trust for nature 2011-12 annual report

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Published by Trust for Nature (Victoria), Melbourne, August 2012.

Trust for Nature (Victoria)

5/379 Collins St

Melbourne, Victoria 3000 Australia

Phone: +61 3 8631 5888

Fax: +61 3 9614 6999

Freecall: 1800 99 99 33 (Australia only)

Email: [email protected]

www.trustfornature.org.au

© State of Victoria, Trust for Nature 2012.

This publication is copyright. No part may be reproduced by any process

except in accordance with the provisions of the Copyright Act 1968.

ISSN: 1838-9732

This report is printed on paper manufactured using pulp sourced from 100%

sustainable plantations using vegetable-based inks.

An electronic copy of this document is available online at


Acknowledgements

Trust for Nature gratefully acknowledges all the photographers who have

provided images for this document:

Libby Woodward for the front cover image of an Australasian pipit (Anthus

novaeseelandiae); and Darroch Donald for the inside-cover photo of Trust for

Nature’s Revolving Fund property at Goroke.

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Table of contentsMessage from the Chairman and Chief Executive Officer ...................................................................................................................................... 4

About Trust for Nature .......................................................................................................................................................................................... 6

Key services ....................................................................................................................................................................................................... 7

2011-12 Trust for Nature services: operational objectives for key services ........................................................................................................... 11

Key conservation achievements ......................................................................................................................................................................... 13

Community engagement achievements .............................................................................................................................................................. 16

Corporate support and development .................................................................................................................................................................. 18

Partners ............................................................................................................................................................................................................ 19

Major donors ..................................................................................................................................................................................................... 21

Financial overview ............................................................................................................................................................................................. 22

Trust for Nature board and employees ................................................................................................................................................................ 23

Statutory compliance ......................................................................................................................................................................................... 27

Disclosure index ................................................................................................................................................................................................ 30

Appendices ....................................................................................................................................................................................................... 75

achievements

81 conservation covenants registered

3,573ha more of Victoria protected through conservation covenants

100ha of native grassland, woodlands and wetlands covenanted on the Victorian Volcanic Plains connectivity project

152ha across eight wetlands protected and restored as part of the Lower Ovens and Boorhaman Plains Wetland project

100 nest boxes established on 10 covenants and properties in the Goulburn Broken region to provide hollows for Squirrel Gliders and Brush-tailed Phascogales

17 Spring into Nature events held across the state with more than 490 people attending

Implementation of an Indigenous Engagement Strategy as part of the Buloke Woodlands Project

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4 www.trustfornature.org.au

Trust for Nature is in its 40th year of operation. At the time of its establishment, the Trust was given statutory objects relating to nature conservation and these endure today. Included in these objects, for example, are the preservation of areas which are ecologically significant or are of natural beauty, and the conservation of wildlife and native plants. These objects are as important as they ever were.

Over the last 40 years conservation on private land has become even more urgent. The Trust now has the responsibility to both carry out the objectives of its founders as well as shape its work for the future.

It is the Trust’s vision that within two decades, protecting native plants and wildlife on private land will be recognised and valued as a central part of mainstream Australian environmental practice, just as water and energy conservation are today. Also, just as national and state parks are protected, there will be a notable increase in the significant natural areas on privately owned land that are protected. As one of Australia’s oldest conservation organisations, Trust for Nature has experience, knowledge and unique contributions to make towards meeting this challenge.

To address our vision and statutory objects we have developed seven strategic directions for 2011-16. These directions have set the path for reviews of our ongoing services and activities as well as investment in a number of strategic initiatives. This work will assist the Trust to respond to current environmental challenges in an efficient and effective manner. Here we explain those seven directions and report on the strategic initiatives for 2011-12.

Implementing strategic landscape-wide conservationThe Trust’s work will increasingly focus on strategic conservation and management of private land that contributes to wider-scale landscape outcomes and to long-term protection of native plants and wildlife. This strategy lies at the core of strengthening and promoting the importance of the practice of private land conservation in Victoria. In 2011-12 Trust for Nature invested in the development of a science-based plan to guide its private land conservation work. The significance of this plan lies in its perspective - it has been developed through the lens of private land conservation, identifying both priorities and opportunities for action on private land. The Statewide Conservation Plan outlines the species and ecosystems the Trust will focus on protecting at both a statewide and regional level, and it ensures that the organisation’s approach is consistent with the science and priorities of the Victorian and Australian Governments and other conservation organisations. The Statewide Conservation Plan will be integral to the Trust’s conservation work over the coming years. The development of the plan involved the assistance of a technical reference group and we are very grateful for their contributions to Trust for Nature. During the year, the Trust also completed a conservation action plan for Neds Corner Station.

Building and innovate private land conservation Over the next five years the Trust will strengthen its conservation covenant and stewardship services. Where possible, we will explore and apply existing and emerging conservation mechanisms to achieve private land conservation across a broader spectrum of landowners and land types. This year the Trust began this work by reviewing its stewardship service. This service is a post-protection service and provides support to covenantors, including monitoring and reporting. The review involved the development and trialling of a prioritised and risk-based approach to stewardship so as to improve both its efficiency and efficacy. The Trust will complete implementation across all regions in 2012-13. In addition, the Trust initiated a review of its Revolving Fund and began the development of a framework for management of its conservation reserves. These initiatives will continue in 2012-13.

The Trust’s commitment to building the practice of private land conservation involves working with other covenanting bodies. Nationally, 2011-12 has seen the Trust continue its central role in the development of the recently-established Australian Land Conservation Alliance. In conjunction with other Alliance members, the Trust has helped establish the national Australian Land Conservation Alliance secretariat, overseen the development of the Alliance’s Australian Government Caring for our Country project, and helped shape the Alliance’s submissions to the Australian Government’s Draft National Wildlife Corridors Plan and the Carbon Farming Initiative.

Responding to climate changeThe Trust will use the next five years to better understand the impact of climate change on conservation management of private land and we will also use this time to integrate our nature conservation goals and practices with new carbon-based approaches. Records of the adaptations of species on covenanted and protected private land over time will prove valuable information.

This year the Trust has completed a plan for reducing it environmental footprint, which is based upon the ResourceSmart initiative of the Victorian Government.

Intensifying the role of partnershipsVirtually all of Trust for Nature’s ongoing work is undertaken collaboratively. At the centre of the Trust’s ability to achieve its goals are the private individuals who, in partnership with the Trust, embark on conserving native plants and wildlife on their own land, in particular those who choose to enter into a conservation covenant. We highly value our strong partnerships with Committees of Management of Trust properties who volunteer their time and expertise. Governments and their agencies at every level are also vital partners. By working with multiple partners on a common goal, the Trust’s effectiveness is increased. Over the next five years we will increasingly work in partnerships models.

message from the chairman and

chief executive officer

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Building private and philanthropic sector investment and commitment to conservationIn addition to strengthening our relationships with conservation partners, the Trust will work over the next five years to increase and broaden its partnerships with donors, sponsors and the private and philanthropic sector. The purpose of this work is to increase investment in, and commitment to, private land conservation and also to develop sustainable and balanced income streams for our work. During this year the Trust established the foundations for this work by completing both a development and communications plan. These plans will animate our work during 2012-13 and beyond.

Building and modernise organisational capacityOver the next five years we will focus on strengthening the Trust’s organisational systems as well as the regional and flexible nature of our organisation so as to ensure that the Trust is a modern, adaptable and professional organisation and a leader in private land conservation. To provide a base for this work, the Trust used 2011- 12 to invest in a business modelling project. The goal of this project has been to focus and finetune the Trust’s private land conservation strategies by reviewing its service delivery, so as to ensure the Trust’s resilience and sustainability for the future. In 2011-12 the Trust developed a formal incident management framework and began the implementation of a health and safety management review, which was initiated in 2010-11.

Inspiring and engage with the communityCommunity engagement has always been a hallmark of Trust for Nature’s operations. It is for this reason that it continues to be an important strategic direction. During 2011-16 we will build our community engagement and public education to increase awareness of the importance of conservation on private land. We see that the work of the Trust is an opportunity for the community to connect with nature and that this is important for the creation and encouragement of the next generation of environmental guardians. During 2011-12 we developed an internship program. Through partnerships with the University of Melbourne we were lucky to benefit from the input of a number of interns from both the Law School and the Graduate School of Business and Economics.

The Trust’s achievements, resulting from its ongoing services and activities, are set out in this report. We are particularly proud to report that for the second year in a row, the number of covenants and the number of hectares protected has exceeded our 10-year average. The Trust has registered 81 covenants protecting 3,573 hectares. Trust for Nature’s success is due to the generosity of its supporters. Donations to the Trust allow the organisation to develop many of its more innovative conservation tools, while maintaining its properties and supporting a network of staff across Victoria. Of particular note are the bequests from the late Marion Field and the late Grace Fraser. Trust for Nature thanks all those who donate to the organisation, particularly those who have or are considering making a gift to Trust for Nature in their will. The Trust is reliant on the many volunteers who contribute their time and effort. This year, Lindsay Smith of Snape Reserve Management Committee was recognised with an Order of Australia medal for his volunteer services to conservation and the environment. The Trust congratulates Lindsay and thanks all of its volunteers.

Our covenantors are the key to long-term protection on private land. As we have said before, we hope their inspiration will ignite the vision of other private landowners to protect the natural assets on their land.

Garnishing philanthropic support to provide a robust and effective stewardship program has become a major focus of Trust for Nature. The Trust’s resources are challenged to provide adequate assistance to the ever increasing number of covenantors who are custodians of important habitat and natural assets on their land. The importance of this role cannot be overstated. The owners and managers of conservation covenants are providing Victorians with a tremendous service that future generations will appreciate and applaud.

In accordance with the Financial Management Act 1994 (Victoria), and as Chairman and Chief Executive Officer, we are pleased to present the Trust for Nature Annual Report for the year ending 30 June 2012.

Camilla Graves, Victoria Marles Chairman, Chief Executive Officer

Date:

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about trust for nature

Manner of establishment Trust for Nature (Victoria) operates under the Victorian Conservation Trust Act 1972. The objects of the Trust are set out in the Act:

• Forpublicscientificandpubliceducationalpurposesencourageand assist in:

• Thepreservationofareaswhichare:

- ecologically significant

- of natural interest or beauty; or

- of historical interest.

• Theconservationofwildlifeandnativeplants;and

• Theconservationandcreationofareasforscientificstudyrelatingto the above.

• Encourageandassistintheconservationandcreationofareasofnatural beauty or interest for use by the public for the purposes of enjoyment, recreation and education.

To meet these objects Trust for Nature has the power to:

• purchase,sell,transferandholdland

• surrenderlandtotheCrown

• enterintocovenantswithownersofland;and

• acceptgifts,donationsandbequests.

Relevant MinisterThe responsible Minister during the 2011-12 reporting period was the Hon. Ryan Smith, MP, Minister for Environment and Climate Change for the period from 1 July 2011 to 30 June 2012.

The Victorian Conservation Trust Act 1972 and the Trust’s key services

Trust for Nature meets its statutory objects by providing private land conservation services to the Victorian community, government and private landowners. The key services are:

• landprotectionservices

• stewardshipservices

• environmentalmarketsservices

• conservationreserves;and

• RevolvingFund.

The achievements of these services and associated activities are set out in pages 7 to 18 of this report.

Further detail about these achievements can be found in the Annual Report section of the Trust for Nature website: www.trustfornature.org.au

To assist the reader, Table 1 below links the Trust’s statutory objects to its services and associated activities.

Table 1: Links between Trust for Nature’s statutory objects and its services and associated activities.

Victorian Conservation Trust Act 1972 objects

The preservation of areas which are ecologically significant

The conservation of wildlife and native plants

The conservation and creation of areas for scientific study, public enjoyment, recreation and education

• Landprotectionservices:covenantsandland management agreements

• RevolvingFund

• Conservationreserves:acquisition

• Partnerships

• Stewardshipservices

• Conservationreserves:management

• Environmentalmarketservices

• Publicpolicycontribution

• Events

• Volunteeropportunities

• Student/internprogram

• Communications

• Researchsupport

• Development

Detail on the achievements of these services and associated activities can be found from pages 7 to 18 and in the Annual Report section of the Trust for Nature website: www.trustfornature.org.au

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Land protection services (covenants and agreements)Trust for Nature’s land protection service delivers the covenant program. The objective of this program, including land management agreements, is to protect significant areas of native vegetation and habitat in private ownership across Victoria. Trust for Nature targets its land protection services towards the conservation of threatened ecosystems, in particular where there are opportunities for landscape-scale conservation. It aligns its work with the conservation priorities of the Catchment Management Authorities, the State Government and the Australian Government. In the reporting period the Trust worked across landscapes in partnership with farmers, private landowners, volunteers, governments and many others to help protect highly threatened woodlands, grasslands, wetlands and waterways to build habitat resilience and connectivity.

Trust for Nature negotiates covenants and land management agreements with landowners through a network of regional officers. These agreements are then finalised using the Trust’s on-title registration services. The work is supported through service-level agreements with individual Catchment Management Authorities, through the Victorian Government’s Natural Resource Investment Program and through the Australian Government’s Caring for our Country initiative. Private sector and philanthropic support also contribute to the delivery of this service, along with the Trust’s Revolving Fund and offset program.

In 2011-12, 81 conservation covenants were registered, comprising:

• 2RevolvingFundcovenants-whereapropertyispurchasedandthen on sold with a covenant through Trust for Nature’s Revolving Fund.

• 12covenantsdevelopedinacommercialcontext-whereacovenant is agreed to on a fee paying basis due to a planning permit requirement, native vegetation offset requirement, voluntary offset request, or desire for marketing opportunity.

• 14incentivecovenants(BushTender,EcoTender,CatchmentTender,Habitat Tender1) - where a covenant is agreed as a result of the landowners participation in an incentive program.

• 53voluntarycovenants(voluntaryrequestfromalandowner)-where a covenant is voluntarily placed on title by a landowner.

In 2011-12 the Trust registered 20 amendments to an existing conservation covenant. This is the formal process whereby changes to a covenant are registered on title.

The Trust will only consider an amendment for an existing covenant in the following circumstances:

• toincreasetheareaundercovenant

• toincreasetheprotectionsaffordedtocovenantedland;and

• toclarifyorcorrectthetermsofacovenantorsurveyplan.

In addition to registering covenants, regional staff visited 93 properties and assessed them for covenanting (compared with 143 in 2010-11). The Trust also entered into 24 non-perpetual agreements covering 961ha of land. These agreements ensure that the land protected is progressively improved in quality and condition in accordance with an agreed set of management works and actions over a five-year period. They are used either where the landowner is working towards the goal of a covenant or where the landowner does not wish to covenant.

Key services

Table 2: Conservation covenants registered and area protected

Registered covenants in 2011-12

*Registered covenants in 2010-11

Ten-year average registered annual covenant (2002-12)

*Registered covenant total (1986-2012)

Total 81 112 66 1,169

Area protected in 2011-12 (ha) Area protected in 2010-11 (ha)Ten-year average total area protected (ha) (2002-12)

Total area protected (ha) (1986-2012)

Total 3,573 6,104 2,898 49,777

*Covenant statistics fluctuate due to ownership and boundary changes; improved mapping techniques; and increases to areas already under covenant.

Buloke Woodland Project – an example of a landscape-scale project

The Buloke Grassy Woodlands of the Riverina and Murray Darling Depression Bioregions are listed as threatened ecological communities by the Australian Government under the Environment Protection and Biodiversity Conservation Act 1999. In addition, the Buloke tree is listed under the Flora and Fauna Guarantee Act 1988 (Vic.). The aim of the Buloke Woodland project is to protect Buloke Grassy Woodlands on private land through conservation covenants and partnership projects. The Trust is working with partner’s bankmecu; Landcare Australia Ltd; the Victorian Department of Sustainability and Environment; Greening Australia; and two community-run conservation groups: Kowree Farm Tree Group and Grampians to Little Desert Biolink. In 2011-12, the project protected a total of 944ha through four conservation covenants. The project also offers help to landowners through fencing, assistance with revegetation, and pest-plant and animal control. Community groups complement the initiative by holding a wide variety of events in and around the targeted properties, from raising awareness of threatened species to open days to discuss and examine the management of Buloke Grassy Woodlands.

1 For information on these programs, visit: www.dse.vic.gov.au/conservation-and-environment/ecomarkets

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Stewardship servicesThe objective of Trust for Nature’s stewardship program is to work cooperatively with landowners to ensure that all areas of significant habitat covenanted by the Trust are managed to maintain and enhance their conservation value and reduce threats. The stewardship program represents a key contribution by the Trust towards the long-term conservation outcomes of government environmental programs.

The Trust works directly with landowners to provide advice on management issues, address threats to conservation values, and monitor the condition of habitat and trends of species populations on covenanted properties. This is achieved through a program of property visits, the development of management plans, and the provision of conservation advice, support and information. The Trust provides practical information and resources through fact sheets, website updates and advice on where to find further information.

In addition, the program identifies funding opportunities for landowners to undertake conservation works on covenanted properties, through various means including direct cash payments, rate concessions, tax concessions or ecological tender schemes. These can be used to improve or enhance habitat values through revegetation, control of threats such as feral animals, or implementing more long-term strategies to improve or protect threatened species.

Trust for Nature’s operational target is to visit and assess each covenanted property every three years. Resource constraints, however, hampered the Trust’s ability to meet this target as the target rises each year with the increasing number of covenants. During the year, Trust for Nature completed a review of its stewardship program to increase its efficiency and effectiveness. In 2012-13 the program will streamline stewardship activity on a prioritised basis and risk-based approach. Improvements to the program’s monitoring, reporting and enforcement functions continue and are ongoing.

Covenant compliance is addressed through stewardship monitoring. In 2011-12 there were no matters requiring formal proceedings.

Trust for Nature staff participated in 21 field days and a number of workshops and seminars, both in Melbourne and in the regions. See the section on community engagement achievements on page 16 for more on these activities.

Table 3: Stewardship services

2011-12 2010-11

Stewardship visits 327 211

Management plans prepared 89 144

Outer East Stewardship Project

A generous donation by Robert James enabled Trust for Nature to develop the Outer East Stewardship Project. The project is in its second year of operation and aims to increase the Trust’s stewardship and covenanting capacity in the Port Phillip and Westernport region. The project has resulted in increased stewardship visits to covenantors, greater targeting of more covenants in the region, provision of incentives to covenantors and the purchase and management of properties in Nillumbik, Yarra Ranges and Cardinia Shires. The project has already allowed the Trust to purchase a property in Emerald containing the Flora and Fauna Guarantee Act 1988 (Vic) listed White Star-bush (Asterolasia asteriscophora subsp. albiflora).

Environmental market servicesThe objective of Trust for Nature’s engagement in environmental markets is twofold: to ensure conservation benefits flow from permitted vegetation and habitat loss; and to support and complement Trust for Nature’s activities to conserve native plants and wildlife.

Trust for Nature is engaged in the native vegetation offset market because the conservation covenant is one of three mechanisms permitted for securing the permanent protection of an offset site in Victoria. The Trust has developed a program for matching a proponent’s requirement to offset loss of native vegetation or habitat with landowners willing to protect and enhance land of high conservation value. The first stage of an offset results in an agreement between proponent, landowner and Trust for Nature to meet a regulated offset requirement. The second stage is to secure the required ecological outcome through the registration of an offset covenant. The offset program operates in both state and federal jurisdictions, identifying high-quality native vegetation and habitat for threatened species and communities and the resulting covenants meet the required federal and state regulatory standards.

Trust for Nature continues to assess its role in the emerging carbon offset market and seeks to develop partnerships that will add to its expertise and resources to support conservation through emerging carbon markets. It has become an observing partner in the Australian Carbon Rangelands Enterprises, which includes government and non-government organisations. These bodies have come together to jointly develop a methodology through the Carbon Farming Initiative of the Australian Government. The methodology will assess carbon sequestration through the management of Australia’s rangelands.

Key servicesC O N T I N U E D

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Table 4: Offset agreements completed

2011-12 2010-11

offset agreements completed3 14 9

Native vegetation (habitat hectares) 1 41 28

Large old trees1 1,462 90

Habitat (hectares) 2 21 9

Table 5: Offset covenants registered

2011-12 2010-11

offset covenants registered1 12 22

Native vegetation (habitat hectares)1 37 117

Large old trees1 1,375 101

Habitat (hectares)2 28 25

1 Approved through state legislation.2 Approved through federal legislation.3 Refers to agreements reached preceding covenant registration.

Protecting the Golden Sun Moth

The Golden Sun Moth (Synemon plana), a critically endangered species under the Environment Protection and Biodiversity Conservation Act 1999, inhabits natural temperate grasslands of the Victorian Volcanic Plains. This native moth species requires specific habitat in Wallaby Grass-dominated grasslands as females lay their eggs in Wallaby Grass, the larvae feed upon it, and once mature, will not fly more than 100m from their preferred habitat. In 2011-12, Trust for Nature was able to secure a 19ha protected area of native grassland through covenant to meet the offset requirement. This site provides habitat for a range of additional threatened species including Clover Glycine (Glycine latrobeana), Rye Beetle Grass (Tripogon loliiformis) and Small Scurf-pea (Cullen parvum). The area protected through this native vegetation offset is within a larger 44ha patch of native grassland managed by the landowners to protect native plants and wildlife, including the critically endangered Spiny Rice Flower (Pimelea spinescens).

Revolving FundTrust for Nature’s Revolving Fund is a market-based conservation instrument. Its objective is to use the real estate market to achieve conservation outcomes, as per its statutory power to buy and sell land. It matches the supply provided by the owners of private properties of high nature-conservation value with demand from that section of the community that wishes to purchase and protect these values. The Revolving Fund protects conservation values through an obligation for all purchasers to covenant the property.

As the Revolving Fund operates in the property market, factors that affect the market will also have an impact on the Fund. The Trust aims to maintain the value of the Revolving Fund over time. The general decline in rural property values in 2011-12, however, resulted in slowed operations of the Fund. While no properties were purchased, three properties were sold and the proceeds of these remain available for future purchases. Since its inception, the Fund has purchased 55 properties, sold 52, and so protected 5,695ha of conservation land.

Table 6: Revolving Fund statistics

2011-12 2010-11

Properties sold 3 properties, total 139.25ha, value $222,957 1 property, total 687ha, value $150,000

Properties bought 0 1 property, total 3.34ha

Donations/ transfers in $1,000 $850,000

Revaluation 0 $228,705

Properties retained 5 properties, value $1,503,534 8 properties, value $1,726,491

Cash $2,755,074 $2,573,795

Total value of Revolving fund $4,258,608 $4,300,286

Mystic Park

In 2011-12 Trust for Nature sold a Revolving Fund grassland property in the North Central region to owners who already had a neighbouring covenant. Mystic Park is a 35ha property that links to the Avoca Marshes in the Victorian Riverina. It adjoins the protected area network at Wanderers Plain – a Trust-owned grassland property, and links to a number of other conservation reserves in the region. Through the Revolving Fund, this area of Grasslands and Grassy Woodlands is now protected and will provide habitat for species such as Chariot Wheels (Maireana cheelii), Murray Swainson-pea (Swainsona murrayana), Woodland Birds and Blackbox Woodlands. A small surplus was achieved on the sale of Mystic Park that will replenish and add to the Revolving Fund and be used to purchase future high-value conservation properties.

