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Australia’s 16 year-old teenage sensation Alethea Sedgman claimed Gold at the 2010 Delhi Commonwealth Games in Women’s 50m Rifle 3 Position.

ANNUAL

REPORT

AUSTRALIAN INTERNATIONAL SHOOTING LIMITED

2009-2010

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STRATEGIC PLAN AGAINST NOVEMBER 2011 STRATEGY 1 Sustainable High Performance outcomes

Against November 2011

Action Plan 1.1 – Review and revise athlete pathways (Junior/youth/senior pathways)

80%

Action Plan 1.2 – Develop HP coaching structure

60%

Action Plan 1.3 – Manage and implement NCAS/NOAS coach/official accreditation

90%

Action Plan 1.4 – Effective talent ID programs from non-traditional sources

50%

STRATEGY 2 Promotion & Image management Action Plan 2.1 – Develop processes and resources to maximise media opportunities

65%

Action Plan 2.2 – Collect and collate strategically relevant demographic information

20%

Action Plan 2.3 – Develop processes for lobby activities of AISL

na

STRATEGY 3 Develop funding and resources Action Plan 3.1 – Investigate commercial opportunities with sponsorship/partnerships

50%

Action Plan 3.2– Develop national office staffing to resource Strategic plan

50%

STRATEGY 4 Governance Action Plan 4.1 – Identify Board skills required for implementation of strategic plan

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80%

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FROM THE CHAIR Welcome to the fifth Annual Report of Australian International Shooting Limited. The reporting year was very busy for all involved with AISL, as the lead up to the Commonwealth Games continued. There was considerable amount of work done to organise qualifying events, select teams, and make sure athletes had the opportunity to compete in quality competitions. Coupled with that, was an incredible amount of work, particularly for our CEO, due to the security concerns we held for our athletes. As always our enthusiastic and dedicated group of volunteers has made an important contribution to the running of AISL’s events, and we extend our grateful thanks to them. Whilst having met some of the key performance indicators in the strategic plan, the Board recognises that the coming year will need to be one of review of that plan and our overall strategic direction. The Board is committed to good governance principles and will continue to work on our general policies and team selection policies to ensure that the organisation meets or exceeds those principles. We are grateful to the Australian Sports Commission who continues to be our principal sponsor, and thank them for their vital support towards the running of the Association. We continue to enjoy an excellent working relationship with the Australian Olympic Committee and the Australian Commonwealth Games Association. The networks that our CEO has established within the ASC, the AOC and the ACGA foster those relationships. Nick has a very good working relationship with key people in these groups, and as a result, the Association continues to enjoy their full support. The Australian Sports Commission’s Antidoping Agency has played an important part in ensuring that our disciplines are

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drug free. This would not happen without the continued cooperation of our athletes in the drug testing regime. Across all disciplines our athletes performed well throughout the year. Unfortunately Australia is not able to financially support our elite athletes, as some countries do, so one cannot help but admire the dedication they have, as well as the support they receive from their families. The Directors are committed to making decisions that take into account the broader requirements of the various shooting disciplines. We held the requisite number of Board meetings either in person or via teleconferences, with Board members participating fully in the process. Earlier in the year the Board decided to look for an independent Board member with marketing skills. This position will be filled in accordance with the constitution and will be the Board appointed role that was held by Russell Mark. The CEO Nick Sullivan continues to run the organisation in a professional manner. Earlier this year Bianca decided to leave to explore the wider world and Fadia joined the team. Belinda, Pauline and Fadia provide the all important office back up for Nick. The high performance group of coaches and support staff has provided excellent service to the Association. Our staff is the most professional and enthusiastic group of people you are likely to find in any organisation, and the Board extends their thanks to them for their continued dedication to the Association. Together with my fellow Board members, Susannah Smith, Sharon Reynolds, Bob Marshall and Glenn O’Brien, I thank you for an exceptional year in the shooting sports and commend our Annual Report to you.

