Royal Botanic Gardens Victoria Annual Report 2018-19

4. KEY ASSETS AVAILABLE TO SUPPORT SERVICE DELIVERY
4. KEY ASSETS AVAILABLE TO SUPPORT SERVICE DELIVERY
Introduction
The Board controls infrastructure and other
investments that are utilised in fulfilling its objectives
and conducting its activities. They represent the
resources that have been entrusted to the Board to
be utilised for delivery of those services.
Structure
4.1 Total property, plant and equipment……………………..
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Where the assets included in this section are carried
at fair value, additional information is disclosed in
Note 7.2 in connection with how those fair values
were determined.
4.1 Total property, plant and equipment
Land at fair value 310,676,607
310,676,607
Buildings at fair value 34,077,897
Less accumulated depreciation (1,728,376)
32,349,521
Infrastructure at fair value 65,178,258
Less accumulated depreciation (3,844,876)
61,333,382
Plant, equipment and vehicles at fair value 7,955,297
Less accumulated depreciation (4,492,877)
3,462,420
Cultural assets at fair value 251,524,239
251,524,239
Assets under construction at fair value 206,505
206,505
Total property, plant and equipment 659,552,674
2019
$
2018
$
310,676,607
310,676,607
33,463,343
(1,167,317)
32,296,026
64,795,706
(2,491,867)
62,303,839
7,517,958
(4,515,953)
3,002,005
251,440,848
251,440,848
150,914
150,914
659,870,239
Initial recognition: Items of property, plant and equipment are measured initially at cost and subsequently revalued at fair value less
accumulated depreciation and impairment. Where an asset is acquired for no or nominal cost, the cost is its fair value at the date of
acquisition.
The initial cost for non-financial physical assets under a finance lease is measured at amounts equal to the fair value of the leased asset
or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease.
Subsequent measurement: Property, plant and equipment are subsequently measured at fair value less accumulated depreciation and
impairment. Fair value is determined with regard to the asset’s highest and best use (considering legal or physical restrictions imposed
on the asset, public announcements or commitments made in relation to the intended use of the asset). For details of fair value
measurement of non-financial physical assets by asset category, refer to Note 7.2.2.
Restricted assets: The Board holds $16.1 million worth of buildings and infrastructure assets (2018 - $16.4 million) listed as heritage
assets on the Victorian Heritage Register under the Heritage Act 1995. These heritage assets cannot be modified or disposed of without
approval from Heritage Victoria.
Impairment of Property, Plant and Equipment: The recoverable amount of primarily non-cash-generating assets of not-for-profit
entities, which are typically specialised in nature and held for continuing use of their service capacity, is expected to be materially the
same as fair value determined under AASB 13 Fair Value Measurement , with the consequence that AASB 136 does not apply to such
assets that are regularly revalued.
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Royal Botanic Gardens Board Victoria 2087-19 Financial Report Page 15