Annual Report 2023-24

      Noosa Council                                                                                                                       Noosa Council




                                                                                                                                                                                                                                                                                           Financial Performance
      Statement of Cash Flows                                                                                                             Notes to the Financial Statements
      for the year ended 30 June 2024                                                                                                     for the year ended 30 June 2024

                                                                                                                                          Note 1. Information about these Financial Statements
      §Statement§




      $ '000                                                                                  Notes                2024         2023
                                                                                                                                          §Note/Subtotal§
                                                                                                                                          §Subnote§




      Cash Flows from Operating Activities                                                                                                (a) Basis of Preparation
      Receipts from Customers                                                                                   123,206      121,895
      Payments to Suppliers and Employees                                                                                                 The Noosa Shire Council is constituted under the Queensland Local Government Act 2009 and is domiciled in Australia.
                                                                                                              (116,690)    (114,769)
                                                                                                                  6,516        7,126      These general purpose financial statements are for the period 1 July 2023 to 30 June 2024. They are prepared in accordance
                                                                                                                                          with the Local Government Act 2009 and the Local Government Regulation 2012.
      Receipts
      Rental income                                                                                                1,665       1,749      Council is a not-for-profit entity for financial reporting purposes and the financial statements comply with Australian Accounting
      Income Tax Equivalent Received                                                                               1,400       1,192      Standards and Interpretations issued by the Australian Accounting Standards Board (AASB).
      Dividend from Equity Investment                                                                              2,326       2,780
      Interest and Investment Revenue Received                                                                     8,034       5,006      These financial statements have been prepared under the historical cost convention except for the revaluation of certain
      Non Capital Grants and Contributions                                                                         4,070       6,732      classes of property, plant and equipment and investment property.
      Payments
      Borrowing Costs                                                                                              (187)        (168)     (b) New and revised Accounting Standards adopted during the year
      Net Cash Inflows/(Outflows) from Operating Activities                                     27              23,824       24,417
                                                                                                                                          Noosa Council adopted all standards which became mandatorily effective for annual reporting periods beginning on 1 July
      Cash flows from Investing Activities                                                                                                2023, none of the standards had an impact on the reported position, performance and cash flows.
      Receipts
      Proceeds from sale of Property, Plant and Equipment                                                           140          135      The adoption of the revisions to AASB 101 Presentation of Financial Statements resulted in disclosure of material accounting
      Grants, Subsidies, Contributions and Donations                                                             35,447       39,726      policy information only rather than significant accounting policies. This means that accounting policy information is disclosed
                                                                                                                                          only if it relates to material transactions, other events or conditions and:
      Payments
      Payments for Intangible Assets                                                                                   –        (264)                       a. Council has changed accounting policy during the reporting period and this change resulted in a material change to the
      Net movement in Loans and Advances                                                                             125          125                          information in the financial statements.
      Payments for Property, Plant and Equipment                                                                (69,757)     (44,481)                       b. Council chose (or was mandated to use) the accounting policy from one or more options permitted by Australian
      Transfers from/(to) Investments                                                                             10,000     (40,000)                          Accounting Standards.
      Net Cash Inflows/(Outflows) from Investing Activities                                                   (24,045)     (44,759)                         c. The accounting policy was developed in accordance with AASB 108 Accounting Policies, Changes in Accounting
208                                                                                                                                                            Estimates and Errors in the absence of an Australian Accounting Standard that specifically applies.                         209
      Cash flows from Financing Activities                                                                                                                  d. The accounting policy relate to an area for which a Council is required to make significant judgements or assumptions in
      Receipts                                                                                                                                                 applying an accounting policy, and the Council discloses those judgements or assumptions in the financial statements.
      Proceeds from Borrowings                                                                                     1,549            –                       e. The accounting required for them is complex and users of the entity’s financial statements would otherwise not understand
      Payments                                                                                                                                                 those material transactions, other events or conditions.
      Repayment of Borrowings                                                                                    (1,709)      (1,652)
      Net Cash Inflows/(Outflows) from Financing Activities                                                       (160)     (1,652)       (c) Standards issued by the AASB not yet effective
                                                                                                                                          The AASB has issued Australian Accounting Standards and Interpretations which are not effective at 30 June 2024, these
      Net Increase/(Decrease) in Cash and Cash Equivalents held                                                   (381)    (21,994)       standards have not been adopted by Council and will be included in the financial statements on their effective date. Where
                                                                                                                                          the standard is expected to have a significant impact for Council then further information has been provided in this note.
      Cash and Cash Equivalents at the beginning of the Financial Year                                           76,507       98,501      Council has assessed all the standards / interpretations which are not yet effective and have determined that there is no
      Cash and Cash Equivalents at the end of the Financial Year                                10              76,126       76,507       expected material impact on the reported financial position or performance.
      plus: Investments on hand – end of year                                                   10               30,000       40,000
      Total Cash, Cash Equivalents and Investments                                                            106,126      116,507
      The above statement should be read in conjunction with the accompanying notes and material accounting policies.




                                                                                                                                                                                                                                                                                           Noosa Council Annual Report 23/24
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