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2019-12-10 P&E Agenda - Item 6 - Attachment 2 - NBRF Audited Financial Statements 2018-19
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Planning & Environment Committee Agenda
10 December 2019
Item 6 - Attachment 2
24 October 2019
The Directors
Noosa Biosphere Reserve Foundation Ltd, ATF
Noosa Biosphere Reserve Trust
52 Doonella Street
TEWANTIN, 4565
Dear Directors
NOOSA BIOSPHERE RESERVE TRUST: 2019 AUDIT
The audit of Noosa Biosphere Reserve Trust is complete for the year ended 30 June 2019. Lodgement of the 2019
Annual Information Statements (AIS) and accounts with the ACNC is required by 31 January 2020.
Matters Arising
Grants Committed to be Expended
The usefulness of a disclosure in relation to grant’s approved but still to be paid out was discussed again this year.
Consideration should be given to including this information in future years.
Changes to Leasing Accounting Standard – Now no Impact in June 2020 Year End
Last year we flagged that a new leasing standard would require attention and potential adjustments in 2020 to
recognise the benefit the trust receives in relation to its peppercorn lease. In response to feedback the Australian
Accounting Standards Board received, in particular on the difficulty of not-for profits implementing this standard
the standard has been amended to remove the requirement to adjust for peppercorn leases. As such this (for the time
being) is no longer a worry.
Should you wish to discuss the above, please do not hesitate to contact me.
Our final invoice for the accounts preparation and audit is attached.
Yours sincerely
James Kenward
Director
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Section 2
Noosa Biosphere Reserve Trust ABN 12 733 644 586 Financial Statements . For the Year Ended 30 June 2019
Section 3
Noosa Biosphere Reserve Trust :
ABN 12 733 644 586
Contents
For the Year Ended 30 June 2019
Page
Financial Statements
Statement of Profit or Loss and Other Comprehensive Income 4
Statement of Financial Position 2
Statement of Changes in Equity 3
Statement of Cash Flows 4
Notes to the Financial Statements 5
Responsible Persons’ Declaration 9
Independent Audit Report 10
Detailed Profit and Loss Account 12
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iSection 4
Noosa Biosphere Reserve Trust
ABN 12 733 644 586 :
Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2019
2019 2018
$ $
Income from grants 497,714 374,979 ‘
Interest 71 1,618 ,
Depreciation and amortisation expense (656) (882)
Grants provided and other project costs (357,714) (214,980)
Other expenses (53,232) (189,624)
Profit/(loss) before income tax 86,183 (28,889)
Income tax expense - -
Profit/(loss) for the year 86,183 (28,889)
Other comprehensive income for the :
year, net of tax - -
Total comprehensive income for the
year 86,183 (28,889)
The accompanying notes form part of these financial statements.
1 1
|Section 5
Noosa Biosphere Reserve Trust
ABN 12 733 644 586
Statement of Financial Position
As At 30 June 2019 .
2019 2018
Note $ $
ASSETS ‘
CURRENT ASSETS
Cash and cash equivalents 473,053 715,383
Trade and other receivables 4 20,000 57,331
Other assets 782 311
TOTAL CURRENT ASSETS 493.835 773.025
NON-CURRENT ASSETS
Property, plant and equipment 4,666 2,588
TOTAL NON-CURRENT ASSETS 4.666 2 588
TOTAL ASSETS 498,501 775,613
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 5 17,989 23,570
Other financial liabilities 6 341,862 699,576
TOTAL CURRENT LIABILITIES 359.851 723.146
| TOTAL LIABILITIES : 359.854 723,146
NET ASSETS _ 138,650 52,467
EQUITY
Contributed equity 10 10
Retained earnings - 138,640 52,457
TOTAL EQUITY 138.650 52 467
The accompanying notes form part of these financial statements.
