[200WILLIAM-EC SP67851] Proposed Budget SP67851 23/24

Tue Jul 25 10:34:08 AEST 2023

Hi Matthew,

The issue is more to do with the ratio of income to expenditure in the 22/23 scheme financial year.

The scheme raised $304k for the financial year yet spent $406k. That spend did not contain any particularly anomalous expenditure. I drafted the projected budget based on estimates per previous expenditure and potential current costs, which equated to an Admin fund spend of approximately $378k, which I would suggest would be close to the genuine running cost of the Scheme at present. Due to the gap in income and expenditure for the previous fin yr, the deficit remains and must be erased.

The final (4th) quarterly instalment for the 22/23 fin yr instalment was due 1 Dec 22 for the period to 28 Feb 23. The first instalment for the new fin yr (23/24) is due 1 March, hence the injection of funds by end March per your attached report. These funds are attributed to the current financial year, not the last.

I hope that helps to explain, however if you’d like to discuss further, please let me know.

Kind regards,

RYAN WALMSLEY | MANAGING DIRECTOR

ASCENDCORP STRATA PTY LTD
P  02 9799 1111  |   E  ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au>   |   W www.ascendcorp.com.au<http://www.ascendcorp.com.au/>
PO Box 419 NORTH SYDNEY NSW 2059  |  A  609/100 Walker Street, NORTH SYDNEY NSW 2060

Liability limited by a scheme approved under Professional Standards Legislation.

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From: Matthew Guy <matthew_guy at hotmail.com>
Sent: Monday, July 24, 2023 5:09 PM
To: Ryan | AscendCorp Strata <ryan at ascendcorpstrata.com.au>
Cc: ec at mailman.perkins.id.au
Subject: Re: [200WILLIAM-EC SP67851] Proposed Budget SP67851 23/24

Hi Ryan,

Wasn’t there $76k of levy revenue in March that caught it up a bit? End of March Admin balance was -$26k.

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Regards,

Matt G

On 24 Jul 2023, at 2:03 pm, Ryan | AscendCorp Strata <ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au>> wrote:

Dear Committee,

Please see attached proposed budget for the current financial year for your scheme. Also attached is the actual financial expenditure as per documents received from previous management at handover.

As you will see, the scheme ran a large Administration Fund deficit last year financial of over $96K.

The proposed Administration fund income had been raised from $304,000.00 to $378,000.00 ($152k already levied) in order to arrest the currently deficient budgeted income and to cease further deficit at the conclusion of this financial year. Also, in order to erase the deficit from the previous year, a one-off special levy of $97,000.00 has been proposed as per the guidelines within the Act.

Please feel free to review this proposed budget, and forward any questions should you have any.

Kind regards,

RYAN WALMSLEY | MANAGING DIRECTOR

ASCENDCORP STRATA PTY LTD
P  02 9799 1111  |   E  ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au>   |   W www.ascendcorp.com.au<http://www.ascendcorp.com.au/>
PO Box 419 NORTH SYDNEY NSW 2059  |  A  609/100 Walker Street, NORTH SYDNEY NSW 2060

Liability limited by a scheme approved under Professional Standards Legislation.

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<FinancialPerformanceReport_67851 (1).pdf>
<as at 28th Feb 23.pdf>
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