2022-10-24 General Committee Meeting- Item 7 - Attachment 1 - Noosa Oyster Ecosystem Restoration Project - Final Report (1)

Costs beyond the term of the Agreement and Reefbuilder funding

Costs with managing the reefs beyond the 30th of June 2023 (when the Reef Builder funding expires) will be considerable and
will be borne by TNC. These costs include staff time to manage the reefs, public feedback and enquiries as well as to organize
and oversee monitoring, evaluating and reporting of reef performance during the five-year permit period.

These ongoing costs were also not captured by the Agreement and represent a significant additional in-kind contribution to
the project from TNC (Table 11).

Table 11: Conservative estimate of ongoing costs to be borne exclusively by TNC beyond the term of the Agreement and
Reef Builder project

 Forecast expenditure 2023-2027                                                                             Estimated cost
                                                                                                            (minimum)

 Project coordinator – monthly reef monitoring, response to public inquiries and local engagement and               160,000
 facilitation of Monitoring and Evaluation

 Local operational costs - reef maintenance, reseeding events, additional product development                       120,000
 including community information products and activities

 Independent (contracted) reef monitoring, evaluation and reporting                                                 200,000

 TNC Australia staff technical oversight of reef performance and engagement with permitting agencies                 80,000

 Total                                                                                                              560,000


Financial management protocols and audits

TNC annually produces consolidated financial statements for each financial year for projects undertaken under the auspices
of The Nature Conservancy Australia Trust and its controlled entity (the group). These general-purpose financial statements
are prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting
Standards Board and the Australian Charities and Not-for-profits Commission Act 2012.

Each year TNC reports publicly against these statements through its annual report. The report includes an independent audit
report.

The Nature Conservancy Limited as trustee for The Nature Conservancy Australia Trust and its controlled entity are a non-
for-profit entity for the purpose of preparing the financial statements.

The financial statements of the group comply with Australian Accounting Standards - Reduced Disclosure Requirements as
issued by the Australian Accounting Standards Board (AASB).

The financial statements are prepared under the historical cost convention, as modified by revaluations to fair value for
certain classes of assets and liabilities as described in the accounting policies.

Grants payable are recognised in the consolidated statement of comprehensive income when it is probable that the service
conditions under the grant agreement have been met by the grant recipient.

TNC has provided NC with a copy of its Annual Report and Audit Report for TNC’s consolidated accounts for the year ending
June 2021.

TNC can make available the 2022 and 2023 Annual Financial Reports and Audit Statements to NC, as they specifically relate
to the term of the Agreement, as requested.


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