Education

10.3
Property,
plant and
equipment
(a) Carrying amount 2013
$’000
Land
2012
$’000
At fair value 379,831 371,990
Total land 379,831 371,990
Buildings
At fair value 1,252,736 1,216,133
Less: Accumulated depreciation – –
1,252,736 1,216,133
Works in progress (at cost) 3,949 14,863
Total buildings 1,256,685 1,230,996
Plant and equipment
At cost 34,474 34,012
Less: Accumulated depreciation (25,920) (24,498)
Total plant and equipment 8,554 9,514
Total property, plant and equipment 1,645,070 1,612,500
(b) Reconciliation of movements
Reconciliations of the carrying amounts of each class of property, plant and equipment, library book stock and heritage
at the beginning and end of the current and previous financial year are set out below. Carrying value means the net
amount after deducting accumulated depreciation and accumulated impairment losses.
2013
Land
$’000
Buildings
$’000
Work in
progress
$’000
Plant and
equipment
$’000
Total
$’000
Carrying value at 1 July 371,990 1,216,133 14,863 9,514 1,612,500
Additions 69 318 19,218 1,218 20,823
Disposals (1,883) (1,296) – (123) (3,302)
Revaluation increments 9,254 54,634 – – 63,888
Depreciation expense – (46,784) – (2,055) (48,839)
Capitalised works to assets 401 29,731 (30,132) – –
Carrying value as at 30 June 379,831 1,252,736 3,949 8,554 1,645,070
2012
Land
$’000
Buildings
$’000
Work in
progress
$’000
Plant and
equipment
$’000
Total
$’000
Carrying value at 1 July 368,624 924,773 228,810 9,301 1,531,508
Additions – – 62,597 2,274 64,871
Disposals (317) (233) – (71) (621)
Revaluation increments 3,683 59,860 – – 63,543
Depreciation expense – (44,811) – (1,990) (46,801)
Capitalised works to assets – 276,544 (276,544) – –
Carrying value as at 30 June 371,990 1,216,133 14,863 9,514 1,612,500
(c) Valuation of land and building assets at fair value
The department values its land and building asset classes at fair value. To determine fair value of these asset classes
at 30 June 2010, the department engaged an independent valuer during 2009–10. The valuation of the assets was
undertaken by Liquid Pacific Holdings Pty Ltd, effective 30 June 2010.
An inflation factor is applied each year in between the last formal valuation to determine fair value each year. For 2012–13,
this inflation factor was 2.5% for land and 1.29% for buildings.
Financial Statements » Notes
131