1-16 LSB_F5_Revision Kit-Front:297mm x 210mm 27/10/09 01:26 Page F5 Performance Management ACCA 1-16 LSB_F5_Revision Kit-Front:297mm x 210mm 27/10/09 01:26 Page PERFORMANCE MANAGEMENT British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by InterActive World Wide Limited Westgate House, 8-9 Holborn London EC1N 2LL www.iaww.com www.studyinteractive.org ISBN 978-1-907217-20-3 First Edition 2009 Printed in Romania © 2009 InterActive World Wide Limited London School of Business & Finance and the LSBF logo are trademarks or registered trademarks of London School of Business & Finance (UK) Limited in the UK and in other countries and are used under license All used brand names or typeface names are trademarks or registered trademarks of their respective holders We are grateful to the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Management Accountants (CIMA) and the Institute of Chartered Accountants of England and Wales (ICAEW) for their permission to reproduce past examination questions All the solutions to these questions have been prepared by InterActive World Wide Limited All our rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of InterActive World Wide 1-16 LSB_F5_Revision Kit-Front:297mm x 210mm 27/10/09 01:26 Page FOREWORD Foreword Thank you for choosing to study with the London School of Business and Finance (LSBF) A dynamic, quality-oriented and innovative educational institution, the London School of Business and Finance offers specialised programmes, designed with students and employers in mind We are always at the frontline driving the latest professional developments and trends LSBF attracts the highest quality candidates from over 140 countries worldwide We work in partnership with leading accountancy firms, banks and best-practice organisations – enabling thousands of students to realise their full potential in accountancy, finance and the business world With an international perspective, LSBF has developed a rich portfolio of professional qualifications and executive education programmes To complement our face-to-face and cutting-edge online learning products, LSBF is now pleased to offer tailored study materials to support students in their preparation for exams The exam focused content in this manual will provide you with a comprehensive and up-to-date understanding of the ACCA syllabus We have an award-winning team of tutors, who are highly experienced in helping students through their professional exams and have received consistently excellent feedback I hope that you will find this manual helpful and wish you the best of luck in your studies Aaron Etingen ACCA, BA, Founder and CEO 1-16 LSB_F5_Revision Kit-Front:297mm x 210mm PERFORMANCE MANAGEMENT 27/10/09 01:26 Page 1-16 LSB_F5_Revision Kit-Front:297mm x 210mm 27/10/09 01:43 Page CONTENTS Contents Foreword Contents How to use this LSBF Revision Kit About ACCA Paper F5 - Performance Management 13 Questions 17 Answers 55 Feedback and Review Form 131 1-16 LSB_F5_Revision Kit-Front:297mm x 210mm PERFORMANCE MANAGEMENT 27/10/09 01:26 Page 1-16 LSB_F5_Revision Kit-Front:297mm x 210mm 27/10/09 01:26 Page CONTENTS Number Name of Question Linacre Co F plc Section A Section B Triple SY Ltd Chloe’s Cakes Bababing Ltd CS Group 10 Simon Ltd 11 12 13 14 15 16 17 Section C Walters Water BMBD Company Benson Company Tims Rackets AVX plc Envico (PM 12/05, amended) Beatrice Buggy Berties Burger Company 18 J Limited 20 CBP Limited 19 21 22 23 24 Section D Pilot Paper ZZ Ltd December 2005 SRP Limited Great Vines of Fire Bobs Biscuits Veloracer (PM 6/03) BFG (pilot paper, amended) 25 Mermus (FMC 12/04, amended) 27 Woodeezer (FMC 12/02, amended) 26 28 29 30 31 32 33 Section E Ash (FMC 6/06, amended) Linsil (FMC 6/04, amended) SLP Limited Carat (FMC 12/03, amended) Simply Soup (Pilot paper) Bath Toys Limited Stags R Us 34 Y and Z 36 Preston Financial Services (Pilot paper, amended) 35 37 38 Pasta Pronto Building Blocks FP Photocopiers 1-16 LSB_F5_Revision Kit-Front:297mm x 210mm PERFORMANCE MANAGEMENT 27/10/09 01:26 Page 1-16 LSB_F5_Revision Kit-Front:297mm x 210mm 27/10/09 01:26 Page F5 How to use this LSBF Revision Kit 1-16 LSB_F5_Revision Kit-Front:297mm x 210mm PERFORMANCE MANAGEMENT 10 27/10/09 01:26 Page 10 71-130 LSB_F5_Revision Kit-Answers B-E:Layout 27/10/09 01:14 Page 120 PERFORMANCE MANAGEMENT (UK) c) Performance of Stags R Us The company budgeted to make a profit of £8m on European Destinations excursions and £3m on UK destinations excursions It actually made profits of £6.5m on European and £2.25m on UK European Destination Excursions The company didn’t sell as many European excursions as budgeted, resulting in a sales volume variance of £1.6m + £1.2m = £2.8m adverse However, it did sell at an average higher selling price of £13,000 rather than £10,000 resulting in a price variance of £7.8m F The net effect is that the European department did well on sales with a net sales variance