printing $6,706 $5,556 $5,537 $4,245
Competition $32,249 $32,348 $22,546 $20,348
Other Expenses $75,308 $83,122 $101,462 $81,595
Finance Costs $3,553 $2,853 $2,608 $2,174
Total Expenses $1,302,021 $1,342,725 $1,410,317 $1,374,374

www.tafensw.edu.au/courses/tafe-nsw-degrees
Moodle: courses.highered.tafensw.edu.au
Case Study – Cammeray Golf Club
Ken Rayner 10

Profit/Loss -$162,246 -$131,376 -$111,904 -$143,227
-$162,246 -$131,376 -$111,904 -$143,227
Add Back Depreciation $119,206 $115,527 $105,794 $73,264
-$43,040 -$15,849 -$6,110 -$69,963

www.tafensw.edu.au/courses/tafe-nsw-degrees
Moodle: courses.highered.tafensw.edu.au
Assignment Scenario – Cammeray
Golf Club
Ken Rayner 11

2015 2016 2017 2018
Income
Bar and Function Income $1,379,881 $1,397,132 $1,401,220 $1,393,739
Services $39,115 $40,081 $37,535 $29,715
Green Fees $385,579 $410,920 $424,135 $425,979
Interest $2,195 $1,554 $1,882 $317
Subs and Entrance Fees $286,109 $303,660 $328,357 $277,691
Poker Machine Revenue $16,473 $5,261 $0 $0
Admin and Other Revenue $30,423 $52,741 $38,050 $51,486
Cart Hire $0 $0 $67,234 $52,220
Other Income $0 $0
Total Income $2,139,775 $2,211,349 $2,298,413 $2,231,147

www.tafensw.edu.au/courses/tafe-nsw-degrees
Moodle: courses.highered.tafensw.edu.au
Assignment Scenario – Cammeray
Golf Club
Ken Rayner 12

Expenses
Bar $538,154 $544,881 $574,500 $585,370
Rent $27,792 $44,294 $29,212 $38,350
Employee $517,991 $532,198 $569,501 $594,805
Untilities $105,720 $106,128 $105,932 $120,065
Depreciation $119,206 $115,527 $105,794 $73,264
Cart Hire $0 $0 $34,430 $31,744
Insurance $36,774 $41,293 $41,600 $42,651
Maintenance $154,115 $144,451 $152,681 $138,902
Pro-Shop $48,369 $48,570 $52,775 $34,272
Accountinmg $7,997 $9,463 $8,719 $8,772
Affiliation $26,125 $25,678 $24,414 $26,868
Printing $6,706 $5,556 $5,537 $4,245
Competition $32,249 $32,348 $22,546 $20,348
Other Expenses $75,308 $83,122 $101,462 $81,595
Finance Costs $3,553 $2,853 $2,608 $2,174
Total Expenses $1,700,059 $1,736,362 $1,831,711 $1,803,425

www.tafensw.edu.au/courses/tafe-nsw-degrees
Moodle: courses.highered.tafensw.edu.au
Going Concern Valuation
Good Luck!
Ken Rayner 13

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