2Section 6
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Noosa Biosphere Reserve Trust
ABN 12 733 644 586
Statement of Changes in Equity
For the Year Ended 30 June 2019
2019
Contributed Retained
equity Earnings Total :
$ $ $
Balance at 1 July 2018 10 52,457 52,467
Profit for the year - 86,183 86,183
Balance at 30 June 2019 10 138,640 138,650 .
2018
Contributed Retained
equity Earnings Total
$ $ $ ,
Balance at 1 July 2017 10 81,346 81,356 :
Loss for the year - (28,889) (28,889)
Balance at 30 June 2018 10 52,457 §2,467
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The accompanying notes form part of these financial statements.
3 |Section 7
Noosa Biosphere Reserve Trust
ABN 12 733 644 586
Statement of Cash Flows
For the Year Ended 30 June 2019
2019 2018
Note $ $
CASH FLOWS FROM OPERATING
ACTIVITIES:
Receipt from grants 179,027 428,999
Interest received 71 1,618
Grants paid and payments to
suppliers and employees (456,879) (432,208)
Net GST received from ATO 38,185 12,965
Net cash provided by/(used in)
operating activities 8 (239,596) 11,374
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchase of property, plant and
equipment (2,734) -
Net cash used by investing activities : (2,734) .
Net increase/(decrease) in cash and
cash equivalents held (242,330) 11,374
Cash and cash equivalents at i
beginning of year 715,383 704,009
Cash and cash equivalents at end of
financial year 473,053 715,383 :
The accompanying notes form part of these financial statements.
4Section 8
Noosa Biosphere Reserve Trust
ABN 12 733 644 586 :
Notes to the Financial Statements
For the Year Ended 30 June 2019
The financial report covers Noosa Biosphere Reserve Trust as an individual entity. Noosa Biosphere Reserve Trust is a not-
for-profit Trust, registered and domiciled in Australia.
The principal activity of the Trust for the year ended 30 June 2019 was the support of projects and ideas that enhance
biodiversity conservation and promote sustainable living in the Noosa region. :
The functional and presentation currency of Noosa Biosphere Reserve Trust is Australian dollars.
Comparatives are consistent with prior years, unless otherwise stated.
1 Basis of Preparation
In the Responsible persons opinion the Trust is not a reporting entity since there are unlikely to exist users of the
financial statements who are not able to command the preparation of reports tailored so as to satisfy specifically all of
their information needs. These special purpose financial statements have been prepared to meet the reporting
requirements of the Australian Charities and Not-for-profits Commission Act 2012.
The financial statements have been prepared in accordance with the recognition and measurement requirements of
the Australian Accounting Standards and Accounting Interpretations, and the disclosure requirements of AASB 101
Presentation of Financial Statements, AASB 107 Statement of Cash Flows, AASB 108 Accounting Policies, Changes
in Accounting Estimates and Errors and AASB 1054 Australian Additional Disclosures.
The financial statements have been prepared on an accruals basis and are based on historical costs.
Significant accounting policies adopted in the preparation of these financial statements are presented below and are i
consistent with prior reporting periods unless otherwise stated.
i
2 Summary of Significant Accounting Policies ,
(a) Revenue and other income
Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic
benefits associated with the transaction will flow to the Trust and specific criteria relating to the type of revenue |
as noted below, has been satisfied. :
Revenue is measured at the fair value of the consideration received or receivable and is presented net of
returns, discounts and rebates.
' Grant revenue
Grant revenue is recognised in the statement of profit or loss and other comprehensive income when the entity
obtains control of the grant, it is probable that the economic benefits gained from the grant will flow to the entity
and the amount of the grant can be measured reliably.
When grant revenue is received whereby the entity incurs an obligation to deliver economic value directly back :
to the contributor, this is considered a reciprocal transaction and the grant revenue is recognised in the
statement of financial position as a liability until the service has been delivered to the contributor, otherwise the
grant is recognised as income on receipt.
Interest revenue
Interest is recognised using the effective interest method.