of $5m favourable The actual cost for the European excursions are also £2,500 higher on average than the standard average cost UK Destination Excursions The company sold more UK excursions than budgeted, resulting in a sales volume variance of £1.2m – £0.45m = £0.75m favourable However, the average selling price of the excursions was £900 lower, resulting in an adverse price variance of £2.25m The net effect is that the UK department did not as well on sales, with a net sales variance of $1.5m adverse The actual cost for the UK excursions are £300 lower on average than the standard average cost The central services division were also £2.5m higher than expected Recommended changes to the budgeting and reporting system The current system is very simple It uses average costs for the European and UK excursions However, not all of the excursions will fit this average cost.Whilst some trips are off the shelf standardized products, many are highly tailored to suit the individual group.The sales and costs for standardized and tailored excursions should be separated The costs are just listed as average direct costs It would add understanding and therefore performance appraisal if these costs were broken down into their component parts of materials, labour and variable overheads If variance analysis is then performed on these items, Stags R Us will be able to understand where they are spending more than planned The central services costs are apportioned based on the number of jobs completed by each department This seems unfair as it is likely that the tailored excursions will take more design and administration Stags R Us would benefit by looking at what drives these costs, and consider using an ABC system to allocate costs This will result in a fairer split which will help make performance appraisal more meaningful 120 71-130 LSB_F5_Revision Kit-Answers B-E:Layout 27/10/09 01:14 Page 121 ANSWERS 34 Y and Z a) Annualised Return on Investment (ROI) for Division Y and Z ROI = Profit before interest and tax –––––––––––––––––––––––– Capital Employed Y = £122,000 X 12 Profit before interest and tax per year = £1,464,000 = £9,760,000 Capital employed = £21,000 x 12 = £252,000 = £1,260,000 = 15% ROI Z = 20% Relative performance of Y and Z Z is the smaller of the two companies in terms of revenue, profit before interest and tax and total divisional net assets However, Z appears to be performing better than division Y as Z’s ROI is 20% rather than Y’s 15% Y and Z both operate in similar markets You would therefore expect to see a similar breakdown of fixed and variable costs However,Y’s VC’s represent 38% of their sales whereas Z’s VC’s represent 56% of their sales Z has a smaller percentage of fixed costs than Y, which includes depreciation on divisional assets Z also has a much lower total divisional net asset figure These two facts together suggest that Z has a much lower net book value of fixed assets than Y This may be because Y chooses to rent assets rather than to own them, or it may be because the assets held by Z have a very low net book value, ie they are old assets If this is the case, division Z will look like it is performing better than division Y, but it may not be the case Using ROI as a method to appraise performance can drive divisions to hold onto old assets for longer as it improves the ROI but this will lead to an inefficient division as it is likely that these assets not run to maximum efficiency and frequently breakdown due to their age b) Annualised Residual Income (RI) for division Y and Z Residual income = Profit before interest and tax – (target return X capital employed) Profit before interest and tax Less target return x capital employed Target Return 12% Capital employed £9,760,000 ––––––––– Y Residual income Z £1,464,000 £(1,171,200) ––––––––– £292,800 12% £1,260,000 ––––––––– £252,000 £(151,200) ––––––––– £100,800 Implication of RI on divisions performance Both divisions have a positive RI From the company and shareholders view, both divisions are performing well, giving shareholders a return which is higher than the 12% required Division Y in particular seems to be performing well It should however be noted that RI has been calculated using the historic values for fixed assets To be more accurate, the company should estimate the replacement value and use that figure to be fairer 121 71-130 LSB_F5_Revision Kit-Answers B-E:Layout 27/10/09 01:14 Page 122 PERFORMANCE MANAGEMENT (UK) RI can be a better method with which to judge the performance of the two divisions However, the divisions should never be judged on just one measure, but on many to build a more complete picture c) ROI Strengths ROI gives a result as a percentage This is easy for people to understand and makes it easier to compare divisions both against each other and against an industry average ROI Weaknesses ROI can lead to sub optimal decisions Managers can be encouraged