For more information about Trust for Nature’s Revolving Fund, please visit www.trustfornature.org.au

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Trust propertiesThe objective of the Trust’s ownership of properties is to preserve areas that are ecologically significant, of natural interest or beauty, or of historical interest. Trust for Nature has a long history of protecting land through purchase, ownership and where suitable, transfer to the Crown or other responsible entity, as per its statutory objective. Such properties form part of the protected areas network such as National Parks and Nature Conservation Reserves.

Trust for Nature currently owns and manages 47 properties covering 36,104ha of the State of Victoria. No further additions were made to the Trust’s portfolio in 2011-12, and no properties were transferred from the portfolio of Trust for Nature in 2011-12.

The property program provides opportunities for people and organisations to financially support conservation directly through land purchase. Trust for Nature is grateful for the ongoing support of dedicated volunteers who assist in the management of our properties. Many volunteers have made significant contributions to conservation through their long-term support as members of Committees of Management or participation in Friends groups. These groups have taken responsibility for providing effective land stewardship and maintaining and enhancing important regional biodiversity assets, which involves everything from the diligent removal of weeds to the restoration and expansion of threatened species habitat. Of equal importance is the support the Trust’s volunteers generate in the community for conservation, particularly in providing information and communicating the benefits of biodiversity protection.

Woodland conservation reserve

The Burge Family Reserve was donated to Trust for Nature in 2010. The 38ha property in the Goulburn Broken region protects the Environment Protection and Biodiversity Conservation Act 1999 (Cmwlth.) listed Box Gum Grassy Woodland, with seven Eucalypt species, 10 native grass species and many herbs, lilies and forbs. Grasslands on the property remain intact as light grazing is the sole historical agricultural activity, and rare animals including the Bibrons toadlet and Diamond Firetail have been seen. Recently, the Reserve hosted 50 people who attend a nature walk during the 2011 Spring into Nature series. In 2012, volunteers took part in a planting day to enhance the woodland shrub layer. Habitat for Humanity, which builds houses for those made homeless in the 2009 bushfires, supported the planting day to compensate for vegetation removal that resulted from the housing construction. The Burge Family Reserve is also a focal point for the Strathbogie Ranges Conservation Management Network’s management and education activities. Future activities include investigation of an ecological burn with the Yarck Fire Brigade and the development of a self-guided walk and brochure, using funds raised through Trust for Nature’s 2011 End of Financial Year Appeal for Committees of Management.

Key servicesC O N T I N U E D

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2011-12 trust for nature services: oper ational

objectives for Key services

The achievements of the Trust’s activities and services against the objects of the Victorian Conservation Act 1972 can be found in summary throughout this report and in further detail in the Annual Report section of the Trust for Nature website: www.trustfornature.org.au. In line with statutory disclosure requirements, the Trust also reports on the targets and outcomes of its operational objectives in Table 7.

Table 7: Operational objective outcomes

Services Target (qualitative & quantitative) outcomes 2011-12

Conservation covenants To negotiate 3,000ha for conservation covenants under Catchment Management Authority Service Level Agreements

• 4,036haprotectedbyregisteredconservationcovenants

To register covenants over 3,300ha • 3,573haprotectedbyregisteredconservationcovenants

Land stewardship To prepare 90 management plans for covenanted properties (in line with Catchment Management Authority agreements)

• 89managementplanspreparedforcovenantedpropertiesin line with Catchment Management Authority agreements

To visit 362 covenanted properties • 327visitstocovenantedproperties

To host 20 field days • 21fielddayshosted

Environmental markets To increase the number and efficiency of agreements developed through the native vegetation offset market

• 12offsetagreementsregistered • 14offsetagreementsunderway

Revolving Fund To maintain the value of Revolving Fund contributions over time

The value of Revolving Fund contributions has grown in 2011 - 12. Three properties were sold at a small gain of $4,668. Interest on funds held grew by $159,288: • Threepropertiestotalling139.25hasoldfor$222,957• Retained$2,755,074incashforusebyRevolvingFund.• Holding5propertiescomprising485hawithavalueof

$1,503,534

To grow the value of private investment in nature conservation through contributions to the Revolving Fund

• NoadditionalcontributionstotheRevolvingFundweresecured in 2011-12

Development To grow the value of private investment in nature conservation through development activities and prudent funds management

• Developmentincomefromdonations(excludingbequests)decreased from an income of $509,120 in 2010 - 11 to $390,095 in 2011 - 12 and an additional $178,546 in private grant income

• Bequestincometotalled$1,958,294upfrom$100,000• Dividendincomeincreasedfrom$187,558to$196,956• Interestincomeincreasedfrom$856,430to$899,000

To carry out two fundraising appeals • ChristmasappealinDecember2011,raisingfundsfortheLand Management Innovation Fund for the Trust’s ongoing operation and growth

• EndofFinancialYearappealinJune2012,againtosupport the Land Management Innovation Fund

• EndofFinancialYearappeal(associatedwiththecelebration of the Trust’s 40th Anniversary)

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Table 8: Conservation covenants registered by region

RegionRegistered covenants in

2011-12*Registered covenants in

2010-11*Registered covenant

total

Corangamite 9 6 89

East Gippsland 7 6 109

Glenelg Hopkins 1 13 74

Goulburn Broken 18 10 145

Mallee 4 1 35

North Central 15 28 196

North East 8 4 58

Port Phillip & Westernport 6 20 208

West Gippsland 10 13 120

Wimmera 3 11 135

Total 81 112

Statewide total 1,169

Table 9: Area protected by registered conservation covenants

Region Area protected in 2011 - 12 (ha) *Area protected in 2010 - 11 (ha) *Total area protected (ha)

Corangamite 260 121 2,134

East Gippsland 295 445 5,474

Glenelg Hopkins 8 818 3,123

Goulburn Broken 535 270 5,089

Mallee 1,016 61 3,208

North Central 752 1,121 8,139

North East 240 1,080 3,237

Port Phillip & Westernport 38 334 3,146

West Gippsland 391 1,252 4,300

Wimmera 37 601 11,924

Total 3,573 6,104

Statewide total 49,777

*Covenant statistics fluctuate due to ownership and boundary changes; improved mapping techniques; and increases to areas already under covenant.

2011-12 trust for nature services: oper ational

objectives for Key servicesC O N T I N U E D

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The Trust supports and develops its core conservation services through a number of associated activities and approaches. The achievements of these activities and approaches are set out in this section.

Conservation planningThis year the Trust undertook significant conservation planning. The major strategic project was the Trust’s investment in the development of a Statewide Conservation Plan for private land in Victoria, using State Government conservation-planning approaches and datasets, to provide an overarching framework for the Trust’s future conservation programs across the state.

The Trust also prepared its first bioregional conservation strategy for private land. This was undertaken in the Riverina bioregion as part of the National Reserve System’s1 Protected Areas on Private Land Program and included management guidelines for each of the major ecosystems found on private land in the Riverina.

At the landscape-scale, the Trust prepared a Conservation Strategy for the Caring for our Country Buloke Woodlands protection and connectivity project in the Wimmera. And finally, at the most local scale, the Trust developed a cross-property conservation plan for one of the target areas within the Buloke Woodlands project area. Each of these finer-scale planning documents are underpinned by the Statewide Conservation Plan and statewide datasets, providing the Trust with a strong foundation for future conservation planning at all scales.

The Conservation Measures Partnership’s Conservation Action Planning approach was trialled in 2011-12. Further staff training in this methodology will occur in the latter half of 2012.

Ecologically significant area protection

In 2011-12, Trust for Nature registered 73 covenants (excluding eight offset covenants) that contribute to an increase in the National Reserve System by more than 3,200ha. Altogether, covenants were registered in 20 of Victoria’s 28 bioregions. Approximately two-thirds of this protected land was located in bioregions that are rated high-priority for protection under one or more of the National Reserve System criteria.

The majority of these new covenants also contributed significantly to increased protection of under-represented ecosystems: of the 156 different ecological vegetation classes protected under covenant, 81 per cent are classified as rare or threatened and 46 per cent as endangered.

For details of the Trust’s protection activities in 2011-12, see Table 10, or visit the Annual Report section of the Trust for Nature website: www.trustfornature.org.au

1the national Reserve System is Australia’s network of protected areas. For more information, visit: www.environment.gov.au/parks/nrs/index.html

Landscape connections Increasingly, the Trust is involved in projects which aim to improve biodiversity and restore connectivity at the landscape-scale. Trust for Nature continued its involvement in Habitat 141 with strategic and on ground input to deliver the project’s landscape vision - ‘to connect the oceans with the outback’ through two landscape projects, including the ongoing Caring for our Country funded Buloke Woodlands project in the Wimmera.

Additionally, the Trust obtained Caring for our Country funding to implement a landscape corridor and habitat restoration project on Neds Corner Station and nearby properties. This project has the aim of improving the long-term viability of the nationally threatened Regent Parrot and associated threatened ecosystems (see ’Linking landscapes’).

In north-central and north-eastern Victoria, Trust for Nature actively participated in a range of landscape connection projects with partners through its involvement with Great Eastern Ranges, Central Victorian Biolink project, Connecting Country and the newly-formed Strathbogie Ranges and Kara Kara Conservation Management Networks.

Linking landscapes

In Victoria’s north-west, Trust for Nature’s Neds Corner Station provides habitat for the Environment Protection and Biodiversity Conservation Act 1999 (Cmwlth) listed Regent Parrot (Polytelis anthopeplus monarchoides). These birds rely on tree canopy cover to travel between their River Red Gum breeding sites and mallee woodland feeding sites, but over the last 100 years these habitats have been extensively cleared and fragmented. With funding support from the Australian Government’s Caring for our Country initiative, Trust for Nature is restoring tree cover and managing existing patches of mallee woodland habitat to increase and improve the vegetation links in the landscape for this highly mobile parrot. Over the past year, 15km of direct seeding has been completed, 182ha of former cropping land removed from production, and rabbit control carried out over 100km of the project area. The outcomes of different management methods are being evaluated to shape future management actions on the property.

For details of the Trust’s landscape-scale activities in 2011-12, visit the Annual Report section of the Trust for Nature website: www.trustfornature.org.au

Key conservation achievements

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Key conservation achievementsC O N T I N U E D

Table 10: The IBRA bioregions and sub-regions protected via conservation covenants and the number of Ecological Vegetation Classes within Catchment Management Authority regions.

Catchment Management Authority region IBRA bioregion IBRA sub-region

Number of Ecological Vegetation Classes

Number of conservation

covenants Area (ha)

Corangamite South East Coastal Plain Otway Plain 5 4 37.98

Victorian Volcanic Plain Victorian Volcanic Plain 2 1 9.54

East Gippsland South East Coastal Plain Gippsland Plain 10 4 30.57

South East Corner East Gippsland Lowlands 2 1 10

East Gippsland Uplands 8 2 254

Glenelg Hopkins Victorian Midlands Central Victorian Uplands 2 1 8.09

Goulburn Broken NSW South Western Slopes Northern Inland Slopes 8 4 208.75

Riverina Victorian Riverina 3 1 59.08

South Eastern Highlands Highlands - Northern Fall 5 3 64.16

Victorian Midlands Central Victorian Uplands 16 8 178.51

Goldfields 5 2 24.79

Mallee Murray Darling Depression Murray Mallee 9 2 722.64

Wimmera 3 1 50

Riverina Murray Scroll Belt 5 1 243

North Central Murray Darling Depression Wimmera 1 1 25

Riverina Victorian Riverina 5 3 178.48


Goldfields 11 7 443.93

North East NSW South Western Slopes Northern Inland Slopes 14 6 226.9

South Eastern Highlands Highlands - Northern Fall 1 1 8.15


Port Phillip & Westernport South East Coastal Plain Gippsland Plain 2 1 4.3

South Eastern Highlands Highlands - Southern Fall 13 5 33.89

West Gippsland South East Coastal Plain Gippsland Plain 22 7 339.93

South Eastern Highlands Strzelecki Ranges 3 2 33.04

Wimmera Murray Darling Depression Wimmera 1 1 11.36

Victorian Midlands Goldfields 2 1 10.88

Greater Grampians 6 1 15.2

Total 169 73 3,237.43

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Threatened species conservationTwenty-one additional records of threatened flora and 90 additional records of threatened fauna were collected from Trust for Nature covenants and properties in 2011-12, increasing the Trust’s knowledge of threatened species present on those properties.

In partnership with landowners, committees of management, Friends groups and other agencies, Trust for Nature also contributed actively to the conservation of many threatened species of native plants and wildlife through activities such as habitat protection and restoration, and ecological management and pest control.

Recovery of the Gorae Leek-orchid

Trust for Nature worked with the Victorian Department of Sustainability and Environment, the Glenelg Hopkins Catchment Management Authority and a private landowner to develop a recovery program for the nationally endangered Gorae Leek Orchid (Prasophyllum diversiflorum). The orchid is found at only six sites, all in south-western Victoria. A covenanted property contains the largest area and number of plants. A study of the orchid identified the major threats to be weeds, grazing and trampling, and altered management and hydrological regimes. A recovery plan using fire and comprehensive weed control is now underway to reduce those threats and to enable the natural proliferation of the orchid population. As part of the project, the Department of Sustainability and Environment and Trust for Nature surveyed a nearby covenant featuring the same vegetation community and discovered an encouraging sight – a new population of Gorae Leek Orchids.

For details of the Trust’s achievements in 2011-12 on the conservation of threatened native plants and wildlife, visit the Annual Report section of the Trust for Nature website: www.trustfornature.org.au

Protected areas managementEcological management activities were carried out on 91 properties throughout 2011-12 supported by Trust for Nature’s ongoing stewardship services. Stewardship services included the preparation of management plans; monitoring; support of pest, animal and plant control and revegetation and restoration activities. In addition, Trust for Nature developed its Land Management Innovation Fund, supported by donations to the Trust’s Christmas and End of Financial Year appeals. The Fund has supported a number of ecological management projects such as trialling new management techniques, enhancing wildlife habitat and encouraging the regeneration of threatened plant species.

Wetland restoration in the North East

The Lower Ovens River Floodplain and Boorhaman Plains Wetland project, now in its third year, aims to protect and restore remnant wetlands of the area. The landscape includes the nationally significant Black Swamp and Lower Ovens River. As 90 per cent of the area’s wetlands, and the most threatened wetland types, occur within or are bounded by privately owned land, Trust for Nature has been able to use its private land conservation expertise to negotiate 28 landowner agreements to protect 30 wetlands. In 2011-12, 154ha of wetland habitat was protected and restored. Vegetation buffer establishment, revegetation and wetland protection over 518ha has been achieved throughout the life of the project. Actions to improve the ecological management of wetlands, including modifying livestock grazing, are allowing natural regeneration of wetland plants and overall wetland health throughout the area.

For details of the Trust’s land management activities in 2011-12, visit the Annual Report section of the Trust for Nature website: www.trustfornature.org.au

Research supportTrust for Nature’s properties are often used for research and monitoring projects conducted by other institutions, and Trust staff provided input into the development or implementation of research projects as industry partners or members of reference committees in 2011-12. La Trobe University provided invaluable, ongoing support to the Trust’s research capacity in 2011-12 by supporting the Trust’s Conservation Science Coordinator as an honorary research fellow in the School of Life Sciences.

In 2011, more than 20 scientists from the Bush Blitz team spent 10 days at Neds Corner Station to survey the property for new species. A new species of truffle was discovered. The Bush Blitz scientists will send information on the outcome of the survey as they review their specimens up to 18 months after the event.

For details of the Trust’s research activities in 2011-12, visit the Annual Report section of the Trust for Nature website: www.trustfornature.org.au

PartnershipsAs part of the Trust’s commitment to landscape-scale conservation, it has been a long-term advocate and supporter of Conservation Management Networks. The Trust’s Chief Executive Officer chaired the statewide Conservation Management Network Advisory Group in 2011-12, and Trust staff were actively involved in nine Conservation Management Networks across Victoria.

The Trust is a part of the Victoria Naturally Alliance, an alliance of nine environment groups that work together to better understand the causes of biodiversity loss and to find solutions to reverse this loss.

For details of the Trust’s partnership activities in 2011-12, visit the Annual Report section of the Trust for Nature website: www.trustfornature.org.au

Public policy contributionIn the last twelve months, the Trust has continued to develop its public policy capacity to improve operations, and contributed several policy initiatives. The Trust provided a private land focus to national landscape-scale conservation policies and worked with other covenanting bodies to continue the development of the recently-established Australian Land Conservation Alliance; reviewed its own covenant and stewardship services policies; and was involved in eco-market policy development including the Australian Government’s Carbon Farming Initiative.

For details of the Trust’s public policy activities in 2011-12, visit the Annual Report section of the Trust for Nature website: www.trustfornature.org.au

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community engagement achievements

Trust for Nature works with communities to achieve its private land conservation vision and also to provide opportunities for the enjoyment and study of nature. The Trust is committed to assisting all people to protect biodiversity on their land. Trust for Nature strives to reconnect people with nature and work proactively within Victorian communities to share information and to learn more about how it can contribute to the conservation of native plants and wildlife on private land.

EventsIn 2011-12, Trust for Nature held a number of different events across Victoria for people and communities interested in private land conservation. The aim of these events was to enable people to learn about and experience nature firsthand, and to encourage them to get involved in caring for their local natural habitats.

Bush Business BreakfastsTrust for Nature has continued its Bush Business Breakfasts, which aim to connect Melbourne-based people with the Trust. The first breakfast’s speaker was Wade Davis, an Explorer-in-Residence from National Geographic USA, who was in Australia courtesy of The Nature Conservancy. The second breakfast, themed ‘Women in Conservation’ was held in the week of International Women’s Day. Both events were a great success and we thank all that supported these functions.

Spring into NatureSpring into Nature is a program of public events on Trust-owned properties and privately-owned covenanted properties. Events usually involve a guided walk around a property, an opportunity to talk to landowners and Trust staff about management activities, and a chance to learn about regional native plants and wildlife.

This year there were 17 Spring into Nature events held throughout Victoria, engaging 490 people. This was an increase on last year, when 350 people attended 12 events.

Getting out into nature

In spring 2011, Trust for Nature officers in the Goulburn Broken held four Spring into Nature events, welcoming 175 people onto several properties in the region. Two events were held in native woodlands and grasslands, where a variety of wildflowers were in bloom, and participants could see first-hand many birds and other animals in their natural habitat. The third event took place in the practically untouched Trust-owned Burge Family Reserve property. The final event included a rare chance to walk the woodlands at night to spotlight and check nest boxes for inhabitants.

1000th covenant celebrationsIn 2011, Trust for Nature held a series of celebratory events across the state to bring covenantors together to mark the registration of the 1000th covenant. Six events were held, attended by more than 450 people.

Other eventsOver 2011-12, each region held a number of seminars, workshops, working bees and open days for community members, groups and corporations. These events offer insight into and involvement in private land conservation. Two Board Associates Lunches in 2011-12 helped keep former Trustees informed about the strategic direction and activities of the organisation. The Trust continued its support of the Wimmera Biodiversity Seminar; undertook two visits to Neds Corner Station with some major supporters, undertook a field trip to learn about Southern Brown Bandicoot protection on the urban fringe of Melbourne that was attended by some of the Trust’s major supporters; added a presence at the Sustainable Living festival in partnership with the Nature Conservation Trust of NSW and the Tasmanian Land Conservancy, and participated in the Eureka Tower Farmers Market.

For details of events held by Trust for Nature in 2011-12, visit the Annual Report section of the Trust for Nature website: www.trustfornature.org.au

EducationTrust for Nature sees enormous potential in the use of Trust-owned properties to inspire and educate students, as well as providing natural areas in which students can undertake research and management projects. During 2011-12, Trust for Nature also facilitated many visits to covenanted properties for education purposes.

For details of education activities held by Trust for Nature in 2011-12, visit the Annual Report section of the Trust for Nature website: www.trustfornature.org.au

InternshipsThroughout the year, Trust for Nature provided several internship opportunities. While gaining valuable insights into and experience in conservation practice, the interns also produced work of great use to the Trust.

For details of internships at Trust for Nature in 2011-12, visit the Annual Report section of the Trust for Nature website: www.trustfornature.org.au

VolunteersTrust for Nature has benefited from the involvement of many generous and committed individuals throughout 2011-12. Volunteers at the Trust contributed skills and knowledge to assist the organisation. This is in addition to the time invested by the many Committees of Management who care for several of the Trust’s properties.

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Indigenous heritageTrust for Nature encourages active partnerships with Indigenous groups recognised as Traditional Owners. The Trust works actively with Indigenous communities across Victoria and is committed to strengthening its engagement with Indigenous communities into the future.

Protection of Indigenous culture

Trust for Nature received a grant in 2011 to protect Indigenous cultural heritage and artefacts at Neds Corner Station through the Australian Government’s Indigenous Heritage Program. Indigenous workers were employed at the station to erect a 7km feral-proof fence around areas of Indigenous cultural heritage and artefacts. This protects remnant vegetation from feral animals such as rabbits, which in turn protects remaining cultural artefacts from erosion. The employees received training and experience in land management techniques, including fencing, rabbit control and revegetation. Neds Corner Station now has a website where regular updates on projects are posted and a description of the property, including its Indigenous heritage, can be found.

For details of Indigenous involvement in Trust for Nature projects in 2011-12, visit the Annual Report section of the Trust for Nature website: www.trustfornature.org.au

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The Trust aims to continually develop its capacity to deliver high-quality conservation services. In 2011-12 the Trust began a number of strategic initiatives as well as enhancing its ongoing support services. These are set out in this section.

Development In 2011 – 12 Trust for Nature carried out two appeals: the Christmas appeal in December 2011 and the End of Financial Year appeal in June 2012. Both appeals aimed to raise funds for the Trust’s Land Management Innovation Fund. The Trust thanks all who have supported these appeals. Trust for Nature also remains grateful to the supporters of its Bush Protection Program.

Following a review of bequest funding use in the last financial year, the Trust implemented a strategy to ensure that bequests assist it in achieving the strategic goals of the organisation as well as honouring the vision of the donor. Bequest funds have supported:

• thedevelopmentoftheStatewideConservationPlan

• areviewoftheTrust’sbusinessmodel;and

• theenhancementoftheTrust’sonlineconnectionwithcovenantors.

The Trust thanks all who have made a bequest or are considering making a gift to Trust for Nature in their wills.

Wanliss Bequest

In the 1980s, Dr Marion Wanliss left a substantial bequest to Trust for Nature for the conservation of native plants and wildlife. In June 2011, the Trust for Nature Board decided to invest some of the funds into developing a foundational plan to provide an overarching scientific framework for ongoing conservation activities. The Statewide Conservation Plan was developed with other leading conservation organisations and draws from the best available science to help Trust for Nature with its private land conservation priorities. The development of Trust for Nature’s Statewide Conservation Plan is an important investment in the future of Victorian conservation that reflects Dr Wanliss’ vision and passion.

Communications Trust for Nature increased its media presence, with articles in 56 newspaper and online media outlets. In 2011-12 the Trust reduced the number of Conservation Bulletins printed and moved to greater online communication through social media, its website and 21 e-newsletters. This financial year the Trust initiated a regular quarterly news email to its Committees of Management to share information among the Committees and to keep Trust staff abreast of Committee work.