6 !
|Section 9
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Noosa Biosphere Reserve Trust
ABN 12 733 644 586
Notes to the Financial Statements
For the Year Ended 30 June 2019
2 Summary of Significant Accounting Policies continued
(b) Income Tax
As the Trust is a charitable institution in terms of subsection 50-5 of the Income Tax Assessment Act 1997, as
amended, it is exempt from paying income tax. :
(c) Goods and services tax (GST)
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except
where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).
Receivables and payable are stated 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.
(d) Cash and cash equivalents
Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are :
readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.
(e) Adoption of new and revised accounting standards
The Trust has adopted all standards which became effective for the first time at 30 June 2019, the adoption of
these standards has not caused any material adjustments to the reported financial position, performance or i
cash flows of the Trust.
j
(f) New Accounting Standards and Interpretations
The AASB has issued new and amended Accounting Standards and Interpretations that have mandatory
application dates for future reporting periods. The Trust has decided not to early adopt these Standards. The
following table summarises those future requirements, and their impact on the Trust where the standard is
relevant: :
Effective
date for
Standard Name entity Requirements Impact :
AASB 1058 Income of 30/06/2020 AASB 1058 supersedes all the Grants currently received with an
NFP Entities income recognition requirements obligation to fund projects are |
relating to private sector NFP already recognised as a liability,
entities, and the majority of income the treatment of such grants will not ;
recognition requirements relating to change.
public sector NFP entities, previously .
in AASB 1004 Contributions. The 1
timing of income recognition
depends on whether such a
transaction gives rise to a liability or
other performance obligation (a
promise to transfer a good or |
. service), or a contribution by owners,
related to an asset (such as cash or
another asset) received by an entity.
6 :
|Section 10
Noosa Biosphere Reserve Trust
ABN 12 733 644 586
Notes to the Financial Statements .
For the Year Ended 30 June 2019 :
2 Summary of Significant Accounting Policies continued |
(f) New Accounting Standards and Interpretations continued
Effective
date for :
; Standard Name entity Requirements Impact
AASB 16 Leases 30/06/2020 AASB 16 will cause an increase in The Foundation currently uses
the assets and liabilities recorded for office soace under a peppercorn
most entities, whilst the net asset lease agreement. In December
impact on day 1 may be nil, this will 2018, amendments were made to
not be the case going forward as the AASB 1058 and AASB 16 which
asset and liability will be removed the requirement for not-
amortised using different bases. for-profit entities to recognise
Operating profit should increase as peppercorn leases at fair value as
rental expense is now shown as a right to use asset. As such, this
depreciation and interest expense. new standard will now not impact
On an ongoing basis, there willbe — the Foundation. :
revisions to the asset and liability
whenever a relevant index affecting :
payments (such as CPI) changes,
the lease term changes or the lease ;
is modified.
3 Critical Accounting Estimates and Judgments
The responsible persons have not made any significant accounting estimates or judgements which are likely to affect i
the future results of the Trust.
i
4 Trade and Other Receivables
2019 2018
$ $
CURRENT |
Trade receivables - 25,000 ;
Deposits 20,000 20,000 i
GST receivable - 12,331
Total current trade and other
receivables 20,000 57,331
5 Trade and Other Payables
Current
Trade payables 16,662 23,570 \
GST payable 1,327 -
17,989 23,570 :
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|Section 11
Noosa Biosphere Reserve Trust
ABN 12 733 644 586 :
Notes to the Financial Statements
For the Year Ended 30 June 2019
6 Other Financial Liabilities
2019 2018
$ $
CURRENT
Unexpended grants 341,862 699,576
Total 341,862 699,576
The above amount represents the balance of grants monies received held at the year end to be spent on
environmental projects.