to hold on to old, inefficient assets for too long in order to make their ROI look good This will not be for the good of the company in the long run RI strengths RI gives an absolute result – an answer in monetary terms It is therefore clear to see if the division is performing well If the RI is positive, the division is returning more to shareholders than demanded RI Weaknesses The target return is the return required by shareholders This can be complicated to calculate and may be constantly fluctuating making the RI less relevant It is also more appropriate to use the replacement value for fixed assets rather than the historic value for fixed assets as divisions using old assets will have a lower capital employed figure and will therefore look as though they are performing better than they actually are 35 Pasta Pronto a) Rather than just measuring performance in a financial way, the balanced scorecard considers all aspects of the business, financial and non financial The balanced scorecard looks at performance from four perspectives; i) Financial perspective For example, how does Pasta Pronto look to their shareholders? Cashflows, growth, cost reductions are just a few of the items PP might consider ii) The internal business perspective PP will need to consider what they need to excel at in order to succeed Operations, design, communication and internal process are a few of the items PP will need to consider iii) The innovation and learning perspective PP needs to consider what they can continue to improve in each division to create value New products, new technology (like the new piping machine) and time to market are just a few of the items which can be considered iv) The customer perspective PP needs to consider how their customers see them This will involve looking at delivery lead times, whether deliveries are on time, quality and price amongst others PP should consider which elements within each of the four perspectives are important to them and then set targets This could be done at a company level (ie PP) or at a divisional level If completed at a divisional level, PP must review to ensure goal congruence between all of their divisions The balanced scorecard is definitely an appropriate way to assess the future performance of Ravioli and Tortellini However, it is not suitable to assess performance for the year X8/X9 Before the balanced scorecard can be used, PP must establish what factors are important to the PP’s success, and then set targets for improvements These targets must be communicated to all 122 71-130 LSB_F5_Revision Kit-Answers B-E:Layout 27/10/09 01:14 Page 123 ANSWERS b) Return on investment Profit before interest and tax Capital employed ROI Residual income Profit before interest and tax Less imputed interest charge (18% of capital employed) Ravioli £ 500,000 2,000,000 –––––––– 25% Tortellini £ 120,000 1,000,000 –––––––– 12% 500,000 120,000 (360,000) –––––––– £140,000 RI (180,000) –––––––– £(60,000) Divisional performance Raviolihas a positive residual value This means Ravioli is returning more than required by shareholders and is therefore performing well Tortellini has a negative residual value Tortellini is not giving the return expected by shareholders and therefore needs to improve vastly c) To consider whether either division should take up the new investment, next years results can be considered, assuming that the incomes and expenditure continues at the same level as X8/X9 Return on investment Net profit Net assets ROI Residual income Net profit Less Imputed interest charge (18% of cap employed) RI Ravioli £ Tortellini £ = 500,000 + 20,000 = 520,000 = 2,000,000 + 100,000 = 2,100,000 = 24.8% = 120,000 + 20,000 = 140,000 = 1,000,000 + 100,000 = 1,100,000 = 12.7% = 520,000 = (378,000) = £142,000 = 140,000 = (198,000) = £(58,000) Ravioli division ROI will fall marginally from 25% to 24.8% If the division is judged purely on ROI, the managers will be reluctant to take on the investment as ROI falls However, RI increases from £140,000 to £142,000 This shows the division is returning significantly more than demanded by share holders and should definitely take on the investment Tortellini Division ROI will increase from 12% to 12.7% The managers of Tortellini will be eager to take on the new investment as the rate of return of 20% for this project increases their overall ROI However, the division is still performing at a level which is not acceptable The shareholders expect a rate of return of 18 % and Tortellini division is only returning 12.7% even with the new investment The RI will increase from a negative £60,000 to a negative £58,000 This project therefore improves the situation of Tortellini and they should therefore go ahead with it, assuming there are no other better projects to invest in 123 71-130 LSB_F5_Revision Kit-Answers B-E:Layout 27/10/09 01:14 Page 124 PERFORMANCE MANAGEMENT (UK) 36 Preston Financial Services