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

                                                      NOOSA BIOSPHERE RESERVE FOUNDATION - 2017/18




2. FISCAL ACCOUNTS HEADLINES


The Auditors report and the statutory accounts are          During 2017/18, we finished off the 10 year Periodic
included in detail at Appendix A.                           Review, planned new strategic initiatives and actioned
                                                            a substantially increased media and communication
We are required to report against relevant accounting       approach. In presentations to Council we highlighted
standards. This complicates the presentation as             that we were able to cover this expenditure above the
grants can only be counted as income as they are            $140,000 provided through reserves from prior year
paid out and not when received. The balance of the          savings. The Periodic Review required $80,000 in
grant is held on the balance sheet as an asset with an      contract research and management given its scale.
offsetting liability.
                                                            As previously noted, we do not have any employees
Also, the fiscal accounts consolidate the financials        but hire expert help from consultants as required. In
into one P&L. On an operational management basis,           this way, we believe we can be more effective using a
we measure financials by project and use cash based         small part of a specific expert rather than employing
accounting to give a simpler set of management              one generalist.
accounts (see next section).
                                                            Of the other expenses, the principal items are
Using the Auditors fiscal figures:-                         accounting/bookkeeping, audit fees, and insurance.
                                                            Total expenses has remained relatively level at around
INCOME                                                      $22,000 per annum.

In summary, NBRF had a total income of $374,979.            The full detail of the operational expenses is shown
                                                            on page 14 of the Auditors Report.
$187,979 was provided by Council from the
Environmental Levy in line with the second round of         BALANCE SHEET
projects.
                                                            NBRF has no significant capital assets.
$187,000 was used in operational expenses with
$140,000 provided by Council and $47,000 from               Our total assets are $773,025 of which $715,383 are
reserves. The figure from reserves allowed a large          the Foundation’s deposits reflecting grants not yet
expenditure to be funded for the UNESCO 10 year             paid out or allocated.
Periodic Review production.
                                                            Total liabilities are $723,146 and liabilities for planned
$1,618 interest was received from deposits.                 grants rounds are $699,576.

EXPENDITURE                                                 This figure includes remaining funding for the large
                                                            projects of 2015/16, the new projects of the 2017/18
The Auditor shows expenses as $405,486 giving a             round plus monies not allocated at present.
relatively small reduction in Net Equity of $28,889.
This reflects a significant increase in activity during     The difference between assets and liabilities is a
the year. Such as the new grants round and the              surplus on operational expenditure of $52,467 carried
Periodic Review.                                            forward to 2018/19.

Of the total of $405,486, payments to project grants
totalled $214,980.                                          We would be happy to answer any more detailed
                                                            questions but hope this gives an easily digested
This leaves operational costs of $190,506.                  picture of Fiscal 2017/18.

Of this $168,266 are people and consultancy costs,
and $22,240 are other expenses.