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Annual Report 2012AUSTRALIAN PROPERTY INSTITUTE (INC.)(VICTORIAN DIVISION)ABN 49 007 505 866NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 20122012 2011$ $9. PROPERTY, PLANT AND EQUIPMENTLand and building at valuation 2,450,000 2,500,0002,450,000 2,500,000Furniture and equipment – at cost 277,638 194,921Less: Accumulated depreciation (168,603) (154,059)109,035 40,862Total property, plant and equipment 2,559,035 2,540,862(a)Movements in carrying amountsMovements in the carrying amounts for each class of property, plant and equipment between thebeginning and the end of the current financial year.Land andbuilding(valuation)Furnitureandequipment$ $ $Balance at the beginning of the year 2,500,000 40,862 2,540,862Additions - 82,716 82,716Revaluation (50,000) - (50,000)Depreciation expense - (14,543) (14,543)Carrying amount at the end of the year 2,450,000 109,035 2,559,035Total(b)The land and building, being located at 10 Beach Street, Port Melbourne, was inspected by TrentWeir AAPI of CBRE Valuations Pty Limited on 15 January 2013. The valuation of the property as at31 December 2012 has been determined on a ‘market value’ basis. This is equivalent to fair valueand in accordance with AASB 116.2012 2011$ $10. INTANGIBLE ASSETSCoresoft - -Software development costs – Property Pro,Website, AMPL, FPP/RMM online- -- -11. TRADE AND OTHER PAYABLESTrade payables 26,726 35,279GST payable 7,873 15,521Other payables and accrued expenses 58,187 40,388Income received in advance 223,248 261,616316,034 352,80412. PROVISIONSCurrent:Provision for annual leave 10,878 13,03610,878 13,036Non-current:Provision long service leave 8,406 11,1548,406 11,15419,284 24,1901323API