Incident Management FrameworkIn 2011, Trust for Nature commenced the development of a framework based on an adaptation of the Australian Inter-service Incident Management System (AIIMS). It is anticipated that this framework will be adopted and implemented in late 2012. Responding to emergencies or incidents that require professional and timely action is not a common part of the Trust’s business, but events such as the 2010 locust plague demonstrate that there will always be events requiring effective and efficient management. While the Trust did its best to coordinate and manage staff and resources during the plague, it was decided that a formal Incident Management Framework would assist in better planning and implementation concerning future incidents of this type.

Business Modelling ProjectThe private land conservation outcomes Trust for Nature has achieved in recent years have largely resulted from a successful alignment with 10 Catchment Management Authority interests across Victoria. This success has also brought challenges for the Trust in how it funds its own priorities and stewardship program. With Catchment Management Authorities recently undertaking a six-yearly review of their Regional Catchment Strategies, and the Trust’s Statewide Conservation Planning project underway, Trust for Nature has taken the opportunity to invest significant time, effort and resources into reviewing its service delivery and funding arrangements through a Business Modelling Project. A key aim of this project has been to ensure the organisation continues to prioritise strategic private land conservation and reinforce Trust for Nature’s resilience and sustainability for the future.

corpor ate support and development

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Trust for Nature is grateful to all partners and donors for supporting its work to protect native plants and wildlife on private land. The Trust acknowledges the many individuals, community groups, covenantors, associations, foundations and companies who continue to lend their support, both financial and otherwise, to Trust for Nature.

The Trust thanks Norton Rose for on-going pro bono legal services.

Trust for Nature wishes to express sincere gratitude to the following individuals and organisations that have made contributions to Trust for Nature in the 2011-12 financial year:

Government departments and Statutory AuthoritiesAustralian Government Department of Sustainability, Environment, Water, Population and Communities – in particular the Caring for Our Country Initiative, the National Reserve System Program and the Indigenous Heritage Program

Corangamite Catchment Management Authority

East Gippsland Catchment Management Authority

Glenelg Hopkins Catchment Management Authority

Goulburn Broken Catchment Management Authority

Mallee Catchment Management Authority

North Central Catchment Management Authority

North East Catchment Management Authority

Port Phillip & Westernport Catchment Management Authority

West Gippsland Catchment Management Authority

Wimmera Catchment Management Authority

Local Governments of Victoria

Melbourne Water

Native Titles Services Victoria

Parks Victoria

VicRoads

Victorian Catchment Management Council

Victorian Department of Business and Innovation

Victorian Department of Sustainability and Environment and its Ngurta Werkitya Indigenous Traineeship Program

Victorian Department of Primary Industries

Victorian Environmental Assessment Council

Committees of Management, Friends Groups, organisations and individuals that provide special assistance on Trust for Nature propertiesBurge Family Reserve Committee of ManagementMervyn and Jenny ShawShelagh Curmi

Janet HagenDelphine Marsh

Clarkesdale Bird SanctuaryRob BriceFrank CarlandTim CookeDavid CouttsGavin Dorr Cath Grant

Clare MillerGrant PalmerPeter & Jenny Sedgwick Peter Thomson Bill Wheatherly

Dennis and Glenice Carmichael

Mick and Liz Dexter

Dog Rocks Committee of Management Bill HoneyGraham BonneyDavid HeadPeter KeaysJohn CameronPeter Spear

George and Lit Belcher and the Dog Rocks Flora and Fauna SanctuaryAlan BuchterCraig ClutterbuckElizabeth Clarke

Friends of HarburyIan and Elizabeth FraserRobin Allison Jean Allison

Kate WalshJames and Margaret Grant

David Harper and Margaret Lush and family

Peter Kelly

Bungalook Conservation ReserveGraeme Lorimer

Graeme and Peter Mann

The Meerlieu Reserves Committee of ManagementDon LoveCraig BushAndrea Bush

Barbara BrunyeeLindsay GrantLouie Maher

Mt Elephant Committee of ManagementGert StammbergerGeoffery HendersonVal Lang AOLynnette Stammberger Chris Lang Lesley Brown Norma Grant

Jane FrenchGary FrenchJohn HaleRod EldridgeJudith SartoLaweton Frenc

Mt Elgin Swamp Committee of ManagementClive CrouchWayne DonnellKent and Jennifer Goldsworthy

Janet and Ken VoightGeoff and Cathy MollGary and Robyn Clark

partners

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Nillumbik Shire, for the management of the Eltham Copper Butterfly Reserve

Ocean Grove Park Committee of Management Colin AtkinsMurray WaughLeigh HollowayBetty Glasgow

Phil DixNeil WallaceDavid LidgettMrs. Shelley

McKiernanDon PietrapertosaTerry Riordan

Pallister’s Reserve Committee of ManagementPeter CarrucanPeter BolteMargaret Whitehead

Trevor KennedyElanor DaveyLance Moulden

Anthony LeddinKock Bromell

Ralph Illidge Sanctuary Committee of ManagementShirley DuffieldJanice TrenairKevin SparrowLauren Eddy

Maureen FinniganFrank DugganPeter SchultzLilly Wilkinson

Snape Reserve Committee of ManagementDarryl Argall Mary Argall Ian Barry Adam Blake Greg Bourke Fiona Copley

Clive Crouch Clive Eastwood Gillian Eastwood Ian Flux Terry Lynch John Rocke

Lindsay Smith Sue Smith Brian Snape Diana Snape Jonathan Starks Cliff Unger

UambiWilliam and Judith Harper Therese Stirling

Uralla Nature Reserve Committee of Management Baw Baw Shire Council

Wanderslore Sanctuary Committee of Management and the Friends of WandersloreGeoff DurhamGrif WardSteve Fernee

Lincoln KernPat O’ShaughnessyJudith Bond

Gerald and Doug Williamson

And all those who have volunteered to help on Trust properties, from weeding to building fences and helping out with bookkeeping. Trust for Nature’s conservation reserves would not provide the refuge for natives plants and wildlife that they are today without your hard work. Thank you.

NGO and not-for-profit partners and fellow members of the Australian Land Conservation AllianceBirdlife Australia and its regional branches

Buloke and Northern Grampians Landcare Network

Bush Heritage Australia

Central Victorian Biolinks Project

Connecting Country

Earthwatch

Fairley, Bael Bael and Sandhill

Friends of the Grey-crowned Babbler

Grampians to Little Desert Biolink

Greening Australia (Victoria)

Heathmont Bushlink

Kara Kara Conservation Management Network

Kowree Farm Tree Group

Landcare Australia

Mammal Survey Group of Victoria Inc.

Mildura Aboriginal Corporation

Millewa Community Pioneer Forest and Historical Society

Murray-Darling Freshwater Research Centre

Nargundy Pty Ltd

Nature Foundation SA

Nhill Sun Moth Reserve Committee of Management

Queensland Department of Environment and Resource Management

Tasmanian Land Conservancy

The East Gippsland Landcare Network

The East Gippsland Rainforest Conservation Management Network

The Gippsland Plains Conservation Management Network

The National Trust of Australia (WA)

The Nature Conservancy

The Nature Conservation Trust of NSW

The Norman Wettenhall Foundation

The Victoria Naturally Alliance

Wedderburn Conservation Management Network

Werrimull Landcare group

Educational institutionsBendigo Regional Institute of TAFE

Charles Sturt University

Deakin University

La Trobe University

Monash University

RMIT University

The University of Melbourne, the University’s Law School and the Graduate School of Business and Economics

University of Queensland

Corporate partnersbankmecu CallistaDLA PiperGreen Corps

Greenhouse BalancedMildura BreweryNorton Rose

Volunteers who have given significant time to Trust for Nature 2011-12Aimee LenneAmelia KuvekeCatherine KingClive Crouch Diana GibsonGillian VestyMark and Janet Schapper

Ed and Susie McNabbEmma BaptieFrank WallaceHerbert VincoJenny TretheweyJohn Bate OAMJohn ClarkeKim Dudson

Malcolm JustMichael Butcher Murray OrrNicola HamiltonOliver SmithSarah MaclaganTanja Chester

partnersC O N T I N U E D

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Trust for Nature continues to rely on its donors to support its program on private land across Victoria.

The Trust would like to express its condolences to the family and friends of those supporters who passed away this year. Trust for Nature also thanks the families and friends of John Christopher Reid and Claire Allen Roberts, who made donations in their memory. Their extraordinary contributions will help protect threatened Victorian habitat for future generations. The Trust would also like to once again acknowledge the passing of Marion Belfrage Field, John and Jenny Barnett and Phyllis Evelyn Oates, from whom it received a gift through each of their wills during 2011-12.

Trust for Nature was also thought of during times of celebration, and is grateful to have received gifts in celebration of Heather and Kornel Stewart’s wedding and Rachael Hart’s birthday.

Trust for Nature pays tribute and is extremely grateful to all of our generous donors, especially those who have contributed $1,000 in 2011-12.

Rikki Andrews

Angelic Accounting

Barbara Baird

The Trust Company, trustee of the Fred P Archer Charitable Trust

bankmecu

The late John and the late Jenny Barnett

Kirsty Bennett

Roger and Prue Brown

Vanessa Craigie

Peter and Helen Curtis

Bjarne K Dahl Trust

June Danks

Kel and Rosie Day

Stefano and Donna de Pieri

Geoff Durham OAM and Judy Durham

The late Marion Belfrage Field

Belinda Findlay

Peter Furneaux

Sylvia Geddes

Geoffrey Giles

Camilla and Joby Graves

Lesley Griffin

Hancock Natural Resource Group

Geoff and Helen Handbury Foundation

Tim and Rachael Hart

The late Alan Henry

Estelle Hewston

Elvyne Hogan

Bill and Mrs Carol Holsworth

Ian Hopkins

H and K Johnston Family Foundation

Koreen Conservation

Legal Services Board

Limb Family Foundation

Lord Mayor’s Charitable Foundation

Mick Lumb OAM and Mrs Judy Lumb

Margaret Lush and David Harper AM

Nancy P Marriott

Ruth Marriott

John Marsden

Ruth McKenzie

David McLatchie

Lynton and Susan Morgan

The late Phyllis Evelyn Oates

Howard and Jill Plowright

Peter and Terryl Read

Reece

The Estate of John Christopher Reid

Lisa Remias

Jennifer Rolland and Euan Moore

Margaret Ross AM and Ian Ross

Don Saunders PSM

Roslyn Semler

Brian Snape AM and Diana Snape

Souter-Foale Family Trust

June Stringer

Marten and Angela Syme

David Thomas Challenge and The Nature Conservancy

Trust for Nature Foundation: John Bate OAM, Michael Butcher, Janet Schapper

Tim Walker

Geoff Wescott

Elizabeth Xipell

Anonymous (8)

Trust for Nature is indebted to all of its supporters for their contribution toward conservation of Victoria’s native plants and wildlife on private land.

major donors

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financial overview

Current year financial overviewFor 2011-12 the Trust had a net result surplus of $1,218,801 (2010-2011: a deficit of $116,659).

Overall revenue levels were higher than last year however there were variations across sources.

Regional project activity levels were similar to the previous year although government grants for landowners were lower, which is also reflected in lower covenant program expenditure. Overall philanthropic income was higher due to an increase in bequests and grants from philanthropic foundations. General untied philanthropic donations were slightly lower.

The Trust will celebrate its 40th anniversary this year and during 2011-12 commenced three significant projects to ensure that it continues working for sustainability. These are the development of a statewide conservation plan to guide our strategic approach to private land conservation across the state, a review of the organisation’s service delivery and funding arrangements, and the infrastructure and IT systems required to effectively support our services.

The Trust is mid way through its current three-year internal audit program which progressively reviews processes and internal controls for our major functions. During the year our covenant and stewardship program and revenue recognition systems were reviewed. In addition, the Trust took advantage of an opportunity to have a quality review undertaken of its risk management framework. Much work has been done to develop our framework over recent years and this review will help us integrating risk management through the organisation.

There are no events subsequent to the balance date that will affect materially the future performance of the organisation.

Table 11: Five-year financial summary

2012 2011 2010 2009 2008

Administration grant 571,193 597,924 596,700 585,000 570,925

Government grants 3,218,163 3,712,516 2,228,976 2,326,728 1,803,986

Government grants used for property acquisitions

0 155,067 2,584,373 0 0

Donations & appeals 390,095 509,120 441,946 309,431 713,430

Bequests 1,958,294 100,000 950,010 234,714 0

Interest and dividends 1,095,956 1,043,988 953,230 992,760 704,046

Other income 573,729 367,735 475,099 423,614 332,238

Total income 7,807,430 6,486,350 8,230,334 4,872,247 4,124,625

Salary and associated expenses 3,796,055 3,239,292 2,571,782 1,944,873 1,586,652

Covenant program expenditure 907,429 1,500,012 678,381 476,917 749,958

Cost of land surrendered to crown 0 184,330 915,218 0 0

Other expenses 1,885,145 1,679,375 1,460,122 978,155 711,430

Total expenditure 6,588,629 6,603,009 5,625,503 3,399,945 3,048,040

Net result from transactions 1,218,801 (116,659) 2,604,831 1,472,302 1,076,585

Total assets 53,999,606 51,837,670 53,158,378 48,058,284 40,792,205

Net assets 34,704,644 33,849,229 42,444,285 39,587,030 38,221,781

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A n n u A l R e p o R t 2 0 1 1 - 1 2 23

trust for nature board and employees

Trust for Nature is overseen by a Board of Trustees, appointed by the Governor-in-Council on the recommendation of the Minister administering the Victorian Conservation Trust Act 1972.

PatronThe Honourable Alex Chernov, AO, QC, Governor of Victoria (1 July 2011 to 30 June 2012)

Camilla Graves, Chairman BA, DipEd, Grad Dip AppSc (Horticulture), Grad Dip App Finance, MAICD

Camilla joined Trust for Nature’s Board in 2004 and became the Chairman in 2010. Camilla has a background in primary production and has worked in education, financial markets (UK), catering, tourism, and horticulture.

Anthea Hancocks, Deputy ChairmanBSc, MA, MBA, MAICD

Anthea has an extensive background in business development, communications, education, strategy and relationship and services marketing. She is currently the Chief Marketing Officer for law firm Herbert Geer where she is responsible for the firm’s brand, positioning, marketing and business development. Prior to this role, she managed the office of the Chief Operating Officer of the National Australia Bank. She has worked as General Manager, Corporate, for the Melbourne Business School, responsible for leadership, strategy and management programs with over 100 top Australian and international companies, and before that was the National Business Development Director for Deloitte. For 10 years she lived in the USA where she was an Associate Professor for Museum Studies at the University of Arizona. Anthea is also the Chair of Earthwatch Australia and a Director of YMCA Victoria.

Rikki Andrews BSc (Botany), Grad Cert Env Mgt, MSocSc (Philanthropy and Social Investment)

Rikki has a background in sales, business development and grant-making within trustee companies. In particular, she has experience in assisting high net-worth individuals and their advisors on choosing the best philanthropic option to suit their giving requirements. She is currently working with a private family foundation. In 2010, Rikki was invited to be a sessional lecturer for the Asia-Pacific Centre for Social Investment and Philanthropy’s new Master of Commerce program. She is also employed as a seminar developer and presenter at Philanthropy Australia, the peak body for philanthropic organisations in Australia.

Sylvia Geddes BA (Hons)

Sylvia’s close association with Trust for Nature arose from her work in philanthropy, particularly as the CEO of The RE Ross Trust, from which she retired in 2008 after eight years. Prior to this she was Manager, Charitable Services, ANZ Trustees. Sylvia’s career has also encompassed working at senior Australian and Victorian public service levels in various areas of policy and program management and managing her own consultancy business. She has served on state and Australian Government advisory committees for vulnerable children, young people, families and those who are homeless and was a council member of the Australian Red Cross Victoria, including

a period as Vice-Chair. Sylvia is also a Trustee of the Board of the State Library Victoria.

Dr Gregory MooreBSc (Ed), BSc (Hons), MBA, PhD

From 1988 to 2007 Greg was the principal of Burnley College in the Faculty of Land and Food Resources at the University of Melbourne. Prior to this he was senior lecturer in Plant Science and Arboriculture from 1979. He was Head of the School of Resource Management at the university from 2002 to 2007. Greg was inaugural president of the Society of Arboriculture, Australian Chapter and contributed to Australian Standards in pruning and amenity tree evaluation. He has published more than 100 papers and articles, written a book on tree biology and management, and was the inaugural president of Arboriculture Australia.

Lisa Gay BA, LLB

Until 2010, Lisa was General Counsel and Managing Director of the Goldman Sachs JBWere Group. Lisa is currently Chairman of the ASIC Markets Disciplinary Panel, which is the main forum for hearing disciplinary matters against stock market participants for breaches of the Market Integrity Rules. Lisa is also a Director of Flora & Fauna International (Australia) and a member of ASIC Market Supervision Advisory Panel.

Dr Rik ThwaitesBSc, PhD

Rik is a senior lecturer in ecotourism, a social scientist and a member of the Institute for Land, Water and Society at Charles Sturt University. Trained as a geologist, Rik worked as a glaciologist with the Australian Antarctic Division before turning his hand to photography and photo-journalism. Rik has been an active environmental advocate for many years. Following a consultancy to develop a strategy for Sustainable Development for Albury Wodonga, Rik embarked on a PhD to study land degradation and sustainable land management on the steppe grasslands of Inner Mongolia, China. He has been part of several projects and consultancies on ecotourism, and protected area and natural resource management in local and Indigenous communities. Rik is currently the Sub Dean (International) of the Faculty of Science at Charles Sturt University.

Rod Gowans BSc, Dip App Sc

Rod Gowans joined the Board in late 2007. He has extensive experience in the management of natural resources on public and private land. In 2007 he was awarded the Public Service Medal for outstanding public service to the conservation of biodiversity and to the management of national parks. He has worked in various executive leadership roles responsible for the management of parks and reserves and the conservation of marine and terrestrial biodiversity. He has both national and international experience in programs for nature conservation and natural resource management. Rod has served on a number of management boards in Victoria relating to natural resource management.

T R U S T f o R N A T U R E 2 0 1 1 - 1 2


Dr Mick LumbBAgSc, PhD

Mick has had an extensive career in government and natural resource management and in 2006 was awarded the Order of Australia Medal. Mick is the principal of an environmental services consulting firm that specialises in land use policy and strategy development with a strong focus on climate change. During his years in government he was the Director of the Land Conservation Council, various planning, conservation and natural resources divisions, and finally, the Office of the Environment. Mick is a former Chair of the Port Phillip & Westernport Catchment Management Authority and a former member of the Central Coastal Board.

Board and committee meetingsTrust for Nature’s Board of Trustees met four times in the 2011-12 financial year, as did the four committees. Attendance details below refer to the number of meetings (of a Committee of which they are a member) a person attended, alongside the number of meetings the person was eligible to attend as a member of that Committee. Attendance by each person at committee meetings of which they are not a member is also shown.

trust for nature board and employees

Table 12: Board and committee meeting attendance

Board meetings

Audit & Risk committee

meetings

fundraising committee

meetings

Conservation committee

meetings

finance & Investment committee

meetings

Camilla Graves 5/5 5/5 4/4 4/4 4/4

Anthea Hancocks 3/5 3/5 3/4 - -

Rod Gowans 3/5 - 4/4 4/4 -

Sylvia Geddes 5/5 5/5* - 4/4 4/4

Dr Greg Moore 5/5 - - 4/4 4/4

Rikki Andrews 3/5 2/5* 4/4 4/4 -

Lisa Gay 5/5 5/5 4/4 - 3/4

Dr Mick Lumb 5/5 4/5 - 3/4 -

Dr Rik Thwaites 3/5 4/5 - 4/4 -

Binda Gokhale (external member of the Audit & Risk Committee)

3/5

*Includes attendance by each person at Committee meetings of which they are not a member.

A n n u A l R e p o R t 2 0 1 1 - 1 2 25

Trust for Nature values its employees. In the regions, its staff manage and deliver private land conservation initiatives throughout the state. And in Melbourne, Trust staff work strategically to support, promote and assist in the services and systems critical to its conservation programs.

Throughout 2011- 12 Trust for Nature sought to uphold its commitments to the principles of the Public Administration Act 2004. Trust for Nature staff abide by the organisation’s values and the Code of Conduct for Victorian Public Sector Employees.

Chief Executive OfficerVictoria Marles, BA, Dip Ed, Dip Arts (Dramatic Arts), LLB (Hons), LLM

Senior OfficersRegional Operations Manager, Peter Moulton, BSc (1 July 2011 – 29 February 2012)

Acting Regional Operations Manager, Chris Lindorff, BSc, BForSc (Hons) (1 March 2012 – 30 June 2012)

Chief Finance Officer, Greg Bowers, BBus, CPA

Major Projects Manager, Chris Cook, BEng, MA (Env Management)

Development Manager, Justin Glass, BSc (Hons), Grad Dip (Env Planning), MA (Env Studies)

Table 13: Trust for Nature staffing statistics by full-time equivalent

30 June 2012 30 June 2011

Regional program staff 34.6 34.9

Commercial services 2.6 2.3

Fundraising 3.2 3.2

Executive and support, policy 7.0 7.7

Other – reserve projects 3.1 0.7

Australian Land Conservation Alliance

2.0 0

Total 52.5 48.8

Table 14: Trust for Nature staffing statistics by gender

30 June 2012 30 June 2011

Females 29 26

Males 33 32

Total 62 58

WomenTrust for Nature prides itself on providing a fair and equitable workplace. In 2011 - 12 Trust for Nature employed 29 women out of 62 staff. During the reporting period the Trust for Nature Board of Trustees had five women out of a total of nine members.

T R U S T f o R N A T U R E 2 0 1 1 - 1 2


organisational chart

T R U S T f o R N A T U R E 2 0 1 1 - 1 2

A n n u A l R e p o R t 2 0 1 1 - 1 2 27

Occupational Health and SafetyTrust for Nature is well advanced in developing a Health and Safety Management System in accordance with the provisions of Australian Standard AS/NZS 4801:2001. Utilising this Standard as a benchmark towards health and safety, continuous improvement has proven to be the best option both in terms of practicality as well as being integrated into the existing Management Systems, including the recently launched Intranet.

Having a CEO and Senior Management of an organisation demonstrating commitment to the principles of health and safety is critical to success in developing and implementing a Health and Safety Management System. The commitment demonstrated by the Health and Safety Committee has been a major factor in the Management System development and implementation.

During the financial year, the Health and Safety Committee developed a document that describes the Health and Safety Objectives and Key Performance indicators. In brief the Key Objectives are:

• Fosterdevelopmentofasafetycultureacrosstheorganisation.

• BuildupontheexistingOHSManagementSystemtoachievearobust OHS Management System.

• StrengthentheOHSRiskManagementprogram.

• RolloutOHSandRiskManagementprogramwide.

These objectives and accompanying key performance indicators became effective 1st July 2012.

Trust for Nature’s occupational health and safety performance against key indicators for the financial year is illustrated in Table 15.

Table 15: Occupational Health and Safety statistics for 2011 – 12

Number of OHS Committee meetings 8

Number of reported injuries received 0

Number of recorded injury reports progressing to WorkSafe claims

0

Number of Comprehensive Risk Assessments undertaken 3

Number of policies/procedures developed 15

Office-based environmental dataTrust for Nature continues to pursue sustainable measures by implementing its Resource Smart Environmental Strategy. In 2011-12 the Resource Smart Team further improved the policy and action plan, working toward set targets. To deliver on targets identified in the Resource Smart Strategy, the Resource Smart Team proposed a budget for the 2012-13 financial year. Successful in the budget proposal, the Resource Smart Team will progress its initiatives to provide more meaningful outcomes organisation-wide.

