Annual Report 2022-23(PDF, 12MB)

      Statement of Cash Flows
      for the year ended 30 June 2023                                                                                                      Note 1. Information about these Financial Statements
                                                                                                                                           §Subnote§




      $ '000                                                                                   Notes                 2023          2022
                                                                                                                                           (a) Basis of preparation                                                    •   AASB 2022-2 Amendments to Australian Accounting
                                                                                                                                                                                                                           Standards - Disclosure of Accounting Policies and
                                                                                                                                           The Noosa Shire Council is constituted under the                                Definition of Accounting Estimates (amended by
      Cash flows from Operating Activities                                                                                                 Queensland Local Government Act 2009 and is domiciled in                        AASB 2022-6)
      Receipts from Customers                                                                                     121,895       116,636    Australia.
      Payments to Suppliers and Employees                                                                       (114,769)       (87,449)                                                                               •   AASB 2022-7 Editorial Corrections to Australian
                                                                                                                    7,126         29,187   These general purpose financial statements are for the                          Accounting Standards and Repeal of Superseded and
                                                                                                                                           period 1 July 2022 to 30 June 2023. They are prepared in                        Redundant Standards
      Receipts                                                                                                                             accordance with the Local Government Act 2009 and the
      Rental Income                                                                                                 1,749         1,810    Local Government Regulation 2012.                                         Effective for annual reporting periods beginning on or
      Income Tax Equivalent Received                                                                                1,192         1,913                                                                              after 1 January 2024
      Dividend from Equity Investment                                                                               2,780         1,717    These financial statements comply with Australian
      Interest and Investment Revenue Received                                                                      5,006         2,813    Accounting Standards and Interpretations issued by the                      •   AASB 2022-5 Amendments to Australian Accounting
      Non Capital Grants and Contributions                                                                          6,732         8,910    Australian Accounting Standards Board (AASB). Council is                        Standards - Lease Liability in a Sale and Leaseback
      Payments                                                                                                                             a not-for-profit entity for financial reporting purposes and the
                                                                                                                                           financial statements comply with Australian Accounting                      •   AASB 2022-10 Amendments to Australian Accounting
      Borrowing Costs                                                                                               (168)         (156)
                                                                                                                                           Standards and Interpretations as applicable to not-for-profit                   Standards - Fair Value Measurement of Non-Financial
      Net Cash Inflows/(Outflows) from Operating Activities                                      27
                                                                                                                 24,417         46,194     entities.                                                                       Assets of Not-for-Profit Public Sector Entities

      Cash flows from Investing Activities                                                                                                 These financial statements have been prepared under the                   Effective for annual reporting periods beginning on or
      Receipts                                                                                                                             historical cost convention except for the revaluation of certain          after 1 January 2025
      Proceeds from sale of Property, Plant and Equipment                                                             135           356    classes of property, plant and equipment and investment
      Grants, Subsidies, Contributions and Donations                                                               39,726        14,745    property.                                                                   •   AASB 2014-10 Sale or Contribution of Assets
      Payments                                                                                                                                                                                                             between and Investor and its Associate or Joint




                                                                                                                                                                                                                                                                                     Noosa Council Annual Report 2022 - 2023
      Payments for Intangible Assets                                                                                (264)          (192)   (b) New and revised Accounting                                                  Venture (amended by AASB 2015-10, AASB 2017-5
      Payments for Property, Plant and Equipment                                                                 (44,481)       (36,315)                                                                                   and AASB 2022-7)
                                                                                                                                               Standards adopted during the year
      Net movement in Loans and Advances                                                                              125            125
      Transfers to Investments                                                                                   (40,000)              –   Noosa Shire Council adopted all standards which became                    Effective for annual reporting periods beginning on or
                                                                                                                                           mandatorily effective for annual reporting periods beginning              after 1 January 2026 for public sector
      Net Cash Inflows/(Outflows) from Investing Activities                                                    (44,759)        (21,281)    on 1 July 2022, none of the standards had an impact on
                                                                                                                                           the reported position, performance and cash flows.                          •   AASB 17 Insurance Contracts (amended by AASB
      Cash flows from Financing Activities                                                                                                                                                                                 2020-5, AASB 2022-1, AASB 2022-8 and AASB
      Receipts                                                                                                                                                                                                             2022-9 Insurance Contracts in the Public Sector)
      Proceeds from Borrowings                                                                                             –      4,859    (c) Standards issued by the AASB not yet
      Payments                                                                                                                                 effective
                                                                                                                                                                                                                     (d) Estimates and Judgements
      Repayment of Borrowings                                                                                     (1,652)        (1,299)
                                                                                                                                           The AASB has issued Australian Accounting Standards and
      Net Cash Inflows/(Outflows) from Financing Activities                                                      (1,652)         3,560     Interpretations which are not effective at 30 June 2023, these            Councils make a number of judgements, estimates and
                                                                                                                                           standards have not been adopted by Council and will be                    assumptions in preparing these financial statements. These
      Net Increase/(Decrease) in Cash and Cash Equivalents held                                                (21,994)         28,473     included in the financial statements on their effective date.             are based on the best information available to Council at the
                                                                                                                                           Where the standard is expected to have a significant impact               time, however due to the passage of time, these
                                                                                                                                           for Council then further information has been provided in this            assumptions may change and therefore the recorded
      Cash and Cash Equivalents at the beginning of the Financial Year                                             98,501        70,028    note.                                                                     balances may not reflect the final outcomes. The significant
                                                                                                                                                                                                                     judgements, estimates and assumptions relate to the
      Cash and Cash Equivalents at the end of the financial year                                 10
                                                                                                                 76,507         98,501
                                                                                                                                           The following list identifies all the new and amended                     following items and specific information is provided in the
      Not included in cash are term deposits with maturity terms greater than 3 months 10                          40,000             –    Australian Accounting Standards, and Interpretation, that                 relevant note:
                                                                                                                                           were issued but not yet effective at the time of compiling
                                                                                                                                           these statements that could be applicable to Councils.                      •   Revenue recognition - Note 3
                                                                                                                                                                                                                       •   Expected Loss Provision (Receivables) - Note 11
      The above statement should be read in conjunction with the accompanying notes and Significant Accounting Policies.                   Effective for annual reporting periods beginning on or                      •   Valuation of investment property - Note 15
                                                                                                                                           after 1 January 2023                                                        •   Valuation and depreciation of property, plant and
                                                                                                                                                                                                                           equipment - Note 15
                                                                                                                                                       •   AASB 2021-1 Amendments to Australian Accounting             •   Contract Balances - Note 17
                                                                                                                                                           Standards - Classification of Liabilities as Current or     •   Provisions - Note 21
                                                                                                                                                           Non-Current and associated standards (amended by            •   Contingent liabilities - Note 25
                                                                                                                                                           AASB 2021-6 and AASB 2022-6 Amendments to
                                                                                                                                                           Australian Accounting Standards - Non-current
                                                                                                                                                           Liabilities with Covenants)

                                                                                                                                                       •   AASB 2021-3 Amendments to Australian Accounting
                                                                                                                                                           Standards - Annual Improvements 2018-2021 and
                                                                                                                                                           Other Amendments


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