2019-12-10 P&E Agenda - Item 6 - Attachment 2 - NBRF Audited Financial Statements 2018-19

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.
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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.

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