Annual Report 2023-24

      Noosa Council                                                                                                    Noosa Council




                                                                                                                                                                                                                                                               Financial Performance
      Notes to the Financial Statements                                                                                Notes to the Financial Statements
      for the year ended 30 June 2024                                                                                  for the year ended 30 June 2024

      Note 13. Equity Investments (continued)                                                                          Note 14. Investment Property
                                                                                                                       §Note/Subtotal§
                                                                                                                       §Subnote§




      (b) Details                                                                                                      Investment property is property held for the primary purpose of earning rentals and/or capital appreciation. This includes land
      §Note/Subtotal§
      §Total§




                                                                                                                       held by Council for a currently undetermined future use. Investment property does not include community housing or other
                                  Principal activity              Place of business                                    property held to provide a social service.

      Unitywater                  Water and Wastewater Services   Moreton Bay, Sunshine Coast and Noosa Regions        Investment property is initially recognised at cost (including transaction costs) and subsequently at fair value. Where investment
                                                                                                                       property is acquired for significantly below fair value it is recorded at fair value on initial recognition. The methodology used for
                                                                                                                       determining subsequent fair value is outlined in Note 15. Investment properties are valued annually by an independent
                                                                                                                       valuer with appropriate experience in the location and category of investment property being valued.
      (c) Relevant Interests
      §Total§




                                                                                                                       Gains or losses arising from changes in the fair value of investment property are recognised as incomes or expenses
                                                                                         Participation Portion         respectively for the period in which they arise. Investment property is not depreciated and is not tested for impairment.
                                                                                             2024         2023
                                                                                                                       Owned Investment Property
      Unitywater                                                                            4.25%          4.25%
                                                                                                                       $ '000                                                                                                    2024                2023

                                                                                                                       Fair value at beginning of financial year                                                                4,000               3,300
      (d) Summarised Financial Information for Associates
      §Total§




                                                                                                                       Revaluation (Decrement)/Increment                                                                        (250)                 700
                                                                                                                       Total Investment Property                                                                                3,750               4,000
                                                                                          Unitywater
      $ '000                                                                             2024               2023
                                                                                                                       Operating expenses in respect of investment property are reported in Note 7 and 18.
      Current Assets                                                                    9,472              7,724
      Non-Current Assets                                                              200,065            182,426
      Total Assets                                                                    209,537            190,150
224                                                                                                                                                                                                                                                            225
      Current Liabilities                                                              11,031              8,791
      Non-Current Liabilities                                                          91,138             78,711
      Total Liabilities                                                               102,169             87,502

      Net Assets                                                                      107,368            102,648

      Reconciliation of the carrying amount
      Opening Net Assets (1 July)                                                      99,580             96,515
      Profit/(Loss) for the period                                                       7,046              5,845
      Dividends Payable                                                                (2,326)            (2,780)
      Other Adjustments to Profit/(Loss) for the period                                  (556)                  –
      Closing Participation Rights                                                    103,744             99,580

      Council's share in %                                                             4.25%              4.25%
      Council's share in $                                                            107,368            102,648

      Summarised Statement of Comprehensive Income
      Income                                                                            37,716             32,292
      Income Tax Expense                                                               (2,968)            (2,206)
      Other Expenses                                                                  (28,258)           (24,240)
      Profit/(Loss) for the period                                                       6,490              5,846




                                                                                                                                                                                                                                                               Noosa Council Annual Report 23/24
      Total Comprehensive Income                                                        6,490              5,846


      Dividends received by Council                                                     2,326              2,780




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