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BALANCE THE EARTH TRUST
ABN 61 560 515 590
FINANCIAL REPORT
FOR THE PERIOD 09 OCTOBER 2009 TO
30 JUNE 2010
BALANCE THE EARTH TRUSTABN 61560 515 590
CONTENTS
OVERVIEW....-, ...............................................'.................................................................................. ...3
STATEMENT OF COMPREHENSIVE INCOME-....... ................................................................................5
STATEMENT OF FINANCIAL POSITION ..................................................................................................6
STATEMENT OF CHANGES IN EQUITY ...................................................................................................7
STATEMENT OF CASH FLOWS ...............................................................................................................8
NOTES To ANb FORMING PART OF THE FINANCIAL STATEMENTS ..................................................9
TRUSTEES' DECLARATION .................................................................................................................. 15
Page 2 of 15
BALANCE THE EARTH TRUSTABN61 560 595 590
OVERVIEW
The Balance the Earth Trust (the Trust) was founded on'9 October 2009.
The trustees of the Trust are as follows:Mr Darren Grover (appointed 9 October, 2009)Mr Angus MacDonald (appointed 9 October, 2009)Mr Adam Meadows (appointed 9 October, 2009; resigned 28' February 2010).
The trust deed of the Balance the Earth Trust provides that the Trustees create a PublicFund to support the "Environmental Purposes" which are as follows:
a). the protection and enhancement of the Natural Environment or of a significantpart of the Natural Environment within the State of Queensland; and
b) the dissemination of information, provision of education, or the carrying on ofresearch, about the Natural Environment or of a significant part of the NaturalEnvironment within the State of Queensland.
The Natural Environm'' ent includes wildlife...and their habitats, issues such as and waterquality, vegetation and fauna, waste minimisation outcomes, resource management issuesand biodiversity, the promotion of ecologically sustainable development principles andparks and forests.
The deed authorises the Trustees to meet from Trust funds, the expenses of anycustodian/advisory Trust and of administration, accounting and other services required tocarry out the trusts objects.
.On 12 February 2010, the Trust was notified by the Australian Taxation Office that it hadbeen endorsed for charity tax concessions with effect from its foundation date of 9 October2009 as follows:
Income Tax ExemptionGST Concessions
FBT Rebate
The Public Funds Management Committee members are as follows:Mr Darren Grover (appointed 9 October, 2009)Mr Angus MacDonald (appointed 9 October, 2009)Mr Tim Ellis (appointed 9 October, 2009)
INDEMNIFICATION OF OFFICERS AND AUDITORS
The Trust has not, during the financial period, in respect of any person who is, or has been,an officer or auditor of the Trust or a related body corporate, indemnified or made anyrelevant agreement for indemnifying against a liability incurred as an officer, includingcosts and expenses in successfully defending legal proceedings.
The auditor of the Trust for the period ended 30 June 2010 was the Queensland AuditOffice.
Page 3 of Is
BALANCE THE EARTH TRUSTABN 61 560 515 590
PERFORMANCE
During the financial period, the Trust has raised $683,000 in donations and contributions,and incurred minimal expenses.
The Net Surplus of the Trust for the financial period was $678,000.
ROUNDING OF AMOUNTS
The Trust is a kind referred to in ASIC Class Order 98/100 dated 10 July 1998, and inaccordance with that Class Order, amounts in the- financial report have been rounded tothe nearest thousand dollars; unless stated to be otherwise,
Signed by the Trustees.
Darren Grover Chgus MacDonaldTrustee TrusteeBrisbane BrisbaneDated: 1.9 J^4 2011 Dated: )
/.)-, 2011
Page 4 of 15
BALANCE THE EARTH TRUSTABN61 560 515 596
STATEMENT OF COMPREHENSIVE INCOME
For the period 9 October 2009 to 30 June 2010
Notes 2010$000
RevenueDonations and contributions 3 683Total Revenue 683
ExpensesAdministration expense 4 5
Total Expenses 5
Net Surplus for the period 678
Total Comprehensive Income for the period 678
The above Statement of Comprehensive Income is to be read in conjunction with theaccompanying notes.
