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2016-12-12 General Committee - Item 9 - NBRF Annual Report - Signed Financial Statements
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General Committee Meeting
12 December 2016 - Item 9
Signed Financial Statements
General Committee Meeting
12 December 2016 - Item 9
Signed Financial Statements
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Noosa Biosphere Reserve Trust
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| ABN 12 733 644 586
| Financial Statements
| For the year ended 30 June 2016
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ottos&oartners
Otto & Partners Pty Ltd
Chartered Accountants
PO Box 2167
Noosa Heads Qld 4567
Phone: 54473939 Fax: 54474848See the original
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Full text of the other 11 sections
Section 2
| Noosa Biosphere Reserve Trust
| ABN 12 733 644 586
|
1
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| Contents
| Statement of Profit or Loss and Other Comprehensive Income
| Statement of Financial Position
| Statement of Cash Flows
| Notes to the Financial Statements
Responsible Persons’ Declaration
Independent Auditor's Report
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| Detailed Statement of Financial Performance
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|Section 3
Noosa Biosphere Reserve Trust
ABN 12 733 644 586
Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2016
| 2016 2015
$ $
| Grants 316,890.18
| Interest 2,514.24
| Other income 20.00
| Total revenue 319,404.42 20.00
Grants provided (136,890.18)
| Employee benefit expense (36,637.00)
| Depreciation (1,119.00)
| Other expenses (31,649.26) (0.70)
| Finance costs (176.58)
| Profit before income tax 112,932.40 (0.70)
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Income tax (credit) expense
Profit for the year 112,932.40 19.30
Total other comprehensive income for the
Total comprehensive income for the year 112,932.40 19.30
The accompanying notes form part of these financial statements.Section 4
| Noosa Biosphere Reserve Trust
| ABN 12 733 644 586
| Statement of Financial Position as at 30 June 2016
2016 2015
$ $
ee ee
Assets
Current Assets
Cash assets 661,330.84 29.30
GST receivable 4,896.02
Prepayments 794.11
Total Current Assets 667,020.97 29.30
Non-Current Assets
| Property, plant and equipment 4,126.27
| Total Non-Current Assets 4,126.27
: Total Assets 671,147.24 29.30
Liabilities
Current Liabilities
Payables 3,520.19
Employee entitlements 1,555.53
Grants on hand 553,109.82
Total Current Liabilities 558,185.54
Total Liabilities 558,185.54
Net Assets 112,961.70 29.30
Equity
Contribution by settlor 10.00 10.00
Retained earnings 112,951.70 19.30
Total Equity 112,961.70 29.30
The accompanying notes form part of these financial statements.Section 5
j
Noosa Biosphere Reserve Trust
! ABN 12 733 644 586
Statement of Cash Flows
| For the year ended 30 June 2016
2016 2015
$ $
| Cash Flow From Operating Activities
Other receipts 20.00
| Grants received 924,000.00
Payments to Suppliers and employees (214,517.28) (0.70}
| Interest received 2,514.24
i Interest and other costs of finance (176.58)
| Net GST remitted to ATO (45,273.57)
| _ Net cash provided by (used in) operating
| activities (below) 666,546.81 19.30
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| Cash Flow From Investing Activities
| Purchase of plant and equipment (5,245.27)
Net cash used by investing activities (5,245.27)
Cash Flow From Financing Activities
Proceeds of contributions by settlor 10.00
Net cash provided by (used in) financing
activities 10.00
Net increase (decrease) in cash held 661,301.54 29.30
Cash at the beginning of the year 29.30
Cash at the end of the year 661,330.84 29.30
Reconciliation Of Net Cash Provided By/Used In Operating Activities To Net Profit
(Loss)
Net profit (loss) 112,932.40 19.30
Depreciation 1,119.00
Changes in assets and liabilities net of effects of
purchases and disposals of controlled entities:
(Increase) decrease in trade and other
receivables (4,896.02)
(Increase) decrease in prepayments (794.11)
Increase (decrease) in trade creditors and
accruals 3,520.19
Increase (decrease) in employee entitlements 1,555.53
Increase (decrease) in grants on hand 553,109.82
Net cash provided by operating activities 666,546.81 19.30
The accompanying notes form part of these financial statements.Section 6
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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(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.