Cheryl Arnol President

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CHIEF EXECUTIVE OFFICER’S REPORT (Incl. High Performance) 2009-10 This year will be remembered for a number of milestones but importantly, the successful application to the Crawford Report, and the subsequent increase in funding. Whilst it did not reach the level we sought to conduct a more professional approach to athlete Daily Training Environments, it will clearly go a long way towards the changes proposed in our submission. On the financial side, the grants received were acquitted and provided sufficient funds to conduct the program; however our reliance on grants is considerably higher than desirable and more effort must be placed on the acquisition of external funds. A guide to the Income/Expense is included in graphical format at the end of my report. To achieve an outcome in the way of external funding, we have sought to introduce various projects which are producing minor flows. These include: ◗ Acting as a sales agent for SIUS Electronic Target Systems ◗ Establishing a partnership with Marsh Insurance We are continuing to seek partnerships with other agencies. However the successful outcome of these ventures relies heavily on goodwill and support. We have established a Digital Media Centre to: ◗ Promote the sport among our stakeholders ◗ Manage AISL’s web properties ◗ Provide an Online Management System for competitions and others ◗ Develop and maintain a ‘back-office’ system to handle scoring and ranking records ◗ Other office type duties ◗ Development of high quality library of film and still images of our elite athletes ◗ A feeder program to the media at large, with our media partner, contentgroup

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As expected, the workload in the office was higher than usual, this being brought about by the need to conduct both the Commonwealth Shooting Federation Championships (CSFC) and Commonwealth Games in one year, as India was unable to be ready in time.

Coupled with this, was the withdrawal, due to time constraints, by India from an ISSF World Cup originally scheduled to be conducted on the Delhi range, which resulted in the ISSF asking Australia to conduct the event. This we did with very short lead-in times and many from overseas rated the event as the best run of the year, so many thanks to all who assisted or participated in the conduct of the event.

Also in the same year as the Commonwealth Games, the ISSF World Championships in all disciplines is conducted, hence apart from organising a World Cup, there were four major teams to be selected, outfitted, transported, etc.This year also saw the first Youth Olympic Games where we qualified three competitors.

TEAM SIZES ISSF World Cup Sydney

28

Commonwealth Shooting Fed Champs

28

ISSF World Championships

48

2010 Youth Olympic Games

6

Commonwealth Games

38

Added to this was the organisation of the following events, which are held every year: ◗ 8 Australia Cups (4 Shotgun, 4 Rifle & Pistol) ◗ 2 Australia Cup Finals (1 Shotgun (new), 1 Rifle & Pistol) ◗ AISL International Grand Prix – all ISSF events ◗ AISL Youth Nationals

The office also organised teams to: ◗ 8 ISSF World Cups ◗ 2 World Cup Finals ◗ 3 other International events ◗ 2 IPC competitions for the Disabled ◗ University Games

This is, of course, without mention of the monthly training camps and training sessions conducted by the National Coaches. Whilst some of these competitions fell outside the ‘official’

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year ending of June 30, all of the preparation and planning obviously needed to take place prior to the financial year ending. Likewise, we are currently planning the 2010 - 2011 year, which will see the same level of local and international events but coupled with three major events here in Australia. These are: ◗ An ISSF World Cup in all disciplines - March 21 - 30 ◗ An International Paralympic Committee World Cup in November 11 – 21 ◗ The Oceania Shooting Federation Championship November 27 – 4 December. In all, 2010- 2011 will be an extremely busy year, and again, we look forward to another great effort by our band of volunteers. The various member programs conducted through funding provided are not showing signs of reliable pathways to the Olympics and or Commonwealth Games, and these will be reviewed at the forthcoming High Performance Management meeting. The audited financial report is included, and on behalf of all, I take this opportunity to thank the following for their support of our sport: Australian Sports Commission Australian Olympic Committee Australian Commonwealth Games Association Australian Paralympic Committee The SIS/SAS network The volunteers, whose time is immeasurable in monetary measure Finally, I would like to thank the board members for their time, which they give freely for the sake of the sport, and the counsel they provide. To the AISL staff, who provide clerical support, and to the coaches, my thanks for your tremendous work and support. Also included, following this report, are some graphs covering various aspects of the performance levels of the year, along with some historical facts

Nick Sullivan CEO

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FINANCE OVERVIEW The following are indicative, pre-final figures and may vary slightly from the Audited Financial Report.

INCOME $ 2.7m

14%

■ GRANTS ■ COMPETITION INCOME

■ INSURANCE COMMISSION ■ INSURANCE RECOVERIES ■ INTEREST RECEIVED ■ ISSF REIMBURSABLE EXPENSES

84%

■ MISCELLANEOUS SALES (AISL BADGES ETC)

❏ REBATE CHEQUE FOR ACCOM: 0% ❏ TOTAL REIMBURSEMENT OF EXPENSES: 0%

❏ TOTAL RENT: 0%

10%

GRANTS RECEIVED $2.2m

5% 12%

■ ACGA ■ AOC ■ APC ■ ASC

73%

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EXPENSE $ 2.8m

■ CAMPS (LOCAL): 3% ■ COMPETITION EXPENSES: 4%

16%

(LOCAL)

