Annual Report 2001-2002 - Western Australian Museum - The ...

Accounts and Financial Statements
85
2002 2001
$000 $000
Scientific equipment 1,384 1,373
Accumulated depreciation (962) (861)
422 512
Transport 74 74
Accumulated depreciation (73) (73)
1 1
Motor vehicle 37 9
Accumulated depreciation (28) 0
9 9
Works of art 26 24
Accumulated depreciation 0 0
26 24
Leasehold improvements 2,000 29
Accumulated amortisation (9) (0)
1,991 29
52,854 44,006
The revaluation of freehold land, land improvements and buildings was performed in July 2001 in accordance with an
independent valuation by the Valuer General’s Office (VGO). The valuation has been determined on the basis of current
market buying values.
Discussions were held in 2001/02 on the valuation of the Museum’s collections. It was noted that any methodology
would be complex and expensive to implement. Currently accounting standards do not require the valuing of the collection.
In 2002/03 the Museum is planning to develop a methodology for collection valuation to value the collection over a five
year period.
Reconciliations
Land Buildings Computer Furniture & Scientific Works Other
Plant & Fittings Equip. of Art
Equip. Total
$000 $000 $000 $000 $000 $000 $000 $000
2002
Carrying
amount at
start of year 11,460 30,362 1,221 388 512 24 39 44,006
Additions 620 6,641 959 18 11 2 1,972 10,223
Disposals
Revaluation
Increments/
(decrements) (1,989) 1,756 0 0 0 0 0 (233)
Depreciation 0 (713) (274) (44) (101) 0 (10) (1,142)
Write-off of
assets
destroyed
by earthquake
Carrying amount
at end of year 10,091 38,046 1,906 362 422 26 2,000 52,854
WESTERN AUSTRALIAN MUSEUM ANNUAL REPORT 2001–2002