TORRES STRAIT REGIONAL AUTHORITY
Notes to and forming part of the financial statements for the period ended 30 June 2015
Note 7: Non-Financial Assets
|
2015 $'000 |
2014 $'000 |
|
| Note 7A: Land and Buildings | ||
| Land | ||
| Fair value | 9,215 | 9,360 |
| Total land | 9,215 | 9,360 |
| Buildings on freehold land: | ||
| Work in progress | 2,978 | 442 |
| Fair value | 23,196 | 22,273 |
| Total buildings on freehold land | 26,174 | 22,715 |
| Leasehold Improvements: | ||
| Fair value | 135 | 161 |
| Total leasehold improvements | 135 | 161 |
| Total land and buildings | 35,524 | 32,236 |
No indicators of impairment were found for land and buildings.
No land or buildings were expected to be sold or disposed of within the next 12 months.
| Note 7B: Plant and Equipment | ||
| Heritage and cultural: | ||
| Artifacts and artworks | ||
| Fair value | 60 | 60 |
| Total heritage and cultural | 60 | 60 |
| Other plant and equipment: | ||
| Cost | 4,632 | 3,913 |
| Accumulated depreciation | (2,903) | (2,391) |
| Total other plant and equipment | 1,729 | 1,522 |
| Total plant and equipment | 1,789 | 1,582 |
No indicators of impairment were found for plant and equipment.
No plant or equipment is expected to be sold or disposed of within the next 12 months.
Revaluations of non-financial assets
All revaluations are conducted in accordance with the revaluation policy stated at Note 1. In 2014-15, an independent valuer, Neil Teves - AAPI Registered Valuer No. 382, conducted the revaluations as at 30 June 2015.
There was a revaluation decrement recorded for land of $145,000 (2014: Nil). There were no revaluation increments or decrements recorded for plant and equipment (2014: Nil). Revaluation increments were recorded for buildings on freehold land of $1,122,483 (2014: $184,185) and have been credited to the asset revaluation surplus by asset class and included in the equity section of the balance sheet and the other comprehensive income section of the statement of comprehensive income.
TORRES STRAIT REGIONAL AUTHORITY
Notes to and forming part of the financial statements for the period ended 30 June 2015
Note 7C: Reconciliation of the opening and closing balances of property, plant and equipment for 2015
| Land | Buildings | Total land & buildings | Heritage & cultural | Other plant & equipment | Total | |
| $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
| As at 1 July 2014 | ||||||
| Gross book value | 9,360 | 22,876 | 32,236 | 60 | 3,913 | 36,209 |
| Accumulated depreciation and impairment | - | - | - | - | (2,391) | (2,391) |
| Total as at 1 July 2014 | 9,360 | 22,876 | 32,236 | 60 | 1,522 | 33,818 |
| Additions: | ||||||
| By purchase | - | 3,120 | 3,120 | - | 793 | 3,913 |
| Revaluations and impairments recognised in other comprehensive income | (145) | 1,122 | 977 | - | - | 977 |
| Depreciation | - | (809) | (809) | - | (516) | (1,325) |
| Disposals | - | - | - | - | (70) | (70) |
| Total as at 30 June 2015 | 9,215 | 26,309 | 35,524 | 60 | 1,729 | 37,313 |
| Total as at 30 June 2015 represented by | ||||||
| Gross book value | 9,215 | 26,309 | 35,524 | 60 | 4,632 | 40,216 |
| Accumulated depreciation and impairment | - | - | - | - | (2,903) | (2,903) |
| Total as at 30 June 2015 | 9,215 | 26,309 | 35,524 | 60 | 1,729 | 37,313 |
Note 7C (Cont'd): Reconciliation of the opening and closing balances of property, plant and equipment for 2014
| Land | Buildings | Total land & buildings | Heritage 1 & cultural | Other plant & equipment | Total | |
| $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
| As at 1 July 2013 | ||||||
| Gross book value | 9,360 | 22,816 | 32,176 | 60 | 3,517 | 35,753 |
| Accumulated depreciation and impairment | - | - | - | - | (1,937) | (1,937) |
| Total as at 1 July 2013 | 9,360 | 22,816 | 32,176 | 60 | 1,580 | 33,816 |
| Additions: | ||||||
| By purchase | - | 619 | 619 | - | 449 | 1,068 |
| Revaluations and impairments recognised in other comprehensive income | - | 184 | 184 | - | - | 184 |
| Depreciation | - | (743) | (743) | - | (507) | (1,250) |
| Total as at 30 June 2014 | 9,360 | 22,876 | 32,236 | 60 | 1,522 | 33,818 |
| Total as at 30 June 2014 represented by | ||||||
| Gross book value | 9,360 | 22,876 | 32,236 | 60 | 3,913 | 36,209 |
| Accumulated depreciation and impairment | - | - | - | - | (2,391) | (2,391) |
| Total as at 30 June 2014 | 9,360 | 22,876 | 32,236 | 60 | 1,522 | 33,818 |
1 Land, buildings and other plant and equipment that met the definition of a heritage and cultural item were disclosed in the heritage and cultural asset class.