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WE LTEC ANNUAL REPORT 2015

GROUP 2014 $000

NOTES TO THE FINANCIAL STATEMENTS

Land and Buildings

Leasehold Improvement

Plant

Equipment

Hardware

Furniture and Fittings

Library Collection

Assets under Construction

Total

1,240

3,982

-

920

7,808

2,096

1,623

-

16,429

541

564

221

919

108

184

-

3,777 (217)

Accumulated Depreciation Balance as at 1 January Depreciation Expense Disposals

-

-

(27)

(11)

(177)

(2)

-

-

187

(187)

(1)

(11)

11

-

1

-

-

Net revaluation increments/ decrements

(1,427)

-

-

-

-

-

-

-

(1,427)

Balance as at 31 December

-

4,336

536

1,119

8,561

2,202

1,808

-

18,562

58,324

6,010

1,762

367

785

231

370

5,343

73,192

Land and Buildings

Leasehold Improvement

Plant

Equipment

Hardware

Furniture and Fittings

Library Collection

Assets under Construction

Total

Reclassifications

Net Book Value PARENT 2014 $000 Gross Carrying Amount Balance as at 1 January

53,649

10,645

2,314

1,436

9,145

2,396

2,053

71

81,709

Additions

4,782

-

91

61

381

39

125

5,075

10,554

Disposals

-

-

(107)

(14)

(189)

(34)

-

-

(344)

Reclassifications

102

(299)

-

-

-

-

-

197

-

Net revaluation increments/ decrements

(209)

-

-

-

-

-

-

-

(209)

Balance as at 31 December

58,324

10,346

2,298

1,483

9,337

2,401

2,178

5,343

91,710

Accumulated Depreciation Balance as at 1 January Depreciation Expense Disposals Reclassifications

-

3,982

-

920

7,808

2,096

1,623

-

16,429

1,240

541

564

220

917

101

184

-

3,767

-

-

(27)

(11)

(177)

(2)

-

-

(217)

187

(187)

(1)

(11)

11

-

1

-

-

Net revaluation increments/ decrements

(1,427)

-

-

-

-

-

-

-

(1,427)

Balance as at 31 December

-

4,336

536

1,118

8,559

2,195

1,808

-

18,552

58,324

6,010

1,762

365

778

206

370

5,343

73,158

Net Book Value

Land and buildings carried at fair value An independent valuation of the land and buildings was performed by Darroch Limited, registered independent valuers as at 31 December 2015. Land fair value is determined by reference to market-based evidence being the amount for which the assets could be exchanged between a knowledgeable willing buyer and seller in an arm’s length transaction. Reference has been made to the best use of the land on an "unencumbered" basis, adjusted for designations against the land or the use of the land is restricted because of reserve or endowment status. Specialist buildings are valued at fair value using depreciation replacement cost methodology. This methodology is an acceptable estimate of fair value due to the lack of market-based evidence for education delivery purposes. Restrictions on title Under the Education Act 1989, WelTec and Group is required to obtain the consent from the Ministry of Education to dispose or sell off property where the value of the property exceeds an amount determined by the Minister. There are also various restrictions in the form of historic designations, reserve, and endowment encumbrances attached to the land. WelTec and Group does not consider it practical to disclose in detail the value of land subject to these restrictions. Plant carried at fair value An independent valuation of plant was performed by Forbes Valuation, a registered independent valuer as at 31 December 2013. This valuation was undertaken for all plant used in the delivery and support of education outcomes provided by WelTec using market based information.

62

2015 WelTec Annual Report  

2015 WelTec Annual Report

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