Overview of 2011-12 achievements:• Executedandpromotedquarterlycampaignstostaffthrough

various communication methods, including intranet, online newsletter, posters and presentations at meetings.

• ImplementedKeepCupborrowingcampaign.

• ConductedregularlightingauditswiththeaimtodelamptheMelbourne office.

• Providedtrainingtoregionalstaffaboutprintercartridgerecyclingand reuse facilities.

• OrganisedanexcursiontoSustainabilityVictoriatopromotesustainable initiatives to staff.

• Establishedandpromotedalistofsustainablecateringcompanies.

• Implementedprintingmonitoringsoftwaretoanalyseprintinguse.

• Expandedrecyclinginitiatives-cork,mobilerecycling,cartridgeandbattery recycling.

statutory compliance

T R U S T f o R N A T U R E 2 0 1 1 - 1 2


statutory complianceC O N T I N U E D

Table 16: Details of consultancies over $10,000

Consultant Purpose Start date End date

Total approved project fee (excl

GST)

Expenditure 2011-12 (excl

GST)

future expenditure

(excl GST)

Documation Pty Ltd Advice on IT systems upgrade

3-Jul-11 30-Jun-12 25,200 25,200 ..

Deloitte Review project documentation

15-Feb-12 30-Jun-12 15,000 7,500 7,500

The Planning Group Planning application support

1-Apr-11 30-Jun-12 14,025 14,025 ..

BeechTre Management Consulting

Strategy & Modelling advice

21-May-11 30-Jun-12 20,190 20,190 ..

Details of consultancies under $10,000In 2011-12, the total for four consultancies engaged - where the total fees payable to the consultants was less than $10 000 was $22,503. All figures exclude GST.

Major contractsNo major contracts (greater than $10,000,000) were entered into during 2011 – 12.

Freedom of Information (FOI)Trust for Nature is considered to be a ‘Government Agency’ under the Freedom of Information Act 1982 and is required to comply with the procedures that have been prescribed under which members of the public may gain access to information held by agencies. A decision to release information is made by an Authorised Officer. Trust for Nature has determined that its authorised officer is the Department of Sustainability and Environment’s Freedom of Information Manager, Ms. Deidre Egan (03) 9637 8575.

A valid request must be made to the Freedom of Information Officer in writing, accompanied by a $25.10 application fee (as at the time of this report’s publication) and provide such information as is reasonably necessary to enable the documents to be identified.

In the 2011–12 reporting period there was one request for information under the Freedom of Information Act 1982.

Disclosures may be made to the following parties:

Greg Bowers Chief Finance Officer

Trust for Nature 5/379 Collins Street Melbourne, Victoria 3000 Australia Phone: (03) 8631 5888 Fax: (03) 9614 6999 Email: [email protected]

The Ombudsman Victoria Level 9, 459 Collins Street (North Tower) Melbourne Victoria 3000 Telephone: 9613 6222 Toll free: 1800 806 314 Email: ombudvic.ombudsman.vic.gov.au

Employment and conduct principles During 2011 –12 Trust for Nature advertised 16 positions in which selection was made on applying merit and equity principles in line with the standards of the State Services Authority. Performance and Development Plans for staff incorporated the public sector values. During the financial year, staff attended presentations on the prevention of unacceptable workplace behaviour, which incorporated issues relating to discrimination, bullying, and harassment. These sessions also provided staff with information on the Charter of Human Rights.

Compliance with the Building Act 1993 Trust for Nature meets the compliance conditions of the Building Act 1993 with respect to the building and maintenance activities of buildings owned by Trust for Nature.

Compliance with the Whistleblowers Protection Act 2001The Whistleblowers Protection Act 2001 came into effect on 1 January 2002. The Act is designed to protect people who disclose information about serious wrongdoing within the Victorian Public Sector and to provide a framework for the investigation of these matters. No disclosures have been made to, or referred by, Trust for Nature during the reporting period.

Peter Moulton Strategic Projects Advisor Trust for Nature Level 5, 379 Collins Street Melbourne Victoria 3000

The Ombudsman Victoria Level 9, 459 Collins Street (North Tower) Melbourne Victoria 3000. Telephone: 9613 6222 Toll free: 1800 806 314 Email: ombudvic.ombudsman.vic.gov.au

Refer to page 41 for Trust for Nature’s Whistleblower Protection Policy

A n n u A l R e p o R t 2 0 1 1 - 1 2 29

National competition policyTrust for Nature complies with the Competitive Neutrality Policy Statement issued in June 1996.

Victorian Industry Participation Policy (VIPP)Departments and public bodies are required to apply VIPP in all tenders over $3 million in metropolitan Melbourne and $1 million in regional Victoria. Trust for Nature has not commenced or completed any contracts during 2011 - 12 to which VIPP applied.

Audit and Risk CommitteeIn 2011-12, Trust for Nature’s Audit and Risk committee comprised of the following members. All members of the Committee are independent.

Mick Lumb (Chairman)

Lisa Gay

Anthea Hancocks

Rik Thwaites

Binda Gokhale (external member)

Camilla Graves

Risk management attestationI, Camilla Graves, certify that Trust for Nature (Victoria) has risk management processes in place consistent with the Australian/New Zealand Risk Management Standard and that an internal control system is in place that enables the executive to understand, manage and satisfactorily control risk exposures.

The audit committee verifies this assurance and confirms that the risk profile of Trust for Nature has been critically reviewed within the last 12 months.

Camilla Graves

Chairman

1 September 2012

Statutory compliance – availability of other informationOther information to be made available upon request (subject to the Freedom of Information Act 1982) is as follows:

• Astatementthatdeclarationsofpecuniaryinterestsweredulycompleted by all relevant officers.

• Detailsofsharesheldinsubsidiaries.

• DetailsofpublicationsproducedbyTrustforNatureandhowthesecan be obtained.

• Detailsofchangesinprices,fees,charges,ratesandleviescharged.

• Detailsofanymajorexternalreviews.

• Detailsofmajorresearchanddevelopmentactivities.

• Detailsofofficialoverseasvisits.

• Detailsofmajorpromotional,publicrelationsandmarketingactivities.

• Detailsofassessmentsandmeasuresundertakentoimproveoccupational health and safety.

• Ageneralstatementonindustrialrelations,anddetailsoftimelostthrough industrial accidents and disputes.

• Alistofmajorcommittees.

T R U S T f o R N A T U R E 2 0 1 1 - 1 2


disclosure index

The Annual Report of Trust for Nature is prepared in accordance with all relevant Victorian legislation. This index has been prepared to facilitate identification of the Trust’s compliance with these statutory disclosure requirements.

Requirement Requirement Disclosed

Accountable Officer’s declaration

SD 4.2(j) Sign of requirements - Declaration made by a member of the responsible body 5

Charter and purpose

FRD 22C Objectives, functions, powers and duties 6

FRD 22C Manner of establishment and responsible Minister 6

FRD 22C Nature and range of services provided 6

Financial information

FRD 22C Operational and budgetary objectives 11-12

FRD 22C Summary of the financial results 22

FRD 22C Major changes or factors affecting performance 22

FRD 22C Subsequent events 22

FRD 22C Significant changes in financial position during the year 22

Governance and organisational structure

FRD 22C & SD2.2(f) Organisational structure 26

FRD 22C Occupational health and safety policy 27

FRD 22C Employment and conduct principles 28

FRD 29 & 22C Workforce Data disclosures 25

FRD 15B Executive officer disclosures N/A

Other information

FRD 10 Disclosure index 30

FRD 25 & 22C Victorian Industry Participation Policy disclosures 28

FRD 22C Details of consultancies in excess of $10 000 28

FRD 22C Details of consultancies under $10 000 28

FRD 12A Disclosure of major contracts 28

FRD 22C Application and operation of Freedom of Information Act 1982 28

FRD 22C Compliance with Building Act 1993 28

FRD 22C Statement on National Competition Policy 28

FRD 22BC Application and operation of the Whistleblowers Protection Act 2001 28

FRD 24C & 22C Reporting of office-based environmental impacts 27

FRD 22C Statement of availability of other information 29

SD 4.5.5 Risk management compliance attestation 29

SD 4.2(g) General information requirements Entire document

T R U S T f o R N A T U R E 2 0 1 1 - 1 2

A n n u A l R e p o R t 2 0 1 1 - 1 2 31

Accountable officer’s, chief finance and accounting officer’s and chairman’s declaration

The attached financial statements for Trust for Nature (Victoria) have been prepared in accordance with StandingDirection 4.2 of the Financial Management Act 1994, applicable Financial Reporting Directions, Australian AccountingStandards including Interpretations, and other mandatory professional reporting requirements.

We further state that, in our opinion, the information set out in the comprehensive operating statement, balance sheet,statement of changes in equity, cash flow statement and accompanying notes, presents fairly the financialtransactions during the year ended 30 June 2012 and financial position of the Trust at 30 June 2012.

At the time of signing, we are not aware of any circumstance which would render any particulars included in thefinancial statements to be misleading or inaccurate.

We authorise the attached financial statements for issue on 27 August 2012.

Greg BowersChief Finance OfficerTrust for Nature

Melbourne

27 August 2012

Victoria MarlesChief Executive OfficerTrust for Nature

Melbourne

27 August 2012

Camilla GravesChairmanTrust for Nature

Melbourne

27 August 2012







Melbourne

27 August 2012


Melbourne

27 August 2012


Melbourne

27 August 2012







Melbourne

27 August 2012


Melbourne

27 August 2012


Melbourne

27 August 2012


T R U S T f o R N A T U R E 2 0 1 1 - 1 2

T R U S T f o R N A T U R E 2 0 1 1 - 1 2

A n n u A l R e p o R t 2 0 1 1 - 1 2 33

T R U S T f o R N A T U R E 2 0 1 1 - 1 2


Trust for Nature (Victoria) Financial Statements

Comprehensive operating statement for the financial year ended 30 June 2012

Notes 2012 2011

$ $Continuing operations

Income from transactions

Grant income 2(a) 3,973,310 4,509,828

Interest on investments 2(b) 899,000 856,430

Dividends 2(c) 196,956 187,558

Donations 2(d) 2,348,389 609,120

Fair value of services received free of charge or for nominal consideration 2(e) 34,737 73,023

Other income 2(f) 355,038 250,391

Total income from transactions 7,807,430 6,486,350

Expenses from transactions

Employee benefits 3(a) (3,796,055) (3,239,292)

Depreciation 3(b) (206,102) (159,783)

Covenant program 3(c) (907,429) (1,684,342)

Payments from appeals and other reserves with specified purpose 3(d) (507,699) (70,982)

Other operating expenses 3(e) (1,171,344) (1,448,610)

Total expenses from transactions (6,588,629) (6,603,009)

Net result from transactions (net operating balance) 1,218,801 (116,659)

Other economic flows included in net result

Net gain/(loss) on non-financial assets 4(a) (11,958) (63,374)

Net gain/(loss) on financial instruments 4(b) (368,055) 154,101

Total other economic flows included in net result (380,013) 90,727

Net result 838,788 (25,932)

Other economic flows – other non-owner changes in equity

Changes in physical asset revaluation surplus 19 0 (8,005,415)

Changes to non-financial assets available-for-sale revaluation surplus 19 16,627 0

Total other economic flows - other non-owner changes in equity 16,627 (8,005,415)

Comprehensive result 855,415 (8,031,347)

The comprehensive operating statement should be read in conjunction with the accompanying notes.

T R U S T f o R N A T U R E 2 0 1 1 - 1 2

A n n u A l R e p o R t 2 0 1 1 - 1 2 35

Balance sheet as at 30 June 2012

Notes 2012 2011

$ $Assets

Financial assets

Cash and cash equivalents 18 9,192,875 9,102,378

Receivables 5 1,429,003 931,021

Investments and other financial assets 6 21,703,922 20,015,319

Other assets 7 84,929 123,843

Total financial assets 32,410,729 30,172,561

Non-financial assets

Non-financial physical assets classified as held for sale 8 1,867,946 2,090,903

Property, plant and equipment 9 19,720,931 19,574,206

Total non-financial assets 21,588,877 21,665,109

Total assets 53,999,606 51,837,670

Liabilities

Payables 10 675,781 686,521

Borrowings 11 26,488 36,894

Provisions 12 722,752 469,978

Other liabilities 13 17,869,941 16,795,048

Total liabilities 19,294,962 17,988,441

Net assets 34,704,644 33,849,229

Equity

Accumulated surplus 20 12,093,768 11,050,058

Reserves 19 22,510,876 22,699,171

Contributed capital 100,000 100,000

Net Worth 34,704,644 33,849,229

Commitments for expenditure 15 40,865 177,628

Contingent liabilities and contingent assets 16 0 0

The balance sheet should be read in conjunction with the accompanying notes.

T R U S T f o R N A T U R E 2 0 1 1 - 1 2


Statement of changes in equity for the financial year ended 30 June 2012

Physical assetrevaluation

surplus

Available-for-sale

non-financialassets

revaluationsurplus

Donations

reserve

Covenant

stewardshipreserve

Propertiesreserve

Bequest reserve

Accum

ulatedsurplus

Contributions by

owner

TotalB

alance at 1 July 201022,605,409

209,5472,935,161

1,091,559358,375

2,612,96811,967,557

041,780,576

Net result for the year

00

00

00

(25,932)0

(25,932)

Other com

prehensive income for the year

(8,005,415)0

00

00

00

(8,005,415)

Transfer to reserves0

0656,008

134,5670

100,992(891,567)

00

Transfers between reserves

16,627(16,627)

00

00

00

0

Contributed capital

00

00

00

0100,000

100,000

Balance at 30 June 2011

14,616,621192,920

3,591,1691,226,126

358,3752,713,960

11,050,058100,000

33,849,229

Net result for the year

00

00

00

838,7880

838,788

Other com

prehensive income for the year

016,627

00

00

00

16,627

Transfer to reserves0

0(13,800)

38,0440

(229,166)204,922

00

Transfers between reserves

00

(40,988)0

47,873(6,885)

00

0

Balance at 30 June 2012

14,616,621209,547

3,536,3811,264,170

406,2482,477,909

12,093,768100,000

34,704,644

The statement of changes in equity should be read in conjunction w

ith the accompanying notes.

T R U S T f o R N A T U R E 2 0 1 1 - 1 2

A n n u A l R e p o R t 2 0 1 1 - 1 2 37

Cash flow statement for the financial year ended 30 June 2012

Notes 2012 2011

$ $Cash flows from operating activities

Receipts

State Government – Operating grant 571,193 597,924

GST recovered from the ATO 266,647 265,289

Interest received 928,221 904,836

Donations, grants and other receipts 6,872,556 4,866,781

Total receipts 8,638,617 6,634,830

Payments

Payments to employees (3,610,529) (3,123,375)

Payments to suppliers (2,858,814) (3,130,003)

GST paid to the ATO (405,724) (373,995)

Total payments (6,875,067) (6,627,373)

Net cash flows from/(used in) operating activities 18(b) 1,763,550 7,457

Cash flows from investing activities

Proceeds from sale of non-financial assets 227,626 85,634

Proceeds from funds held awaiting remittance 3,075,308 833,812

Proceeds from bonds held in trust 500,000 8,500,000

Payments for non-financial assets, land and buildings (214,535) (743,561)

Payment from bonds held in trust (1,564,218) 0

Payments to landowners (1,597,338) (1,389,195)

Payments for plant and equipment (43,238) (352,043)

Payments for financial assets (2,056,658) (30,353)

Net cash flows from/(used in) investing activities (1,673,053) 6,904,294

Cash flows from financing activities

Owner contributions from State Government 0 100,000

Net cash flows from/(used in) financing activities 0 100,000

Net increase/(decrease) in cash and cash equivalents 90,497 7,011,751

Cash and cash equivalents at the beginning of the financial year 9,102,378 2,090,627

Cash and cash equivalents at the end of the financial year 18(a) 9,192,875 9,102,378

The above cash flow statement should be read in conjunction with the accompanying notes.

T R U S T f o R N A T U R E 2 0 1 1 - 1 2


Notes to the financial statements

Note 1 Summary of significant accounting policies .............................................................................

Note 2 Income from transactions.........................................................................................................

Note 3 Expenses from transactions.....................................................................................................

Note 4 Other economic flows included in net result ............................................................................

Note 5 Receivables..............................................................................................................................

Note 6 Investments and other financial assets....................................................................................

Note 7 Other assets .............................................................................................................................

Note 8 Non-financial assets classified as held for sale .......................................................................

Note 9 Property, plant and equipment.................................................................................................

Note 10 Payables...................................................................................................................................

Note 11 Borrowings ...............................................................................................................................

Note 12 Provisions.................................................................................................................................

Note 13 Other liabilities disclosures.......................................................................................................

Note 14 Leases......................................................................................................................................

Note 15 Commitments for expenditure ..................................................................................................

Note 16 Contingent assets and contingent liabilities .............................................................................

Note 17 Financial instruments ...............................................................................................................

Note 18 Cash flow information...............................................................................................................

Note 19 Reserves ..................................................................................................................................

Note 20 Accumulated surplus................................................................................................................

Note 21 Responsible persons................................................................................................................

Note 22 Remuneration of auditors.........................................................................................................

Note 23 Subsequent events ..................................................................................................................

Note 24 Correction of prior period error.................................................................................................

Note 25 Glossary of terms .....................................................................................................................

Note 1 Summary of significant accounting policies ................................................................................................................................ 39

Note 2 Income from transactions .......................................................................................................................................................... 51

Note 3 Expenses from transactions ...................................................................................................................................................... 52

Note 4 Other economic flows included in net result ............................................................................................................................... 52

Note 5 Receivables ............................................................................................................................................................................. 53

Note 6 Investments and other financial assets ...................................................................................................................................... 53

Note 7 Other assets ............................................................................................................................................................................ 54

Note 8 Non-financial assets classified as held for sale ........................................................................................................................... 54

Note 9 Property, plant and equipment .................................................................................................................................................. 55

Note 10 Payables ................................................................................................................................................................................. 57

Note 11 Borrowings ............................................................................................................................................................................. 57

Note 12 Provisions .............................................................................................................................................................................. 58

Note 13 Other liabilities disclosures ...................................................................................................................................................... 59

Note 14 Leases .................................................................................................................................................................................. 60

Note 15 Commitments for expenditure ................................................................................................................................................. 60

Note 16 Contingent assets and contingent liabilities ............................................................................................................................... 61

Note 17 Financial instruments ............................................................................................................................................................... 61

Note 18 Cash flow information ............................................................................................................................................................. 69

Note 19 Reserves ............................................................................................................................................................................... 70

Note 20 Accumulated surplus ............................................................................................................................................................... 71

Note 21 Responsible persons ............................................................................................................................................................... 71

Note 22 Remuneration of auditors ........................................................................................................................................................ 72

Note 23 Subsequent events ................................................................................................................................................................ 72

Note 24 Correction of prior period error ................................................................................................................................................ 72

Note 25 Glossary of terms ................................................................................................................................................................... 73

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Notes to the financial statementsFor the financial year ended 30 June 2012

Note 1 Summary of significant accounting policies

These annual financial statements represent the audited general purpose financial statements for the Trust for Nature (Victoria)(the Trust).

(A) Statement of compliance

These general purpose financial statements have been prepared in accordance with the Financial Management Act 1994 (FMA)and applicable Australian Accounting Standards (AAS) which include Interpretations, issued by the Australian AccountingStandards Board (AASB).

Where appropriate, those AAS paragraphs applicable to not-for-profit entities have been applied.

Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies theconcepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported.

To gain a better understanding of the terminology used in this report, a glossary of terms can be found in Note 25.

The annual financial statements were authorised for issue by the Board of Trustees for the Trust on the 27th of August 2012.

(B) Basis of accounting preparation and measurement

The accrual basis of accounting has been applied in the preparation of these financial statements whereby assets, liabilities,equity, income and expenses are recognised in the reporting period to which they relate, regardless of when cash is received orpaid.

Judgements, estimates and assumptions are required to be made about the carrying values of assets and liabilities that are notreadily apparent from other sources. The estimates and associated assumptions are based on professional judgements derivedfrom historical experience and various other factors that are believed to be reasonable under the circumstances. Actual resultsmay differ from these estimates

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised inthe period in which the estimate is revised if the revision affects only that period or in the period of the revision, and future periods ifthe revision affects both current and future periods. Judgements made by management in the application of AASs that havesignificant effects on the financial statements and estimates, with a risk of material adjustments in the subsequent reporting period,are disclosed throughout the notes to the financial statements.

These financial statements are presented in Australian dollars, and prepared in accordance with the historical cost conventionexcept for:

non-current physical assets which, subsequent to acquisition, are measured at a revalued amount being their fair value atthe date of the revaluation less any subsequent accumulated depreciation and subsequent impairment losses.Revaluations are made with sufficient regularity to ensure that the carrying amounts do not materially differ from their fairvalue;

the fair value of an asset other than land is generally based on its depreciated replacement value; and available-for-sale investments which are measured at fair value with movements reflected in equity until the asset is

derecognised.

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Note 1 Summary of significant accounting policies (continued)

(C) Reporting entity

The financial statements cover Trust for Nature (Victoria) as an individual reporting entity. The Trust is a body corporateestablished under the Victorian Conservation Trust Act 1972 (the Act). Its principal address is:

Level 5, 379 Collins StreetMelbourne VIC 3000

The financial statements include all the controlled activities of the Trust.

Objectives and funding

Under the Act, the Trust’s objectives are to:

conserve areas which are ecologically significant, of natural interest or beauty, or of historical interest; conserve wildlife and native plants; conserve and create areas for scientific study; and encourage and assist in the conservation and creation of areas of natural beauty or interest for recreation and/or

educational use by the public.

The objectives under the Act form the basis of the goals and operations of the Trust.

Trust for Nature has five goals for driving nature conservation and operational excellence:

maximise the biodiversity outcomes of nature conservation actions; protect and manage land for biodiversity; achieve growth and excellence in its business; encourage investment in nature conservation; and capture new opportunities for achieving biodiversity gains.

The Trust obtains its funding from a number of sources including State and Commonwealth Governments, donations andbequests, investment income and the sale of goods and services.

(D) Scope and presentation of financial statements

Comprehensive operating statement

Income and expenses in the comprehensive operating statement are classified according to whether or not they arise from‘transactions’ or ‘other economic flows’. This classification is consistent with the whole of government reporting format and isallowed under AASB 101 Presentation of Financial Statements.

‘Transactions’ and ‘other economic flows’ are defined by the Australian System of Government Finance Statistics: Concepts,Sources and Methods 2005 and Amendments to Australian System of Government Finance Statistics, 2005.

‘Transactions’ are those economic flows that are considered to arise as a result of policy decisions, usually interactions betweentwo entities by mutual agreement. Transactions also include flows within an entity, such as depreciation where the owner issimultaneously acting as the owner of the depreciating asset and as the consumer of the service provided by the asset. Taxation isregarded as mutually agreed interactions between the Government and taxpayers. Transactions can be in kind (e.g. assetsprovided/given free of charge or for nominal consideration) or where the final consideration is cash.

‘Other economic flows’ are changes arising from market re-measurements. They include gains and losses from disposals,revaluations and impairments of non-current physical and intangible assets; actuarial gains and losses arising from defined benefitsuperannuation plans; fair value changes of financial instruments and agricultural assets; and depletion of natural assets (non-produced) from their use or removal.