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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
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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:
|. 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.Section 7
Noosa Biosphere Reserve Trust
ABN 12 733 644 586
Notes to the Financial Statements
For the year ended 30 June 2016
The carrying amount of plant and equipment is reviewed annually by directors to ensure it
is not in excess of the recoverable amount from these assets. The recoverable amount is
assessed on the basis of the expected net cash flows that will be received from the asset’s
employment and subsequent disposal. The expected net cash flows have not been
discounted in determining recoverable amounts.
ll. | 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 borrowings in current liabilities on the
balance sheet.
lll. Revenue and Other Income
Revenue is measured at the fair value of the consideration received or receivable.
Interest revenue is recognised using the effective interest rate method.
Grants received are recognised as revenue when the grant funding conditions are met. For grants
received from the Noosa Shire Council grants are recognised as revenue only when an expense
allowable under the funding deed is incurred.
All revenue is stated net of the amount of goods and services tax (GST).
lv. 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 Tax 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 in the statement of cash flows are included on a gross basis and the GST component of
cash flows arising from investing and financing activities which is recoverable from or payable to the
taxation authority is classified as operating cash flows.
Vv. Employee Benefits
Provision is made for the liability for employee entitlements arising from services
rendered by employees to balance date. Employee benefits have been measured at the
amounts expected to be paid when the liability is settled, plus related costs. Accrued employee
benefits are recorded in Provisions as a Current Liability in the Statement of Financial Position.Section 8
Noosa Biosphere Reserve Trust
ABN 12 733 644 586
Notes to the Financial Statements
For the year ended 30 June 2016
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.
Vil. 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.
Vill. 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.Section 9
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| Noosa Biosphere Reserve Trust
| ABN 12 733 644 586
Responsible Persons’ Declaration
| The directors of Noosa Biosphere Reserve Foundation Ltd being the trustees of the Noosa Biosphere
| Reserve Trust declare that:
| i. The financial statements and notes are in accordance with the Australian Charities and Not-
for-profits Commission Act 2012, including:
| - Giving a true and fair view of its financial position as at 30 June 2016 and of its
performance for the financial year ended on that date; and
| .
| - Complying with Australian Accounting Standards (including the Australian Accounting
interpretations) to the extent stated in the notes to the financial staternents and the
| Australian Charities and Not-for-profits Commission Regulation 2013; and
i ii. | There are reasonable grounds to believe that the trust will be able to pay its debts as and
| when they become due and payable.
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The declaration is made in accordance with a resolution of the Board of Directors of the trustee company.
| v® é woe .
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| Campbell Corfe , (Director)
| fF, fy } YY
| . f. AX: Aarl,
eeSection 10
Noosa Biosphere Reserve Trust
| ABN 12 733 644 586
Independent Audit Report to the members of Noosa Biosphere Reserve
Trust
Report on the Financial Report
We have audited the accompanying financial report, being a special purpose financial report of Noosa Biosphere Reserve
Trust, which comprises the statement of financial position as at 30 June 2016, the statement of profit or loss and other
comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes
comprising a summary of significant accounting policies and other explanatory information, and the responsible persons’
| declaration.
| Directors' Responsibility for the Financial Report
\
| The directors of Noosa Biosphere Reserve Foundation Ltd, being the corporate trustee of the trust, are responsible for the
| preparation of the financial report that gives a true and fair view and have determined that the basis of preparation described
in Note 1 to the financial report is appropriate to meet the requirements of the Australian Charities and Not-for-Profits
Commission Act 2012 (ACNC Act) and the needs of the members. The director's responsibility also includes such internal
control as the directors determine is necessary to enable the preparation of a financial report that gives a true and fair view
| and is free from material misstatement, whether due to fraud or error.
