Annual Report 2018-19

                                                                                              Financial Statements 2019



Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2019

Note 24. Equity Investments


Accounting Recognition:
As at 1 July 2010 a water distribution and retail business called Unitywater was established in accordance with the
South-East Queensland Water (Distribution and Retail Restructuring) Act 2009 to deliver water and waste water
services to customers within the local government areas of Moreton Bay Regional Council, Sunshine Coast
Regional Council and Noosa Shire Council.
Under the Act, governance arrangements for Unitywater were established in a Participation Agreement which
commenced from 1 July 2010. The agreement provides for participation rights to be held by the participating
Councils. The participating Councils are Noosa Shire Council, Moreton Bay Regional Council and the Sunshine
Coast Regional Council. The Participation Rights effectively represent an investment in an associate by Noosa
Shire Council.
Investment in Associates are accounted for using the Equity Accounting Method - and are disclosed as a one
line entry in both the Income Statement and Statement of Financial Position.

                                                    Council's Share of Net Income          Council's Share of Net Assets
                                                               2019                2018             2019              2018
                                                               $'000               $'000            $'000                 $'000
   Investment in Associate                                   6,452              5,075              86,569           81,559
   Total                                                     6,452              5,075              86,569           81,559



Associates
Council has incorporated the following Associate into its Financial Statements.

(a) Net Carrying Amounts - Council's Share
                                              Nature of            Measurement                      2019              2018
Name of Entity                                Relationship         Method                         $'000               $'000
Unitywater                                    Associate            Equity                       83,342              78,377
Total Carrying Amounts                                                                          83,342              78,377

(b) Details

Name of Entity                                Principal Activity                            Place of Business

                                                                                           Moreton Bay, Sunshine
Unitywater                                    Water and Wastewater Services
                                                                                           Coast & Noosa Regions



(c) Relevant Interests and Fair Values                Quoted                 Interest in     Interest in     Participation
                                                    Fair Value                Outputs        Ownership          Portion
Name of Entity                                    2019           2018       2019    2018    2019    2018     2019    2018
Unitywater                                                                                                  4.25% 4.25%




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