`. , Lj 3D,, HIEN
Page 5 of 15
BALANCE THE EARTH TRUSTABt'J61 560 515 590
STATEMENT OF FINANCIAL POSITION
As at 30 June 2010
Notes 2010$000
Current AssetsCash and cash equivalents 5 385Receivables 6 366Total Current Assets 751
Non Current AssetsProperty Plant & equipment
Total Non Current Assets
TOTAL ASSETS 751
Current LiabilitiesAccruals 7 73
Total Current Liabilities 73
Non-Current LiabilitiesProvisionsTotal Non-Current Liabilities
TOTAL LIABILITIES '
NET ASSETS
EquityFounder's ContributionRetained surplusesTOTAL EQUITY
73
678
678
678
The above Statement of Financial Position should be read in conjunction with the accompanyingnotes.
Page 6 of 15
BALANCE THE EARTH TRUSTASN 61 560 595 590
STATEMENT OF CHANGES IN EQUITY
For the period 9 October 2009 to 30 June 2010
Founder's Retained TotalContribution Surpluses Equity
$000 $000 $000
Balance at 9 October 2009
Total comprehensive income for the 678 678period
Transactions with the owners as ownersappropriated equity injections
Balance at 30 June 2010 - 678 678
Note Founder ' s initial contribution is $10
The above Statement of Changes in Equity should be read in conjunction with the accompanyingnotes.
Page7 of 15
BALANCE THE EARTH TRUSTABN 61 560 515 590
STATEMENT OF CASH FLOWS
For the period 9 October 2009 to 30 June 2010Notes 2010
$000
Cash flows from operating activitiesDonations received 350GST received * 35Payments to suppliers -Interest received -
Net cash provided by/(used in) operating 8(a) 385activities
Cash flows from investing activitiesInvestments placedProceeds from investments
Net cash (used in)/provided by investing activities
Net increase/(decrease) in cash and cash equivalents 385
Cash and cash equivalents at beginning of financial -period
Cash and cash equivalents at end of financialperiod 8(b) 385
The above Statement of Cash Flows should be read in conjunction with the accompanying notes.
Pages of 15
BALANCE THE EARTH TRUSTABN 61 560 515 590
NOTES To AND FORMING PART OF THE FINANCIAL STATEMENTSFOR THE PERIOD 9 OCTOBER 2009 TO 30 JUNE 2010
General information
On 9 October 2009 the Trust-was founded. This is the first financial report for the Trust.
2. 'Summary of significant accounting policies
The principal accounting policies adopted in the preparation of the financial report are setout below. These policies have been consistently applied throughout the period, unlessotherwise stated..
(a) Basis of preparation
The financial statements have been prepared on an accrual basis and is based onhistorical costs and does not take into account changing money values or currentvaluations of non-current assets unless otherwise indicated. This general purposefinancial report has been prepared in accordance with.- applicable AustralianAccounting Standards (including Australian Interpretations) adopted by theAustralian Accounting Standards Board.
(b) ' Comparative information
As this is the first financial report for the Trust there are no comparative figuresavailable. The initial financial report is for the period 9 October 2009 to 30 June.2010..
(c) Revenue recognition
Revenue is recognised to the extent that it is probable that the ecoorioniic benefitswill flow to the,entity and the revenue can be reliably measured. All revenue is statednet of goods and service's tax (GST):
Interest
Interest revenue is calculated and recognised on a time proportionate basis thattakes into account the effective yield on the financial asset.
(d) Donations and contributions
Donations and gifts that are non-reciprocal in nature are recognised as revenue in theyear in which the Trust's right to receive them is established.
AO'Ea JF1i D
Page 9 of 15
BALANCE THE EARTH TRUSTABN61560515S90
Notes to and forming part of the financial statements for the period ended 30 June 2010
2. Summary of significant accounting policies (continued)
(e) Cash and cash equivalents
For the purpose of the Statement of Financial Position and Statement of Cash Flows,cash includes cash on hand and cash at bank.
(f) Goods and services tax (GST)
Revenues,, expenses and assets are recognised net of the amount of GST except:
where the GST incurred on a purchase of goods and services is not recoverablefrom the taxation authority, in which case the GST-is recognised as part of thecost of acquisition of the asset or as part of the expense item as applicable, and
receivables , and payables are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority isincluded as part of receivables or payables in the Statement of Financial Position.
Cash flows are included in the Cash Flow Statement on a gross basis and the GSTcomponent of cash flows arising from investing and financing activities, which isrecoverable from, or payable to, the Australian Taxation Office, are classified asoperating cash flows.
