Annual Report 2014

NOOSA SHIRE COUNCIL

Notes to the financial statements
For the six months ending 30 June 2014                                                                Consolidated            Council
                                                                                                          2014                 2014
                                                                                           Note             $                    $
 15   Trade and other receivables                                                           1.12
          (a) Current
               Rateable revenue and utility charges                                                          4,159,585          4,159,585
               Fees and charges                                                                              1,016,774           1,016,774
               GST recoverable                                                                                339,407             339,407
               Other debtors                                                                                      -                  -
               Inter-entity balance with SCRC                                                               10,501,227         10,501,227
                                                                                                            16,016,993         16,016,993
               Prepayments                                                                                    411,901             411,901
               Accrued Revenue                                                                               2,377,385          2,377,385
                                                                                                            18,806,279         18,806,279
          (b) Non-current                                                                                                        rs
               Loans and advances to associates                                             1.16           49,217,517          49,217,517
                                                                                                           49,217,517          49,217,517
          Interest is charged on outstanding rates at a rate of 11% per annum. No interest is
          charged on other debtors. There is no concentration of credit risk for rates and utility
          charges, fees and other debtors receivable.

  16  Inventories                                                                           1.13
          Current
               Inventories for internal use:
                    Stores and materials                                                                        63,875             63,875
                    Cultural and Recreational Facilities                                                        39,550             39,550
                                                                                                               103,425            103,425
               Valued at cost, adjusted when applicable for any loss of service potential.

  17  Equity investments
           Investment in associate through participation rights                                             62,016,970         60,978,225
                                                                                                            62,016,970         60,978,225

           Reconciliation of the carrying amount at the beginning and end
           of the current and previous period is set out below:
           Investment in associate through participation rights
               Equity investment in associate - Unity Water transferred from SCRC                           60,997,643         60,997,643
               Recognition of equity share of profit (loss) in the result for the period                     1,942,760                -
               Less distributions paid/payable to Council                                                     (904,015)               -
               Accounting adjustment on de-amalgamation                                     Hc)                (19,418)            (19,418)
               Fair value at end of financial year                                                          62,016,970         60,978,225

                                                                                                                  certified statements

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