CQUniversity Annual Report - Central Queensland University

34
Note 25. Property, plant and equipment (continued)
Construction
in progress
Freehold land
Central Queensland University
and Controlled Entities
Notes to the Financial Statements
for the year ended 31 December 2012
Freehold
buildings
Plant and
equipment
Leasehold
improvements
Other work in
progress
Library &
collections
Infrastructure Total
Parent entity $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
At 1 January 2011
- Cost 7,994 - - 27,727 10,346 3,407 - - 49,474
- Valuation - 39,115 179,562 - - - 1,536 14,713 234,926
Accumulated depreciation - - (28,291) (21,891) (7,554) - - (6,711) (64,447)
Net book amount 7,994 39,115 151,271 5,836 2,792 3,407 1,536 8,002 219,953
Year ended 31 December 2011
Opening net book amount 7,994 39,115 151,271 5,836 2,792 3,407 1,536 8,002 219,953
Adjustment relating to prior period - - (402) 39 - - (8) 401 30
Revaluation surplus/(deficit) - 596 1,583 - - - 339 61 2,579
Additions 15,069 4,300 9,550 2,908 207 7,288 18 363 39,703
Disposals - - - (364) - - (7) - (371)
Depreciation charge
- - (4,624) (2,382) (1,653) - - (607) (9,266)
Capitalisation (19,317) - 19,101 2,240 6,093 (8,333) - 216 -
Closing net book amount 3,746 44,011 176,479 8,277 7,439 2,362 1,878 8,436 252,628
At 31 December 2011
- Cost 3,746 - - 31,122 16,645 2,362 - - 53,875
- Valuation ¹
- 44,011 209,553 - - - 1,878 15,951 271,393
Accumulated depreciation - - (33,074) (22,845) (9,206) - - (7,515) (72,640)
Net book amount 3,746 44,011 176,479 8,277 7,439 2,362 1,878 8,436 252,628
Year ended 31 December 2012
Opening net book amount 3,746 44,011 176,479 8,277 7,439 2,362 1,878 8,436 252,628
Adjustment relating to prior period - - - - - - - - -
Revaluation surplus/(deficit) - 401 1,719 - - - 1,090 71 3,281
Additions 11,520 - - 4,354 1,146 4,254 96 - 21,370
Disposals - - - (311) - (10) - (321)
Depreciation charge - - (5,693) (2,733) (1,392) - - (605) (10,423)
Capitalisation (12,067) - 11,376 1,316 4,389 (5,178) - 164 -
Closing net book amount 3,199 44,412 183,881 10,903 11,582 1,438 3,054 8,066 266,535
At 31 December 2012
- Cost
3,199 - - 34,671 22,127 1,438 - - 61,435
- Valuation ¹
- 44,412 223,013 - - - 3,054 16,278 286,757
Accumulated depreciation - - (39,132) (23,768) (10,545) - - (8,212) (81,657)
Net book amount 3,199 44,412 183,881 10,903 11,582 1,438 3,054 8,066 266,535
The fair value model is applied to all Buildings, Infrastructure, Land, Library Heritage collection and Artworks, all other property, plant and equipment is valued at cost.
(1) Buildings, Infrastructure and Land were last independently valued to Fair Value as at 31 December 2010 by G Pyman (FAPI, MRICS), Registered Valuer (No. 1856), with interim valuation using indexes as at 31 October
2012 and management assessment. Purchase of property at 5 Ibis Avenue, Rockhampton on 5 October 2011 at cost with comprehensive revalue as at 31 October 2011 by MD Sheehan (AAPI) Registered Valuer (No.
1011). Library Heritage Collection was last independently valued to Fair Value as at 30 September 2012 by J Harbeck, Australian Government Cultural Gifts Program Valuer. Artworks was last independently valued to
Fair Value as at 31 December 2011 by B MacAulay (AVAA - No. 336) with a desk top valuation as at 31 October 2012 and management assessment. Assets acquired in years between comprehensive revaluation by
external valuer are not revalued and are carried at cost. Thus fair value of these are based on management assessment.