Statement of Accounts 2011/2012 - Blackburn with Darwen Borough ...

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12 Property, Plant and Equipment - comparative movements in 2010/11 NOTES TO THE FINANCIAL STATEMENTS Land & buildings Vehicles, plant, furniture & equipment Infrastructure Assets Community Assets Assets under construction Total Property, Plant & Equipment PFI Assets included in Property, Plant & Equipment £000 £000 £000 £000 £000 £000 £000 Cost or Valuation At 1 April 2010 335,277 25,080 87,776 6,826 27,815 482,774 0 Additions 6,335 258 5,531 620 26,798 39,542 0 Revaluation increases / (decreases) recognised in the Revaluation Reserve ( 4,029 ) 0 0 0 0 ( 4,029 ) 0 Revaluation increases / (decreases) recognised in the Surplus/Deficit on the Provision of Services Derecognition - Disposals ( 56,816 ) 0 0 0 0 ( 56,816 ) 0 ( 574 ) 0 0 0 0 ( 574 ) 0 Derecognition - Other 0 0 0 0 0 0 0 Assets reclassified 21,891 0 ( 5,634 ) 7 ( 17,340 ) ( 1,076 ) 0 Other movements in cost or valuation 0 0 0 0 0 0 0 At 31 March 2011 302,084 25,338 87,673 7,453 37,273 459,821 0 Accumulated Depreciation and Impairment At 1 April 2010 ( 24,687 ) ( 21,205 ) ( 11,108 ) 0 0 ( 57,000 ) 0 Depreciation charge ( 9,167 ) ( 1,178 ) ( 2,272 ) 0 0 ( 12,617 ) 0 Depreciation written out to the Revaluation Reserve 12,787 0 0 0 0 12,787 0 Depreciation written out to the Surplus/Deficit on the Provision of Services Impairment losses/ (reversals) recognised in the Revaluation Reserve Impairment losses/ (reversals) recognised in the Surplus/Deficit on the Provision of Services Derecognition - Disposals 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24 0 0 0 0 24 0 Derecognition - Other 0 0 0 0 0 0 0 Other movements in depreciation or impairment 0 0 0 0 0 0 0 At 31 March 2011 ( 21,043 ) ( 22,383 ) ( 13,380 ) 0 0 ( 56,806 ) 0 - - 42 - -
NOTES TO THE FINANCIAL STATEMENTS 12 Property, Plant and Equipment - revaluations The Council commissions a rolling programme of valuations, which ensures that all Property, Plant and Equipment required to be measured at fair value, is revalued at least every five years. The Council’s portfolio of land and buildings has been valued by Capita Symonds, property consultants to the Council, in accordance with the methodologies and bases for estimation set out in the professional standards of the Royal Institution of Chartered Surveyors. Valuations of vehicles, plant, furniture and equipment are based on current prices, where there is an active second hand market or latest list prices adjusted for the condition of the asset. Infrastructure assets, community assets, and assets under construction are measured at historic cost. Land & buildings Vehicles, plant, furniture & equipment Infrastructure Assets Community Assets Assets under construction Total Property, Plant & Equipment £000 £000 £000 £000 £000 £000 Carried at historical cost 27,818 27,046 92,013 7,479 48,676 203,032 Valued at fair value as at: 31 March 2012 130,228 130,228 31 March 2011 97,905 97,905 31 March 2010 18,378 18,378 31 March 2009 12,396 12,396 31 March 2008 28,512 28,512 Earlier years 5,306 5,306 Total cost or valuation 320,543 27,046 92,013 7,479 48,676 495,757 13 Heritage Assets Heritage assets are those non-current assets with "historical, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture". In particular such assets increase the knowledge, understanding and appreciation of the Council’s history and local area. The Council has identified several categories of heritage assets which are held principally for those purposes: Archive records are maintained by Lancashire County Council, under a Service Level Agreement, and are located in the County Records Office. These assets are not recognised in the Council’s Balance Sheet. Civic regalia and coins - insurance valuations are available for these items, however, the majority are valued at less than £25,000, therefore, only two items are recognised in the Council’s Balance Sheet as heritage assets. These items are measured at insurance valuation, which is based on market values, and are updated on an annual basis. Art collections, manuscripts and books are mainly held in the Council’s Museum and include items held in storage. Items with a value of £25,000 or over are recognised in the Balance Sheet at insurance valuation, which is based on market values, and are updated on an annual basis. Public / street art, monuments and statues – where available, these items are included in the Balance Sheet at historic cost. Where this information is not available, and cannot be obtained at a cost which is commensurate with the benefits to users of the financial statements, the assets are not recognised in the Council’s Balance Sheet. Heritage assets such as Darwen Jubilee Tower, the War Memorial and various statues have not been recognised in the Balance Sheet as recent information on cost is not available. Historic buildings which have been identified as having heritage characteristics are all used by the Council for operational purposes. Blackburn Town Hall, King Georges Hall, Blackburn Museum, Lewis Textile Museum, Corporation Park conservatory and Turton Tower, are used by the Council for operational purposes, and are accounted for within the Council’s Balance Sheet as property, plant and equipment. - - 43 - -
Page 1: Statement of Accounts 2011/2012
Page 4 and 5: INDEPENDENT AUDITORS’ REPORT TO T
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Page 10 and 11: FINANCIAL REPORT 2011/2012 1.0 Over
Page 12 and 13: FINANCIAL REPORT 2011/2012 it will
Page 14 and 15: FINANCIAL REPORT 2011/2012 Schools
Page 16 and 17: STATEMENT OF RESPONSIBILITIES 1.0 T
Page 18 and 19: COMPREHENSIVE INCOME AND EXPENDITUR
Page 20 and 21: CASH FLOW STATEMENT The Cash Flow S
Page 22 and 23: NOTES TO THE FINANCIAL STATEMENTS M
Page 24 and 25: NOTES TO THE FINANCIAL STATEMENTS F
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Page 30 and 31: Depreciation is calculated on the f
Page 32 and 33: NOTES TO THE FINANCIAL STATEMENTS C
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Page 38 and 39: NOTES TO THE FINANCIAL STATEMENTS A
Page 40 and 41: NOTES TO THE FINANCIAL STATEMENTS 7
Page 46 and 47: Reconciliation of the carrying valu
Page 52 and 53: NOTES TO THE FINANCIAL STATEMENTS C
Page 58 and 59: NOTES TO THE FINANCIAL STATEMENTS R
Page 68 and 69: 31 March 2011 NOTES TO THE FINANCIA
Page 70 and 71: - other departure costs (i.e. pay i
Page 72 and 73: Assets and liabilities in relation
Page 74 and 75: NOTES TO THE FINANCIAL STATEMENTS M
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Page 78 and 79: The provision made against estimate
Page 80 and 81: COLLECTION FUND INCOME AND EXPENDIT
Page 82 and 83: ANNUAL GOVERNANCE STATEMENT Forewor
Page 84 and 85: ANNUAL GOVERNANCE STATEMENT Equalit
Page 86 and 87: ANNUAL GOVERNANCE STATEMENT Officer
Page 88 and 89: ANNUAL GOVERNANCE STATEMENT A healt
Page 90 and 91: GLOSSARY OF TERMS Accounting polici
Page 92 and 93: GLOSSARY OF TERMS Financial liabili
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GLOSSARY OF TERMS Remuneration - Al
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Statement of Accounts 2011/2012 - Blackburn with Darwen Borough ...

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