Financial Statements to 31 July 2008 - Perth College - UHI ...

Perth College
Notes to the Accounts
13 Tangible Fixed Assets (College only)
Cost or Valuation
Freehold
Land and
Buildings
£000
Equipment
£000
Total
£000
At 1 August 2007 26,620 4,280 30,900
Additions 55 163 218
Disposals - -
At 31 July 2008 26,675 4,443 31,118
Depreciation
At 1 August 2007 6,036 3,576 9,612
Charge for year 604 284 888
Eliminated in respect of disposals - -
At 31 July 2008 6,640 3,860 10,500
Net book value
At 31 July 2008 20,035 583 20,618
Net book value
At 1 August 2007 20,584 704 21,288
Inherited 9,128 - 9,128
Financed by capital grant 7,991 378 8,369
Other 2,916 205 3,121
Net book value
At 31 July 2008 20,035 583 20,618
The transitional rules set out in FRS 15 Tangible Fixed Assets have been applied on implementing FRS 15.
Accordingly, the book values at implementation have been retained.
Land and buildings were valued in 1995 at depreciated replacement cost by a firm of independent chartered
surveyors. Other tangible fixed assets inherited from the Local authority at incorporation have not been valued.
Inherited Land and buildings with a net book value of £10m have been financed by exchequer funds. Should these
assets be sold, the College may be liable, under the terms of the Financial Memorandum with
the Scottish Funding Council to surrender the proceeds.
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