(g) Impairment
The carrying amounts of the Trust's financial assets are reviewed at each balancedate to determine whether there is objective evidence of impairment. If any suchindication exists, the asset's carrying amount is written down to the estimatedrecoverable amount. An assessment of impairment has been made and noadjustment was required.
Page10of15
BALANCE THE EARTH TRUSTABN 61 560 515 590
Notes to and forming part of the financial staterents for the period ended 30 June 2010
2. Summary of significant accounting policies (continued)
(h) Taxation
On 12 February 2010, the Trust was notified by the Australian Taxation Office that ithad been endorsed for charity tax concessions with effect from its foundation date of 9October 2009 as follows:
Income Tax ExemptionGST ConcessionsFBT Rebate.
(1) Payables
Trade creditors are recognised upon receipt of goods or services ordered and aremeasured at the agreed purchase/contract price, gross of applicable trade and otherdiscounts. Amounts owing are .unsecured and are generally settled on termsbetween 1-30 days.
(j) Property, plant and equipment
Items of property, plant and equipment with a cost or other value equal to or inexcess of the following thresholds are recognised for financial reporting purposes inthe year of acquisition:
Land $ 1Infrastructure $10,000Plant and equipment $ 5,000
(k) Receivables
Trade and other receivables are stated at their cost less any impairment losses ifapplicable.
(I) Rounding
Amounts in the financial statements have been rounded to the nearest thousanddollars-unless stated otherwise.
(m) Judgements and assumptions
The Trust has made no judgements and assumptions which may cause materialadjustments to the carrying amounts of assets and liabilities within the next reportingperiod.
41 QAOCERTIFIED
Page 11 of 15
BALANCE THE EARTH TRUSTABN61 560 515 590
Notes to and forming part of the financial statements for the period ended 30 June 2010
2010$000
Donations and contributions
Contributions 683
683
Administration expenses
Audit foes 55
Cash and cash equivalentsCash at bank 385
385
6. ReceivablesTrade debtors 366
366
7, Creditors
Trade creditorsGST payable 68
Accruals 573
)AOCEi F1FIE
11^.' ';3 kI.ENTS
Page 12 of 15
BALANCE THE EARTH TRUSTABN 61 560 515 590
Notes to and forming part of the financial statements for the period ended 30 June 2010
2010$ 000
8. Notes to the cash flow statement
(a) Reconciliation of net'profit after income tax to net, cash provided byoperating activities
Surplus/(loss) for the period 678
Non-cash itemsDepreciation
Changes in Assets and Liabilities
(increase)/Decrease in receivables(increase )/Decrease in prepaymentsIncrease/(Decrease) in net GST payableIncrease/(Decrease) in payables
(366)
68
Net cash provided/(used in) operatingactivities 385
(b) Reconciliation of cash and cash equivalents
Cash and cash equivalents comprises:Cash at bankClosing balance
9. Remuneration of auditor
Amount received, or due and receivable, by theQueensland Audit Office for:
Audit of accounts.
385
385
5,000
There were'no other services provided by the Queensland Audit Office to the Trust.to the Trus
QAO0- 1 L' I'd I 1,NTENTS
Page 13 of 15
BALANCE THE EARTH TRUSTABN61 560 515 590
Notes to and forming part of the financial statements for the period ended 30 June 2010
10. Contingent assets / liabilities
As at 30 June 2010, the Trust had no contingent assets or liabilities.
11, Commitments
As at 30 June 2010, the Trust had no material capital or other expenditurecommitments.
12. Events subsequent to balance date
There are no matters or circumstances which have arisen since the end of thefinancial year that have significantly affected or may significantly affect the'operationsof the Trust, the results of those operations or.the state of affairs of the Trust in thefuture.
13. Financial Instruments
a) Financial risk management - objectives and policies
The Trust's financial instruments comprise cash and cash equivalents, receivables andpayables. The risks arising from the Trust's financial instruments are interest-rate risk,liquidity risk and credit risk, but these risks are considered minimal, as therecounterparties associated with these balances are either Australian based financialinstitutions or Public Sector Agencies.
b) Fair valuesCarrying amounts of financial assets and liabilities recorded in the financialstatements represent their net fair values, as determined in accordance with theaccounting policies disclosed in Note 2.