a) Financial Analysis Growth Turnover has increased 5% (W1) Turnover would expect to increase by inflation of 3% at least so the practice is growing Profitability Net profit has increased 3.9% (W2) However, the net profit margin has decreased from 20% to 19.8% This is a worrying result It may be caused by a lack of control over costs or a decrease in price charged which could be due to increased competition Liquidity Average cash balances have increased by $1,000,000 This is a 5% increase in cash balances which improves the cash position of Preston Financial Services Credit Management Trade receivables days are down by days This will improve the cash flow of the business However, the days are much lower than the industry average This may indicate an aggressive cash collection policy which may actually put some customers off using the company Summary Overall the company appears to be growing and performing well The only worry is whether the decrease in net profit margin will be a continuing trend Working Turnover increase = = (945-900) –––––––– 900 5% Working Net profit increase = = (187-180) –––––––– 180 3.9% Working Net profit margin last year = Net profit margin this year = 180/900 = 20% 187/945 = 19.8% b) Financial performance measures Financial performance measures highlight the past success of a business However, just because a business has performed well in the past, does not mean that the business will perform well in the future Preston Financial Services may face more competition and lose customers, or, costs within the company may drastically increase 124 71-130 LSB_F5_Revision Kit-Answers B-E:Layout 27/10/09 01:14 Page 125 ANSWERS Non financial performance measures Non financial performance measures are often termed “indicators of future performance” This is because it is believed that good performance in non financial areas lead to good financial performance For example, if the service provides a service which has a very low number of errors in it compared to the market, it could lead to more custom at a higher price in the future The non financial information provided in appendix two relates to the non financial aspects of the balanced scorecard Internal business processes are a measure of internal efficiency These measures can indicate current cost efficiency Customer knowledge looks at how well the business is dealing with its external customers If they are looked after, it is likely to lead to more customers in the future Innovation and learning measures how the business is developing The company will need to learn and innovate in order to stay competitive c) Internal Business Processes The error rates in jobs have increased from 10% to 16% This may be due to the average job completion time having fallen from 10 weeks to weeks The extra time pressure is likely to have increased human error An increase in errors is likely to be highly damaging to Preston Financial Services as clients will expect the accounts to be correct The clients could actually end up paying to much or too little tax This could result in clients suing the company for any losses they incur as a result of this If clients realise errors have been made, the reputation of the company could be severely damaged Customer knowledge The number of clients have fallen 18.7% from 1,500 to 1,220 in the last year However, the average fee levels have increased This may indicate that the smaller clients are going elsewhere for their accounts preparation This may indicate either greater competition for the small clients or dissatisfaction in the service they have received Alternatively, it may be the case that the company has increased it’s prices and clients have left the company as they are not happy, If clients continue to leave, Preston runs the risk of total revenue decreasing in the future Learning and Growth The percentage of revenue from non core work has decreased from 5% to 4% This is massively out of line with the industry averages which increased from 25% to 30% in the last year This indicates that the company is concentrating on core activities and not developing any new services This may also account for the number of clients leaving the company and going elsewhere They may want their accountancy needs and other business needs all looked after by one company The lack of innovation also appears to be decreasing the employee retention rate which has fallen from 80% to 60% in the last year It may be that employees see the possibility of being more rounded skill wise if they work for a competitor Alternatively, it might be the extra pressure of completing work faster which is having this effect The staff turnover may distress some clients if they have to talk to different employees, year on year This may again drive clients away from the company, searching for some continuity 125 71-130 LSB_F5_Revision Kit-Answers B-E:Layout 27/10/09 01:14 Page 126 PERFORMANCE MANAGEMENT (UK) Conclusion In conclusion, the financial results not show the full picture of the situation at Preston Financial Services Although they appear to be performing well looking at the figures, the non financial indicators show something different It shows a company who appears to be losing their direction It is vital that Richard Preston reassesses how he is asking employees to perform at this current time to ensure the long term viability of his business 37 Building Blocks a) Fitzgerald and Moon looked at ways to assess performance They found it much harder to appraise the performance of services, rather than tangible products They developed the following performance criteria, with dimensions, as listed below, for service industries: Innovation It is important that Building Blocks (BB) continue to innovate They should be considering the service content, as well as the process for providing the service For example, BB could send text alerts to clients to ensure they not forget a meeting with BB They could also consider running big one day events with the unemployed and potential employers to try and match the two Quality BB must appraise how good the quality of service is that they provide It must be reliable, competent and consider the individuals For example, BB could question the clients on whether they find the service helpful and try to assess how BB is perceived by the unemployed young people Resource utilization For BB to run well, resources must be used efficiently The main resource BB has is their staff/volunteers To consider how efficient they are, BB could look at the number of appointments completed in an hour and how many young people are found employment per volunteer day Flexibility In order for BB to survive and stay relevant, it must be flexible and ensure they can cope with the demands made by the young people BB need to assess whether there are currently enough volunteers available when needed by the young people There may need to be more taken on and/or late nights introduced to fit in with the young people Competitive performance Although BB is a charity, with limited funding available they must ensure they stay ahead of the game and to be the young peoples’ choice In order to judge this, BB should try to analyse the market place to try and understand their market share Financial performance Although a charity, BB still needs to ensure they are running efficiently and not wasting money In this case, they should analyse their overheads and compare year on year to see how they are performing b) When assessing charities and not for profit organizations, usual financial led criteria are not suitable Instead, a value for money framework is used This framework is made up of the 3E’s; effectiveness, efficiency and economy 126 71-130 LSB_F5_Revision Kit-Answers B-E:Layout 27/10/09 01:14 Page 127 ANSWERS Effectiveness Effectiveness is focused on the achievement of objectives Building Blocks may have many objectives, including finding unemployed young persons work experience, training courses or permanent jobs Building Blocks will be found effective if they indeed find all of their young persons some sort of “next step” within a set time period Efficiency Efficiency is focused on output and is measured by the ratio of output to input If BB can increase the number of young people helped back into work/training, for the same input number of staff and volunteers, then BB will be judged to be efficient Economy Economy is concerned with the inputs acquired by BB and is achieved by obtaining those inputs at the lowest acceptable cost BB must rent space and purchase certain items such as stationary To be economic, BB must compare the amounts they pay for these items against other rental spaces and stationary available They must be paying the lowest cost, for the quality that is required c) It is harder to set a standard cost for services rather than tangible products because: The products are not homogenous For example, take hairdressing Each hair cut will be a different design and so need slightly different resources It is therefore hard to judge against a standard Human influence As services are completed by humans, each time an individual completes a service, they are likely to it slightly differently For example, every time a hairdresser completes a standard short back and sides, they will use different amount of resources 38 FP Photocopiers a) i) Full cost plus 40% Sales Costs Profit ii) Marginal cost Sales Costs Profit iii) By RS Sales Costs Profit Service Department £ 136,500 (97,500) (w2) –––––– 39,000 Sales Department £ 120,000 (w1) (136,500) –––––– (16,500) Whole Company £ 120,000 (97,500) –––––– 22,500 64,500 (w3) (97,500) –––––– (33,000) 120,000 (64,500) –––––– 55,500 120,000 (97,500) –––––– 22,500 (33,000) (w4) –––––– (33,000) 120,000 (90,000) (w5) –––––– 30,000 120,000 (23,000) –––––– (3,000) 127 71-130 LSB_F5_Revision Kit-Answers