Annual Report 2007-08 - Plumbing Industry Commission

NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2008
(a) Movement in the allowance for doubtful debts
2008 2007
$ $
Balance at beginning of the year (10,000) (10,000)
Amounts written off during the year – –
Amounts recovered during the year – –
Increase/(decrease) in allowance recognised in operating statement – –
Balance at the end of the year (10,000) (10,000)
(b) Ageing analysis of receivables
Refer note 16 for the ageing of receivables.
(c) Nature and extent of risk arising from receivables
Refer note 16 for the nature and extent of risks arising from receivables.
5 Inventories
2008 2007
$ $
Publications at cost 28,253 46,997
28,253 46,997
6 Property, plant and equipment
Classification by public administration purpose group – carrying amounts
2008 2007
$ $
Sub-classification by nature
Freehold land at fair value 4,837,000 3,850,000
Net carrying value of freehold land 4,837,000 3,850,000
Buildings at fair value
Fair value – independent valuation 30 June 2006 970,000 970,000
At cost 122,819 38,957
Less: Accumulated depreciation (89,554) (63,207)
Net carrying value of buildings at fair value 1,003,265 945,750
Plant, equipment and vehicles
Cost 1,440,144 2,248,793
Less: Accumulated depreciation (511,108) (1,236,812)
Net carrying value of plant, equipment and vehicles 929,036 1,011,981
Net carrying value of property, plant and equipment 6,769,301 5,807,731
PLUMBING INDUSTRY COMMISSION 2007–08 Financial REPORT
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