Annual Report 2010–2011, Part 2: Financial (1.8 ... - Tourism Victoria

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
30 JUNE 2011
Note 6(a). Property, plant and equipment
Leasehold improvements
at fair value
Plant, equipment and
motor vehicle at fair value
Total
2011 2010 2011 2010 2011 2010
$ $ $ $ $ $
Opening balance 27,685 44,376 165,226 201,342 192,911 245,718
Additions – – 56,123 41,895 56,123 41,895
Disposals – – (42,466) – (42,466) –
Assets held for resale – – – (22,704) – (22,704)
Disposals due to 08/09 policy change – – – – – –
Transfers free of charge – – – – – –
Depreciation expense (15,441) (16,691) (47,910) (55,307) (63,351) (71,998)
Closing balance 12,244 27,685 130,973 165,226 143,217 192,911
Note 6(b). Property, plant and equipment
The following useful lives of assets are used in the calculation of depreciation:
2011 2010
$ $
Leasehold improvements 8 years 8 years
Plant and equipment 3–5 years 3–5 years
Leased plant and equipment 1–3 years 1–3 years
Aggregate depreciation allocated, recognised as expense during the year:
Leasehold improvements 15,441 16,691
Plant and equipment 14,237 16,861
Leased plant and equipment 33,673 38,446
63,351 71,997
Note 6(c). Property, plant and equipment
2011 2010
$ $
Gross sales proceeds 61,364 –
Carrying amount of non-financial assets disposed (65,169) –
Net gain/(loss) on disposal (3,806) –
40 TOURISM VICTORIA ANNUAL REPORT 2010–11