7 Auditors' Remuneration
Remuneration of the auditor of the trust, SAAS Audit
Pty Ltd, for: ;
- auditing or reviewing the financial statements 3,100 3,050
Total 3,100 3,050
8 Cash Flow Information
Reconciliation of net income to net cash provided by operating activities:
Profit/(loss) for the year 86,183 (28,889)
Non-cash flows in profit: :
- depreciation 656 882 i
Changes in assets and liabilities:
- (increase)/decrease in trade and
other receivables 37,331 (47,665) '
- (increase)/decrease in prepayments (471) 183
~ increase/(decrease) in grants on hand (357,714) 65,020
- increase/(decrease) in trade and ‘
other payables (5,581) 21,843
Cashflows from operations (239,596) 11.374
8 |Section 12
Noosa Biosphere Reserve Trust
ABN 42 733 644 586
Responsible Persons’ Declaration
The responsible persons declare that in the responsible persons’ opinion:
° there are reasonable grounds to believe that the registered entity is able to pay all of its dabts, as and when they
become due and payable; and
® the financial statements and notes satisfy the requirements of the Australian Charities and Not-for-profits
Commission Act 2012.
Signed in accordance with subsection 60.15(2) of the Australian Charities and Not-for-profit Commission Regulation 2013.
/ -
Responsible Person ........csccsececesscesPecsesnestDCUDeTETD to cvsssseasoeussuaseseesssscsveeuavecseseteusvessavaveasesserevsasstscvsusseeseeseceasensensesees :
Richard Barnes :
. Dated: 22, ce ] Ly \ C
9 i
iSection 13
Noosa Biosphere Reserve Trust
ABN 12 733 644 586
Independent Audit Report to the members of Noosa Biosphere Reserve
Trust
Report on the Audit of the Financial Report
Opinion j
We have audited the financial report of Noosa Biosphere Reserve Trust, which comprises the statement of financial
position as at 30 June 2019, the statement of profit or loss and other comprehensive income, the statement of changes in
equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary
of significant accounting policies, and the responsible persons’ declaration.
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:
{i) giving a true and fair view of the Registered Entity's financial position as at 30 June 2019 and of its financial
performance for the year ended; and
(ii) complying with Australian Accounting Standards to the extent described in Note 1, and Division 60 of the Australian :
Charities and Not-for-profits Commission Regulation 2013.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are
further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are
independent of the Registered Entity in accordance with the auditor independence requirements of the Australian Charities :
and Not-for-profits Commission Act 2012 (ACNC Act) and the ethical requirements of the Accounting Professional and i
Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit :
of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. :
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter - Basis of Accounting :
We draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been
prepared for the purpose of fulfilling the Registered Entity's financial reporting responsibilities under the ACNC Act. As a
result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.
Responsibilities of Responsible Entities for the Financial Report :
The responsible entities of the Registered Entity 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 ACNC Act and the needs of the members. The responsible entities' responsibility also
includes such internal control as the responsible entities 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,
In preparing the financial report, the responsible entities are responsible for assessing the Registered Entity's ability to ,
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless the responsible entities either intend to liquidate the Registered Entity or to cease operations, or have
no realistic alternative but to do so. :
10Section 14
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Noosa Biosphere Reserve Trust
ABN 12 733 644 586
Independent Audit Report to the members of Noosa Biosphere Reserve
Trust |
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian
Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error :
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of the financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance
Standards Board website at: http:/Awww.auasb.gov.au/auditors_responsibilities/ar4.pdf. This description forms part of our
auditor's report.
SAAS Audit Pty Ltd
James Kenward
Director
138 Juliette Street
Greenslopes QLD 4120
Dated: 2); °/19 ‘
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,Section 15
Noosa Biosphere Reserve Trust |
ABN 12 733 644 586
For the Year Ended 30 June 2019
Disclaimer
The additional financial data presented on page 13 is in accordance with the books and records of the Trust which have
been subjected to the auditing procedures applied in our statutory audit of the trust for the year ended 30 June 2019. 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
S
James Kenward
Director
138 Juliette Street |
Greenslopes QLD 4120
Dated: 2x /0/19 \
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12Section 16
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Noosa Biosphere Reserve Trust
ABN 12 733 644 586
For the Year Ended 30 June 2019
Detailed Profit and Loss Account
2019 2018 :
$ $
Income
Grants - Environmental 325,714 187,979
Grants - Operational 172,000 187,000
Interest income 71 1,618
Total income 497,785 376,597
Less: Expenses
Accounting and bookkeeping fees 6,152 7,164
Advertising 5,622 1,078
Audit fees 3,100 3,050
Bank charges 96 114
Computer expenses 16 51 :
Consulting and professional fees 29,125 168,266 ‘
Depreciation 656 882
Donations 7 162
Event tickets 673 -
Filing fees 195 48 .