21%

■ COMPETITION EXPENSES (OVERSEAS)

■ DELHI 2010: 5% ■ EQUIPMENT: 2%

■ GRANT DISTRIBUTION & INCENTIVES: 4% ■ ADMIN ■ MEETING EXPENSES: 3% ■ NATIONAL TALENT: 2% IDENTIFICATION ■ PARALYMPIC: 8% ■ WORLD CUP & OCEANIA

31%

MEDALS OVERVIEW

MEDALS BY DISCIPLINE MEDALS 2010 (14)

14% 10% ■ SHOTGUN ■ RIFLE ■ PISTOL ■ PPP

22%

57%

MEDALS DISCIPLINE: LINE: MEDALS BY BY DISCIPLINE MEDALS 2006-2010 (56) 56)

16%

23%

18%

43% ■ SHOTGUN ■ RIFLE ■ PISTOL ■ PPP

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■ PPP ■ OLY/PARA ■ WCFINAL WCFINALS ■ WCCHAM WCCHAMPS ■ WORLD CCUPS

MEDALS DISCIPLINE: MEDALS BY BY DISCIPLINE: MEDALS 2006 - 2010 18 16 14

MEDALS BY EVENT/ DISCIPLINE

12

OLYMPICS Shotgun Rifle 1

10

Pistol

WORLD CUPS 2006 2007 2008 2009 2010

8 6 4

1 2 2 1 2

2 3 3 1

3 3 3

WORLD CUP FINALS 2006 2007 2008 2009 2010 to be held

2 0

2006 2007

2008

2009 2010

1 1 1

1 1

WORLD CHAMPIONSHIPS 2006 2007 2009 2010

FULL Shotgun Shotgun FULL

1 1

Totals

10

13

11

MEDALS BY ATHLETE 2006

2007

2008

2009

2010 1 (1G)

WARREN POTENT

0

3 (2G)

5 (2G 3B)

4 (3G 1B)

MICHAEL DIAMOND

0

1 (G)

3 (2G 1S)

2(1G 1S)

ADAM VELLA

0

2 (2S)

0

0

1 (1G)

RUSSELL MARK

0

0

0

0

1 (1S)

LALITA YAUHLEUSKAYA

1 (G)

0

3 (2S 1B)

3 (1S 2B)

2 (2S)

DINA ASPANDIYAROVA

0

0

0

1 (1S)

ASHLEY ADAMS

4 (1G 1S 2B)

1 (1S)

2 (2S)

LIBBY KOSMALA

3 (1G 2B)

2 (1S 1B)

2 (1G 1B)

1 (1B)

1 (1B)

JASON MARONEY

2 (1S 1B)

2 (1G 1 B)

4 (2S 2B)

