Annual Report 2020-21

Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2021

Note 17. Leases (continued)

Terms and conditions of leases

Buildings
Council previously leased a building which was used as office space. The option to extend the lease was not taken up and
the lease expired during the year.

Land
Council leases a parcel of land which is currently being utilised as a commercial slipway. The term of the lease was for 20
years and will expire in 2025, there are no extension provisions contained in the lease. Rent is calculated based on a 3
years average rental value at 6% and is payable for the term of the lease.

IT and Office Equipment
Council leases a number of items of equipment, many of these assets are considered low value and are therefore not
subject to lease accounting. The more significant items have lease terms of 3 or more years with fixed payments for the
term of the lease
§Subnote§




                                                                                                       IT and Office
$ '000                                                              Buildings               Land         Equipment                Total

Right of Use Assets
2021
Opening Balance at 1 July                                                   40                102                 19                   161
Adjustments to Right-of-Use Assets due to
re-measurement of Lease Liability                                          (23)                  –                  –                  (23)
Depreciation Charge                                                        (17)               (21)               (11)                  (49)
Balance at 30 June                                                            –                 81                  8                    89

2020
Opening Balance at 1 July                                                    63               124                 13                   200
Additions to Right-of-Use Assets                                              –                  –                15                     15
Depreciation Charge                                                        (23)               (22)                (9)                  (54)
Balance at 30 June                                                           40               102                 19                   161


§Subnote§




$ '000                                                                                                          2021               2020

Lease Liabilities
Classified as:
Current Lease Liability                                                                                           25                    54
Non-Current Lease Liability                                                                                       66                   110
Total Lease Liabilities                                                                                           91               164



            The following table shows the maturity analyis of the Lease Liabilities vased on contractual cashflows and therefore the
            amounts will not be the same as the recognised lease liability in the Statement of Financial Position.




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