2015-10-14 Audit & Risk Committee Meeting - Draft Annual Financial Statements

NOOSA SHIRE COUNCIL

Notes to the financial statements
For the year ended 30 June 2015
                                                                                                                      2014
                                                                                                   2015            (6 months)

                                                                                         Note        $                 $
    Summarised financial information in respect of the associate is set out below.




        Total assets                                                                             3,342,905,329     3,268,129,579
        Total liabilities                                                                       (1,755,520,456)   (1,755,920,879)
        Net assets                                                                               1,587,384,873     1,512,208,700

        Share of net assets of associate                                                           67,463,857        64,268,870

        Total revenue                                                                             624,672,829       550,492,752
        Total expenses                                                                           (460,434,453)     (431,764,972)
        Profit before income tax equivalent                                                       164,238,376       118,727,780
        Income tax equivalent expense                                                             (43,936,099)      (34,261,756)
        Profit for year                                                                           120,302,277        84,466,024

        Share of profit of associate                                                                5,112,835         1,942,760

    Investment in associate through participation rights                                           65,211,946        62,016,970
                                                                                                   65,211,946        62,016,970

        Details of movements in participation rights
        Equity investment in associate - Unity Water                                               62,016,970        60,997,643
        Recognition of equity share of profit (loss) in the result for the period                   5,112,835         1,942,760
        Less distributions paid/payable to Council                                                 (1,917,859)         (904,015)
        Accounting adjustment on de-amalgamation                                                         -              (19,418)
        Fair value at end of financial year                                                        65,211,946        62,016,970

        Retained Earnings
        Balance of beginning of financial year                                                     77,426,926        41,234,855
        Net result for the period                                                                 120,302,277        84,466,024
        Less distribution paid                                                                    (45,126,105)      (48,273,953)
        Balance at the end of the financial year                                                  152,603,098        77,426,926


12 Investment properties
       Property held for rental income and capital growth                                           3,831,234               -

         Fair value at end of financial year                                                        3,831,234               -

    Movement in assets during the reporting period:
       Property held for rental income and capital growth
                                                                                                         -                  -
             Fair value of assets transferred from other asset category                             3,226,719               -
             Revaluation adjustment to income statement                                               604,515               -
             Fair value at end of financial year                                                    3,831,234               -


             All investment property was valued at fair value by AEC Group Limited, an
             independent professionally qualified valuation firm, as at 30 June 2015.
             Operating expenses in respect of investment property are shown in note 7.




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