Annual Report 2020-21

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

Note 11. Other Assets
§Note/Subtotal§
§Subnote§




$ '000                                                                                              2021               2020

Current
Prepayments                                                                                         2,938              2,885
Total current other assets                                                                         2,938              2,885



Note 12. Equity Investments
§Note§




§Subnote§




Accounting Recognition:

As at 1 July 2010 a water distribution and retail business called Unitywater was established in accordance with the South-East
Queensland Water (Distribution and Retail Restructuring) Act 2009 to deliver water and waste water services to customers
within the local government areas of Moreton Bay Regional Council, Sunshine Coast Regional Council and Noosa Shire
Council.

Under the Act, governance arrangements for Unitywater were established in a Participation Agreement which commenced
from 1 July 2010. The agreement provides for participation rights to be held by the participating Councils. The participating
Councils are Noosa Shire Council, Moreton Bay Regional Council and the Sunshine Coast Regional Council. The Participation
Rights effectively represent an investment in an associate by Noosa Shire Council.

Investment in Associates are accounted for using the Equity method whereby the investment is initially recognised at cost and
adjusted thereafter for the post-acquisition change in the Council’s share of the Unitywater's net assets.

The Council's profit or loss and other comprehensive income includes its share in Unitywater's profit or loss and other
comprehensive income for the year ended 30 June 2021.

                                                     Council’s Share of Net Income         Council’s Share of Net Assets
$ '000                                                        2021             2020                2021             2020

Unitywater                                                   5,890               6,094            96,065             91,639
Total                                                        5,890               6,094            96,065             91,639



Associates
§Subnote§




Council has incorporated the following Associates into it's consolidated Financial Statements.
§Total§




(a) Net Carrying Amounts – Council’s Share

                                                              Nature of          Measurement
$ '000                                                        Relationship       Method                  2021          2020

Unitywater                                                    Associate          Equity                92,435        88,040
Total Carrying Amounts                                                                                 92,435        88,040


§Total§




(b) Details

                             Principal Activity                               Place of Business

Unitywater                   Water and Wastewater Services                    Moreton Bay, Sunshine Coast and Noosa Regions




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