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2006–07 Financial Report

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2006–07 Financial Report Annual Financial Report 2006–2007 Protecting land, water and wildlife Annual Financial Report 2006–20072006–2007 © 20072007 Bush Heritage Australia | 1 Vision: By 2025 Bush Heritage Australia will protect one per cent of Australia (more than 7 million hectares) and in so doing, conserve significant areas of land and water that are of the greatest importance for protecting the nation’s biodiversity. 2 | Annual Financial Report 2006–2007 © 2007 Bush Heritage Australia Contents Board of Directors 4 Chief Executive Officer 5 Patron 5 Ambassador 5 President’s report 6 Achievements for 2006–2007 7 Directors’ report 8 Concise financial report 13 Independent audit report 19 Bush Heritage Australia is a national, independent, non-profit organisation. It is committed to protecting Australia’s animals and plants and their habitats. It acquires – by purchase, gift or bequest – land and water that is of outstanding importance for protecting Australia’s biodiversity and ecological systems. Bush Heritage also builds partnerships with other organisations and individuals to support conservation management of land that is in private ownership. Funds are raised by tax-deductible donations from the public and funding organisations. Front cover: Fields of wildflowers after rain, Ethabuka Reserve, Qld. PHOTO: WAYNE LAWLER/ECOPIX Pictured clockwise from far left: Towering trunks, Liffey River Reserve, Tas. Unfurling fern frond, Liffey River Reserve, Tas. Dome Rock, Boolcoomatta Reserve, SA. Water droplet in fern frond, Liffey River Reserve, Tas. Echidna, Liffey River Reserve, Tas. PHOTO: WAYNE LAWLER/ECOPIX Annual Financial Report 2006–2007 © 2007 Bush Heritage Australia | 3 Board of Directors President: Phillip Toyne LLB, DipEd Director, EcoFutures Ltd Phillip is one of Australia’s leading environmentalists. He was the Executive Director of the Australian Conservation Foundation where he helped to establish the National Landcare Program. Phillip was a visiting Fellow at the Australian National University before becoming Deputy Secretary in the Commonwealth Department of Environment. Earlier he worked as a lawyer for Aboriginal groups in central Australia. EcoFutures is a company working on sustainability initiatives with business and governments. Phillip is also a director of ITC Limited, CVC Sustainable Investments Ltd, Agri Energy Limited, the Australasian Carbon Exchange Pty Ltd and the Rein Foundation. Phillip has been President of Bush Heritage since 2000. Vice-President: Dr Steve Morton BSc(Hons), PhD Group Executive, CSIRO Sustainable Energy and Environment Steve is one of Australia’s most respected ecologists. He has 23 years’ experience with CSIRO as a research scientist in tropical northern Australia, arid central Australia and the southern temperate zone, and has worked to integrate biodiversity conservation and land use for grazing and agriculture. Steve joined the Bush Heritage Board in 2003. Treasurer: Mara Bún BA CEO, Green Cross Australia Mara is the founding CEO of the new Australian office of Mikhail Gorbachev’s international environmental and humanitarian organisation Green Cross, which operates in over twenty countries. Since she moved to Australia in 1990 Mara has been Director of Business Development with CSIRO, Manager of Policy and Public Affairs with the Australian Consumers’ Association (Choice magazine), Finance Director of Greenpeace, and Senior Research Analyst with Macquarie Bank. After graduating in economics she spent five years with Morgan Stanley and Co. as a financial analyst, then worked in a World Bank earthquake reconstruction project in Nepal before moving to Sydney. She currently serves on several other boards. Mara joined the Bush Heritage Board in 1998. Guy Fitzhardinge BAgEcon, MAppSci Managing Director, Thring Pastoral Company Guy is currently a member of the Commonwealth Threatened Species Scientific Committee and Chairman of Monjebup Reserve. PHOTO: JIRI LOCHMAN/LOCHMAN TRANSPARENCIES the CRC for Beef Genetic Technologies. He has previously been a director 4 | Annual Financial Report 2006–2007 © 2007 Bush Heritage Australia of Meat & Livestock Australia and the Meat Research Corporation, Vice-President of the Australian Rangelands Society, an advisor to CSIRO Wool and Textiles Division, the wool industry and WWF, and a ministerial appointee to the NSW Biodiversity Advisory Committee. He currently manages three properties and a large cattle herd in central NSW. Guy joined the Bush Heritage Board in 2003. Hutch Ranck BSEcon Managing Director of DuPont Australia/New Zealand Hutch is also Group Managing Director of Dupont ASEAN. He represents the Business Council of Australia on the Prime Minister’s Science, Engineering and Innovation Council and is a