2016 RASV Annual Report

NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
7. PROPERTY, PLANT AND EQUIPMENT
2016 2015
$ $
Buildings and Structures
At cost 6,000,858 5,821,361
Accumulated depreciation (1,299,373) (934,576)
4,701,485 4,886,785
Motor Vehicles
At cost 85,119 85,119
Accumulated depreciation (71,053) (64,235)
14,066 20,884
Plant and Equipment
At cost 6,649,945 6,165,890
Accumulated depreciation (4,763,943) (4,069,327)
1,886,002 2,096,563
6,601,553 7,004,232
Reconciliation of Movements in 2016
Opening Balance Additions Depreciation Disposals Closing Balance
$ $ $ $ $
Buildings and Structures 4,886,785 179,497 (364,797) - 4,701,485
Motor Vehicles 20,884 - (6,818) - 14,066
Plant and Equipment 2,096,563 695,805 (906,366) - 1,886,002
7,004,232 875,302 (1,277,981) - 6,601,553
Reconciliation of Movements in 2015
Opening Balance Additions Depreciation Disposals Closing Balance
$ $ $ $ $
Buildings and Structures 4,784,515 424,917 (322,647) - 4,886,785
Motor Vehicles 27,556 5,103 (11,775) - 20,884
Plant and Equipment 2,245,309 611,321 (760,067) - 2,096,563
7,057,380 1,041,341 (1,094,489) - 7,004,232
Property, plant and equipment is recorded at cost less accumulated depreciation and any accumulated impairment losses. Directly
attributable costs arising from the acquisition or construction of fixed assets are also capitalised as part of the cost.
Costs incurred on property, plant and equipment subsequent to initial acquisition are capitalised when it is probable that future
economic benefits in excess of the originally assessed performance of the asset will flow to the Company in future years. Where these
costs represent separate components they are accounted for as separate assets and are separately depreciated over their useful lives.
56 The Royal Agricultural Society of Victoria Limited