Vita eGustafson& ASSOCIATES

Public Accountants & Registered Tax Agents

NT BADMINTON ASSOCIATION INC

Financial Staternmts

For the year ended 30 June 2017

VITA GUSTAFSON & ASSOCIATESPublic Aceotmuults and Registered Tax Agent

ABN: 33 624 422 407PO Box 1100, Palmerstoo NT 0831

Phone: 08 89322390 Fax: 08 89322123Email: adming VW.Ini.COM

ScopeWe have audited the special purpose financial report for the year ended 30 June 2017 o f NTBADMINTON ASSOCIATION INC.

The Management Committee is responsible for the preparation and presentation of the financial reportand the information it contains and has determined that the accounting policies used and described inNote I to the financial statements which form part of the financial report are appropriate to meet therequirements of the Associations Act and are appropriate to meet the needs of the members.We have also conducted an independent audit of the financial report in order to express an opinion tothe members of the association on their preparation and presentation. No opinion is expressed as towhether the accounting policies used, and described in Note 1, are appropriate to the needs of themembers.

The financial report has been prepared for distribution to members and to satisfy the reportingrequirements of the Associations Act. We disclaim any assumption of responsibility for reliance onthis audit report or the financial report to which it relates to any person other than the members, or forany purpose other than that for which it is prepared.The audit has been conducted in accordance with Australian Auditing Standards to providereasonable assurance whether the financial report is free of material misstatement. Our proceduresincluded examination, on a test basis, of evidence supporting the amounts and other disclosures in thefinancial report, and the evaluation of accounting policies and significant accounting estimates. Theseprocedures have been undertaken to form an opinion as to whether, in all material respects, thefinancial report is presented fairly in accordance with the accounting policies described in Note 1 soas to present a view which is consistent with our understanding of the association's financial position,the results of its operations and its cash flows.

The audit opinion expressed in this report has been formed on the above basis.

Audit opinionThe accounts have been prepared on an accrual basis. It is not practicable to establish accountingcontrol of cash receipts or cash payments from all sources prior to their receipt by the officials.Accordingly, it is not practicable to extend our examination beyond verification of amounts recordedby the officials.

In our opinion, except for the above, the financial report presents fairly in accordance with applicableAccounting Standards the financial position of NT BADMINTON ASSOCIATION INC as at 30June 2017, and the results of its operations and its cash flows for the year then ended.

Signed on : -

Vita Gustaf F I P A CIAVita Gustafson & Associates6 Adams Road Yarrawiriga Palmerston NT

NT BADMINTON ASSOCIATION INCIndependent Audit Report

NT BADMINTON ASSOCIATION INCDetailed Statement of Financial Performance

For the year ended 30 June 2017

2017 2016

IncomeSales 1,588.65 743.00

Membership/Fees 13,317.70 16,301.00

Government Grants 63,306.00 64,237.00

Donations 9,732.02 482.50

Hire income 58,566,55 49,791.60

Interest received 799.14 1,530.15

Open Competitions 1,545.00 2,150.00

NTBA Competitions 11,582.25 4,374.00

Fundraising 2,049.70 5,848.35

Other income 2,028.00 1,483.00

Sponsorship 5,550.00

NT Junior Programme 3,350.00

Coaching 120,00 2,073.00

Total income 170,185.01 152,363,60

ExpensesAdvertising and promotion 3,478.44 61.80

Affiliation Fees 2,789.60 2,751.10

Audit fees 938.85 916.70

Bad Debts 1,800.00

Bank Fees And Charges 109.05 84.26

Cleaning and rubbish removal 7,520.00 6,730.00

Coachine. & Tutoring Expenses 16,179.80 9,577.40

Clubhouse Supplies 937.08 494.58

Computer & Internet 199.94 1,392.69

Consultants fees 25,050.00

Electricity 5,407.35 6,574.13

Entry Fees 1,070.00 590.00

Equipment 640.20 2,379.99

Fundraising Expenses 105.05 4,336.69

General expenses 741.20

Home Venue Development 5,605.00

Insurance 4,771.50 4,025.73

Lighting upgrade expense 7,143.40

The accompanying notes form part of these financial statements.