PQS OVERVIEW PQS @ BENCHMARK - SHOTGUN(WORLD CHAMPIONSHIP) EVENT

PQS

Final Cut off vs PQS

AVE Final Cut 2010

TRAP MEN

121

121 with 6 way shoot off –we missed

120

TRAP WOMEN

69

71 made finals – our PQS 9th

69.4

DOUBLE TRAP MEN

140

144 made finals –our PQS 20th

142

SKEET MEN

121

123 made finals – our PQS 11th

121.8

SKEET WOMEN

70

70

70

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PQS @ BENCHMARK - RIFLE (WORLD CHAMPIONSHIP) EVENT

PQS

BENCHMARK EVENT PLACING

AVE FINAL CUT 2010

10m AIR RIFLE WOMEN

396

397 - PQS 12th

396.6

10m AIR RIFLE MEN

595

596 3 way s/off PQS made finals

595.2

50m 3 POS RIFLE WOMEN 580

581 4way S/off for 8th PQS 12th

580

50m 3 POS RIFLE MEN

1166

1172 3 way S/off PQS 31st

1168

50m PRONE RIFLE MEN

595

598 PQS 14th

596.4

50m PRONE RIFLE WOMEN 592

595 no final PQS 26th

300m PRONE RIFLE

597 no finals PQS 19th

595

PQS @ BENCHMARK - PISTOL(WORLD CHAMPIONSHIP) EVENT

PQS

FINAL CUT OFF VS PQS

10m AIR PISTOL WOMEN

383

383 5way s/off missed PQS 6th

AVE FINAL CUT 2010 382.6

10m AIR PISTOL MEN

582

582 PQS 8th

581.2

25m PISTOL WOMEN

582

583 PQS 8th

581.6

50m PISTOL MEN

561

561 PQS 8th

557

25m RF PISTOL MEN

580

580 PQs 6th

579

25m STANDARD MEN

570

570 No final PQS 8th

25m CENTREFIRE MEN

580

582 No final PQS 12th

HISTORICAL OVERVIEW WORLD CUP MEDALLISTS 50M RIFLE PRONE MEN 1986-2010

Potent Warren

25M PISTOL WOMEN 9 2

Ryan Linda

2

1

Woodward Annette

1

Repacholi Daniel

1

Sandstrom Bengst

1

10M AIR PISTOL WOMEN 1986-2010

Yauhleuskaya Lalita

5

Aspandiyarova Dina

1

Trefry Christine

1

Forder Annemarie

1

TRAP WOMEN Adams Phil

2

Sandstrom Bengst

1

TRAP MEN 1986-2010

8

Sturgess Barrie

10M AIR PISTOL MEN 1986-2010

Yauhleuskaya Lalita

Brook Donald

50M PISTOL MEN 1986-2010

1986-2010

1998-2010

Baynes Deserie

3

Roiall Stacey

2

Reeves Diane

1

Smith Lisa

1

Rahman Natalia

1

SKEET WOMEN Vella Adam

9

Diamond Michael

19

Mark Russell

6

Kelly Ben

1

Maxwell John

1

1998-2010

DOUBLE TRAP MEN

SKEET MEN

1993-2010

1986-2010 Mark Russell

5

Barton Clive

2

Diamond Michael

4

Cunningham David

1

Vella Adam

4

Meuleman Craig

1

Haberman Steve

1

Summers John

1

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PARALYMPIC PREPARATION PROGRAM REPORT Competitions were limited during the 2009/10 financial year due to changes in the management of International Paralympic Committee (Shooting). Small teams were selected to travel to a number of competitions in early 2010. Jason Maroney and Elizabeth (Libby) Kosmala travelled to Turkey to an Air Rifle competition and were successful. Libby claimed first place in Air Rifle Standing and Jason Maroney claimed a second in Air Prone and third in Air Standing. A larger team travelled to the World Cups in Germany and France, with some good results. Ashley Adams won second place in 50m Prone in Germany, while Libby came third in Air Prone in France. Jason Maroney was successful in both, Air Standing and Air Prone in France, with a third and second place respectively. The combination of Jason Maroney, Brad Mark and Luke Cain was successful in achieving a Gold for Air Prone and Silver in Air Standing. Two training camps were conducted in the financial year, one attached to Oceania in December 2009, and the other after Aus Cup in February 2010. The squad was reviewed in December 2009 with three SH1 shooters: Ashley Adams, Darren Nicholson and Libby Kosmala, two Pistol shooters: Stephen McCormack and Sebastian Hume and three SH2 shooters: Luke Cain, Bradley Mark and Jason Maroney. A new committee for IPC Shooting has been elected and their first priority has been to finalise the qualifications requirements for London 2012. Quota places have been allocated to a number of World Cups with Australia successful in being allocated the last Quota place competition, to be held in Sydney in November 2011. Two classification sessions have been conducted in Sydney, one in February with three classifications, and one in April in conjunction with TRA Nationals, with three persons assessed. Dr Jagdish Maharaj, National Level Classifier (IPC), with whom AISL has been working for the past three years was asked to conduct classification (of the athletes) at the IPC World Cup in France, to enable the IPC’s head classifier to assess him for the subsequent level – that of International Classifier.Talent Search days have been conducted in conjunction with the Australian

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Paralympic Committee in Brisbane (August 2009), Sydney (November 2009) and Adelaide (September 2009). Participation in Brisbane and Sydney was good, with a number of participants showing interest in both, rifle and pistol. Adelaide only had a small number of participants, which was due to the fact that the APC development officer had only just started in the role.

Participation in Brisbane and Sydney was good, with a number of participants showing interest in both, rifle and pistol.

