Page 57 - RCPA

Notes to the Financial Statements
THE ROYAL COLLEGE OF PATHOLOGISTS OF AUSTRALASIA
ABN 52 000 173 231
NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2018
11. Property, Plant and Equipment (continued) (a) Movement in carrying amounts
Movement in the carrying amounts for each class of property, plant and equipment between the beginning and end of the current year are as follows:
Balance at beginning of year 4,207,263
Additions 65,084 Disposals -
142,211 430,500
136,033 15,540 - (1,256) (89,161) (69,293)
189,083 375,491
50,742
2,115 (50,742) -
2,115
60,836
-
- (18,691)
42,145
4,891,552
218,772
(51,998) (195,360)
4,862,966
Depreciation expense
Carrying amount at the end of year
(18,215) 4,254,132
Land and Computer Buildings Equipment &
Software $$$$$$
Plant, Equipment & Furniture
Work in Leased Total progress - Assets
Building
(b) Fair value of land and buildings
The Directors obtained professional advice from an insurance valuer to ascertain the insurance replacement value of the freehold property owned by the College at 203-205 Albion Street, Surry Hills. The advice received was dated May 2017. Based on the valuation provided, the property has a current replacement value of $3.275 million. This valuation takes into account the age and condition of the property, recent comparable sales and the fact that the property is heritage listed. In addition, the Directors obtained a financial valuation for the property. In a report dated 1 April 2017 the “as is” value of the property was found to be $3.5 million. However, in the Directors opinion, an independent market valuation obtained in 2016 of $2.8 million best reflects current market conditions and the recoverable amount of the property. An impairment charge of $148,185 was recorded in 2016. The carrying value of the property remains at $2.8 million as at 30 June 2018.
The Directors considered the valuation of the property owned by the College at 207 Albion Street, Surry Hills and obtained professional advice from an insurance valuer to ascertain the insurance replacement value. The advice received was a formal valuation and was dated May 2013. Based on the valuation provided, the property has a current replacement value of $2.78 million. This valuation takes into account the age and condition of the property, recent comparable sales and the fact that it is heritage listed. The above value does not include costs of realisation, estimated to be in the range of 3% to 4%. In the Directors opinion, this valuation and current market conditions continue to support that the carrying value of the property of $1.35 million, is not in excess of its recoverable amount.
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ANNUAL REPORT • 2017 - 2018