2021-01-18 General Committee Meeting Agenda

GENERAL COMMITTEE MEETING AGENDA   18 JANUARY 2021




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GENERAL COMMITTEE MEETING AGENDA                                                                                 18 JANUARY 2021

         Noosa Biosphere Reserve Trust
        ABN 12733 644 686

         Notes to the Financial Statements
        For the Year Ended 30 June 2020

        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 2020 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, unlass otherwise stated.
        1    Basis of Preparation

             In the Responsible persons opinion the Trust is not a reporting entity because there are no users Gependent on
             general purpose financial statements. These special purpose financial statements have been prepared to mest 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, AASB 1048 Interpretation of Standards 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
             consistent with prior reporting periods unless otherwise stated,

        2    Summary of Significant Accounting Policies

             (a)   Revenue recognition

                   Revenue is recognised as follows:

                   Grant revenue

                   Grant revenue is recognised in profit or loss when the Trust satisfies the performance obligations stated within
                   the funding agreements,

                   If conditions are attached to the grant which must be satisfied before the Trust is eligible to retain the
                   contribution, the grant will be recognised in the statement of financial position as a liability until those conditions
                   are satisfied,

                   The Trust receives operational funding (agreed on an annual basis) from Noosa Shire Council which &
                   recognised in income when invoiced, Funding received to be expended on projects is recognised as income
                   when expended.

            (b)    Income Tax

                   As the Trust is a charitable institution in terms of subsection $0-5 of the Incame Tax Assessment Act 1997, as
                   amended, it is exempt from paying income tax.

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