The net result is equivalent to profit or loss derived in accordance with AASs.

Balance sheet

Assets and liabilities are presented in liquidity order with assets aggregated into financial assets and non-financial assets.

Current and non-current assets and liabilities (those expected to be recovered or settled beyond 12 months) are disclosed in thenotes, where relevant.

Statement of changes in equity

The statement of changes in equity presents reconciliations of each non-owner and owner equity opening balance at the beginningof the reporting period to the closing balance at the end of the reporting period. It also shows separately changes due to amountsrecognised in the comprehensive result and amounts recognised in other comprehensive income related to other non-ownerchanges in equity.



(C) Reporting entity

The financial statements cover Trust for Nature (Victoria) as an individual reporting entity. The Trust is a body corporateestablished under the Victorian Conservation Trust Act 1972 (the Act). Its principal address is:

Level 5, 379 Collins StreetMelbourne VIC 3000

The financial statements include all the controlled activities of the Trust.

Objectives and funding

Under the Act, the Trust’s objectives are to:

conserve areas which are ecologically significant, of natural interest or beauty, or of historical interest; conserve wildlife and native plants; conserve and create areas for scientific study; and encourage and assist in the conservation and creation of areas of natural beauty or interest for recreation and/or

educational use by the public.

The objectives under the Act form the basis of the goals and operations of the Trust.

Trust for Nature has five goals for driving nature conservation and operational excellence:

maximise the biodiversity outcomes of nature conservation actions; protect and manage land for biodiversity; achieve growth and excellence in its business; encourage investment in nature conservation; and capture new opportunities for achieving biodiversity gains.

The Trust obtains its funding from a number of sources including State and Commonwealth Governments, donations andbequests, investment income and the sale of goods and services.

(D) Scope and presentation of financial statements

Comprehensive operating statement

Income and expenses in the comprehensive operating statement are classified according to whether or not they arise from‘transactions’ or ‘other economic flows’. This classification is consistent with the whole of government reporting format and isallowed under AASB 101 Presentation of Financial Statements.

‘Transactions’ and ‘other economic flows’ are defined by the Australian System of Government Finance Statistics: Concepts,Sources and Methods 2005 and Amendments to Australian System of Government Finance Statistics, 2005.

‘Transactions’ are those economic flows that are considered to arise as a result of policy decisions, usually interactions betweentwo entities by mutual agreement. Transactions also include flows within an entity, such as depreciation where the owner issimultaneously acting as the owner of the depreciating asset and as the consumer of the service provided by the asset. Taxation isregarded as mutually agreed interactions between the Government and taxpayers. Transactions can be in kind (e.g. assetsprovided/given free of charge or for nominal consideration) or where the final consideration is cash.

‘Other economic flows’ are changes arising from market re-measurements. They include gains and losses from disposals,revaluations and impairments of non-current physical and intangible assets; actuarial gains and losses arising from defined benefitsuperannuation plans; fair value changes of financial instruments and agricultural assets; and depletion of natural assets (non-produced) from their use or removal.

The net result is equivalent to profit or loss derived in accordance with AASs.

Balance sheet

Assets and liabilities are presented in liquidity order with assets aggregated into financial assets and non-financial assets.

Current and non-current assets and liabilities (those expected to be recovered or settled beyond 12 months) are disclosed in thenotes, where relevant.

Statement of changes in equity

The statement of changes in equity presents reconciliations of each non-owner and owner equity opening balance at the beginningof the reporting period to the closing balance at the end of the reporting period. It also shows separately changes due to amountsrecognised in the comprehensive result and amounts recognised in other comprehensive income related to other non-ownerchanges in equity.

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Cash flow statement

Cash flows are classified according to whether or not they arise from operating activities, investing activities, or financing activities.This classification is consistent with requirements under AASB 107 Statement of cash flows.

Rounding

Amounts in the financial statements have been rounded to the nearest dollar.

(E) Income from transactions

Income is recognised to the extent that it is probable that the economic benefits will flow to the entity and the income can bereliably measured at fair value.

InterestInterest income is recognised on a time proportionate basis that takes into account the effective yield on the financial asset.Interest income includes interest received on bank term deposits and other investments.Net realised and unrealised gains and losses on the revaluation of investments do not form part of income from transactions, butare reported as part of income from other economic flows in the net result or as unrealised gains and losses taken directly toequity, forming part of the total change in net worth in the comprehensive result.

Sales of goods and servicesIncome from the supply of services

Income from the provision of services is recognised by reference to the stage of completion of the contract. The income isrecognised when the amount of the income, stage of completion and transaction costs incurred can be reliably measured, and it isprobable that the economic benefits associated with the transaction will flow to the entity.The stage of completion is measured by reference to completion of milestones.

Income from sale of goods

Income from the sale of goods is recognised when: the significant risks and rewards of ownership of the goods have transferred to the buyer; the Trust retains neither continuing managerial involvement to the degree usually associated with ownership nor effective

control over the goods sold; the amount of income can be reliably measured; it is probable that the economic benefits associated with the transaction will flow to the Trust; and costs incurred or to be incurred in respect of the transaction can be measured reliably.

Grants

Grants are recognised as income when the Trust gains control of the underlying assets in accordance with AASB 1004Contributions. For reciprocal grants, the Trust is deemed to have assumed control when the performance has occurred under thegrant. For non-reciprocal grants, the Trust is deemed to have assumed control when the grant is received or receivable.Conditional grants may be reciprocal or non-reciprocal depending on the terms of the grant.

Fair value of assets and services received free of charge or for nominal considerationIf applicable, material contributions of resources received free of charge or for nominal consideration are recognised at their fairvalue when the transferee obtains control over them, irrespective of whether restrictions or conditions are imposed over the use ofthe contributions, unless received from another government department or agency as a consequence of a restructuring ofadministrative arrangements. In the latter case, such a transfer will be recognised at carrying value. Contributions in the form ofservices are only recognised when fair value can be reliably determined and the services would have been purchased if notdonated.

Other incomeDividend income

Dividend revenue is recognised when the right to receive payment is established.

Donation income

Donation revenue is recognised when the cash is received. Donations and bequests of shares and properties are brought toaccount at their values on the date of transfer.

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(F) Expenses from transactions

Expenses from transactions are recognised as they are incurred, and reported in the financial year to which they relate.

Employee expenses

These expenses include all costs related to employment including wages and salaries, fringe benefits tax, leave entitlements,redundancy payments and WorkCover premiums.

Superannuation – State superannuation defined benefit plansThere are no defined benefit superannuation contribution plans.

Depreciation and amortisation

All infrastructure assets, buildings, plant and equipment and other non-current physical assets (excluding items under operatingleases, assets held-for-sale and investment properties) that have a limited useful life are depreciated. Depreciation is generallycalculated on a straight-line basis, at rates that allocate the asset’s value, less any estimated residual value, over its estimateduseful life.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period.

The following are typical estimated useful lives for the different asset classes for current and prior years.

Asset class Useful lifeBuildings 40 yearsFencing 20 years (2011: 40 years)Leasehold improvements Lease termPlant and equipment 3 – 10 yearsVehicles 7 years

Land which is considered to have an indefinite life is not depreciated. Depreciation is not recognised in respect of such assets astheir service potential has not, in any material sense, been consumed during the reporting period.

Interest expense

Interest expenses are recognised as expenses in the period in which they are incurred.

Other operating expenses

Other operating expenses generally represent the day to day running costs incurred in normal operations.

Supplies and services

Supplies and services expenses are recognised as an expense in the reporting period in which they are incurred.

Other economic flows measure the change in volume or value of assets or liabilities that do not result from transactions. Theseinclude:

Net gain/(loss) on non-financial assets

Net gain/(loss) on non-financial assets and liabilities includes realised and unrealised gains and losses from revaluations,impairments, and disposals of all physical assets.

Disposal of non-financial assets

Any gain or loss on the sale of non-financial assets is recognised at the date that control of the asset is passed to the buyer and isdetermined after deducting from the proceeds the carrying value of the asset at that time.

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(G) Other economic flows included in net result

Impairment of non-financial assetsAll assets are assessed annually for indications of impairment except for:

financial assets (refer Note 1(H))

non-financial physical assets held for sale (refer Note 1(I)).

If there is an indication of impairment, the assets concerned are tested as to whether their carrying value exceeds their possiblerecoverable amount. Where an asset’s carrying value exceeds its recoverable amount, the difference is written off as an othereconomic flow, except to the extent that the write-down can be debited to an asset revaluation reserve amount applicable to thatclass of asset.

It is deemed that, in the event of the loss of an asset, the future economic benefits arising from the use of the asset will be replacedunless a specific decision to the contrary has been made. The recoverable amount for most assets is measured at the higher ofdepreciated replacement cost and fair value less costs to sell. Recoverable amount for assets held primarily to generate net cashinflows is measured at the higher of the present value of future cash flows expected to be obtained from the asset and fair valueless costs to sell.

Net gain/(loss) on financial instruments

Net gain/(loss) on financial instruments includes realised and unrealised gains and losses from revaluations of financialinstruments that are designated at fair value through profit or loss or held-for-trading, impairment and reversal of impairment forfinancial instruments at amortised cost, and disposals of financial assets.

Revaluations of financial instruments at fair value

The revaluation gain/(loss) on financial instruments at fair value excludes dividends or interest earned on financial assets, which isreported as part of income from transactions.

Other gains/(losses) from other economic flows

Other gains/(losses) from other economic flows include the gains or losses from:

transfer of amounts from the reserves and/or accumulated surplus to net result due to disposal or derecognition orreclassification; and

the revaluation of the present value of the long service leave liability due to changes in the bond interest rates.

(H) Financial assets

Cash and deposits

Cash and deposits, including cash equivalents, comprise cash on hand and cash at bank, deposits at call and those highly liquidinvestments with an original maturity of three months or less, which are held for the purpose of meeting short term cashcommitments rather than for investment purposes, and which are readily convertible to known amounts of cash and are subject toan insignificant risk of changes in value.

For cash flow statement presentation purposes, cash and cash equivalents includes bank overdrafts, which are included asborrowings on the balance sheet.

Receivables

Receivables consist predominantly of debtors in relation to goods and services, accrued investment income and GST input taxcredits recoverable.

Receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest ratemethod, less any accumulated impairment.

A provision for doubtful receivables is made when there is objective evidence that the debts may not be collected and bad debtsare written off when identified.

Investments and other financial assets

Investments are recognised and de-recognised on trade date where purchase or sale of an investment is under a contract whoseterms require delivery of the investment within the timeframe established by the market concerned, and are initially measured atfair value, net of transaction costs.

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The Trust classifies its other investments into the following categories: financial assets at fair value through profit or loss; loans andreceivables; held-to-maturity investments; and available-for-sale financial assets. The classification depends on the purpose forwhich the investments were acquired. Management determines the classification of its investments at initial recognition.

The Trust assesses at each balance sheet date whether a financial asset or group of financial assets is impaired.

Financial assets at fair value through profit or loss

Investments held for trading purposes are stated at fair value, with any resultant gain or loss recognised in profit or loss as othereconomic flows. Any dividend or interest earned on the financial asset is recognised in profit or loss as transactions.

Loans and receivables

Term deposits with maturity greater than three months, trade receivables, loans and other receivables are recorded at amortisedcost, using the effective interest method, less impairment.

The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest incomeover the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through theexpected life of the financial asset, or, where appropriate, a shorter period.

Held-to-maturity investments

Where the Trust has the positive intent and ability to hold investments to maturity, they are stated at amortised cost lessimpairment losses.

Available-for-sale financial assets

Other investments held by the Trust are classified as being available-for-sale and are stated at fair value. Gains and losses arisingfrom changes in fair value are recognised directly in equity until the investment is disposed of or is determined to be impaired, atwhich time the cumulative gain or loss previously recognised in equity is included in profit or loss for the period. Fair value isdetermined in the manner described in Note 17.

Impairment of financial assetsThe Trust assesses at the end of each reporting period whether there is objective evidence that a financial asset or group offinancial assets is impaired. All financial assets, except those measured at fair value through profit or loss, are subject to annualreview for impairment.

Bad and doubtful debts are assessed on a regular basis. Those bad debts considered as written off by mutual consent areclassified as a transaction expense. The allowance for doubtful receivables and bad debts not written off by mutual consent areadjusted as ‘other economic flows’.

(I) Non-financial assets

Non-financial physical assets classified as held for sale, including disposal group assets

Non-financial physical assets (and disposal group assets) classified as held for sale are measured at the lower of carrying amountand fair value less costs to sell, and are not subject to depreciation.

Non-financial assets, disposal groups, and related liabilities are treated as current and classified as held-for-sale if their carryingamount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met onlywhen the sale is highly probable and the asset’s sale (or disposal group sale) is expected to be completed within 12 months fromthe date of classification.

Property, plant and equipment

All non-current physical assets are measured initially at cost and subsequently revalued at fair value less accumulated depreciationand impairment.

Leasehold improvements

The cost of leasehold improvements is capitalised as an asset and depreciated over the shorter of the remaining term of the leaseor the estimated useful life of the improvements.

Revaluations of non-current physical assets

Non-current physical assets are measured at fair value in accordance with FRD 103D issued by the Minister for Finance. A fullrevaluation normally occurs every five years, based on the asset’s government purpose classification, but may occur morefrequently if fair value assessments indicate material changes in values. Independent valuers are used to conduct these scheduledrevaluations and any interim revaluations are determined in accordance with the requirements of the FRDs.

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Revaluation increases or decreases arise from differences between an asset’s carrying value and fair value.

Net revaluation increases (where the carrying amount of a class of assets is increased as a result of a revaluation) are recognisedin other comprehensive income and accumulated in equity under the revaluation surplus, except that the net revaluation increaseshall be recognised in the net result to the extent that it reverses a net revaluation decrease in respect of the same class ofproperty, plant and equipment previously recognised as an expense (other economic flows) in the net result.

Net revaluation decreases are recognised immediately as expenses (other economic flows) in the net result, except that the netrevaluation decrease shall be recognised in other comprehensive income to the extent that a credit balance exists in therevaluation surplus in respect of the same class of property, plant and equipment. The net revaluation decrease recognised inother comprehensive income reduces the amount accumulated in equity under revaluation surplus.

Revaluation increases and decreases relating to individual assets within a class of property, plant and equipment, are offsetagainst one another within that class but are not offset in respect of assets in different classes. Any revaluation surplus is notnormally transferred to accumulated funds on de-recognition of the relevant asset.

(J) Liabilities

Payables

Payables consist predominantly of accounts payable and other sundry liabilities. Accounts payable represent liabilities for goodsand services provided to the Trust prior to the end of the financial year that are unpaid, and arise when the Trust becomes obligedto make future payments in respect of the purchase of those goods and services.

Other liabilities included in payables mainly consist of unearned/prepaid income, goods and services tax and fringe benefits taxpayables.

Payables are initially recognised at fair value, being the cost of the goods and services, and subsequently measured at amortisedcost.

Borrowings

Borrowings are initially measured at fair value, being the cost of the borrowings, net of transaction costs (refer to Note 1(K)Leases).

Subsequent to initial recognition, borrowings are measured at amortised cost with any difference between the initial recognisedamount and the redemption value being recognised in net result over the period of the borrowing using the effective interestmethod.

Provisions

Provisions are recognised when the Trust has a present obligation, the future sacrifice of economic benefits is probable, and theamount of the provision can be measured reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at reportingdate, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cashflowsestimated to settle the present obligation, its carrying amount is the present value of those cashflows.

Employee benefits

Provision is made for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave forservices rendered to the reporting date.

(i) Wages and salaries, annual leave and sick leave

Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled within 12 monthsof the reporting date are recognised in the provision for employee benefits in respect of employee services up to thereporting date, classified as current liabilities and measured at their nominal values.

Those liabilities that are not expected to be settled within 12 months are recognised in the provision for employee benefitsas current liabilities, measured at present value of the amounts expected to be paid when the liabilities are settled using theremuneration rate expected to apply at the time of settlement.

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(ii) Long service leave

Liability for long service leave (LSL) is recognised in the provision for employee benefits.

Current liability – unconditional LSL is disclosed in the notes to the financial statements as a current liability even wherethe Trust does not expect to settle the liability within 12 months because it will not have the unconditional right to defer thesettlement of the entitlement should an employee take leave within 12 months.

The components of this current LSL liability are measured at:

present value – component that the Trust does not expect to settle within 12 months nominal value – component that the Trust expects to settle within 12 months.

Non-current liability – conditional LSL is disclosed as a non-current liability. There is an unconditional right to defer thesettlement of the entitlement until the employee has completed the requisite years of service.

This non-current LSL liability is measured at present value. Gain or loss following revaluation of the present value ofnon-current LSL liability due to changes in bond interest rates is recognised as an other economic flow (refer to Note 1(G)).

(iii) Termination benefits

Termination benefits are payable when employment is terminated before the normal retirement date, or when an employeeaccepts voluntary redundancy in exchange for these benefits. The Trust recognises termination benefits when it isdemonstrably committed to either terminating the employment of current employees according to a detailed formal planwithout possibility of withdrawal or providing termination benefits as a result of an offer made to encourage voluntaryredundancy. Benefits falling due more than 12 months after balance sheet date are discounted to present value.

Employee benefits on-costs

Employee benefits on-costs (payroll tax, workers compensation, superannuation, annual leave and LSL accrued while on LSLtaken in service) are recognised separately from provision for employee benefits.

(K) Leases

A lease is a right to use an asset for an agreed period of time in exchange for payment.

Leases are classified at their inception as either operating or finance leases based on the economic substance of the agreementso as to reflect the risks and rewards incidental to ownership. Leases of property, plant and equipment are classified as financeinfrastructure leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership from the lessorto the lessee. All other leases are classified as operating leases.

Finance leases (the Trust as lessee)

At the commencement of the lease term, finance leases are initially recognised as assets and liabilities at amounts equal to the fairvalue of the lease property or, if lower, the present value of the minimum lease payment, each determined at the inception of thelease. The lease asset is depreciated over the shorter of the estimated useful life of the asset or the term of the lease.

Minimum finance lease payments are apportioned between reduction of the outstanding lease liability, and periodic financeexpense which is calculated using the interest rate implicit in the lease and charged directly to the comprehensive operatingstatement. Contingent rentals associated with finance leases are recognised as an expense in the period in which they areincurred.

Operating leases (the Trust as lessee)

Operating lease payments, including any contingent rentals, are recognised as an expense in the comprehensive operatingstatement on a straight-line basis over the lease term, except where another systematic basis is more representative of the timepattern of the benefits derived from the use of the leased asset. The leased asset is not recognised in the balance sheet.

All incentives for the agreement of a new or renewed operating lease are recognised as an integral part of the net considerationagreed for the use of the leased asset, irrespective of the incentive’s nature or form or the timing of payments.

In the event that lease incentives are received to enter into operating leases, the aggregate cost of incentives are recognised as areduction of rental expense over the lease term on a straight-line basis, unless another systematic basis is more representative ofthe time pattern in which economic benefits from the leased asset are consumed.

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(L) Commitments

Commitments are disclosed at their nominal value and inclusive of the GST payable.

(M) Contingent assets and contingent liabilities

Contingent assets and contingent liabilities are not recognised in the balance sheet, but are disclosed by way of a note and, ifquantifiable, are measured at nominal value. Contingent assets and liabilities are presented inclusive of GST receivable or payablerespectively.

(N) Rounding of amounts

Amounts in the financial statements have been rounded to the nearest dollar.

(O) Tax status

As a State Government body corporate, the Trust is exempt from income tax.

(P) Allocation between current and non-current

In the determination of whether an asset other than cash and cash equivalents is current, consideration is given as to whether theTrust expects to realise or consume the asset within the twelve months after the reporting date. All cash, cash equivalents andproperty held for re-sale are deemed current. All other assets are recognised as non-current.

Current liabilities are recognised when the liability is due to be settled within the twelve months after reporting date or the Trustdoes not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

(Q) Goods and Services Tax (GST)

Income, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverablefrom the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverablefrom, or payable to, the taxation authority is included with other receivables or payables in the balance sheet.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities whichare recoverable from, or payable to the taxation authority, are presented as operating cash flow.

Commitments and contingent assets or liabilities are presented on a gross basis.

(R) Events after reporting date

Assets, liabilities, income or expenses arise from past transactions or other past events. Where the transactions result from anagreement between the Trust and other parties, the transactions are only recognised when the agreement is irrevocable at orbefore the end of the reporting period. Adjustments are made to amounts recognised in the financial statements for events whichoccur after the reporting period and before the date the financial statements are authorised for issue, where those events provideinformation about conditions which existed in the reporting period. Note that disclosure is made about events between the end ofthe reporting period and the date the financial statements are authorised for issue where the events relate to conditions whicharose after the end of the reporting period and which may have a material impact on the results of subsequent reporting periods.

(S) Correction of a prior period error

Refer to Note 24.

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(T) New accounting standards and interpretations

Certain new accounting standards and interpretations have been published that are not mandatory for the 30 June 2012 reportingperiod.

As at 30 June 2012, the following standards and interpretations which apply to the Trust had been issued but were not mandatoryfor the financial year ending 30 June 2012. The Trust has not, and does not intend to, adopt these standards early.

Standard / Interpretation Summary Applicable forannualreportingperiodsbeginning on

Impact on financial statements

AASB 9 Financialinstruments

This standard simplifiesrequirements for the classificationand measurement of financialassets resulting from Phase 1 ofthe IASB’s project to replace IAS39 Financial Instruments:Recognition and Measurement(AASB 139 FinancialInstruments: Recognition andMeasurement).

1 Jan 2013 Detail of impact is still being assessed.

AASB 13 Fair ValueMeasurement

This Standard outlines therequirements for measuring thefair value of assets and liabilitiesand replaces the existing fairvalue definition and guidance inother AASs. AASB 13 includes a‘fair value hierarchy’ which ranksthe valuation technique inputsinto three levels.

1 Jan 2013 Disclosure for fair value measurements usingunobservable inputs are relatively onerouscompared to disclosure for fair valuemeasurements using observable inputs.Consequently, the Standard may increase thedisclosures for public sector entities that haveassets measured using depreciated replacementcost.

AASB 1053 Application ofTiers of AustralianAccounting Standards

This Standard establishes adifferential financial reportingframework consisting of twotiers of reporting requirementsfor preparing general purposefinancial statements.

1 July 2013 The Victorian Government is currently consideringthe impacts of Reduced Disclosure Requirements(RDRs) for certain public sector entities and hasnot decided if RDRs will be implemented in theVictorian Public Sector.

AASB 2009-11Amendments to AustralianAccounting Standardsarising from AASB 9[AASB 1, 3, 4, 5, 7, 101,102, 108, 112, 118, 121,127, 128, 131, 132, 136,139, 1023 and 1038 andInterpretations 10 and 12]

This Standard gives effect toconsequential changes arisingfrom the issuance of AASB 9.

1 Jan 2013 No significant impact is expected from theseconsequential amendments on entity reporting.

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Standard / Interpretation Summary Applicable forannual reportingperiodsbeginning orending on


AASB 2010-2 Amendments toAustralian AccountingStandards arising fromReduced DisclosureRequirements

This Standard makes amendments tomany Australian Accounting Standards,including Interpretations, to introducereduced disclosure requirements to thepronouncements for application bycertain types of entities.