Talent Search Days (TSD) provides people with a disability an opportunity to explore their interest in the shooting sports. The follow up of the participants and finding appropriate level of coaching/assistance for interested participants is a continuing struggle for the sport. In April 2009, the starlight foundation granted a ‘wish’ to one of the TSD participants, Matthew Yates, when a new Anschultz Air Rifle was presented to him during the TRA Nationals at SISC. Disability Action Plan was completed and signed SPORTS The off by the Board in September 2009. I then met with CONNECT AISL’s Sports CONNECT Case Manager, Susie BennettYeo, to coordinate the approach required to move the DAP forward. This meeting was held in February 2010 and a DAP workshop was conducted with Pistol Australia and Target Rifle Australia representatives in April 2010. The attendees were: Nick Sullivan, Susie Bennett-Yeo, Catherine Fettell, Spencer Tweedie, Carrie Quigley, Glenn Braybon and myself. An action plan was agreed upon by both Associations. Nick Sullivan and I attended the Australian Sports Commission’s National Forum on 27 April in Melbourne. This provided good networking opportunities and presented us with a suitable person (Jenni Banks) to assist with the production of an Inclusive Toolkit for clubs. Jenni from Creative Excellence has an extensive background in Disability Sport as well as producing similar club toolkits for a number of sports in Australia. Jenni was the High Performance Manager for Shooting with Australian Paralympic Committee leading up to 2000 Sydney Games, and has an excellent understanding of disability sports. Jenni has been commissioned to provide AISL with a club level ‘Inclusive Toolkit’. A workshop was conducted byJenni in June 2010, with Carrie Quigley, Libby Kosmala and myself in attendance, which provided input into the content of the toolkit.The toolkit should be available for distribution in early 2011, after approvals.

Michelle Fletcher

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AUSTRALIAN INTERNATIONAL SHOOTING LIMITED Financial Statements For the Year Ended 30 June 2010 Independent Audit Report to the members of Australian International Shooting Limited Report on the Financial Report We have audited the accompanying financial report of Australian International Shooting Limited, which comprises the balance sheet as at 30 June 2010, and the income statement, statement of changes in equity and cash flow statement for the year ended that date a summary of significant accounting policies, other explanatory notes and the directors’ declaration. Directors’ Responsibility for the Financial Report The directors of the company are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001 has been provided to the directors of Australian International Shooting. Auditor’s Opinion In our opinion the financial report of Australian International Shooting Limited is in accordance with the Corporations Act 2001, including: (a) giving a true and fair view of the company’s financial position as at 30 June 2010 and of its performance for the year ended on that date; and (b) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001.

Gray Perry DFK Chartered Accountants

James W Perry 1st Floor 89 – 92 South Terrace Adelaide SA 5000

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Directors’ Report 30 June 2010

Your directors present their report on the company for the financial year ended 30 June 2010.

1.General information a) Directors The names of the directors in office at any time during, or since the end of, the year are: Names Cheryl Anne Arnol Glenn Wallace O’Brien Robert Malcolm Marshall Russell Mark Sharon Reynolds Susannah Smith

Appointed/Resigned

Resigned

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. b) Principal Activities The principal activities of Australian International Shooting Limited during the financial year were to support competition shooting sports opportunities. No significant change in the nature of these activities occurred during the year.

2. Business review a) Operating Results The (deficit)/surplus of Australian International Shooting Limited for the year amounted to ($171,546) 2009:$177,576.

3. Other items a) Significant Changes in State of Affairs No significant changes in Australian International Shooting Limited’s state of affairs occurred during the financial year. b) After balance day events No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of Australian International Shooting Limited, the results of those operations or the state of affairs of Australian International Shooting Limited in future financial years. c) Auditors Independence Declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out at page 20. d) Rounding of amounts The company is an entity to which ASIC Class order 98/100 applies and, accordingly, amounts in the financial statements and directors’ report have been rounded to the nearest one dollar. Signed in accordance with a resolution of the Board of Directors:

Director: ............................................................... Director: ................................................................. Dated this .............................. day of .............................. 2010

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Directors’ Declaration The directors of the company declare that: 1. The financial statements and notes, as set out on pages 1 to 19, are in accordance with the Corporations Act 2001 and: (a) comply with Accounting Standards and the Corporations Regulations 2001; and (b) give a true and fair view of the financial position as at 30 June 2010 and of the performance for the year ended on that date of the company. 2. In the directors’ opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the Board of Directors. Director .................................................................. Director .................................................................. Dated

Income Statement For the Year Ended 30 June 2010 2010 $

2009 $

Revenue

2,649,149

2,146,285

Other income

88,033

87,757

Employee benefits expense

(694,379)

(531,155)

Depreciation, amortisation and impairments

(29,019)

(26,526)

Competition and Training

(1,135,634)

(760,383)

Other expenses

(1,049,696)

(738,402)

Profit attributable to members

(171,546)

177,576

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Balance Sheet 30 June 2010 Note

2010 $

2009 $

Cash and cash equivalents

2.

