YMAC Annual Report 2022
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Notes to the Consolidated Financial Statements
as at 30 June 2022
2022 2021
NOTE 8 - NON FINANCIAL ASSETS $ $
Note 8A Land and Buildings
Freehold land
-At valuation 30 June 2022 1,910,000 2,205,000
Total freehold land 1,910,000 2,205,000
Buildings on freehold land
-At valuation 30 June 2022 1,073,484 395,000
-Accumulated Depreciation (5,774) (11,183)
Total buildings on freehold land 1,067,710 383,817
Leasehold improvements
-At fair value 389,198 367,913
-Accumulated Depreciation (355,826) (367,913)
Total leasehold improvements 33,372 -
Total land and buildings (non-current) 3,011,082 2,588,817
Note 8B Property, Plant and Equipment
Plant and equipment
-At cost 3,081,131 2,581,171
-Accumulated depreciation (2,163,643) (1,689,833)
-Write Downs - -
Total Plant and Equipment (non-current) 917,488 891,338
All revaluations are independent and are conducted in accordance with the revaluation policy stated at Note 1.13.
In FY2022, the revaluations of 171 Marine Terrace, Geraldton and 45 Forrest Street, Geraldton were conducted by
an independent valuer Tony Gorman (Acumentis (WA) Pty Ltd). A valuation of 8 Manganese St, Wedgefield was not
conducted as it was purchased within the last three years.
Movement in asset revaluation reserve
Opening Balance 94,437 94,437
Increment/(Decrement) for land (295,000) -
Increment/(Decrement) for buildings 330,100 -
Closing Balance 129,537 94,437
Yamatji Marlpa Aboriginal Corporation | Annual Report 2022 | 67