1 July 2013 The Victorian Government iscurrently considering theimpacts of ReducedDisclosure Requirements(RDRs) for certain publicsector entities and has notdecided if RDRs will beimplemented in the Victorianpublic sector.

AASB 2010-7 Amendments toAustralian AccountingStandards arising from AASB 9(December 2010) [AASB 1, 3,4, 5, 7, 101, 102, 108, 112,118, 120, 121, 127, 128, 131,132, 136, 137, 139, 1023 &1038 and Interpretations 2, 5,10, 12, 19 & 127]

These consequential amendments are inrelation to the introduction of AASB 9.

1 Jan 2013 No significant impact isexpected from theseconsequential amendmentson entity reporting.

AASB 2011-2 Amendments toAustralian AccountingStandards arising from theTrans-Tasman ConvergenceProject – Reduced DisclosureRequirements

[AASB 101 & AASB 1054]

The objective of this amendment is toinclude some additional disclosure fromthe Trans-Tasman Convergence Projectand to reduce disclosure requirementsfor entities preparing general purposefinancial statements under AustralianAccounting Standards – ReducedDisclosure Requirements.

Beginning

1 July 2013

The Victorian Government iscurrently considering theimpacts of ReducedDisclosure Requirements(RDRs) and has not decidedif RDRs will be implementedin the Victorian PublicSector.

AASB 2011-4

Amendments to AustralianAccounting Standards toRemove Individual KeyManagement PersonnelDisclosure Requirements

[AASB 124]

This Standard amends AASB 124Related Party Disclosures by removingthe disclosure requirements in AASB124 in relation to individual keymanagement personnel (KMP).

1 July 2013 No significant impact isexpected from theseconsequential amendmentson entity reporting.

AASB 2011-8

Amendments to AustralianAccounting Standards arisingfrom AASB 13[AASB 1, 2, 3, 4, 5, 7, 9, 2009-11, 2010-7, 101, 102, 108, 110,116, 117, 118, 119, 120, 121,128, 131, 132, 133, 134, 136,138, 139, 140, 141, 1004, 1023& 1038 and Interpretations 2, 4,12, 13, 14, 17, 19, 131 & 132]

This amending Standard makesconsequential changes to a range ofStandards and Interpretations arisingfrom the issuance of AASB 13. Inparticular, this Standard replaces theexisting definition and guidance of fairvalue measurements in other AustralianAccounting Standards andInterpretations.

1 Jan 2013 Disclosures for fair valuemeasurements usingunobservable inputs ispotentially onerous, and mayincrease disclosures forassets measured usingdepreciated replacementcost.

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Standard / Interpretation Summary Applicable forannual reportingperiodsbeginning orending on


AASB 2011-9

Amendments to AustralianAccounting Standards –Presentation of Items of OtherComprehensive Income[AASB 1, 5, 7, 101, 112, 120,121, 132, 133, 134, 1039 &1049]

The main change resulting from thisStandard is a requirement for entities togroup items presented in othercomprehensive income (OCI) on thebasis of whether they are potentiallyreclassifiable to profit or losssubsequently (reclassificationadjustments).

1 July 2012 This amending Standardcould change the currentpresentation of ‘Othereconomic flows – othermovements in equity’ thatwill be grouped on the basisof whether they arepotentially reclassifiable toprofit or loss subsequently.

No other significant impactwill be expected.

AASB 2011-11

Amendments to AASB 119(September 2011) arising fromReduced DisclosureRequirements

This Standard makes amendments toAASB 119 Employee Benefits(September 2011), to incorporatereduced disclosure requirements into theStandard for entities applying Tier 2requirements in preparing generalpurpose financial statements.

1 July 2013 The Victorian Government iscurrently considering theimpacts of ReducedDisclosure Requirements(RDRs) and has not decidedif RDRs will be implementedin the Victorian public sector.

AASB 2011-13 Amendments toAustralian Accounting Standard– Improvements to AASB 1049

This Standard aims to improve theAASB 1049 Whole of Government andGeneral Government Sector FinancialReporting at the operational level. Themain amendments clarify a number ofrequirements in AASB 1049, includingthe amendment to allow disclosure ofother measures of key fiscal aggregatesas long as they are clearly distinguishedfrom the key fiscal aggregates and donot detract from the information requiredby AASB 1049. Furthermore, thisStandard provides additional guidanceand examples on the classificationbetween ‘transactions’ and ‘othereconomic flows’ for GAAP items withoutGFS equivalents.

1 July 2012 No significant impact isexpected from theseconsequential amendmentson entity reporting.

AASB 2012-1 Amendments toAustralian AccountingStandards – Fair ValueMeasurement – ReducedDisclosure Requirements

[AASB 3, AASB 7, AASB 13,AASB 140 & AASB 141]

This amending Standard prescribes thereduced disclosure requirements in anumber of Australian AccountingStandards as a consequence of theissuance of AASB 13 Fair ValueMeasurement.

1 July 2013 As the Victorian generalgovernment (GG) sector issubject to Tier 1 reportingrequirements (refer to AASB1053 Application of Tiers ofAustralian AccountingStandards), the reduceddisclosure requirementsincluded in AASB 2012-1 willnot affect the financialreporting for Victorian GGsector.

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Note 2 Income from transactions

2012 2011$ $

(a) Grant income

State Government – Operating grant 571,193 597,924

Government grants 3,218,163 3,712,516

Government grants used to acquire properties (i)

0 155,067

Project grants and property grants, consulting – other parties 183,954 44,321Total grants and other transfers 3,973,310 4,509,828Note:

(b) Interest on Investments

Interest on bank deposits 899,000 856,430Total interest on investments 899,000 856,430

(c) Dividends

Other entities 196,956 187,558Total dividends 196,956 187,558

(d) Donations

General donations 342,400 411,094

Donations for appeals and properties 47,695 98,026

General bequests 1,808,294 100,000

Property bequests 150,000 0Total donations 2,348,389 609,120

(e) Fair value of services received free of charge or for nominal consideration

Legal services 34,737 73,023Total fair value of services received free of charge or for nominal consideration 34,737 73,023

(f) Other revenue

Rental income 18,316 17,334

Sale of goods and services 14,576 7,062

Offset program income(ii)

232,165 123,745

Other 89,981 102,250Total other revenue 355,038 250,391Note:(ii) In the prior year financial statements this amount has been included in Note 2(a) Grant income – other parties.

(i) From time to time Trust for Nature receives grant revenue or donation revenue which isused to acquire properties. Such transactions result in an accounting profit equal to theacquisition cost which resides in the accumulated surplus (Note 20) until such time as theproperty is surrendered or sold. No new properties were acquired in 2011 –12 funded in thisway (2010 –11: one property to the value of $155,067). Refer also to Note 3(c).

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Note 3 Expenses from transactions

2012 2011$ $

(a) Employee expenses

Salaries, wages and long service leave (3,477,608) (2,943,706)

Fringe benefits tax (2,385) (17,914)

Defined contribution superannuation expense (301,759) (261,542)

Other employee expenses (14,303) (16,130)Total employee expenses (3,796,055) (3,239,292)

(b) Depreciation and amortisation

Buildings (61,342) (69,058)

Plant & equipment (70,238) (51,783)

Motor vehicles (27,998) (27,069)

Leasehold improvements (46,524) (11,873)Total depreciation and amortisation (206,102) (159,783)

(c) Covenant programLegal services received free of charge or for nominal consideration (34,737) (73,023)Covenant program expenditure (872,692) (1,426,989)

Value of land surrendered to the Crown for nil value(i)

0 (184,330)Total covenant program (907,429) (1,684,342)

(d) Payments from appeals and other reserves with specified purposePayments from appeals and other reserves with specified purpose (507,699) (70,982)

Total Payments from appeals and other reserves with specified purpose (507,699) (70,982)

(e) Other operating expenses

Occupancy (238,947) (279,852)

Supplies and services (932,397) (1,168,758)Total other operating expenses (1,171,344) (1,448,610)

Note:

Note 4 Other economic flows included in net result

2012 2011$ $

(a) Net gain/(loss) on non-financial assets

Net gain/(loss) on disposal of land (11,958) (69,909)

Net gain/(loss) on disposal of plant & equipment 0 6,535Total net gain/(loss) on non-financial assets (11,958) (63,374)

(b) Net gain/(loss) on financial instruments

Net gain/(loss) on disposal of financial investments (524,324) 0

Net gain/(loss) arising from revaluation of financial assets at fair value 156,269 154,101Total net gain/(loss) on financial instruments (368,055) 154,101

(i) No agreement was reached to surrender properties to the Crown in 2011 –12 (2010 –11: seven properties).

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A n n u A l R e p o R t 2 0 1 1 - 1 2 53

Note 5 Receivables

2012 2011$ $

Current receivables

Contractual

Sale of goods and services(i)

678,032 273,784

Interest receivable 520,943 414,090

Other receivables(ii)

202,567 79,612Total current receivables 1,401,542 767,486

Non-current receivables

Contractual

Interest receivable 27,461 163,535Total non-current receivables 27,461 163,535

Total receivables 1,429,003 931,021Notes:(i) The average credit period on sales of services is 30 days. No interest is charged on other receivables.(ii) Other receivables includes $138,439 paid for the acquisition of a property for which title has not yet transferred.(a) Ageing analysis of contractual receivables

Please refer to Table 17.4 in Note 17 for the ageing analysis of contractual receivables.(b) Nature and extent of risk arising from contractual receivables

Please refer to Note 17(b) for the nature and extent of credit risk arising from contractual receivables.

Note 6 Investments and other financial assets

2012 2011$ $

Current investments and other financial assets

Australian dollar term deposits > 3 months(i)(v)

16,779,448 13,038,541Total current investments and other financial assets 16,779,448 13,038,541

Non-current investments and other financial assets

Australian dollar term deposits > 12 months(i)

2,410,609 4,318,290

Managed investment schemes(ii)(iii)

2,504,835 2,641,401

Listed securities(ii)(iv)

9,030 17,087Total non-current investments and other financial assets 4,924,474 6,976,778

Total investments and other financial assets 21,703,922 20,015,319Notes:

(a) Ageing analysis of investments and other financial assetsPlease refer to Table 17.4 in Note 17 for the ageing analysis of investments and other financial assets.

(b) Nature and extent of risk arising from investments and other financial assetsPlease refer to Note 17 for the nature and extent of risks arising from investments and other financial assets.

(i) Term deposits under ’investments and other financial assets’ class include only term deposits with maturity greater than 90days. Term deposits have an interest rate between 4.25% and 6.66%.(ii) The Trust designated all its equities and managed investment schemes at fair value through the profit or loss. Therefore,unless they are part of a disposal group held for sale, all equities and managed investment schemes are classified as non-current. This is consistent with the Trust’s purpose of holding the investment for long-term management of risk, not for short-term profit gain.(iii) The managed investment schemes are managed by the Myer Family Company.(iv) Shares in Teys Income Builder were received in a bequest in 2009-10. Its responsible entity, TPFL, was placed inadministration on 5 March 2010 and into liquidation on 20 April 2010. The value of shares at 30 June 2012 is the mid-pointbetween the higher and lower case scenarios provided at 10 May 2012 by the liquidator of the responsible entity.(v) This balance includes a term deposit in the amount of $93,124 held as security against bank guarantees issued for rentalsites. The bank guarantees outstanding at balance sheet date amounted to $93,124 (2011: $89,561).

T R U S T f o R N A T U R E 2 0 1 1 - 1 2


Note 7 Other assets

2012 2011$ $

Current other assets

Prepayments 31,042 14,518

Consulting services provided but not yet invoiced 50,970 92,925

Deposits 2,917 16,400Total other assets 84,929 123,843

Note 8 Non-financial assets classified as held for sale

2012 2011$ $

Current

Freehold land held for sale 1,749,946 1,969,903

Buildings held for sale 118,000 121,000Total non-financial assets classified as held for sale 1,867,946 2,090,903

Land and buildings held for sale are valued at the lower of their carrying amount and fair value less costs to sell.

The Trust intends to dispose of certain freehold land within the next twelve months. This includes Revolving Fund land that wasacquired for purposes of conservation with the intention of reselling it with covenants established to ensure particular naturalaspects of the properties are conserved. A search is underway for buyers. No impairment loss was recognised onreclassification of the freehold land as held for sale or at reporting date.

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A n n u A l R e p o R t 2 0 1 1 - 1 2 55

Note 9 Property, plant and equipment

2012 2011$ $

Land at fair value 16,806,098 16,656,098

16,806,098 16,656,098

Buildings at cost 89,589 0

Less accumulated depreciation (667) 0

88,922 0

Buildings at fair value 2,333,000 2,333,000

Less accumulated depreciation (60,675) 0

2,272,325 2,333,000

Leasehold improvements at fair value 298,752 224,637

Less accumulated depreciation (58,397) (11,873)

240,355 212,764

Plant and equipment at cost 330,699 506,261


182,007 213,122

Motor vehicles at cost 227,751 227,751


131,224 159,222

Total property, plant and equipment 19,720,931 19,574,206Note:

Table 9.2: Aggregate depreciation recognised as an expense during the year

2012 2011$ $

Buildings 61,342 69,058

Plant & equipment 70,238 51,783

Motor vehicles 27,998 27,069

Leasehold improvements 46,524 11,873Total property, plant and equipment 206,102 159,783

Table 9.1: Classification by ‘Public safety and environment’ Purpose Group- Gross carrying amount and accumulated depreciation(i)

(i) Property, plant and equipment are classified primarily by the ‘purpose’ for which the assets are used, according to one of sixpurpose groups based upon government purpose classifications (GPC). All assets within a purpose group are further subcategorised according to the asset’s ‘nature’ (i.e. buildings, plant and equipment, etc), with each sub category being classifiedas a separate class of asset for financial reporting purposes.

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Note 9 Property, plant and equipm

ent (continued)

Table 9.3: Classification by

‘Public safety and environment ’ Purpose G

roup– M

ovements in carrying am

ounts(i)

20122011

20122011

20122011

20122011

20122011

20122011

20122011

Opening balance

16,656,09826,040,568

0352,827

2,333,0001,472,430

212,7640

213,122136,206

159,222170,268

19,574,20628,172,299

Additions150,000

205,06789,589

00

074,115

224,63739,123

128,6990

32,034352,827

590,437

Disposals

0(2,110,219)

00

0(76,399)

00

00

0(16,011)

0(2,202,629)

Reclassify asset type

00

0(342,969)

0342,969

00

00

00

00

Net revaluation increm

ents/decrements

0(7,479,318)

00

0653,200

00

00

00

0(6,826,118)

Depreciation expense

00

(667)(9,858)

(60,675)(59,200)

(46,524)(11,873)

(70,238)(51,783)

(27,998)(27,069)

(206,102)(159,783)

Closing balance

16,806,09816,656,098

88,9220

2,272,3252,333,000

240,355212,764

182,007213,122

131,224159,222

19,720,93119,574,206

Note:

Land and buildings carried at fair value

(i) Fair value assessments have been perform

ed for all classes of assets and the decision was m

ade that movem

ents were not m

aterial (less than or equal to 10 per cent) for a full revaluation. The next scheduled fullrevaluation w

ill be conducted in 2016.

An independent valuation of the Trust ’s land and buildings was last perform

ed by Patel Dore Valuers Pty Ltd under contract to the Valuer-G

eneral Victoria. The effective date of the valuation was 30 June 2011. The valuation,

which conform

s to Australian Valuation Standards, was determ

ined by reference to the amount for w

hich an asset could be exchanged between know

ledgeable willing parties in an arm

’s length transaction. The valuation was

based on independent assessments.

TotalM

otor vehicles at costLand at fair value

Buildings at costBuildings at fair value

Plant and equipment at

costLeasehold

improvem

ents

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A n n u A l R e p o R t 2 0 1 1 - 1 2 57

Note 10 Payables

2012 2011$ $

Current payables

Contractual

Supplies and services(i)

515,128 609,167

515,128 609,167

Statutory

Net GST payable 92,335 18,035

Group taxes payables 68,318 59,319

160,653 77,354Total current payables 675,781 686,521

Total payables 675,781 686,521Note:(i) The average credit period on sales of services is 30 days. No interest is charged on other payables.

(a) Maturity analysis of borrowingsPlease refer to Table 17.5 in Note 17 for the maturity analysis of borrowings.

(b) Nature and extent of risk arising from contractual payablesPlease refer to Note 17 for the nature and extent of credit risk arising from contractual payables.

Note 11 Borrowings

2012 2011$ $

Current borrowings

Lease liabilities (i)

7,278 6,813

Other borrowings (ii)

3,976 7,569Total current borrowings 11,254 14,382

Non-current borrowings

Lease liabilities (i)

15,234 22,512Total non-current borrowings 15,234 22,512Total borrowings 26,488 36,894Notes:

(a) Maturity analysis of borrowingsPlease refer to Table 17.5 in Note 17 for the maturity analysis of borrowings.

(b) Nature and extent of risk arising from contractual payablesPlease refer to Note 17 for the nature and extent of credit risk arising from contractual payables.

(c) Defaults and breachesDuring the current and prior year, there were no defaults or breaches of any of the loans.

(i) Secured by the assets leased. Finance leases are effectively secured as the rights to the leased assets revert to the lessorin the event of default.(ii) Other borrowings include unsecured purchasing card transactions which are repaid within the interest-free period.

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Note 12 Provisions

2012 2011$ $

Current provisions

Employee benefits(i)

Unconditional annual leave entitlements and expected to be settled < 12 months(ii)

317,598 259,268

Unconditional long service leave entitlements and expected to be settled < 12 months(ii)

6,607 3,770

Unconditional long service leave entitlements and expected to be settled > 12 months (iii)

103,160 93,737

427,365 356,775

Provisions related to employee benefit on-costs

- Unconditional and expected to be settled within 12 months(ii)

32,421 26,304

- Unconditional and expected to be settled after 12 months (iii)

10,316 9,374

42,737 35,678Total current provisions 470,102 392,453

Non-current provisions

Employee benefits(iii)

(long service leave) 156,955 67,065

Provisions related to employee benefit on-costs (iii)

15,695 6,707

Make-good provision(iv)

(see also note 12(a)) 70,000 3,753

Other provisions (see also note 12(a)) 10,000 0Total non-current provisions 252,650 77,525

Total provisions 722,752 469,978Notes:

(ii) The amounts disclosed are nominal amounts.(iii) The amounts disclosed are discounted to present values.

(a) Movement in provisions

Make-good OtherProvisions

Total

2012 2012 2012

$ $ $

Opening balance 3,753 0 3,753

Additional provisions recognised 66,247 10,000 76,247

Amounts used 0 0 0

Unused amounts reversed during the period 0 0 0Closing balance 70,000 10,000 80,000

Current 0 0 0

Non-current 70,000 10,000 80,000Closing balance 70,000 10,000 80,000

(i) Provisions for employee benefits consist of amounts for annual leave and long service leave accrued by employees, notincluding on-costs.

(iv) In accordance with the lease agreement over the principal office, the Trust must remove any leasehold improvements fromthe leased premises and restore the premises to its original condition at the end of the lease term. An additional provision of$66,427 (2010–11: $3,753) was provided for during the year for this purpose.

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Note 13 Other liabilities

2012 2011$ $

Current other liabilities

Funds held awaiting remittance(i)

:

Land Conservation Strategy 13,797 13,284

Marcus Knapple 2,291 2,206

Potter Farmland 46,393 44,669

Dowell Creek 0 57,604

AGL – Growling Grass Frog 130,662 132,475

Hume – Native Grasslands 217,655 208,630

Pimelea Fund 750,909 870,763

Amateur Gardeners Foundation(ii)

662,628 663,709

Landowner payments held in trust(iii)

1,050,892 729,949

Bonds held in trust – Barwon Water(iv)

7,527,641 7,210,939

Bonds held in trust – Melton Shire Council(iv)

504,928 0

Bonds held in trust – Hydrox Nominees(iv)

0 1,523,117

Deferred stewardship revenue 53,341 59,020

Other project funds committed 616,576 855,021

Other revenue received in advance 2,136,554 1,164,680Total current other liabilities 13,714,267 13,536,066

Non-current other liabilities

Landowner payments held in trust(iii)

3,675,607 2,727,798

Deferred stewardship revenue 480,067 531,184Total non-current other liabilities 4,155,674 3,258,982

Total other liabilities 17,869,941 16,795,048Notes:(i) Funds held awaiting remittance are funds the Trust holds on behalf of third parties for specific projects. The funds are spentin accordance with the agreement the Trust has with the third party.

(iii) Landowner payments held in trust are funds the Trust holds on behalf of third party land owners under offset arrangementspayable over 10 years from the date of covenant registration.(iv) Bonds held in trust are funds held on behalf of proponents as security to meet the approval conditions specified through theEnvironmental Protection and Biodiversity Conservation Act pending the achievement of offset arrangements and covenantregistration.

(ii) Refer Note 24

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Note 14 Leases

Finance leases

2012 2011 2012 2011$ $ $ $

Finance lease liabilities payable

- Not longer than one year 8,550 12,469 8,550 12,469

- Longer than one year and not longer than five years 15,748 20,781 15,748 20,781Total finance leases 24,298 33,250 24,298 33,250Note:(i) Minimum future lease payments include the aggregate of all lease payments and any guaranteed residual.

Operating leases

2012 2011$ $

Non-cancellable operating lease payables

Not longer than one year 217,657 262,311

Longer than one year and not longer than five years 801,970 863,098

Longer than five years 70,009 304,664

Total non-cancellable operating lease payables 1,089,636 1,430,073Total leases 1,089,636 1,430,073

Note 15 Commitments for expenditure

2012 2011$ $

(a) Capital expenditure commitments

Project and capital commitments 0 121,438

Total capital expenditure commitments 0 121,438

(b) Novated lease commitments

Payable:

Not longer than one year 15,324 15,324

Longer than one year and not longer than five years 25,541 40,865

Total novated lease commitments 40,865 56,190

Total commitments for expenditure 40,865 177,628

Note 16 Contingent assets and contingent liabilities

There are no known contingent assets or contingent liabilities.

All amounts shown in the commitments note are nominal amounts inclusive of GST.

The following commitments have not been recognised as liabilities in the financial statements:

Finance leases relate to a motor vehicle lease held with Vicfleet Lease Management with a lease term of three years. The Trusthas an option to purchase the leased assets at expiry of the lease.Interest incurred on assets held under finance leases was $1,737 (2011: $1,359 ).The written down value of assets held under finance leases is $21,989 (2011: $29,080).

Minimum future leasepayments(i)

Present value of minimumfuture lease payments

Operating leases relate to office facilities with lease terms of between one and seven years and motor vehicle leases with leaseterms of three years. The Trust does not have an option to purchase the leased assets at lease expiry.Operating lease expenses recognised in the accounts was $225,195 (2011: $236,088).

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Note 17 Financial instruments

(a) Financial risk management objectives and policies

The Trust’s principal financial instruments comprise of: – cash assets – term deposits – receivables (excluding statutory receivables) – investments in equities and managed investment schemes – payables (excluding statutory payables).

The carrying amounts of the Trust’s financial assets and financial liabilities by category are disclosed in Table 17.1.

