BSBFIM501 Report: Analysis of Fitworx Swim School Performance

This report analyzes the financial performance of the Swim School unit at Fitworx Leisure Centre. It begins with an overview of the business unit, detailing its operations, facilities, and programs, including how the Swim School fits into the overall organization. The report then identifies the types of financial budgets and plans used, focusing on performance reports and financial budgets. It examines the purpose of these budgets, their achievability, and provides specific examples of budget variances, such as meal allowances, overtime expenses, and fees received. The report also outlines resource documentation, including relevant stakeholders, overhead expenses, materials, equipment, training, and financial aspects. The analysis includes a case study of the Swim School's performance, aligning with the assignment brief to manage budgets and financial plans, highlighting the practical application of financial management principles.

Running head: BUDGET AND OPERATIONAL PERFORMANCVE
Financial Performance
Name of the Student:
Name of the University:
Author’s Note:

1FINANCIAL PERFORMANCE
Table of Contents
Section 1......................................................................................................................................2
Section 2......................................................................................................................................2
Section 3......................................................................................................................................3
References........................................................................................................................................5

2FINANCIAL PERFORMANCE
Fitworx Case Study Business Background
Section 1
FitWorx Centre is a key state of the art fitness, aquatic and recreational complex which
caters various programs and facilities to all age group people and all levels of fitness. The
business unit which has been specifically analysed is the Swim School unit. The Centre is having
around five pools both indoor and outdoor pools. The Centre is having a well sound set of
qualified and professional staff that caters the various activities and needs.
Section 2
The types of financial budgets that we are responsible for implementing and monitoring
is the performance report and the financial budget. The monitoring of financial data will be well
done by analysing the set of numbers that have been generated in the budgeted part and the
actual results that the centre has seen. Differences in the budget of Swim School Unit would be
taken into consideration and the key reason behind the same would be considered. Team budget
or finance budget is the basis for the success of business. It assists in controlling as well as
planning of the business finances. Financial Budget planned for the centre will help in
controlling finance of the business, assuring that business will be able to fund the commitments
in existence, enabling business in meeting the objectives and making confident as well as
informed financial decisions and assuring that business has adequate amount for its future
projects (Birt et al. 2019). Various team budgets required to be implemented and monitored are
the Operational plan, Long term plans, Cash flow forecast, Short term plans / budgets and KPI or
Targets for wastages, productivity, incomes, expenses and sales. Various areas those can be
adjusted for making improvements are the Meal allowance as it can be identified that budget for
the same was $2000 whereas actual expenses were $958. In the same way overtime expenses can
be adjusted as it can be identified that budget for the same was $15000 whereas actual expenses
were $12574. Fees received from swim school shall also be adjusted to improve the budget as it
can be identified that budget for the same was $380,000 whereas actual fees received were
$366,862. Further, the fees can be increased if the club wants to increase overall profit.
Section 3
Documentation obtained/research

3FINANCIAL PERFORMANCE
Resource and analysis undertaken Relevant stakeholders consulted
People
Existing staff and additional staff.
Age proof, height, weight, medical
fit certificate
Human resource team, project manager
Overheads
Expenses related to rock climbing
those are to be bear by the
organization, arrangements for
first aid services, and energy
drinks. Documents required will
be purchase bills for the goods,
Human resource team, project manager
Materials / supplies
Bills related additional material
purchases, induction, manuals
Human resource team, project manager
Equipment hire
Additional equipment required for
rock climbing like climbing
harness, belay device, suitable
shoes for climbing if these are to
be provided by the organization.
Bills for purchasing all these
equipment
Finance head for approving and allocating
the amount and project manager for
receiving the same
Administration
Department of training and
education. Documents related to
training, training time, number of
trainees, number of trainers
Trainers who will provide training to the
trainees and will educate the trainees for
rock climbing. In addition, the persons
including doctor who will train what shall
be done in case any accident takes place
Money
Anticipated funds required for
entire project shall be determined
and the same shall be documented
through preparing the budget
Accountant for preparing the budget,
Finance head for approving and allocating
the amount and project manager for
receiving the same.

4FINANCIAL PERFORMANCE
specifically for this particular
project.
Time
Time that will be taken for
implementing and evaluating the
budget.
Accountant who will prepare the budget
Other
Facilities required like
transportation, wheelchair.
Human resource team, project manager

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References
Birt, J., Chalmers, K., Maloney, S., Brooks, A., Oliver, J. and Bond, D., 2019. Accounting:
Business reporting for decision making. John Wiley & Sons.
Brijs, B., 2016. Business analysis for business intelligence. Auerbach Publications.
Isaac, L., Lawal, M. and Okoli, T., 2015. A systematic review of budgeting and budgetary
control in government owned organizations. Research Journal of Finance and Accounting, 6(6),
pp.1-11.
Lehmann, C.F., 2016. Strategy and business process management: Techniques for improving
execution, adaptability, and consistency. Auerbach Publications.