557,938

826,035

Trade and other receivables

3.

92,148

54,124

Inventories

4.

16,479

25,162

666,565

905,321

74,323

84,868

Total non current assets

74,323

84,868

TOTAL ASSETS

740,888

990,189

ASSETS Current assets

Total current assets Non current assets Property, plant and equipment

5.

LIABILITIES Current liabilities Trade and other payables

6.

72,856

158,081

Short term provisions

7.

102,423

94,954

Other current liabilities

-

-

Total current liabilities

175,279

253,034

TOTAL LIABILITIES

175,279

253,034

NET ASSETS

565,609

737,154

Distributable Surplus

565,609

737,154

TOTAL EQUITY

565,609

737,15

EQUITY

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Statement of Changes in Equity For the Year Ended 30 June 2010 2010 Retained Earnings $

Total $

Balance at 1 July 2009

737,155

737,155

Profit attributable to members Transfers to and from reserves Sub total

(171,546)

(171,546)

(171,546)

(171,546)

Balance at 30 June 2010

565,609

565,609

2009 Retained Earnings $ 559,579 177,576

Total $ 559,579 177,576

177,576

177,576

737,155

737,155

Balance at 1 July 2008 Profit attributable to members Transfers to and from reserves Sub total Balance at 30 June 2009

Cash Flow Statement

For the Year Ended 30 June 2010 Note Cash from operating activities: Receipts from customers

2010 $

2009 $

2,690,033

2,215,709

Payments to suppliers and employees Interest received Net cash provided by (used in) 11 operating activities Cash flows from investing activities: Sale of property, plant and equipment Acquisition of property, plant and equipment

(2,948,780) (1,911,183) 9,124 23,114 (249,623) 327,640

(18,474)

4,575 (41,301)

Net cash provided by (used in) investing activities

(18,474)

(36,726)

Net increase (decreases) in cash held Cash at beginning of financial year

(268,097) 826,035

290,914 535,121

557,938

826,035

Cash at end of financial year

2

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Summary of Significant Accounting Policies For the Year Ended 30 June 2010 1. Statement of Significant Accounting Policies (a) General information The financial report is a general purpose financial report that has been prepared in accordance with Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. The financial report covers the economic entity of Australian International Shooting Limited. Australian International Shooting Limited is a company limited by shares, incorporated and domiciled in Australia The financial report of Australian International Shooting Limited complies with all Australian relevant equivalents to International Financial Reporting Standards (AIFRS). The following is a summary of the material accounting policies adopted in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated. (b) Basis of Preparation Reporting Basis and Conventions The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. (c) Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. (d) Property, Plant and Equipment Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses.

Plant and equipment Plant and equipment are measured on the cost basis.

Depreciation The depreciable amount of all fixed assets is depreciated on a diminishing value basis over their useful lives commencing from the time the asset is held ready for use. The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset

Plant and Equipment Office Equipment

7.5% 40% 7.5% 40%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. (e) Inventories Inventories are measured at the lower of cost and net realisable value. The cost of manufactured products includes direct materials, direct labour and an appropriate portion of variable and fixed overheads. Overheads are

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applied on the basis of normal operating capacity. Costs are assigned on the basis of weighted average costs. (f) Financial Instruments Recognition Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below.

Financial assets at fair value through profit and loss A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or if so designated by management and within the requirements of AASB 139: Recognition and Measurement of Financial Instruments. Realised and unrealised gains and losses arising from changes in the fair value of these assets are included in the income statement in the period in which they arise.

Loans and receivables Loans and receivables are non derivative financial assets with fixed or determinable payments that are not quoted in an active market and are stated at amortised cost using the effective interest rate method.

Held to maturity investments These investments have fixed maturities, and the intention is to hold these investments to maturity. Any held to maturity investments held are stated at amortised cost using the effective interest rate method.

Financial liabilities Non derivative financial liabilities are recognised at amortised cost, comprising original debt less principal payments and amortisation.

Impairment At each reporting date, the company assesses whether there is objective evidence that a financial instrument has been impaired. In the case of available for sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in the income statement. (g) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short term borrowings in current liabilities on the balance sheet. (h) Employee Benefits Provision is made for the company’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on costs. (i) Provisions Provisions are recognised when the group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. (j) Income Tax The entity is an exempt for tax entity for income tax purposes pursuant to section 50 45 of the ITAA 1997. Accordingly no income tax obligation exists. (k) Revenue Revenue from the sale of goods is recognised upon the delivery of goods to customers.