Table 17.1: Categorisation of financial instruments

2012

Contractualfinancial

assets – loansand

receivables

Contractualfinancialassets

available-for-sale


liabilities atamortised

cost

Total

$ $ $ $Contractual financial assets

Cash and deposits 9,192,875 0 0 9,192,875

Receivables:

Sale of goods and services 678,032 0 0 678,032

Accrued investment income 548,404 0 0 548,404

Other receivables 202,567 0 0 202,567

Investments and other contractual financial assets:

Term deposits 19,190,057 0 0 19,190,057

Equities and managed investment schemes 0 2,513,865 0 2,513,865

Total contractual financial assets 29,811,935 2,513,865 0 32,325,800

Contractual financial liabilities

Payables – supplies and services 0 0 515,128 515,128

Borrowings 0 0 26,488 26,488

Other financial liabilities 0 0 17,869,941 17,869,941

Total contractual financial liabilities 0 0 18,411,557 18,411,557

The Trust’s main financial risks include credit risk, liquidity risk, interest rate risk and equity price risk. The Trust manages thesefinancial risks in accordance with its financial risk assessment reviews.

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis ofmeasurement, and the basis on which income and expenses are recognised, with respect to each class of financial asset andfinancial liability above are disclosed in Note 1 to the financial statements.

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Note 17 Financial instruments (continued)

Table 17.1: Categorisation of financial instruments (continued)

2011


assets – loansand

receivables

Contractualfinancialassets

available-for-sale


liabilities atamortised

cost

Total

$ $ $ $Contractual financial assets

Cash and deposits 9,102,378 0 0 9,102,378

Receivables(i)

:



Other receivables 79,612 0 0 79,612


Term deposits 17,356,831 0 0 17,356,831

Equities and managed investment schemes 0 2,658,488 0 2,658,488

Total contractual financial assets 27,390,230 2,658,488 0 30,048,718


Payables – supplies and services(ii) 0 0 609,167 609,167

Borrowings 0 0 36,894 36,894

Other financial liabilities 0 0 16,795,048 16,795,048

Total contractual financial liabilities 0 0 17,441,109 17,441,109Notes:(i) The total amount of financial assets disclosed here excludes statutory receivables (i.e. amounts owing from VictorianGovernment and GST input tax credit recoverable).(ii) The total amount of financial liabilities disclosed here excludes statutory payables (i.e. taxes payable).

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Table 17.2: Net holding gain/(loss) on financial instruments by category

2012Net holdinggain/(loss)

Total dividendincome

Total interestincome/

(expense)

Impairmentloss

Total

$ $ $ $ $Contractual financial assetsFinancial assets – loans and receivables 0 0 899,000 0 899,000

Financial assets available-for-salerecognised in net result

0 196,956 0 0 196,956

Financial assets available-for-salerecognised in other comprehensive result

(368,055) 0 0 0 (368,055)

Total contractual financial assets (368,055) 196,956 899,000 0 727,901


Financial liabilities at amortised cost 0 0 (1,737) 0 (1,737)

Total contractual financial liabilities 0 0 (1,737) 0 (1,737)

2011Net holdinggain/(loss)

Total dividendincome

Total interestincome/

(expense)

Impairmentloss

Total

$ $ $ $ $Contractual financial assetsFinancial assets – loans and receivables 0 0 856,430 0 856,430

Financial assets available-for-salerecognised in net result

0 187,558 0 0 187,558

Financial assets available-for-salerecognised in other comprehensive result

154,101 0 0 0 154,101

Total contractual financial assets 154,101 187,558 856,430 0 1,198,089


Financial liabilities at amortised cost 0 0 (1,359) 0 (1,359)

Total contractual financial liabilities 0 0 (1,359) 0 (1,359)

The net holding gains or losses disclosed above are determined as follows:

– For financial liabilities measured at amortised cost, the net gain or loss is calculated by taking the interest expense, plus orminus foreign exchange gains or losses arising from revaluation of the financial liabilities measured at amortised cost.

– For cash and cash equivalents, loans or receivables and available-for-sale financial assets, the net gain or loss is calculatedby taking the interest revenue, plus dividend revenue, plus or minus foreign exchange gains or losses arising from revaluation ofthe financial assets, and minus any impairment recognised in the net result.

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(b) Credit risk

Table 17.3: Credit quality of contractual financial assets that are neither past due nor impaired

Governmentagencies

Financialinstitutions

(min. AAcredit rating)

Otherfinancial

institutions(min. BBB

credit rating)

Other Managedfunds

Total

$ $ $ $ $ $2012

Cash and cash equivalents 8,044,151 1,130,112 0 18,612 0 9,192,875

Sale of goods and services(i) 517,364 0 0 146,763 0 664,127

Accrued investment income 0 306,821 241,583 0 0 548,404

Other receivables 0 64,128 0 138,439 0 202,567

Term deposits 0 12,408,825 6,781,232 0 0 19,190,057

Equities and managed investment schemes 0 0 0 0 2,504,835 2,504,835

Total contractual financial liabilities 8,561,515 13,909,886 7,022,815 303,814 2,504,835 32,302,865

2011

Cash and cash equivalents 8,745,182 339,250 0 17,946 0 9,102,378

Sale of goods and services(i) 55,797 0 0 3,652 0 59,449

Accrued investment income 0 291,012 286,613 0 0 577,625

Other receivables 0 78,593 0 1,019 0 79,612

Term deposits 0 9,893,926 7,462,905 0 0 17,356,831

Equities and managed investment schemes 0 0 0 0 2,641,401 2,641,401

Total contractual financial liabilities 8,800,979 10,602,781 7,749,518 22,617 2,641,401 29,817,296

Note:(i) The total amount of financial assets disclosed here excludes statutory receivables (i.e. amounts owing from Victorian Governmentand GST input tax credit recoverable).

Credit risk arises from the financial assets of the Trust, which comprise cash and deposits, trade and other receivables, held tomaturity investments and financial assets available-for-sale. The Trust's exposure to credit risk arises from the potential default ofcounter parties on their contractual obligations resulting in financial loss to the Trust.Credit risk associated with the Trust’s financial assets is minimal. Most loans and receivables are with government-fundedorganisations, and cash, deposits and held-to-maturity investments are held at a range of financial institutions with high credit ratingsof a minimum BBB.Financial assets available-for-sale includes managed investments which are managed by the Myer Family Company and listedIn addition, the Trust does not hedge its financial assets and mainly obtains financial assets that are on fixed interest.Provision for impairment for financial assets is recognised when there is objective evidence that the Trust will not be able to collect areceivable.The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the Trust’smaximum exposure to credit risk.

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Table 17.4: Ageing analysis of contractual financial assets

Less than 1month 1 – 3 months 3 months

– 1 year$ $ $ $ $ $

2012

Receivables(i):

Sales of goods and services 678,032 664,127 0 0 13,905 0

Interest receivable 548,404 548,404 0 0 0 0

Other receivables 202,567 202,567 0 0 0 0


Term deposits 19,190,057 19,190,057 0 0 0 0

Equities and managed investment schemes(ii) 2,513,865 2,504,835 0 0 0 9,030

Total 23,132,925 23,109,990 0 0 13,905 9,030

2011

Receivables(i):

Sales of goods and services 273,784 59,449 0 0 214,335 0

Interest receivable 577,625 577,625 0 0 0 0

Other receivables 79,612 79,612 0 0 0 0


Term deposits 17,356,831 17,356,831 0 0 0 0

Equities and managed investment schemes(ii) 2,658,488 2,641,401 0 0 0 17,087

Total 20,946,340 20,714,918 0 0 214,335 17,087

Notes:

Contractual financial assets that are either past due or impaired

Past due, not impaired

(ii) Shares in Teys Income Builder were received in a bequest in 2009-10. Its responsible entity, TPFL, was placed in administrationon 5 March 2010 and into liquidation on 20 April 2010. The value of shares at 30 June 2012 is the mid-point between the higher andlower case scenarios provided at 10 May 2012 by the liquidator of the responsible entity.

There are no material financial assets which are individually determined to be impaired other than those detailed above in Table 17.4.

Currently the Trust does not hold any collateral as security nor credit enhancements relating to any of its financial assets.

There are no financial assets that have had their terms renegotiated so as to prevent them from being past due or impaired, and theyare stated at the carrying amounts as indicated. Table 17.4 discloses the ageing only of financial assets that are past due but notimpaired.

Not past dueand notimpaired

(i) The total amount of financial assets disclosed here excludes statutory receivables (i.e. amounts owing from Victorian Governmentand GST input tax credit recoverable).

Impairedfinancialassets(ii)

Carryingamount

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(c) Liquidity risk

The following tables discloses the contractual maturity analysis for the Trust’s contractual financial liabilities.

Table 17.5: Maturity analysis of contractual financial liabilities(ii)

Less than 1month

1 month to 1year 1 year or more

$ $ $ $ $

2012

Payables(i):

Contractual payables at amortised cost 515,128 515,128 432,018 83,110 0

Other financial liabilities at amortised cost 17,869,941 17,869,941 262,436 13,451,831 4,155,674

Borrowings:

Lease liabilities 26,488 26,488 4,921 10,395 11,172

Total 18,411,557 18,411,557 699,375 13,545,336 4,166,846

2011

Payables(i):

Contractual payables at amortised cost 609,167 609,167 571,627 37,540 0

Other financial liabilities at amortised cost 16,795,048 16,795,048 167,053 13,369,013 3,258,982

Borrowings:

Lease liabilities 36,894 36,894 945 10,395 25,554

Total 17,441,109 17,441,109 739,625 13,416,948 3,284,536Notes:

(ii) Maturity analysis is presented using the undiscounted cash flows.(d) Market risk

Interest rate risk

Equity price risk

The Trust’s exposure to equity price risk is set out in Table 17.7.

Liquidity risk arises when the Trust is unable to meet its financial obligations as they fall due. The Trust operates under theGovernment fair payments policy of settling financial obligations within 30 days and in the event of a dispute, making paymentswithin 30 days from the date of resolution. It also continuously manages risk through monitoring future cash flows and maturitiesplanning to ensure adequate holding of high quality liquid assets.

Carryingamount

Nominalamount

Maturity dates

(i) The total amount of financial liabilities disclosed here excludes statutory payables (i.e. taxes payable).

The carrying amounts of financial assets and financial liabilities that are exposed to interest rates are set out in Table 17.6. Inaddition, the Trust’s sensitivity to interest rate risk is set out in Table 17.7.

The Trust’s exposure to liquidity risk is deemed insignificant. Cash for unexpected events is generally sourced from funds heldat call.

Maximum exposure to liquidity risk is the carrying amounts of financial liabilities as disclosed in the face of the Balance Sheet.

The Trust’s exposures to market risk are primarily through interest rate risk and equity price risks. Objectives, policies andprocesses used to manage each of these risks are disclosed in the paragraphs below.

The Trust is exposed to equity price risk through investments in managed investment schemes which are invested in domesticequities and direct equity investments. The value of dividend income and imputation credits will also vary. The managed fundsare administered by the Myer Family Company. The fund manager on behalf of the Trust closely monitors performance andmanages the equity price risk through diversification of its investment portfolio.

The Trust manages interest rate risk by undertaking fixed rate financial instruments with maturity profiles mostly spread over 3 to24 months. The Trust does not enter into interest rate swaps.

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Table 17.6: Interest rate exposure of financial instruments

Fixed interestrate

Variableinterest rate

Non-interestbearing

2012 % $ $ $ $Financial assets

Cash and deposits 4.35% 9,192,875 0 8,617,486 575,389

Receivables(i)

:



Other receivables 202,567 0 0 202,567Investments and other contractual financialassets:

Term deposits 6.15% 19,190,057 19,190,057 0 0Equities and managed investmentschemes 5.04% 2,513,865 205,000 73,174 2,235,691

Total financial assets 32,325,800 19,395,057 8,690,660 4,240,083

Financial liabilities

Payables(i):

Payables – supplies and services 515,128 0 0 515,128

Borrowings – lease liabilities 6.62% 26,488 26,488 0 0

Other financial liabilities(ii) 4.58% 17,869,941 1,824,335 12,759,068 3,286,538

Total financial liabilities 18,411,557 1,850,823 12,759,068 3,801,666

2011

Financial assets

Cash and cash equivalents 4.61% 9,102,378 9,024,653 77,725

Receivables(i)

:



Other receivables 79,612 0 0 79,612Investments and other contractual financialassets:

Term deposits 6.04% 17,356,831 17,356,831 0 0Equities and managed investmentschemes 4.63% 2,658,488 0 42,408 2,616,080

Total financial assets 30,048,718 17,356,831 9,067,061 3,624,826

Financial liabilities

Payables(i):

Payables – supplies and services 609,167 0 0 609,167

Borrowings – lease liabilities 6.62% 36,894 36,894 0 0

Other financial liabilities(ii) 4.81% 16,795,048 1,993,340 12,191,803 2,609,905

Total financial liabilities 17,441,109 2,030,234 12,191,803 3,219,072Notes:(i) The total amounts disclosed here exclude statutory receivables (i.e. amounts owing from Victorian Government, GST inputtax credit recoverable, and GST payables).

Interest rate exposure

(ii) Weighted average effective interest rate reflects the interest earned and allocated to trust funds held in accordance with thevarious agreements.

Weightedaverageeffective

interest rate

Carryingamount

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Sensitivity disclosure analysis and assumptions

• a movement of 200 basis points up and down (2011: 200 basis points up and down) in market interest rates (AUD) • a movement of 10 per cent up and down (2011: 10 per cent) for the top ASX 200 index.

Table 17.7: Market risk exposure

–2 per cent +2 per cent –10 per cent +10 per cent

Net result Net result Net result Net result2012 $ $ $ $ $Contractual financial assets

Cash and cash equivalents 9,192,875 (172,350) 172,350 0 0

Receivables:

Sale of goods and services 678,032 0 0 0 0

Accrued investment income 548,404 0 0 0 0

Other receivables 202,567 0 0 0 0Investments and other contractual financialassets:

Term deposits 19,190,057 (383,801) 383,801 0 0Equities and managed investmentschemes

(i) 2,513,865 (5,563) 5,563 (223,569) 223,569

Total impact 32,325,800 (561,714) 561,714 (223,569) 223,569

–2 per cent +2 per cent –10 per cent +10 per cent

Net result Net result Net result Net result2011 $ $ $ $ $Contractual financial assets

Cash and cash equivalents 9,102,378 (180,493) 180,493 0 0

Receivables:

Sale of goods and services 273,784 0 0 0 0

Accrued investment income 577,625 0 0 0 0

Other receivables 79,612 0 0 0 0Investments and other contractual financialassets:

Term deposits 17,356,831 (347,137) 347,137 0 0Equities and managed investmentschemes

(i) 2,658,488 (848) 848 (261,608) 261,608

Total impact 30,048,718 (528,478) 528,478 (261,608) 261,608Notes:

Interest rate risk Other price riskCarryingamount

Other price risk

(i) Non-interest bearing managed funds include $1,477,322 of domestic equities (2011: $2,616,080) and $758,370 of fixedinterest trusts (2011: $nil).

Carryingamount

Table 17.7 discloses the impact on net result and equity for each category of financial instrument held by the Trust at year-end ifthe above movements were to occur.

The Trust’s sensitivity to market risk is determined based on the observed range of actual historical data for the preceding five-year period, with all variables other than the primary risk variable held constant. The Trust’s fund managers cannot be expectedto predict movements in market rates and prices and sensitivity analyses shown are for illustrative purposes only. The followingmovements are ‘reasonably possible’ over the next 12 months:

Interest rate risk

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(e) Fair value

Note 18 Cash flow information

(a) Reconciliation of cash and cash equivalents

2012 2011$ $

Cash on hand 1,100 1,100

Cash at bank 574,289 76,625

Cash on deposit at call 584,917 290,597

Cash on deposit at call held in trust for Barwon Water 7,527,641 7,210,939

Cash on deposit at call held in trust for Melton Shire Council 504,928 0

Cash on deposit at call held in trust for Hydrox Nominees 0 1,523,117Balance as per cash flow statement 9,192,875 9,102,378

(b) Reconciliation of net result for the period to net cash flows from operating activities

2012 2011$ $

Net result for the period 838,788 (25,932)

Non-cash movements:

(Gain)/loss on sale of non-current assets 11,958 63,374

(Gain)/loss on other financial assets held at fair value 368,055 (154,101)

Depreciation and amortisation of non-current assets 206,102 159,783

Land bequest (150,000) 0

Movements in assets and liabilities:

(Increase)/decrease in receivables – Sale of goods and services (404,248) 0

(Increase)/decrease in interest receivable 29,221 48,406

(Increase)/decrease in other receivables 15,484 239,841

(Increase)/decrease in other assets 25,421 105,627

Increase/(decrease) in payables (10,740) 57,357

Increase (decrease) in provisions 182,774 119,670

Increase/(decrease) in other liabilities 650,735 (606,568)

Net cash flows from/(used in) operating activities 1,763,550 7,457

The financial assets include holdings in unlisted unit trusts which are recognised in the financial statements at fair value.

The Trust considers that the carrying amount of other financial assets and financial liabilities recorded in the financial statementsto be a fair approximation of their fair values, because of the short-term nature of the financial instruments and the expectationthat they will be paid in full.

The fair values of financial assets and liabilities with standard terms and conditions and traded in active liquid markets aredetermined with reference to quoted market prices.

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Note 19 Reserves2012 2011

$ $Physical asset revaluation surplus (i)

Balance at the beginning of the financial year 14,616,621 22,605,409Revaluation increments/(decrements) 0 (6,842,745)Transferred to non-financial assets available for sale revaluation surplus 0 16,627Disposal or transferred out 0 (1,162,670)Balance at the end of the financial year 14,616,621 14,616,621Non-financial assets available-for-sale revaluation surplus (ii)

Balance at the beginning of the financial year 192,920 209,547Transferred from physical asset revaluation surplus 0 (16,627)Disposal or transferred out 16,627 0Balance at the end of the financial year 209,547 192,920Donations surplus (iii)

Balance at the beginning of the financial year 3,591,169 2,935,161Transfers to/(from) accumulated surplus:

Interest on funds held less administration fee 124,939 113,303Donations for reserve and sale of properties 349,636 1,198,406Funds appropriated and properties acquired (488,375) (655,701)

Transfers to/(from) other surplus (40,988) 0Balance at the end of the financial year 3,536,381 3,591,169Covenant stewardship surplus (iv)


Interest, dividends, gain or loss on managed funds held less administration fee (11,756) 67,367Covenant monitoring 49,800 67,200

Balance at the end of the financial year 1,264,170 1,226,126Properties surplus (v)

Balance at the beginning of the financial year 358,375 358,375Transfers to/(from) other surplus 47,873 0Balance at the end of the financial year 406,248 358,375Bequest surplus (vi) (vii)


New bequest funds 1,500 0Interest, dividends, gain on shares on funds held less administration fee 110,495 150,784Funds appropriated (341,161) (49,792)

Transfers to/(from) other surplus (6,885) 0Balance at the end of the financial year 2,477,909 2,713,960Total reserves 22,510,876 22,699,171Notes:

(vi) Bequest surplus funds are held in trust for specified purposes.(vii) Refer Note 24

(iv) The covenant stewardship surplus is for monitoring of covenanted properties and approved management expenditure. TheTrust has adopted the policy of transferring $600 for each new covenant to the covenant stewardship reserve.(v) The properties surplus is for property purchases and management, educational and legal costs for Trust properties.

(ii) The non-financial assets available-for-sale surplus represents any cumulative income or expense recognised directly inequity relating to a non-financial asset classified as held for sale.(iii) Donations surplus funds are derived from Government grants and donations from other organisations or individuals. Thesedonations are directed towards property purchases or are held in trust for specified purposes.

(i) The physical asset revaluation surplus records increments and decrements on the revaluation of non-current assets.

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Note 20 Accumulated surplus

2012 2011$ $

Accumulated surplus at the beginning of the financial year 11,050,058 11,967,557

Transfers (to)/from reserves:

Donations reserve 13,800 (656,008)

Covenant stewardship reserve (38,044) (134,567)

Bequest reserve 229,166 (100,992)

Net result for the reporting period 838,788 (25,932)

Accumulated surplus at the end of the financial year 12,093,768 11,050,058

Note 21 Responsible persons

NamesThe person who held the positions of ministers and accountable officers in the Trust are as follows:

Responsible Minister:The Hon. Ryan Smith, MLC, Minister for Environment and Climate Change 1 July 2011 to 30 June 2012

Governing Board of Trustees:Camilla Graves (Chairman) 1 July 2011 to 30 June 2012Anthea Hancocks (Deputy Chairman) 1 July 2011 to 15 August 2011

and 27 September 2011 to 30 June 2012Rod Gowans, PSM 1 July 2011 to 15 August 2011

and 27 September 2011 to 30 June 2012Rikki Andrews 1 July 2011 to 15 August 2011

and 27 September 2011 to 30 June 2012Sylvia Geddes 1 July 2011 to 30 June 2012Dr Gregory Moore 1 July 2011 to 30 June 2012Lisa Gay 1 July 2011 to 30 June 2012Dr Mick Lumb 1 July 2011 to 30 June 2012Dr Rik Thwaites 1 July 2011 to 30 June 2012

Chief Executive OfficerVictoria Marles 1 July 2011 to 30 June 2012

Amounts relating to Ministers are reported in the financial statements of the Department of Premier and Cabinet.

Remuneration received or receivable by the Chief Executive Officer during the reporting period was in the range:$150,000 – $159,999 ($140,000 – $149,999 in 2010–11).

In accordance with the Ministerial Directions issued by the Minister of Finance under the Financial Management Act 1994 , thefollowing disclosures are made regarding responsible persons for the reporting period.

Remuneration received or receivable by the Trustees is in the range $357 –$432 per sitting. Total sitting fees paid in 2011–12were $13,902 (2010–11: $16,268). The remuneration of Trustees fell within the band $0 to $9,999 for both 2011-12 and 2010-11. There were no related party transactions between the Trustees and the Trust.

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Note 22 Remuneration of auditors

2012 2011$ $

Victorian Auditor-General’s Office:

Audit or review of the financial statements 12,938 14,400

Total amount 12,938 14,400

No other services were performed during the reporting period.

Note 23 Subsequent events

Note 24 Correction of prior period error

Notes Reported2012

Restated2011

Reported2011

$ $ $

Other liabilities 13

Funds held awaiting remittance

Amateur Gardeners Foundation 662,628 663,709 0

Total other liabilities 17,869,941 16,795,048 16,131,339

Notes Reported2012

Restated2011

Reported2011

Reserves $ $ $

Bequest surplus 19

Balance at the beginning of the financial year 2,713,960 2,612,968 3,276,677

Transfers to/(from) accumulated surplus:

New bequest funds 1,500 0 0

Interest, dividends, gain on shares on funds held less administration fee 110,495 150,784 150,784

Funds appropriated (341,161) (49,792) (49,792)

Transfers to/(from) other surplus: (6,885) 0 0

Balance at the end of the financial year 2,477,909 2,713,960 3,377,669

A prior period error has been identified during the course of 2011 –12 relating to the classification of $402,387 of fundsbequeathed from an estate in 1998–99 and 1999–2000. At that time the funds were recognised as bequest income and includedin the Bequest Surplus Reserve (Note 19) as bequest funds held in trust for specified purposes. Since that time the funds havegrown through investment earnings and expenses. The 2011–12 Financial Statements have been corrected to reflect Trust forNature’s correct legal status as Trustee of the funds under management. This has had no impact on the purpose of the fundsinvolved.

There are no events or transactions subsequent to the reporting date which would render any particulars included in thefinancial statements to be misleading or inaccurate.

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Note 25 Glossary of terms

CommitmentsCommitments include those operating, capital and other outsourcing commitments arising from non cancellable contractual orstatutory sources.