Page 14of15
BALANCE THE EARTH TRUSTABN 61560595590•1' ,
TRUSTEES' DECLARATION
The financial statements forth e year ended 30 June 2010 have been prepared by theTrustees as required by The Balance the Earth Trust Deed dated'9 October 2009.
In the opinion of the Trustees, based on our ongoing program' of monitoring the Trust, webelieve that:
(a) the Trust's activities have been conducted in accordance with The Balance theEarth Trust Deed dated 9 October 2009;
(b) the financial report of the Trust set out on pages 5 to 14 complies withAustralian n'g-,Standardszz. (incl.uding Australia.Accourtihg Ir ter'pretations)and give a true and fair of the trust's financial position as :at'30 June 2010and.as.represented, by the results of its operations, changes in.equity ahd its cash flowsfor the period 09 October 2009 and 30 June 201.0; nd.
(c) there are reasonable grounds to believe that the Trust will be able to paylsdebts as and when they-become due and payable.
This declaration is made in accordance with a resolution of the Trustees` and is signed forand on-behalf of the Trustees by:'
Ands MacD,onald - Tristee
Dated: ^L e - 2011 Dated: 20'11
CERTIFIED>;TATEM NP13
Pege 15 of 15
INDEPENDENT AUDITOR'S REPORT
To the Trustees of The Balance the Earth Trust
Report on the Financial Report
I have audited the accompanying financial report of The Balance the Earth Trust, which comprisesthe statement of financial position as at 30 June 2010, and the statement of comprehensiveincome, statement. of changes in equity and statement of cash flows for the period 9 October 2009to 30 June 2010, a Summary of significant accounting policies, other explanatory notes andcertificates given by the trustees.
The Trustees' Responsibility for the Financial Report
The trustees are, responsible for the preparation, and fair presentation of the financial report inaccordance with Australian Accounting Standards (including -the Australian AccountingInterpretations). This responsibility includes establishing and maintaining internal controls relevant tothe preparation and fair presentation of the financial report that is free from material misstatement,whether due to fraud or error; selecting and applying appropriate accounting policies; and makingaccounting estimates that are reasonable in the circumstances.
Auditor's Responsibility
My responsibility is to express an opinion on the financial report based on the audit. The audit wasconducted in ' accordance with the Auditor-General of Queensland Auditing Standard's, whichincorporate the Australian Auditing Standards. These auditing standards require compliance withrelevant ethical requirements relating to audit engagements and that the audit is planned andperformed to obtain reasonable assurance whether the financial report is free of materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts • anddisclosures in the financial report. The procedures selected depend. on, the, auditor's judgement,including the assessment of risks of material misstatement in the financial report,` whether due to.fraud or error. In making those risk assessments, the auditor considers internal control . relevant tothe entity's preparation and fair presentation of the financial report in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the entity's internal control. An audit also lr'clodes evaluating theappropriateness of accounting policies and the reasonableness of accounting estimates made bythe trustees, as well as evaluating the overall presentation of the-financial report.
I believe that the audit evidence obtained is sufficient and appropriate to provide a basis for my auditopinion.
Independence
The Auditor General Act 2009 promotes the independence of the Auditor-General and allauthorised auditors, The Auditor-General is the auditor of all Queensland public sector entities andcan only be removed by Parliament.
The Auditor-General may conduct an audit in any way considered appropriate and is not subject todirection by any person about the way in which audit powers are to be exercised. The Auditor-General has for the purposes of conducting an audit, access to all documents and property andcan report to Parliament matters which in the•Auditor-General's opinion are significant.
ln1,,a co'rdahco with the provisiansi of the trust deed of The Balance the Earth Trust dated£^^Octooer 2009, I haveaudited the financial report being pages 5 to 15 of The Balance the Earth
-.Trust, and
I,have received all the information and explanations which I have required; and'
(b) in my opinion the financial report'presents fairly, in all material respects, the financial positionof The Balance the Earth Trust as at 30 June 2010, and its financial, performance and cashflows for the period 9 October 2009 to 30 June 2010 in accordance with AustralianAccounting Standards (including Austral_ t_ Accounting Interpretations.
M T BOOTH FCPA Queensland Audit Office(as Delegate of the Auditor-General of Queensland ) Brisbane
Paper
bled
Remainder incorporated,by leave
Clerk at the Table:
Member;
Incorporated,by leave