| Auditor's Responsibility
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| Our responsibility is to express an opinion on the financial report based on our audit. We have conducted our audit in
i accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements
| relating to audit engagements and plan and perform the audit to obtain reasonable assurance about 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 judgement, 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 contro!
i relevant to the trust’s preparation of the financial report that gives a true and fair view 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 trust’s
| internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the director's, 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 audit, we have complied with the independence requirements of the Accounting Professional and Ethical
Standards Board and the Australian Charities and Not-for-profits Commission Act 2012.
Opinion .
In our opinion the financial report of Noosa Biosphere Reserve Trust has been prepared in accordance with Division 60 of
the Australian Charities and Not-for-profits Commission Act 2012, including:
: (a) giving a true and fair view of the trust's financial position as at 30 June 2016 and of its financial performance and cash
i flows for the year ended on that date; and
(b) complying with Australian Accounting Standards to the extent described in the notes to the financial report, and Division
60 of the Australian Charities and Not-for-profits Commission Regulation 2013.Section 11
| Noosa Biosphere Reserve Trust
i
ABN 12 733 644 586
| Independent Audit Report to the members of Noosa Biosphere
| Reserve Trust
|
| Basis of Accounting
| Without modifying our opinion, we draw attention to Note ‘a’ to the financial report, which describes the basis of
accounting. The financial report has been prepared for the purpose of fulfilling the directors’ financial reporting
responsibilities under the ACNC Act and trust deed. As a result, the financial report may not be suitable for
another purpose.
| SAAS Audit Pty Ltd
James Kenward
Director
Suite 4, 118 Vulture Street
South Brisbane QLD 4101
Dated: LAG
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|Section 12
Noosa Biosphere Reserve Trust
ABN 12 733 644 586
Detailed Statement of Financial Performance
| For the year ended 30 June 2016
2016 2015
$ $
| Income
| Grants received NSC - environmental 136,890.18
Grants received NSC - operational 180,000.00
Contributions - other 20.00
| Interest received 2,514.24
Total income 319,404.42 20.00
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| Expenses
Accountancy 150.00
Amortisation Expense 35,00
Bank Fees And Charges 71.99 0.70
Bookkeeping 522.50
Computing expenses 702.72
Consultants fees 14,000.94
Depreciation - plant 1,119.00
Donations 251.43
Grants provided - environmental 136,890.18
Fees & charges 157.55
Filing Fees 46.00
Fines 936.00
Insurance 3,481.00
Interest - ATO 176.58
Legal fees 430.00
Meeting expenses 767.66
Motor vehicle - allowance 79.20
Postage 220.41
Printing & stationery 1,400.94
Repairs & maintenance 270.91
Staff amenities 75.00
Superannuation 2,879.84
Telephone 1,285.12
Wages 33,757.16
Website expenses 6,500.00
Workcover insurance 264.89
Total expenses 206,472.02 0.70
Net Profit from Ordinary Activities before
income tax 112,932.40 19.30
Disclaimer
The additional financial data presented above is in accordance with the books and records of the Company which have
been subjected to the auditing procedures applied in our statutory audit of the trust for the year ended 30 June 2016. It will
be appreciated that our statutory audit did not cover all details of the additional financial data. Accordingly, we do not
express an opinion on such financial data and we give no warranty of accuracy or reliability in respect of the data provided.
Neither the firm nor any member or employee of the firm undertakes responsibility in any way whatsoever to any person
(other than Noosa Biosphere Reserve Trust) in respect of such data, including any errors of omissions therein however
caused.
SAAS Audit Pty Ltd
an
James Kenward
Director
Suite 4, 118 Vulture Street
South Brisbane QLD 4101
: Dated: 7/2. iG