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Variance Report

The purpose of a "Variance Report" as shown below is to identify differences between the planned financial outcomes (the Budget) and the actual financial outcomes (The Actual). The difference between Budget and Actual is called the 'Variance". The Variance is depicted below in dollar ($) and percent (%) terms. Calculating the variance in percent (%) is useful as it gives the relative size of the variance. When calculating the Variance in percent (%) - divide the Variance in dollars ($) by the Budget (and not by the Actual).

  Budget
1 Jan to 30 Apr
Actual
1 Jan to 30 Apr
Variance
$
Variance
%
Income        
Govt Grant 15,000.00 20,000.00 5,000.00 33%
Sponsorship 3,500.00 3,750.00 250.00 7%
Membership Fees 2,800.00 2,650.00 -150.00 -5%
Events Income 4,200.00 7,735.00 3,535.00 84%
Profits from Trading 14,800.00 12,900.00 -1,900.00 -13%
Other Income 280.00 570.00 290.00 104%
Total 40,580.00 47,605.00 7,025.00 17%
         
Expenditure        
Advertising & Promotion 1,500.00 200.00 1,300.00 87%
Athlete Development 1,650.00 4,700.00 -3,050.00 -185%
Bank Charges 160.00 400.00 -240.00 -150%
Competition Costs 1,000.00 2,100.00 -1,100.00 -110%
Management Committee 160.00 230.00 -70.00 -44%
Photocopying & Printing 430.00 570.00 -140.00 -33%
Postage 650.00 1,150.00 -500.00 -77%
Rent 1,300.00 1,000.00  300.00 23%
Repairs & Renewals 300.00 225.00  75.00 25%
Salaries 18,300.00 18,300.00  -   0%
Stationery & Computer 500.00 630.00 -130.00 -26%
Team Funding to Nationals 1,650.00 -    1,650.00 100%
Telephone 1,000.00 1,665.00 -665.00 -67%
Total 28,600.00 31,170.00 -2,570.00 -9%
         
Surplus/Deficit 11,980.00 16,435.00 4,455.00 37%

 

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