Annual Report - QPAC

QUEENSLAND PERFORMING ARTS TRUST
Note 15
Property, Plant and Equipment
2009 2008
$’000 $’000
Buildings
– at management valuation (2006: independent valuation) 305 305
less accumulated depreciation (42) (28)
Land
263 277
– at management valuation (2006: independent valuation) 1,497 1,497
Leasehold Improvements
1,497 1,497
– at cost 964 766
less accumulated depreciation (329) (290)
Plant and Equipment
635 476
– at cost 9,674 9,224
less accumulated depreciation (7,332) (6,951)
Heritage and cultural assets (Concert Hall Grand Organ)
2,342 2,273
– at independent valuation (2006: independent valuation) 3,360 3,360
less accumulated depreciation (239) (159)
Motor Vehicles
3,121 3,201
– at cost 46 46
less accumulated depreciation (46) (46)
Work in progress
– –
– at cost 163 138
less accumulated depreciation – –
163 138
Total Property, Plant and Equipment – net book value 8,021 7,862
Independent valuations of land, buildings, infrastructure, heritage and cultural assets were performed as at
30 June 2006 by an independent valuer API qualified in Queensland on behalf of Rushton AssetVal Pty Ltd using
‘fair value’ principles.
The valuation of land and buildings is based on current market values.
For heritage and cultural assets, the basis of valuation is depreciated current replacement cost.
Plant and equipment and motor vehicles are valued at cost.
Details of the Trust’s accounting policies in relation to non-current assets are provided in notes 2c to 2f.
Notes to the Financial Report for the year ended 30 June 2009
57