member of the Business Roundtable on Sustainable Development. Hutch joined the Bush Heritage Board in 2006. David Rickards BSc, BEng, MBA Chief Executive Officer Executive Director and Global Head of Research at Macquarie Bank Doug Humann BA(Hons)Geog, DipEd David heads up the extensive and Before coming to Bush Heritage, Doug highly rated equities research group at spent eight years as Director of the Macquarie Bank, coordinating a team Victorian National Parks Association, based throughout Australia, Asia, New Victoria’s largest member-based nature Zealand and the United Kingdom. Before conservation organisation. He is a joining Macquarie, David was responsible for establishing member of the World Commission a risk management company BARRA International in on Protected Areas and has advised Australia and worked as a consulting structural engineer with several governments on private protected areas. He won Maunsell. David is an authority on the equities market, with the Wild Environmentalist of the Year award in 1997 and particular expertise in strategic analysis. David joined the was a finalist in the CEO of the Year awards in 2005. Bush Heritage Board in 2006. Doug was appointed CEO of Bush Heritage in 1997. Keith Tuffley BEc, LLM Managing Director, Goldman Sachs Patron Keith is a Managing Director with Bob Brown Founder, and Australian Greens Senator Goldman Sachs, now based in London. for Tasmania. He joined Goldman Sachs in 2002 and for four years was the head of the Investment Banking Division and a Ambassador member of the Board in Australia, until Tim Fischer AC Chairman, Tourism Australia his relocation to London. Keith has over 15 years’ investment banking experience advising and financing corporations across a wide range of industries. He is also a Director of the Great Barrier Reef Foundation and a Governor of WWF- Australia. Keith joined the Bush Heritage Board in 2006. Alexis Wright Author Alexis is a member of the Waanyi people of the southern highlands in the Gulf of Carpentaria. Alexis has worked extensively as a professional manager, educator, Indigenous researcher and administrator in government and Aboriginal agencies across four states and territories. She is an award-winning author of fiction, non-fiction, reports and short stories and has recently From top: Fat-tailed dunnart, found at Eurardy Reserve, WA. received the Miles Franklin Literary Award for her book Sugar glider, Scottsdale Reserve, NSW. PHOTOS: JIRI LOCHMAN/ Carpentaria. Alexis joined the Bush Heritage Board in 2006. LOCHMAN TRANSPARENCIES Annual Financial Report 2006–2007 © 2007 Bush Heritage Australia | 5 President’s Report our management actions on the ground have improved the health of vegetation communities and populations of animals For the first time, this year we present our concise financial and plants on the reserves. report and a separate Annual Conservation Report This year both Vice-President Louise Gilfedder and Treasurer 2006–2007. As our vision and activities grow, the stories Mara Bún retired after each serving the Board ably for three of our conservation work become richer, more complex and full terms. Mara was Treasurer from 2002 until her retirement more numerous. They warrant greater exposure through in September this year, and Louise Gilfedder served as our annual reporting process and therefore our supporters Vice-President from 2001 until she finished her third will have the choice of either or both reports. Annual term in February. We thank them for their vision, insightful Conservation Report 2006–2007 captures our scientific contributions and the vigorous debate which helped fuel the achievements and the ecological and human stories from strong growth that Bush Heritage experienced over that time. both our reserves and our work with our partners. After the notable success of her book Carpentaria, which This concise financial report provides an overview of our won, amongst other awards, the 2007 Miles Franklin activities and financial position as at 30 June 2007 and Literary Award, Alexis Wright has resigned from the Board fulfills the statutory requirements for financial reporting. to concentrate on her writing. However, she is keen to Bush Heritage aims to provide a detailed disclosure of its maintain an on-going role in building Bush Heritage’s financial position, and thus there is also a full Financial relationships with Indigenous people. We thank her for Report 2006–2007 available upon request. We have again her invaluable contribution. completed the year with a healthy surplus. Bush Heritage has again been supported by many We have had a very successful year with five reserves being Australians, whether through their donations or their added to Bush Heritage’s portfolio: two in Western Australia, contributions as volunteers, expert advisors, pro bono two in
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