NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

An independent valuation by Global Valuation Services Pty Limited of the company’s land and buildings was carried out on 30 November 2020 on the basis of open market value for existing use resulted in a valuation of $166,600,000. As the properties are recorded at cost the valuation has not been brought to account. The directors do not believe that there has been a material movement in the fair value since the valuation.

Movements in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year are set out below: