Notes to Main Financial Statements 14.DEPRECIATION Depreciation is charged on all fixed assets other than non-depreciable land, investment properties, assets under construction and community assets. Depreciation is calculated using the straight line method based on the following useful lives:
Infrastructure
- 40 years
Vehicles, Plant & Equipment - 5 to 7 years Other Land & Buildings
- useful life varies depending on the condition, type and usage of the asset.
Surplus Assets
- useful life varies depending on the condition, type and usage of the asset.
Personal Computers
- 5 years
Intangible Assets
- 5 years.
Depreciation of Council dwellings is provided at the level of the major repairs allowance in line with CIPFA recommended practice.
15.VALUATION OF FIXED ASSETS CARRIED AT CURRENT VALUE The freehold and leasehold properties which comprise the authority's property portfolio have been valued as at 1 April 2009 by the Estate and Valuation service of the authority. Revaluations are made on a rolling five year period. The only external valuation included is of Council dwellings which were revalued as at 1 April 2005 by Drivers Jonas. A valuation certificate has been given by the estates manager that the properties have been valued in accordance with the appraisal and valuation manual of the Royal Institution of Chartered Surveyors, and with guidance notes issued by the Chartered Institute of Public Finance and Accountancy. Property inspections in accordance with the rolling valuation programme were carried out between April 2009 and March 2010. Full details of the basis of valuation for each asset category is provided in statement of accounting policies (page 17).
Council Dwellings
Other Land & Buildings
£000's
£000's
Value at historical cost Last valued in 2009/2010 Last valued in 2008/2009 Last valued in Prior Years Total
Vehicles, Non-operational Plant & Assets Equipment £000's £000's
Total
£000's
0
0
13,125
0
13,125
0 0 694,875 694,875
245,565 64,619 146,136 456,320
0 0 0 13,125
4,851 7,196 27,403 39,450
250,416 71,815 868,414 1,203,770
16.COMMITMENTS UNDER CAPITAL CONTRACTS The Council has entered into capital contracts that have committed the Council to the following expenditure in future years :Year 2009/10 2010/11 2011/12
2009/10 £000s
2008/09 £000s 32,221 6,413 4,581 43,215
16,970 3,900 20,870
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