Annual Report 2021-22

Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2022

Note 18. Leases (continued)

Terms and Conditions of Leases

Land
Council leases a parcel of land which is currently being utilised as a commercial slipway. The term of the lease was for 20
years and will expire in 2025, there are no extension provisions contained in the lease. Rent is calculated based on a 3
years average rental value at 6% and is payable for the term of the lease.

IT and Office Equipment
Council leases a number of items of equipment, many of these assets are considered low value and are therefore not
subject to lease accounting. The more significant items have lease terms of 3 or more years with fixed payments for the
term of the lease.
§Subnote§




                                                                                            IT and Office
$ '000                                                   Buildings               Land         Equipment                  Total

Right of Use Assets (ROU)

2022
Opening Balance at 1 July                                         –                 81                   8                  89
Depreciation Charge                                               –               (21)                 (4)                (25)
Balance at 30 June                                                –                 60                   4                  64

2021
Opening Balance at 1 July                                        40               102                  19                 161
Adjustments for re-measurement of Lease                        (23)                  –                  –                 (23)
Depreciation Charge                                            (17)               (21)               (11)                 (49)
Balance at 30 June                                                –                 81                  8                   89


§Subnote§




$ '000                                                                                              2022                 2021

Lease Liabilities
Classified as:
Current Lease Liability                                                                                26                  25
Non-Current Lease Liability                                                                            40                  66
Total Lease Liabilities                                                                                66                  91


§Subnote§




The following table shows the maturity analysis of the Lease Liability based on contracted cashflows and therefore the
amounts will not be the same as the recognised Lease Liability in the Statement of Financial Position.

                                                                                                                   Total per
                                                                                                               Statement of
                                                                                                                  Financial
$ '000                                  < 1 year       1 – 5 years          > 5 years               Total          Position

2022
Land                                          22                 39                  –                 61                  59
IT & Office Equipment                          4                  1                  –                  5                   5
                                             26                 40                   –                66                   64




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