2019-03-12 P&E Agenda - Item 7 - Attachment 1 - NBRF FY17-18 Annual Report

b)    Provide an Annual Report for each financial year and submit it to Council no later than 30
      November each year or within 30 days of the Annual General Meeting whichever is the sooner.
      The Annual Report to include evidence that the funding is being successfully applied to the
      objects of the Company and the purposes of the Trust and particularly to delivery of projects
      funded by any Council contribution as well as performance against the key performance
      indicators contained in Schedule 1 to this Deed.
c)    Provide an audited financial report for each financial year and submit it to Council no later than
      30 November each year, or within 30 days of the Annual General Meeting whichever is the
      sooner. The audited financial report is to identify the use of the funding provided by Council
      for the NBRF program. NBRF must maintain financial records in accordance with legislative
      requirements that identify receipt and expenditure of the funding for the NBRF so that at all
      times the funding for the NBRF program is identifiable and ascertainable.
d)    If required by Council, provide ad-hoc reports within 30 days of such request, or such lesser
      period, setting out:
      i)    Any significant developments in or concerning the NBRF program;
      ii)   Any significant delays or difficulties encountered in performing the NBRF program in
            accordance with this Deed; and
e)    NBRF must permit the Council or its agent or representative to have access to NBRF’s records
      relating to funding provided by Council and must cooperate with any audit or information
      request carried out or requested by Council.
f)    For avoidance of doubt, the above paragraphs survive the expiration or earlier termination of
      this Deed, except for paragraph d).

7     MANAGEMENT OF FUNDING

7.1   Use of funding
a)    NBRF must only expend the funding:
      i)    For undertaking the NBRF program and purposes that are necessarily related to the
            program, for which the funding was provided; and
      ii)   Otherwise in accordance with the terms and conditions of this Deed.
b)    NBRF must not use the funding, any interest acquired with the funds, any assets or the
      existence of this Deed as any form of security for any purpose, unless the Council has given
      its prior written approval.

7.2   Repayment of funding
a)    If NBRF fails to remedy a failure to comply with this Deed in a substantial respect within 30
      days, or such longer period as the Council stipulates, after receiving notice requiring it to do
      so, NBRF is liable, on demand from Council to repay to the Council the whole of the funding
      provided for the NBRF program (or the amount of Funding paid as the case may be) for any
      year in which the failure to comply or the failure to remedy occurred;
b)    If NBRF fails to fulfil a term of this Deed, or part of it, on the NBRF program, NBRF is, subject
      to paragraph d) of this clause, liable to repay to the Council the amount of unspent money and
      the Council may recover that money from NBRF as a debt due to the Council; and
c)    If NBRF fails to spend the funding, or part of it, on the NBRF program, NBRF is, subject to
      paragraph d) of this clause, liable to repay to the Council the amount of unspent money and
      the Council may recover that money from NBRF as a debt due to the Council.
d)    If, at the end of the Term, some of the funding has not been spent or committed to legitimate
      contingency and reserves, that amount must be repaid to the Council (and the amount may be
      recovered as a debt due to the Council), unless the Council provides written permission for all,
      or some, of the amount to be spent in some other manner that Council directs.


Funding Deed – Noosa Biosphere Reserve Foundation Ltd & Noosa Council                            Page 7