Comprehensive resultThe net result of all items of income and expense recognised for the period. It is the aggregate of operating result and other non-owner movements in equity.

Employee benefits expenses

Employee benefits expenses include all costs related to employment including wages and salaries, fringe benefits tax, leaveentitlements, redundancy payments, defined benefits superannuation plans, and defined contribution superannuation plans.

Financial asset

A financial asset is any asset that is:(a) cash;(b) an equity instrument of another entity;(c) a contractual or statutory right:

(i) to receive cash or another financial asset from another entity; or(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to

the entity; or(d) a contract that will or may be settled in the entity’s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to receive a variable number of the entity’s own equityinstruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial assetfor a fixed number of the entity’s own equity instruments.

Financial instrumentA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument ofanother entity. Financial assets or liabilities that are not contractual (such as statutory receivables or payables that arise as a resultof statutory requirements imposed by governments) are not financial instruments.

Financial liability

A financial liability is any liability that is:(a) a contractual obligation:

(i) to deliver cash or another financial asset to another entity; or(ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable

to the entity; or(b) a contract that will or may be settled in the entity’s own equity instruments and is:

(i) a non-derivative for which the entity is or may be obliged to deliver a variable number of the entity’s own equityinstruments; or

(ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial assetfor a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do notinclude instruments that are themselves contracts for the future receipt or delivery of the entity’s own equityinstruments.

Financial statementsDepending on the context of the sentence where the term ‘financial statements’ is used, it may include only the main financialstatements (i.e. comprehensive operating statement, balance sheet, cash flow statements, and statement of changes in equity); orit may also be used to replace the old term ‘financial report’ under the revised AASB 101 (September 2007), which means it mayinclude the main financial statements and the notes.

Grants and other transfersTransactions in which one unit provides goods, services, assets (or extinguishes a liability) or labour to another unit withoutreceiving approximately equal value in return. Grants can either be operating or capital in nature.

While grants to governments may result in the provision of some goods or services to the transferor, they do not give the transferora claim to receive directly benefits of approximately equal value. For this reason, grants are referred to by the AASB as involuntarytransfers and are termed non-reciprocal transfers. Receipt and sacrifice of approximately equal value may occur, but only bycoincidence. For example, governments are not obliged to provide commensurate benefits, in the form of goods or services, toparticular taxpayers in return for their taxes.

Grants can be paid as general purpose grants which refer to grants that are not subject to conditions regarding their use.Alternatively, they may be paid as specific purpose grants which are paid for a particular purpose and/or have conditions attached.

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Note 25 Glossary of terms (continued)

Interest expenseCosts incurred in connection with the borrowing of funds. Interest expenses include interest on bank overdrafts and short-term andlong-term borrowings, amortisation of discounts or premiums relating to borrowings, the interest component of finance leasesrepayments, and the increase in financial liabilities and non-employee provisions due to the unwinding of discounts to reflect thepassage of time.

Interest incomeInterest income includes unwinding over time of discounts on financial assets and interest received on bank term deposits andother investments.

Investment properties

Investment properties represent properties held to earn rentals or for capital appreciation or both. Investment properties excludeproperties held to meet service delivery objectives of the State of Victoria.

Net acquisition of non-financial assets (from transactions)Purchases (and other acquisitions) of non-financial assets less sales (or disposals) of non-financial assets less depreciation pluschanges in inventories and other movements in non-financial assets. It includes only those increases or decreases in non-financialassets resulting from transactions and therefore excludes write-offs, impairment write-downs and revaluations.

Net result

Net result is a measure of financial performance of the operations for the period. It is the net result of items of income, gains andexpenses (including losses) recognised for the period, excluding those that are classified as other non-owner changes in equity.

Net result from transactions/net operating balanceNet result from transactions or net operating balance is a key fiscal aggregate and is income from transactions minus expensesfrom transactions. It is a summary measure of the ongoing sustainability of operations. It excludes gains and losses resulting fromchanges in price levels and other changes in asset volumes. It is the component of the change in net worth that is due totransactions and can be attributed directly to policies.

Non-financial assetsNon-financial assets are all assets that are not ‘financial assets’.

Other economic flowsOther economic flows are changes in the volume or value of an asset or liability that do not result from transactions. It includesgains and losses from disposals, revaluations and impairments of non-current physical and intangible assets; actuarial gains andlosses arising from defined benefit superannuation plans; fair value changes of financial instruments; and depletion of naturalassets (non-produced) from their use or removal. In simple terms, other economic flows are changes arising from marketre-measurements.

PayablesIncludes short and long term trade debt and accounts payable, grants, taxes and interest payable.

ReceivablesIncludes trade credit and accounts receivable, accrued investment income, grants and interest receivable.

Sales of goods and servicesRefers to income from the direct provision of goods and services and includes fees and charges for services rendered, sales ofgoods and services, fees from regulatory services and work done as an agent for private enterprises. It also includes rental incomeunder operating leases and on produced assets such as buildings and entertainment, but excludes rent income from the use ofnon-produced assets such as land. User charges includes sale of goods and services income.

Supplies and servicesSupplies and services generally represent cost of goods sold and the day-to-day running costs, including maintenance costs,incurred in the normal operations of the Trust.

Transactions

Transactions are those economic flows that are considered to arise as a result of policy decisions, usually an interaction betweentwo entities by mutual agreement. They also include flows within an entity such as depreciation where the owner is simultaneouslyacting as the owner of the depreciating asset and as the consumer of the service provided by the asset. Transactions can be inkind (e.g. assets provided/given free of charge or for nominal consideration) or where the final consideration is cash. In simpleterms, transactions arise from the policy decisions of the government.

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Appendix 1: Trust for Nature Whistleblowers Protection Act Policy

Scope and PurposeThe Board of Trustees is the governing body of Trust for Nature. The Board is committed to best practice in corporate governance, compliance and ethical behaviour generally. One of the principal responsibilities of the Board includes monitoring compliance with regulatory and ethical requirements.

A key test of the corporate governance health in Trust for Nature is whether there are both formal and informal structures in place to enable good news and bad news to travel rapidly to the appropriate destination. This procedure is an important mechanism in being able to satisfy that key test.

This procedure covers the organisation’s procedures for dealing with reports made by Trust for Nature staff of suspected improper conduct within the organisation. It also addresses the protection of individuals making reports regarding actual or suspected contravention of the Trust’s ethical and legal standards without fear of reprisal or feeling threatened by doing so.

These Procedures aim to:

• encouragepeopletoreportanissueiftheygenuinelybelievesomeone has contravened any code of conduct, policies or the law

• outlinehowTrustforNaturewillproperlydealwithallreportedimproper conduct or unethical behaviour, and

• assistinensuringthatseriousmisconductorunethicalbehaviourisidentified and dealt with appropriately.

Objects of the Act The Whistleblowers Protection Act 2001 commenced operation on 1 January 2002. The purpose of the Act is to encourage and facilitate the making of disclosures of improper conduct by public officers and public bodies. The Act provides protection to a person who makes a disclosure in accordance with the Act, and establishes a system for the matters disclosed, to be investigated and rectifying action to be taken.

Who do these Procedures apply to? These procedures apply to all employees, Executive Officers and the Board of Trust for Nature, whether full time, part time or casual at any level of seniority wherever employed.

DefinitionsImproper ConductA disclosure may be made about improper conduct by a public body or public official. Improper conduct means conduct that is corrupt, a substantial mismanagement of public resources, or conduct involving substantial risk to public health or safety or to the environment. The conduct must be serious enough that if proven would constitute a criminal offence or reasonable grounds for dismissal.

For the purpose of these procedures, corrupt is defined as:

• conductofanyperson(whetherornotapublicofficial)thatadversely affects the honest performance of a public officer’s or public body’s functions;

• theperformanceofapublicofficer’sfunctionsdishonestlyorwithinappropriate partiality;

• conductofapublicofficer,formerpublicofficerorapublicbodythat amounts to a breach of public trust;

• conductbyapublicofficer,formerpublicofficerorapublicbodythat amounts to the misuse of information or material acquired in the course of the performance of their official functions; or

• aconspiracyorattempttoengageinanyoftheaboveconduct.

The definition of “corrupt conduct” contemplates dishonesty, or at the least the forgoing of public interest for a private benefit.

Detrimental ActionThe Act makes it an offence for a person to take detrimental action against a person in reprisal for a protected disclosure. Detrimental action includes;

• Actioncausinginjury,lossordamage

• Intimidationorharassment,and

• Discrimination,disadvantageoradversetreatmentinrelationtoa person’s employment, career, profession, trade or business, including the taking of disciplinary action

WhistleblowingFor the purpose of these procedures, ‘whistleblowing’ is defined as:

“the deliberate, voluntary disclosure of individual or organisational malpractice by a person who has or had privileged access to data, events or information about an actual, suspected or anticipated wrongdoing within or by an organisation that is within its ability to control.”

WhistleblowerFor the purpose of these procedures, a whistleblower is defined as:

“any person, or any employee, director or contractor of the Trust for Nature, who whether anonymously or not makes or attempts to make a disclosure as defined in s2.1 of the Act.”

Protected DisclosureFor the purpose of these procedures, protected disclosure is defined as:

“any good faith communication based on reasonable grounds that discloses or demonstrates an intention to disclose information that may evidence an improper conduct.”.

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The Reporting SystemDirect Contact PersonDisclosures of improper conduct or detrimental action may be made to the following officer:

The Protected Disclosure Coordinator:

Peter Moulton Regional Operations Manager

All correspondence, phone calls and emails from internal or external whistleblowers will be referred to the Protected Disclosure Coordinator.

Where a person is contemplating making a disclosure and is concerned about approaching the protected disclosure coordinator in the workplace, he or she can call the protected disclosure coordinator and request a meeting in a discreet location away from the workplace.

Alternative contact personsA disclosure about improper conduct or detrimental action may also be made directly to the Ombudsman:

Ombudsman Victoria Level 3 459 Collins Street Melbourne Victoria 3000 (DX 210174) www.ombudsman.vic.gov.au Tel: (03) 9613 6222 Toll Free: 1800 806 314

Ombudsman: Mr George Brouwer Tel: (03) 9613 6222

Roles and ResponsibilitiesEmployeesEmployees are encouraged to report known or suspected incidences of improper conduct or detrimental action in accordance with these procedures.

All employees of Trust for nature have an important role to play in supporting those who have made a legitimate disclosure. They must refrain from any activity that is, or could be perceived to be, victimisation or harassment of a person who makes a disclosure.

Furthermore, they should protect and maintain the confidentiality of a person they know or suspect to have made a disclosure.

Protected Disclosure CoordinatorThe protected disclosure coordinator has the central role in the internal reporting system. He/She will;

• Makearrangementsforadisclosuretobemadeprivatelyanddiscreetly and, if necessary, away from the workplace

• Receiveanydisclosuremadeorallyorinwriting(frominternalandexternal whistleblowers)

• Committowritinganydisclosuremadeorally

• Takeallnecessarystepstoensuretheidentityofthewhistleblowerand the identity of the person who is the subject of the disclosure are kept confidential

• Impartiallyassesseachdisclosuretodeterminewhetheritisapublic interest disclosure

• Beresponsibleforcarryingout,orappointinganinvestigatortocarry out, an investigation

• Beresponsibleforoverseeingandcoordinatinganinvestigationwhere an investigator has been appointed

• Wherenecessaryappointawelfaremanagertosupportthewhistleblower

• Advisethewhistlebloweroftheprogressofaninvestigationintothedisclosed matter

• Co-ordinatethereportingsystemusedbytheorganisation

• BeacontactpointforgeneraladviceabouttheoperationoftheAct

• Beresponsibleforensuringthattheorganisationcarriesoutitsresponsibilities under the Act and the guidelines

• LiaisewiththeOmbudsmaninregardtotheAct

• Establishandmanageaconfidentialfilingsystem

• Collateandpublishstatisticsondisclosuresmade,and

• LiaisewiththeChiefExecutiveOfficer.

Investigator The protected disclosure coordinator will appoint an investigator as soon as practicable if an investigation is required by the Ombudsman.

An investigator may be a person from within an organisation or a consultant engaged for that purpose.

The protected disclosure coordinator must ensure that any investigator is aware of the provisions of the Act, including the criminal penalties that apply for breaches of the Act.

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Welfare Manager The protected disclosure coordinator will appoint a welfare manager when a protected disclosure is made.

The welfare manager is responsible for looking after the general welfare of the whistleblower. The welfare manager will:

• examinetheimmediatewelfareandprotectionneedsofawhistleblower who has made a disclosure and seek to foster a supportive work environment

• advisethewhistleblowerofthelegislativeandadministrativeprotections available to him or her

• listenandrespondtoanyconcernsofharassment,intimidationorvictimisation in reprisal for making a disclosure

• keepacontemporaneousrecordofallaspectsofthecasemanagement of the whistleblower including all contact and follow-up action, and

• endeavourtoensuretheexpectationsofthewhistleblowerarerealistic

Receiving and Assessing DisclosuresWhen Trust for Nature receives a complaint, report or allegation of improper conduct or detrimental action, the first step is to determine whether the disclosure has been made to the right person or body and then whether the matter falls under the Act.

There will be situations where an allegation of improper conduct or detrimental action may occur, but the person making the allegation has not referred to the Act. If an allegation raises issues that may fall within the provisions of the Act, the protected disclosure coordinator should assess the allegations in terms of the Act. The protections of the Act may apply to a disclosure regardless of whether or not the individual making the disclosure specifically requests so.

For the protections of Part 2 to apply, a disclosure must be made in accordance with Part 2 of the Act. Disclosures made under Part 2 of the Act are called protected disclosures. The following questions can be used to assess whether the complaint, report or accusation is a protected disclosure.

Has the disclosure been made in accordance with Part 2 of the Act? Where a disclosure has been received by the protected disclosure coordinator, he/she will assess whether the disclosure has been made in accordance with Part 2 of the Act and is, therefore, a protected disclosure.

How can a protected disclosure be made? Part 2 of the Act provides that a person may make a disclosure

• Orally

• Inwriting

• Electronically

• Anonymously

This means disclosures may be received from anonymous sources, including unverified email addresses, phone calls, by facsimile, in a conversation or meeting. If the disclosure is made orally, the protected disclosure coordinator should ensure that contemporaneous notes are made of the disclosure.

If the disclosure comes from an email address from which the identity of the person making the disclosure cannot be determined, the disclosure should be treated as an anonymous disclosure.

Any person can submit an allegation or complaint. The Act does not require the individual to be an employee of Trust for Nature. However, the complaint must be made by an individual and not by a company, organisation or group of people.

Has the disclosure been made to the appropriate person? For the disclosure to be responded to by Trust for Nature, it must concern the CEO, the Board or an employee. If the disclosure concerns an employee, officer or member of another public body, the person who has made the disclosure must be advised of the correct person or body to whom the disclosure should be directed. If the disclosure has been made anonymously, it should be referred to the Ombudsman.

Does the disclosure contain the essential elements of a protected disclosure? To be a protected disclosure, a disclosure must satisfy the following criteria;

• didanaturalperson(thatis,anindividualpersonratherthanacorporation) make the disclosure?

• doesthedisclosurerelatetoconductofapublicbodyorpublicofficer acting in their official capacity?

• istheallegedconducteitherimproperconductordetrimentalactiontaken against a person in reprisal for making a protected disclosure?

• doesthepersonmakingadisclosurehave“reasonablegrounds”forbelieving the alleged conduct has occurred?

The phrase “reasonable grounds for belief” requires more than a suspicion and the belief must have supporting facts and circumstances. For reasonable grounds of belief, the usual test applied is whether a reasonable person would have formed that belief, having regard to all the circumstances.

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Where a disclosure is assessed to be a protected disclosure, the protected disclosure coordinator will determine whether the disclosure is a public interest disclosure. Section 28 of the Act requires a public agency to reach its decision about the disclosure within 45 days of receiving it (see Section 7.5).

Where a disclosure is assessed not to be a protected disclosure, the matter does not need to be dealt with under the Act. The protected disclosure coordinator will then decide how the matter should be responded to, and will advise the person of her assessment. The protected disclosure coordinator will also indicate on what grounds he/she has made his/her assessment, and should advise the person of his or her right to appeal to the Ombudsman.

Is the disclosure a public interest disclosure?

Where the protected disclosure coordinator has received a disclosure that has been assessed to be a protected disclosure, the protected disclosure coordinator will determine whether the disclosure amounts to a public interest disclosure. This assessment will be made within 45 days of the receipt of the disclosure.

In reaching a conclusion as to whether a protected disclosure is a public interest disclosure, the protected disclosure coordinator will consider whether the disclosure shows, or tends to show, that the public officer to whom the disclosure relates:

• Hasengaged,isengagingorproposestoengageinimproperconduct in his or her capacity as a public officer or

• Hastaken,istakingorproposestotakedetrimentalactionincontravention of section 18

Legal interpretation of the phrase “shows or tends to show” generally indicates that the disclosure must reveal or make known the conduct.

Where the protected disclosure coordinator concludes that the disclosure amounts to a public interest disclosure, he or she will within 14 days:

• Notifythepersonwhomadethedisclosureofthatconclusion,and

• ReferthedisclosuretotheOmbudsmanforadeterminationasto whether the Ombudsman is satisfied that it is a public interest disclosure

Where the protected disclosure coordinator concludes that the disclosure is not a public interest disclosure, he or she will within 14 days:

• Notifythepersonwhomadethedisclosureofthatconclusion,and

• Advisethatpersonthatheorshemayrequestthepublicbodytorefer the disclosure to the Ombudsman for a formal determination as to whether the disclosure is a public interest disclosure, and that this request must be made within 28 days of the notification.

Notification to the whistleblower is not necessary where the disclosure has been made anonymously.

If a determination is made that the disclosure is not a public interest disclosure, it does not alter the decision that it is a protected disclosure.

What happens after a report is made? The Protected Disclosure Coordinator will investigate all reported concerns appropriately and will, where applicable, provide feedback regarding the investigation’s outcome. He/She will take the necessary course of action in response to a report and if no action is taken he/she will give you an explanation.

ConfidentialityTrust for Nature will take all reasonable steps to protect the identity of the whistleblower. Maintaining confidentiality is crucial in ensuring reprisals are not made against a whistleblower.

The identity and the contents of any report will be kept confidential and no details of the staff member’s participation in this process will be included in the relevant personnel file or be referred to in any work performance review. The report will not be disclosed to anyone except those that are actively involved in investigating the matters raised in the report.

Trust for Nature management will ensure all files, whether paper or electronic, are kept in a secure room and can only be accessed by the protected disclosure coordinator, the investigator or welfare manager (in relation to welfare matters). All printed material will be kept in files that are clearly marked as a Whistleblower Protection Act matter, and warn of the criminal penalties that apply to any unauthorised divulging of information concerning a protected disclosure. All electronic files will be produced and stored on a stand-alone computer and be given password protection. Backup files will be kept on floppy disc, where documents will be password protected. All materials relevant to an investigation, such as tapes from interviews, will also be stored securely with the whistleblower files.

Trust for Nature employees will not email or fax to a machine to which staff have general access documents relevant to a whistleblower matter and will ensure all phone calls and meetings are conducted in private.

Protection of the WhistleblowerTrust for Nature is committed to the protection of genuine whistleblowers against detrimental action taken in reprisal for the making of protected disclosures. The protected disclosure coordinator is responsible for ensuring whistleblowers are protected from direct and indirect detrimental action, and that the culture of the workplace is supportive of protected disclosures being made.

The protected disclosure coordinator will advise the whistleblower that it is in their own interests to keep disclosures confidential by only discussing related matters with authorised persons within Trust for Nature or offices of the Ombudsman or other persons as authorised by law.

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The protected disclosure coordinator will appoint a welfare manager to all whistleblowers who have made a protected disclosure. The welfare manager’s role is defined in 6.4.

All employees will be advised that it is an offence for a person to take detrimental action in reprisal for a protected disclosure. The maximum penalty is a fine of 240 penalty units ($25,155) or two years imprisonment or both. The taking of detrimental action in breach of this provision can also be grounds for making a disclosure under the Act and can result in an investigation.

Whistleblowers implicated in improper conductTrust for Nature acknowledges that the act of whistleblowing should not shield whistleblowers from the reasonable consequences flowing from any involvement in improper conduct. A person’s liability for his or her own conduct is not affected by the person’s disclosure of that conduct. However, in some circumstances, an admission may be a mitigating factor when considering disciplinary or other action.

Management of the person against whom a disclosure has been madeTrust for Nature management recognises that employees against whom disclosures are made must also be supported during the handling and investigation of disclosures. Trust for Nature management will take all reasonable steps to ensure the confidentiality of the person who is the subject of the disclosure during the assessment and investigation process. Where investigations do not substantiate disclosures, the fact that the investigation has been carried out, the results of the investigation, and the identity of the person who is the subject of the disclosure will remain confidential.

The protected disclosure coordinator will ensure the person who is the subject of any disclosure investigated by or on behalf of Trust for Nature is:

• informedastothesubstanceoftheallegations

• giventheopportunitytoanswertheallegationsbeforeafinaldecision is made

• informedastothesubstanceofanyadversecommentthatmaybeincluded in any report arising from the investigation, and

• hashisorherdefencesetoutfairlyinanyreport.

Where the allegations in a disclosure have been investigated, and the person who is the subject of the disclosure is aware of the allegations or the fact of the investigation, the protected disclosure coordinator will formally advise the person who is the subject of the disclosure of the outcome of the investigation.

Trust for Nature management will give full support to a person who is the subject of a disclosure where the allegations contained in a disclosure are clearly wrong or unsubstantiated. If the matter has been publicly disclosed, Trust for Nature management will consider any request by that person to issue a statement of support setting out that the allegations were clearly wrong or unsubstantiated.

Criminal OffenceTrust for Nature will ensure officers appointed to handle protected disclosures and all other employees are aware of the following offences created by the Act:

It is an offence for a person to take or threaten action in reprisal when:

• aprotecteddisclosurehasbeenmade

• apersonbelievesaprotecteddisclosurehasbeenmade

• apersonbelievesthatanotherpersonintendstomakeaprotecteddisclosure.

The Act provides a maximum penalty of a fine of 240 penalty units ($25,155) or two years imprisonment or both.

It is an offence for a person to divulge information obtained as a result of the handling or investigation of a protected disclosure without legislative authority. The Act provides a maximum penalty of 60 penalty units ($6,289) or six months imprisonment or both.

It is an offence for a person to obstruct the Ombudsman in performing his responsibilities under the Act. The Act provides a maximum penalty of 240 penalty units ($25,155) or two years imprisonment or both.

It is an offence for a person to knowingly provide false information under the Act with the intention that it be acted on as a disclosed matter. The Act provides a maximum penalty of 240 penalty units ($25,155) or two years imprisonment or both.

Access to the ProceduresThese Procedures will be available for viewing by any employee of Trust for Nature on the group server. It will also be viewable on Trust for Nature’s website.

Review of the ProceduresThese procedures will be reviewed annually to ensure it complies with relevant laws and remains relevant and effective. This policy and procedure document may be changed at the discretion of Trust for Nature management.

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trust for naturelevel 5/379 Collins Street,

Melbourne VIC 3000phone: (03) 8631 5888 Fax: (03) 9614 6999

Freecall: 1800 99 99 33 (Australia only)email: [email protected]


trust for nature 2011-12 annual report

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