Annual Report 2022-23

      Note 13. Equity Investments (continued)                                                                    Note 14. Investment Property
                                                                                                                 §SSuubnote§




      (b) Details                                                                                                Investment property is property held for the primary purpose of earning rentals and/or capital appreciation. This includes land
                                                                                                                 held by Council for a currently undetermined future use. Investment property does not include community housing or other
                                Principal activity              Place of business                                property held to provide a social service.

      Unitywater                Water and Wastewater Services   Moreton Bay, Sunshine Coast and Noosa Regions    Investment property is initially recognised at cost (including transaction costs) and subsequently at fair value. Where investment
                                                                                                                 property is acquired for significantly below fair value it is recorded at fair value on initial recognition. The methodology used for
                                                                                                                 determining subsequent fair value is outlined in Note 15. Investment properties are valued annually by an indepenent valuer
                                                                                                                 with approrate experience in the location and category of investment property being valued.
      (c) Relevant Interests
                                                                                                                  Gains or losses arising from changes in the fair value of investment property are recognised as incomes or expenses
                                                                                       Participation Portion      respectively for the period in which they arise. Investment property is not depreciated and is not tested for impairment.
                                                                                           2023         2022
                                                                                                                       Owned Investment Property
      Unitywater                                                                          4.25%         4.25%
                                                                                                                       $ '000                                                                                              2023                2022

                                                                                                                       Fair value at beginning of financial year                                                          3,300               2,900
      (d) Summarised Financial Information for Associates                                                              Revaluation (Decrement)/Increment                                                                    700                 400
                                                                                                                       Total Investment Property                                                                          4,000               3,300
                                                                                        Unitywater
      $ '000                                                                           2023              2022
                                                                                                                       Operating expenses in respect of investment property are reported in Note 7 and 18.
      Current Assets                                                                  7,724            12,136




                                                                                                                                                                                                                                                         Noosa Council Annual Report 2022 - 2023
      Non-Current Assets                                                            182,426           171,524
      Total Assets                                                                  190,150           183,660


      Current Liabilities                                                             8,791             7,508
      Non-Current Liabilities                                                        78,711            76,012
      Total Liabilities                                                              87,502            83,520

      Net assets                                                                    102,648           100,140

      Reconciliation of the carrying amount
      Opening Net Assets (1 July)                                                    96,515            91,724
      Profit/(Loss) for the period                                                     5,845             6,508
      Dividends Payable                                                              (2,780)           (1,717)
      Other Adjustments to Equity                                                          –                 –
      Closing Participation Rights                                                   99,580             96,515

      Council's share in %                                                           4.25%             4.25%
      Council's share in $                                                          102,648           100,140

      Summarised Statement of Comprehensive Income
      Income                                                                          32,292            32,229
      Income Tax Expense                                                             (2,206)           (2,787)
      Other Expenses                                                                (24,240)          (22,934)
      Profit/(Loss) for the period                                                     5,846             6,508


      Total Comprehensive Income                                                      5,846             6,508


      Dividends received by Council                                                   2,780             1,717




244                                                                                                                                                                                                                                                      245