Royal Botanic Gardens Victoria Annual Report 2018-19

4. KEY ASSETS AVAILABLE TO SUPPORT SERVICE DELIVERY
4.1.1 Depreciation
Buildings 561,059
Infrastructure 1,353,123
Plant, equipment and vehicles 526,139
Total depreciation 2,440,321
2019
$
2018
$
567,122
1,343,878
463,883
2,374,883
All infrastructure assets, buildings and plant and equipment that have finite useful lives, are depreciated. The exceptions to this rule
include items under operating leases, assets held for sale and land.
Depreciation is generally calculated on a straight line basis, at rates that allocate the asset’s value, less any estimated residual value,
over its estimated useful life. Typical estimated useful lives for the different asset classes for current and prior years are as follows:
Asset
Useful Life
years
Buildings 4 to 100
Infrastructure 5 to 100
Plant, equipment and vehicles 4 to 10
The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period, and
adjustments made where appropriate.
Land and core cultural assets, which are considered to have an indefinite life, are not depreciated. Depreciation is not recognised in
respect of these assets because their service potential has not, in any material sense, been consumed during the reporting period.
4.1.2 Reconciliation of movements in carrying amount of property, plant and equipment
2019 Land Buildings Infrastructure Plant,
equipment
and vehicles
Cultural
assets
Assets under
construction
$ $ $ $ $ $
Opening balance 310,676,607 32,296,026 62,303,839 3,002,005 251,440,848 150,914
Additions - 547,916 373,228 1,116,444 83,391 133,549
Disposals - - (1,882) (129,890) - -
Revaluations - - - - - -
Transfers (a) - 66,638 11,320 - - (77,958)
Depreciation - (561,059) (1,353,123) (526,139) - -
Closing balance 310,676,607 32,349,521 61,333,382 3,462,420 251,524,239 206,505
Total
$
659,870,239
2,254,528
(131,772)
-
-
(2,440,321)
659,552,674
Note (a): Transfers balances represent amounts transferred between asset classes and out to disposal group held-for-sale.
2018 Land Buildings Infrastructure Plant,
equipment
and vehicles
Cultural
assets
Assets under
construction
$ $ $ $ $ $
Opening balance 254,400,000 32,742,517 62,908,162 2,603,553 251,424,572 430,774
Additions - 120,631 368,079 906,073 16,276 109,116
Disposals - - - (41,482) - -
Revaluations 56,276,607 - - - - -
Transfers (a) - - 371,476 (2,256) - (388,976)
Depreciation - (567,122) (1,343,878) (463,883) - -
Closing balance 310,676,607 32,296,026 62,303,839 3,002,005 251,440,848 150,914
Total
$
604,509,578
1,520,175
(41,482)
56,276,607
(19,756)
(2,374,883)
659,870,239
Note (a): Transfers balances represent amounts transferred between asset classes and out to disposal group held-for-sale.
ROYAL BOTANIC GARDENS BOARD VICTORIA — ANNUAL REPORT 2018–19 93
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