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Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets. Revenue from the rendering of services is recognised upon the delivery of the service to the customers. All revenue is stated net of the amount of goods and services tax (GST). (l) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST. Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. (m) Rounding of Amounts The company has applied the relief available to it under ASIC Class Order 98/100 and accordingly, amounts in the financial report and directors’ report have been rounded off to the nearest $1.

(n) New Accounting Standards for Application in Future Periods

The AASB has issued new, revised and amended standards and interpretations that have mandatory application dates for future reporting periods and which the company has not adopted early. A discussion of those future requirements and their impact on the company is as follows: ◗ AASB 101: Presentation of Financial Statements, AASB 2007 8: Amendments to Australian Accounting Standards arising from AASB 101, and AASB 2007 10: Further Amendments to Australian Accounting Standards arising from AASB 101 (all applicable to annual reporting periods commencing from 1 January 2009). The revised AASB 101 and amendments supersede the previous AASB 101 and redefines the composition of financial statements including the inclusion of a statement of comprehensive income. There will be no measurement or recognition impact on the company. If an entity has made a prior period adjustment or reclassification, a third balance sheet as at the beginning of the comparative period will be required. The company does not anticipate early adoption of any of the above reporting requirements and does not expect these requirements to have any material effect on the company’s financial statements.

2. Cash and Cash Equivalents

Cash at bank

2010 $ 557,938 557,938

2009 $ 826,035 826,035

Reconciliation of Cash 2010 2009 $ $ Cash at the end of the financial year as shown in the cash flow statement is reconciled to items in the balance sheet as follows: Cash and cash equivalents

557,938 557,938

826,035 826,035

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3. Trade and Other Receivables CURRENT Trade receivables

2010 $

2009 $

92,148 92,148

54,124 54,124

2010 $

2009 $

16,479 16,479

25,162 25,162

NON CURRENT

4. Inventories CURRENT At Cost Merchandise

5. Property Plant and Equipment PLANT AND EQUIPMENT Furniture, fixture and fittings At cost Less accumulated depreciation Total furniture, fixture and fittings Diagnostic Equipment At cost Less accumulated depreciation Total Diagnostic Equipment Office equipment At cost Less accumulated depreciation Total office equipment Web Page Development At cost Less accumulated depreciation Total Web Page Development Target Equipment At cost Less accumulated depreciation Total Target Equipment Firearms At cost Less accumulated depreciation Total Firearms Total plant and equipment Total property, plant and equipment

2010 $

2009 $

14,842 (5,601)

13,250 (3,310)

9,241

9,940

8,195 (7,850)

8,195 (7,623)

345

572

187,373 (149,652)

170,492 (133,628)

37,721

36,864

11,812 (11,695)

11,812 (11,624)

117

188

192,124 (167,270)

192,124 (157,546)

24,854 2,044 6,854 (4,810)

34,578 2,044 6,854 (4,128)

2,726 74,322 74,322

84,868 84,868

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5.1. Movements in Carrying Amounts Diagnostic Equipment

Website Development

Target Equipment

$

Furniture, Office Fixtures Equipment Fittings $ $

$

$

572

9,940

188

34,578

Diagnostic Equipment

Website Development

Target Equipment

$

Furniture, Office Fixtures Equipment Fittings $ $

$

$

(227)

1,592 (2,291)

16,882 (16,023)

(71)

(9,724)

345

9,241

37,721

117

24,854

Firearms $

Total $

Current Year Balance at the beginning of year

Additions Other changes, movements Carrying amount at the end of year

36,864

Current Year Balance at the beginning of year

2,726

84,868

Additions Other changes, movements

(682)

18,474 (29,018)

Carrying amount at the end of year

2,044

74,322

6. Trade and Other Payables

CURRENT Unsecured liabilities Trade payables Other payables Amount payable to:

2010 $

2009 $

43,193 29,663

40,218 117,863

72,856 72,856

158,081 158,081

Employee entitlements $ 94,954 7,469 102,423

Total

2010 $ 102,423 102,423

2009 $ 88,922 88,922

7. Provisions

Opening balance at 1 July 2009 Additional provisions Balance at 30 June 2010

$ 88,922 6,032 94,954

Analysis of Total Provisions

Current

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8. Other Liabilities

Other deferred income Total

Current 2010 $ -

2009 $ -

9. Members’ Guarantee The company is limited by guarantee. If the company is wound up, the Constitution states that each member is required to contribute a maximum of $100 each towards any outstanding obligations of the company.