Grants provided and other project costs 357,714 214,980
Insurance 3,371 4,095
Meeting expenses 1,613 1,798 i
Postage 143 126
Printing and stationery 898 720
Repairs and maintenance - 105
Subscriptions 753 363
Telephone 943 958 i
Travel allowance §25 565
Website expenses - 981
Total Expenses 411,602 405,486
Profit/(loss) before income tax 86,183 (28,889)
13 :Section 17
Noosa Biosphere Reserve Foundation Ltd ATF Noosa Biosphere Reserve Trust
Management Accounts
for the period 1 July 2018 to 30 June 2019
$ $ $ $
Grant Funding
Noosa Council Grants received $ -
Other Grants Received $ -
Less Program Disbursements
Grants Provided
Bringing Back the Fish - University of Queensland $ 135,024.00
Noosa & District Landcare - Keeping it in Kin Kin $ 35,000.00
ZEN - Zero Emissions Noosa $ 21,880.00
Bringing Back the Fish - USC $ 85,050.00
Rural Enterprise Plan - Country Noosa Incorporated $ 32,000.00
Koala Forever - USC $ 10,000.00 $ 318,954.00
Project Expenses
Bringing Back the Fish - Oyster Reef Insurance $ 9,860.23
Bringing Back the Fish - Laguna Signage Solutions $ 379.76
Bringing Back the Fish - Officeworks $ 345.00
Bringing Back the Fish - Ecological Service Professionals $ 25,425.00
Bringing Back the Fish - Groundwork Plus $ 2,750.00 $ 38,759.99
Other $ -
( 357,713.99)
Surplus (Deficit) from Grant Funding 1 July 2018 to 30 June 2019 -$ 357,713.99
Add Opening Grant Funding as at 1 July 2018 $ 699,576.47
Closing Grant Funding on hand 30 June 2019 $ 341,862.48
Operations
Contributions 2018-19
Noosa Shire Council 1st Qtr $ 35,000.00
Noosa Shire Council 2nd Qtr $ 35,000.00
Noosa Shire Council 3rd Qtr $ 35,000.00
Noosa Shire Council 4th Qtr $ 35,000.00 $ 140,000.00
Other Income
Interest Received $ 71.50 $ 140,071.50
Less
Cash operating expenses
Consultants
Sarah Radge - Admin Coordinator $ 21,350.00
Alison Jane Communications - Public Relations $ 5,775.00
Ecostrategy Consulting - App Development $ 2,000.00 $ 29,125.00
Other Operating Expenses
Accounting $ 5,540.00
Advertising $ 5,622.08
Auditing $ 3,100.00
Bank Fees and Charges $ 95.78
Bookkeeping $ 612.00
Donations $ 7.14
Events Tickets $ 672.73
Filing Fees $ 195.00
Insurances $ 3,857.58
Meeting Expenses $ 1,613.32
Office Equipment $ 135.45
Postage $ 143.50
Printing and Stationery $ 898.52
Subscriptions $ 753.08
Telephone $ 942.77
Travel & Accomodation $ 524.55
Web Site $ 2,600.00 $ 27,313.50
( 56,438.50)
Surplus (Deficit) from Operations 1 July 2018 to 30 June 2019 $ 83,633.00
Add Opening Operations Surplus (Deficit) as at 1 July 2018 $ 29,567.59
Closing Operations Surplus (Deficit) 30 June 2019 $ 113,200.59
Total Reserves (Grant Funding and Operational) Available Carry Forward $ 455,063.07