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
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 VI.    Trade and Other Payables

Trade and other payables, including bank borrowings and distributions payable, are
recognised at the nominal transaction value without taking into account the time value of
money.

VII.    Prepayments

Prepayments for goods and services which are to be provided in future years are recognised as
prepayments. Prepayments are recorded in Other as a Current Asset in the Statement of Financial
Position. Prepayments recorded on the Statement of Financial Position include a pre-paid computer
warranty, a pre-paid software subscription and pre-paid insurance expense.

VIII.   Grants on Hand

Grants for environmental and sustainability purposes received from Noosa Council but for which
corresponding expenses have not yet been incurred are shown as current liabilities on the
Statement of Financial Position under Grants on Hand. Grants on Hand will be recognised as revenue
as the grant funding conditions are met.

Operational grants received from Noosa Council are recognised as income when the payment is
received from the council. These grants are provided to fund future operational funding expenses.