2016-12-12 General Committee - Attachment 1 to Item 9 - NBRF Annual Report

                               Noosa Biosphere Reserve Trust
                                     ABN 12 733 644 586
                              Notes to the Financial Statements
                              For the year ended 30 June 2016
     ______________________________________________________________________________

(a) Basis of Preparation

The directors of the trustee company have prepared the financial statements of the trust on the
basis that the trust is a non-reporting entity because there are no users dependant on general
purpose financial statements. The financial statements are therefore special purpose financial
statements that have been prepared in order to meet the requirements of the trust deed, the
information needs of the stakeholders and the Australian Charities and Not-for-Profits Commissions
Act 2012.

The Noosa Biosphere Reserve Trust is a not for profit entity committed to supporting projects and
ideas that enhance biodiversity conservation and promote sustainable living in the Noosa region.

(b) Statement of Compliance

This special purpose financial report complies with the recognition and measurement requirements
of Australian Accounting Standards as issued by the Australian Accounting Standards Board. The
disclosure requirements of Australian Accounting Standards and other financial reporting
requirements in Australia do not have mandatory applicability to the Trust because it is not a
‘reporting entity’.

The financial report does not include the disclosure requirements of all Australian Accounting
Standards except for the following minimum requirements:
 •        AASB 101, Presentation of Financial Statements
 •        AASB 107, Statement of Cash Flows
 •        AASB 108, Accounting Policies, Changes in Accounting Estimates and Errors
 •        AASB 1031, Materiality
 •        AASB 1048, Interpretation of Standards
 •        AASB 1054, Australian Additional Disclosures.

The financial report has been prepared on an accruals basis and is based on historical costs.
Amounts are presented in Australian Dollars.

The accounting policies used in the preparation of this report, as described below are, in the opinion
of the Directors, appropriate to meet the needs of members.

(c) Significant Accounting Policies

The financial statements have been prepared on an accruals basis and are based on historical
costs unless otherwise stated in the notes. The accounting policies that have been adopted in
the preparation of the statements are as follows:

     I.     Property, Plant and Equipment (PPE)

Property, Plant and Equipment are carried at cost and are depreciated over the useful lives of
the assets to the trust.