10. Auditors’ Remuneration 2010 $

2009 $

2010 $ 8,580

2009 $ 6,980

-

-

Remuneration of the auditor of the company for:

Auditing or reviewing the financial report Other services

11. Cash Flow Information 11.1. Reconciliation of Cash Flow from Operations with Profit after Income Tax 2010 $ Net income/loss for the period (171,546) Cash flows excluded from profit attributable to operating activities Non cash flows in profit Depreciation 29,019 changes in assets and liabilities, net of the effects of purchase and (Increase)/decrease in trade and term receivables Increase/(decrease) in trade payables and accruals Increase/(decrease) in provisions

(29,340) (85,225) 7,469 (249,623)

2009 $ 177,576

26,526 disposal of subsidiaries 14,184 103,322 6,032 327,640

12. Company Details 12.1. Registered office The registered office of the company is: Australian International Shooting Limited, Suite 4 329 Brighton Road, NORTH BRIGHTON, SA 5048 I declare that, to the best of my knowledge and belief, during the year ended 30 June 2010, there have been: (i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and (ii) no contraventions of any applicable code of professional conduct in relation to the audit.

Gray Perry DFK Chartered Accountants

James W Perry 1st Floor 89 – 92 South Terrace Adelaide SA 5000

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AUSTRALIAN INTERNATIONAL SHOOTING LTD Sponsor and Authorised Representative Report

Prepared By: Marsh Pty Ltd Level 5, 108 North Terrace Adelaide SA 5000

Period 30 September 2009 to 30 September 2010

INTRODUCTION We are happy to present Australian International Shooting Ltd (AISL) with our second sponsorship report for the 2009 – 2010 period. This report provides a summary of the current number of policies bound, gross written premium and net income to AISL. We have also provided an update on the development projects that we will continue to provide into 2011 and beyond. We would be happy to receive your feedback as your thoughts on the products offered and ideas that you may wish to implement are beneficial in planning and developing strategies into 2011.

INCOME SUMMARY Commercial Business 30 September 2008 to 30 September 2009 Number of policies YTD

Premium Earned YTD

Net Income to AISL YTD

44

$101,339.85

$2,496.97

Commercial Business 30 September 2009 to 30 September 2010 Number of policies YTD

Premium Earned YTD

Net Income to AISL YTD

78

$157,993.32

$7,312.94

Private Business 30 September 2008 to 30 September 2009 Number of policies YTD

Premium Earned YTD

Net Income to AISL YTD

23

$28,692.38

$936.61

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Private Business 30 September 2009 to 30 September 2010 Number of policies YTD

Premium Earned YTD

Net Income to AISL YTD

27

$22,463.66

$1,012.38

Total Number of Policies and Income 30 September 2009 to 30 September 2010 Total Number of Policies

Cancelled Policies

Premium Earned

Income to AISL

105

3

$180,456.98

$7,325.32

Total Number of Policies and Income 30 September 2008 to 30 September 2009 Total Number of Policies

Cancelled Policies

Premium Earned

Income to AISL

67

0

$130,032.23

$3,433.58

MARKETING Overall the AISL scheme has been received well by members we have met and/or spoken with. However, whilst AISL’s income has increased the participation rate is still behind predicted levels. During November 2010 and moving forward into 2011 we will introduce a new on line Domestic Travel product via AISL’s web site, this product will offer competitive Travel Insurance for those members who travel on holidays excluding shooting events. This product will ad value to membership of AISL and increase participation rates.

Activity for the next period will include: EVENT ACTIVITY

Private Client Services Campaign Travel Product Liability & Property Insurance Brochure

DUE DATE

New Offering January 2011 Update AISL web site January 2011 Mail out due February 2011

CLAIMS You will note from the claims data below, with the exception of Travel Insurance, all portfolios have run well during the period 30 September 2009 to 30 September 2010 The loss ratio for Travel Insurance is poor due to one large claim for approx. $20,500 being re-ticketing expenses and hospital costs overseas. TYPE OF INSURANCE

LOSS RATIO

Property Insurance

Nil

Public & Product Liability

Nil

Personal Accident

Nil

Travel Insurance Associations Liability Private Client Services

172% Nil 55%

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ACKNOWLEDGEMENTS Principal Sponsor

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AUSTRALIAN INTERNATIONAL SHOOTING LIMITED

2A Jetty Road, Brighton, SA 5048 Mail to: PO Box 375, Brighton SA 5048 tel +61 8 8296 0951, fax +61 8 8296 0937 email: office@ausshooting.org web: www.ausshooting.org

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AISL Annual Report 2009-10