Challenger TAFE | Annual Report 2006 - Parliament of Western ...

102 Challenger TAFE | Annual Report 2006
Challenger TAFE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2006
26 Property, plant, equipment and vehicles
2006 2005
$ $
Freehold Land
At fair value (a) 56,691,000 33,242,500
56,691,000 33,242,500
Buildings
At fair value (a) 76,696,300 65,123,954
Accumulated depreciation (159,784) (1,628,099)
76,536,516 63,495,855
Buildings under construction
Construction costs 118,307 -
118,307 -
Leasehold improvements
At cost 9,040,086 8,728,997
Accumulated depreciation (1,172,618) (461,051)
7,867,468 8,267,946
Motor vehicles, caravans and trailers
At fair value 1,174,879 1,272,408
Accumulated depreciation (284,116) (309,926)
890,763 962,482
Plant, furniture and general equipment
At fair value 6,810,795 6,287,959
Accumulated depreciation (2,362,958) (1,707,772)
4,447,837 4,580,188
Computer equipment, communication network
At fair value 5,275,084 4,922,733
Accumulated depreciation (3,385,604) (2,461,299)
1,889,480 2,461,435
Marine craft
At fair value 946,156 718,997
Accumulated depreciation (573,484) (351,240)
372,672 367,756
Works of art
At cost 4,800 4,800
4,800 4,800
148,818,843 113,382,961
(a) Freehold land and buildings were revalued as at 1 July 2006 by the Department of Land
Information (Valuation Services). The valuations were performed during the year ended
30 June 2006 and recognised at 1 December 2006. The fair value of all land and buildings
was determined by reference to market values.