Annual Report 2021-22

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

Note 18. Leases (continued)
§Subnote§




Operating Leases
Where Council retains the risks and rewards relating to a lease, they are classified as operating leases and relate to the
investment property in the statement of financial position.

Rent from investment and other property is recognised as income on a periodic straight line basis over the lease term.

The minimum lease receipts are as follows:

Not later than one year                                                                                    331                 237
Between one and five years                                                                                 941                 521
Later than five years                                                                                      527                   –
Total Lease Receipts                                                                                     1,799                 758

Rental income from investment property recognised in the operating result is $283,449 (2021: $257,088).

Direct operating expenses primarily for repairs and maintenance on property that did not generate rental income for the period
were $7,249 (2021: $5,245). Direct operating expenses primarily for repairs and maintenance on property that did generate
rental income for the period were $50,741 (2021: $36,713).

There are no restrictions on the realisability of investment property or remittance of income and proceeds of disposal. The
Council does not have any contractual obligations to purchase, construct or develop investment property or for repairs,
maintenance or enhancements.



Note 19. Payables
§Note§




§Subnote§




$ '000                                                                                                    2022                2021

Trade Creditors
Trade creditors are recognised upon receipt of the goods or services ordered and are measured at the agreed
purchase/contract price net of applicable discounts other than contingent discounts. Amounts owing are unsecured and are
generally settled on 30 day terms.

Employee Related Accruals
Employee related accruals comprise annual leave, long service leave and accrued salaries and wages in respect of services
provided by the employees up to the reporting date. Liabilities for employee benefits are assessed at each reporting date.
Where it is expected that the leave will be paid in the next twelve months the liability is treated as a current liability. Otherwise
the liability is treated as non-current.

Current
Employee Entitlements                                                                                       62                  71
GST Payable                                                                                                157                 335
Trade Creditors                                                                                          3,662               1,728
Accruals                                                                                                11,519               4,806
Employee Related Accruals                                                                                  582                 404
Total Current Payables                                                                                15,982                7,344




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