FINANCIAL

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2006
(i)
Impairment losses are included in the line item impairment of non-current assets in the
income statement. The impairment losses recognised during the year (2004/05: nil)
relate to the write-down of buildings.
A property review was undertaken and valuations were sought from an independent
valuer for all land and buildings. During that review it was discovered that there were
minor impairments among several buildings totalling $0.2m. This impairment was
charged immediately to the income statement.
Note 12: Investment property
Consolidated Company
2006 2005 2006 2005
$’000 $’000 $’000 $’000
Gross carrying amount
Balance at beginning of financial year 5,991 - 5,991 -
Balance transferred in from merged business - 5,991 - 5,991
Balance at end of financial year 5,991 5,991 5,991 5,991
Accumulated depreciation/amortisation
and impairment
Balance at beginning of financial year (11) - (11) -
Depreciation expense (11) (11) (11) (11)
Balance at end of financial year (22) (11) (22) (11)
Net book value 5,969 5,980 5,969 5,980
The fair value of the consolidated entity’s investment properties at 30 June 2006 was
$6.0m (30 June 2005: $6.0m). This value has been arrived at on the basis of a valuation
carried out at that date by Charter Keck Cramer, independent valuers not related to the
consolidated entity. The valuations, which conform to Australian Valuation Standards,
were arrived at by reference to comparable sales data, adjusted for the unique attributes
for each individual property.
28 Vision Australia Financial Report 2005/2006