Vita e Gustafson & ASSOCIATES. Public Accountants & Registered Tax Agents NT BADMINTON ASSOCIATION INC

Transcription

1 Vita e Gustafson & ASSOCIATES Public Accountants & Registered Tax Agents NT BADMINTON ASSOCIATION INC Financial Staternmts For the year ended 30 June 2017 VITA GUSTAFSON & ASSOCIATES Public Aceotmuults and Registered Tax Agent ABN: PO Box 1100, Palmerstoo NT 0831 Phone: Fax: adming VW.Ini.COM

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3 NT BADMINTON ASSOCIATION INC Independent Audit Report Scope We have audited the special purpose financial report for the year ended 30 June 2017 of NT BADMINTON ASSOCIATION INC. The Management Committee is responsible for the preparation and presentation of the financial report and the information it contains and has determined that the accounting policies used and described in Note I to the financial statements which form part of the financial report are appropriate to meet the requirements 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 to the members of the association on their preparation and presentation. No opinion is expressed as to whether the accounting policies used, and described in Note 1, are appropriate to the needs of the members. The financial report has been prepared for distribution to members and to satisfy the reporting requirements of the Associations Act. We disclaim any assumption of responsibility for reliance on this audit report or the financial report to which it relates to any person other than the members, or for any purpose other than that for which it is prepared. The audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance whether the financial report is free of material misstatement. Our procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial report, and the evaluation of accounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion as to whether, in all material respects, the financial report is presented fairly in accordance with the accounting policies described in Note 1 so as 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 opinion The accounts have been prepared on an accrual basis. It is not practicable to establish accounting control 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 recorded by the officials. In our opinion, except for the above, the financial report presents fairly in accordance with applicable Accounting Standards the financial position of NT BADMINTON ASSOCIATION INC as at 30 June 2017, and the results of its operations and its cash flows for the year then ended. Signed on : - Vita Gustaf FIPA CIA Vita Gustafson & Associates 6 Adams Road Yarrawiriga Palmerston NT

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5 NT BADMINTON ASSOCIATION INC Detailed Statement of Financial Performance For the year ended 30 June Income Sales 1, Membership/Fees 13, , Government Grants 63, , Donations 9, Hire income 58,566,55 49, Interest received , Open Competitions 1, , NTBA Competitions 11, , Fundraising 2, , Other income 2, , Sponsorship 5, NT Junior Programme 3, Coaching 120,00 2, Total income 170, ,363,60 Expenses Advertising and promotion 3, Affiliation Fees 2, , Audit fees Bad Debts 1, Bank Fees And Charges Cleaning and rubbish removal 7, , Coachine. & Tutoring Expenses 16, , Clubhouse Supplies Computer & Internet , Consultants fees 25, Electricity 5, , Entry Fees 1, Equipment Fundraising Expenses General expenses , , Home Venue Development 5, Insurance 4, , Lighting upgrade expense 7, The accompanying notes form part of these financial statements.

6 NT BADMINTON ASSOCIATION INC Detailed Statement of Financial Performance For the year ended 30 June Members Functions NT Open expense Purchases for resale Postage Printing & stationery 1, , Professional Development Rent on land & buildings 33, , Repairs & maintenance Shuttles 1, , Subscriptions Superannuation Telephone Tournament Expenses 16, Training and Development 3, Travel, accom & conference 8, , Trophies , Unexpended Grants (5,095.00) Wages 7, Website expense Total expenses 142, , Net Surplus / ( Deficit ) from Ordinary Activities before income tax 27, , The accompanying notes form part of these financial statements.

7 NT BADMINTON ASSOCIATION INC Detailed Statement of Financial Position as at 30 June Members' Funds Opening balance 234, , Net surplus / ( deficit ) 27, , Less: Total Members' Funds Represented by: Current Assets Cash Assets Cash at bank 48, , Investment Account 167, , Undeposited Funds , , Receivables Trade debtors 2, Visa 1, , Total Current Assets 220, , Non-Current Assets Property, Plant and Equipment Plant & equipment - at cost 68, , , Total Non-Current Assets 68, , Total Assets 288, , The accompanying notes form part of these financial statements.

8 NT BADMINTON ASSOCIATION INC Detailed Statement of Financial Position as at 30 June Current Liabilities Payables Unsecured: Trade creditors 15, , Financial Liabilities Unsecured: Electronic Clearing isa Key Deposits Held for Refund Unexpended Grants 9, , Current Tax Liabilities Amounts withheld from salary and wages Provisions Employee entitlements Total Current Liabilities 26, Total Liabilities 26, Net Assets , The accompanying notes form part of these financial statements.

9 Note 1: Summary of Accounting Policies The accounting policies adopted by the Association are stated in order to assist in a general understanding of the financial statements. These policies have been consistently applied except as otherwise indicated. Reporting entity Thc Association is not a reporting entity because in the Committee's opinion there are unlikely to exist users who are unable to command the preparation of reports tailored so as to satisfy all of their information needs, and these accounts are therefore 'special purpose accounts' that have been prepared solely to meet the requirements of the Constitution and the Associations Act. Accounting Policies 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 the timeof receipt. Grant income is recognized in the Statement of Income and Expenditure in the periods in which the relevant 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 NT BADMINTON ASSOCIATION INC Notes to the Financial Statements The financial report has been prepared under the historical cost conventions and does not take into account changing money values or, except where specifically stated, current valuations of non-current assets. In order for the financial report to present fairly the state of affairs of the Association and the results of the Association for the year, Australian Accounting Standards have been adopted to the extent disclosed in this note. All revenue is stated net of the amount of goods and services tax (GST). Donations are exempt from GST.

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