NT BADMINTON ASSOCIATION INCDetailed Statement of Financial Performance

For the year ended 30 June 2017

2017 2016

Members Functions 51.00

NT Open expense 70.00Purchases for resale 658.63

Postage 191.00

Printing & stationery 1,232.67 1,399.35Professional Development 737.80 971.53

Rent on land & buildings 33,000.00 22,300.00Repairs & maintenance 508.02 521.48Shuttles 1,600.00 2,801.00Subscriptions 707.30

Superannuation 730.38

Telephone 542.57 15.12

Tournament Expenses 16,017.86

Training and Development 3,579.86Travel, accom & conference 8,054.01 18,427.67Trophies 514.80 3,447.00Unexpended Grants (5,095.00)Wages 7,821.00Website expense 103.75 439.40

Total expenses 142,815.42 102,934.31

Net Surplus / ( Deficit ) from OrdinaryActivities before income tax 27,169.59 49,429.29

The accompanying notes form part of these financial statements.

NT BADMINTON ASSOCIATION INCDetailed Statement of Financial Position as at 30 June 2017

2017 2016

Members' Funds

Opening balance 234,577.85 185,148.56

Net surplus / ( deficit ) 27,369.59 49,429.29

Less:

Total Members' Funds 261.947.44 234.577.85

Represented by:

Current Assets

Cash Assets

Cash at bank 48,404.16 59,045.83

Investment Account 167,428.42 116,629.28

Undeposited Funds 402.30

215,832.58 176,077.41

Receivables

Trade debtors 2,904.60 595.00

Visa 1,539.114,443.71 595.00

Total Current Assets 220,276.29 176,672.41

Non-Current Assets

Property, Plant and Equipment

Plant & equipment - at cost 68,088.30 58.456.28

68,08830 58,456.28

Total Non-Current Assets 68,088.30 58,456.28

Total Assets 288,364.59 235,128.69

The accompanying notes form part of these financial statements.

NT BADMINTON ASSOCIATION INCDetailed Statement of Financial Position as at 30 June 2017

2017 2016

Current Liabilities

Payables

Unsecured:Trade creditors 15,954.59

15,954.59

Financial Liabilities

Unsecured:Electronic Clearing 465.00

isa 85.84

Key Deposits Held for Refund 40.00

Unexpended Grants 9,683.009,723.00 550.84

Current Tax Liabilities

Amounts withheld from salary and wages 564.00564.00

Provisions

Employee entitlements 175.56175.56

Total Current Liabilities 26,417.15 550.84

Total Liabilities 26,417.15 550.84

Net Assets 261.947.44 234,577.85

The accompanying notes form part of these financial statements.

Thc Association is not a reporting entity because in the Committee's opinion there are unlikely to exist

Property, Plant and Equipment

Property, plant and equipment are included at cost.Grant and Donation Income

Donation income is recognized when the entity obtains control over the funds, which is gererally at thetimeof receipt.Grant income is recognized in the Statement of Income and Expenditure in the periods in which therelevant expenditure, for which the grants are intended, is incurred.

Income Tax

The Association is of the opinion that it is not subject to income tax.

Additional Writing if needed otherwise delete

Note 1: Summary of Accounting PoliciesThe accounting policies adopted by the Association are stated in order to assist in a generalunderstanding of the financial statements. These policies have been consistently applied except asotherwise indicated.

Reporting entity

NT BADMINTON ASSOCIATION INCNotes to the Financial Statements

users who are unable to command the preparation of reports tailored so as to satisfy all of theirinformation needs, and these accounts are therefore 'special purpose accounts' that have beenprepared solely to meet the requirements of the Constitution and the Associations Act.

Accounting Policies

The financial report has been prepared under the historical cost conventions and does not take intoaccount changing money values or, except where specifically stated, current valuations of non-currentassets.

In order for the financial report to present fairly the state of affairs of the Association and the resultsof the Association for the year, Australian Accounting Standards have been adopted to the extentdisclosed in this note.

All revenue is stated net of the amount of goods and services tax (GST). Donations are exempt fromGST.

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The accompanying notes form part of these financial statements.

9,632.02 18,11116