Zero Emissions Noosa Inc. (ZEN Inc.) Annual Report · ATTACHMENT 1_ZEN Inc. Report on Partnership Alliance Agreement to Council 2024

   Notes to the Financial Statements
   Zero Emissions Noosa Inc
   For the year ended 31 December 2024

  1. Summary of Significant Accounting Policies
The financial statements are special purpose financial statements prepared in order to satisfy the
   financial reporting requirements of the Associations Incorporation Act QLD. The committee has
   determined that the association is not a reporting entity.
The financial statements have been prepared on an accruals basis and are based on historic costs and
   do not take into account changing money values or, except where stated specifically, current
   valuations of non-current assets.
The following significant accounting policies, which are consistent with the previous period unless stated
   otherwise, have been adopted in the preparation of these financial statements.

  Cash on Hand

Cash on hand includes cash on hand, deposits held at call with banks, and other short-term highly
   liquid investments with original maturities of three months or less.

  Revenue and Other Income

Revenue is measured at the fair value of the consideration received or receivable after taking into
   account any trade discounts and volume rebates allowed. For this purpose, deferred
   consideration is not discounted to present values when recognising revenue.
Interest revenue is recognised using the effective interest method, which for floating rate financial
    assets is the rate inherent in the instrument. Dividend revenue is recognised when the right to
    receive a dividend has been established.
Grant and donation income is recognised when the entity obtains control over the funds, which is
   generally at the time of receipt.
If conditions are attached to the grant that must be satisfied before the association is eligible to receive
     the contribution, recognition of the grant as revenue will be deferred until those conditions are
     satisfied.
All revenue is stated net of the amount of goods and services tax.

  Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of
   GST incurred is not recoverable from the Australian Taxation Office (ATO). Receivables and
   payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST
   recoverable from, or payable to, the ATO is included with other receivables or payables in the
   assets and liabilities statement.




   Association    Zero Emissions Noosa                                                               Page 6 of
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