B-E:Layout 27/10/09 01:14 Page 128 PERFORMANCE MANAGEMENT (UK) Working Number of photocopiers sold Charge for year guarantee Total sales = = = 2000 60 120,000 54 or Working Parts Labour (15 x 3) Variable overheads (10 x 3) Fixed overheads (22 x 3) 500 units 45 30 66 ––– 195 97,500 136,500 X 100 –––––– 140 97,500/500 = 97,500 = £195 pu Working Parts Labour (15 x 3) Variable overheads (10 x 3) 500 units 54 45 30 ––– 129 64,500 Working Fixed overheads will still be incurred £22 x x 500 units = 33,000 Working FP will pay £180 per unit for 500 units = 90,000 b i) A full cost plus approach may not be appropriate for FP because: i) It does not provide an incentive for the service department to cut costs and keep them low as they will always be paid enough from the sales department to cover them This will not help the whole company to be efficient ii) Following this approach means that the external supplier looks attractive to the sales department, even though the data above shows that the company will be worse off if they buy from external suppliers iii) Using this approach makes it seem like the service department is performing better than the sales department which is not necessarily the case ii) Before the managers of FP decide whether to outsource, they should consider the following: i) Whether RS can deliver on time and up to the quality required ii) Prices may be increased in the future which would make the outsourcing even more expensive iii) If FP changes it mind and plans to bring the service back in house, knowledge and resources to this may have been lost iv) Should the customer need to speak to someone about their repair, it must be clearly laid out who will deal with their enquiry and how information will be passed between FP and SW if necessary v) As the service department will have spare capacity, FP should ensure they have work lined up for those individuals 128 71-130 LSB_F5_Revision Kit-Answers B-E:Layout 27/10/09 01:14 Page 129 ANSWERS c) Advantages of structuring as a profit centre The managers will be given more autonomy, the power to make more of their own decisions This should result in better decision making as they will be made bottom up rather than top down, using local knowledge It should also increase the sense of involvement for employees and hence their motivation It will enable the FP head office to concentrate on key activities such as strategy rather than on operational activities Disadvantages of structuring as a profit centre Structuring as a profit centre means mangers have to a lot more FP must question whether the divisions’ managers are capable If they are not, the company may need to pay for training for those individuals or risk potentially expensive mistakes FP head office will lose some control over the divisions Head office must ensure appropriate goals and performance measures are set to try and control the business, and encourage the divisions to act in a goal congruent manner Setting goals to ensure the above happens will be challenging and may need amending as time passes 129 71-130 LSB_F5_Revision Kit-Answers B-E:Layout PERFORMANCE MANAGEMENT (UK) 130 27/10/09 01:14 Page 130 131 LSB_F5_Revision Kit-Feedback:297mm x 210mm 27/10/09 01:30 Page 131 F5 Feedback and Review Form 131 LSB_F5_Revision Kit-Feedback:297mm x 210mm PERFORMANCE MANAGEMENT 132 27/10/09 01:30 Page 132 131 LSB_F5_Revision Kit-Feedback:297mm x 210mm 27/10/09 01:30 Page 133 FEEDBACK AND REVIEW FORM F5 Please take the time to complete this feedback and review form about the study materials that you have used for your ACCA exams We really appreciate your comments YOUR DETAILS Name Address : : How did you use this material? □ Home study (only using books) □ Classroom course □ Saw information on LSBF website □ Saw advertisement □ Home study (books and InterActive videos) What made you buy this material? □ □ □ □ □ Saw information on InterActive website Recommendation from friend/colleague Recommended by lecturer at college Used LSBF/InterActive materials before Other (please state) STUDY MANUALS Please make an assessment about the quality of the videos were in the following areas: Clarity of tutor explanations Engaging and interesting tutor Exam focus, hints and tips Examples and exercises 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LSB _F5_ Revision Kit- Front:297mm x 210mm PERFORMANCE MANAGEMENT 27/10/09 01:26 Page 1-16 LSB _F5_ Revision Kit- Front:297mm x 210mm 27/10/09 01:26 Page F5 How to use this LSBF Revision Kit 1-16 LSB _F5_ Revision. .. and numbers again! 12 1-16 LSB _F5_ Revision Kit- Front:297mm x 210mm 27/10/09 01:26 Page 13 F5 About ACCA Paper F5 – Performance Management 1-16 LSB _F5_ Revision Kit- Front:297mm x 210mm PERFORMANCE... LSB _F5_ Revision Kit- Front:297mm x 210mm PERFORMANCE MANAGEMENT 16 27/10/09 01:26 Page 16 17-24 LSB _F5_ Revision Kit- Quest A:297mm x 210mm 27/10/09 01:32 Page 17 F5 Questions 17-24 LSB _F5_ Revision