PTCACCOUNTANTS AUDITORS & ADVISORS

Level1.100 Hutt StreetAdelaide SA 5000

Australia

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Tel: 0881792800

Fax: 0881792885

WWW. pitcher. comauenquiries@pitcher-sacom. au

Pitcher Partners is an association of Independent firmsAdelaide I Brisbane I Melbourne I Newcastle I Perth I Sydney

In relation to the independent audit for the year ended 30 June 201.4, to the best of myknowledge and belief there have been:

in No contraventions of the auditor independence requirements of the Coinorotions Act2001; and

(ii) No contraventions of any applicable code of professional conduct.

AUDITOR'S INDEPENDENCE DECLARATION

To THE DIRECTORS OF TKD SPORTS TAEKwoNDO AUSTRALIA LTD

PA TN I^..

TKD SPORTS TAEKWONDO AUSTRALIA LTD

ABN 69,672,6033

Postal Address

PO Box 7006. Hutt StreetAdelaide SA 5001

Australia

A P Faulkner

Principal

Date: 25 July 201.6

Pitcher Partners SA Pty Ltd ABN 36/12219735Liability limited by a scheme approved under Professional Standards Legislation

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PITCH R PAR NER.

We have audited the accompanying financial report of TKD Sports Taekwondo Australia Ltd,which comprises the statement of financial position as at 30 June 2014, the statement ofcomprehensive income, statement of changes in equity and statement of cash flows for theyear then ended, notes comprising a summary of significant accounting policies and otherexplanatory information, and the directors' declaration.

Directors' Responsibility for the FinonciolReport

The directors of the company are responsible for the preparation of the financial report thatgives a true and fair view in accordance with Australian Accounting Standards - ReducedDisclosure Requirements and the Coinorotions Act 2001 and for such internal control as thedirectors determine is necessary to enable the preparation of the financial report that givesa true and fair view and is free from material misstatement, whether due to fraud or error.

Auditorls Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. Weconducted our audit in accordance with Australian Auditing Standards. Those standardsrequire that we comply with relevant ethical requirements relating to audit engagementsand plan and perform the audit to obtain reasonable assurance about whether the financialreport is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial report. The procedures selected depend on the auditor'sjudgement, including the assessment of the risks of material misstatement of the financialreport, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the company's preparation of the financial report thatgives a true and fair view in order to design audit procedures that are appropriate in thecircumstances, but riot for the purpose of expressing an opinion on the effectiveness of thecompany's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by thedirectors, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Pitcher Partners SA Pty Ltd ABN 36/1221973SLiability limited by a scheme approved under Professional Standards Legislation

ACCOUNTANTS AUDITORS & ADVISORS

Level1,100 Hutt StreetAdelaide SA 5000

Australia

TKD SPORTS TAEKWONDO AUSTRALIA LTD

INDEPENDENT AUDITOR'S REPORT

To THE MEMBERS OF

TKD SPORTS TAEKWONDO AUSTRALIA LTD

ABN: 69,672,6033

Tel: 0881792800

Fax: 0881792885

WWW. pitcher. comauenquiries@pitcher-sacom. au

Pitcher Partners is an association of Independent firmsAdelaide I Brisbane I Melbourne I Newcastle I Perth I Sydney

Postal Address

PO Box 7006, Hutt StreetAdelaide SA 5001

Australia

pe d I Meinbe, ,I

BAKER TILLYINTE RNATIO NAL

offices throughout the world

Independence

In conducting our audit, we have complied with the independence requirements of theCorporotions Act 2001.

TKD SPORTS TAEKWONDO AUSTRALIA LTD

Busts for Discloimer of Opinion

The company was registered on 7 January 201.4, and the period ended 30 June 201.4 is thefirst financial period of the company. Management have not retained relevantdocumentation to support the transactions entered into the accounting system during thisfirst financial period. This resulted in insufficient recording and documentation oftransactions throughout the financial period.

We were not provided with bank statements for the period from 23 January 201.4 to IMarch 201.4, for a bank account which had an overdrawn balance of $41, at 30 June 201.4.This account has been closed subsequent to the balance sheet date. In the absence of bankstatements, we were unable to determine whether any adjustments might have beennecessary in respect of elements making up the statement of comprehensive income,statement of financial position, statement of changes in equity and statement of cash flows.

We were unable to obtain sufficient appropriate audit evidence to substantiate thefollowing balances and transactions disclosed in the 201.4 financial report by TKD SportsTaekwondo Australia Ltd:

Statement of Financial Position

. Payables

. Other liabilities

Statement of Comprehensive Income. Revenue and other income

. Expenses

INDEPENDENT AUDITOR'S REPORT

To THE MEMBERS OF

TKD SPORTS TAEKWONDO AUSTRALIA LTD

ABN: 69,672,6033

^. PITCHER PARTNERS

Consequently, we are unable to determine whether any adjustments are necessary inrespect of the elements making up the statement of comprehensive income, statement offinancial position, statement of changes in equity and statement of cash flows.

Discloimer of Opinion

Because of the significance of the matters described in the Basis for Disclaimer of Opinionparagraph, we have not been able to obtain sufficient appropriate audit evidence to providea basis for an audit opinion. Accordingly, we do not express an opinion on the financialreport

TKD SPORTS TAEKWONDO AUSTRALIA LTD

INDEPENDENT AUDITOR'S REPORT

To THE MEMBERS OF

TKD SPORTS TAEKWONDO AUSTRALIA LTD

ABN: 69,672,6033

A P FAULKNER

Principal

Date : 25 July 201.6

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PITCHER PARTNERS

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