Annual Report - Northern Health

Note 11: Property, Plant & Equipment (continued)Notes To and Forming Part of the Financial StatementsNorthern Health Annual Report 2011/2012Reconciliations of the carrying amounts of each class of asset for the consolidated entity at the beginning and end of the previous and current financial year is set out belowLand Buildings Plant & Medical Assets Under Computers & Furniture & Non Medical Motor Artworks TotalEquipment Equipment Construction Communication Fittings Equipment Vehicles$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000Balance at 1 July 2010 33,449 240,746 1,184 10,419 1,661 2,125 1,735 1,054 292 - 292,665Additions - 2,388 493 1,935 4,915 683 193 64 67 - 10,738Disposals - - - - - (1) - - (21) - (22)Net Transfers between classes - 15 25 34 (945) 235 1 - - - (635)Depreciation (note 4) - (17,343) (198) (2,052) - (1,211) (202) (133) (177) - (21,316)Balance at 1 July 2011 33,449 225,806 1,504 10,336 5,631 1,831 1,727 985 161 - 281,430Additions - 8,831 232 6,166 6,063 736 228 148 - 269 22,673Disposals - - - (170) - (3) - - - - (173)Revaluation increments/(decrements) (i) 4,764 - - - - - - - - - 4,764Net Transfers between classes - 2,694 121 1,217 (4,095) 5 4 32 - - (22)Depreciation (note 4) - (17,488) (235) (2,314) - (1,006) (215) (143) (93) - (21,494)Balance at 30 June 2012 38,213 219,843 1,622 15,235 7,599 1,563 1,744 1,022 68 269 287,178Land and buildings carried at valuationAn independent valuation of Northern Health's property, was performed by the Valuer-General Victoria to determine the fair value of the land and buildings. The valuation, which conforms to Australian ValuationStandards, was determined by reference to the amounts for which assets could be exchanged between knowledgeable willing parties in an arm's length transaction. The valuation was based on independentassessments. The effective date of the independent valuation is 30 June 2009.(i) The compounded movement in the fair value of land since the most recent independent valuation as indicated by indices provided by the Valuer General Victoria was material (14%). Consequently effective 30June 2012 and in compliance with FRD103D, a managerial revaluation of land was performed based on those indices.Plant and all other equipmentPlant and all other equipment are reported at fair value as assessed by Northern Health Management in accordance with FRD 103D Non-current Physical Assets.Northern Health Financial Report Appendix to the 2011 - 2012 Annual Report Page 36 of 60