KU Annual Report 2014 | Page 38

KU Financial Report 8 Property, Plant and Equipment Land and buildings $ Gross Carrying Amount Balance at 1 Jan. 2013 Additions Assets under construction (WIP) Reclassification Disposals Balance at 31 Dec. 2013 Additions Assets under construction (WIP) 8. Property, Plant and Equipment(continued) Furniture Lease hold & Office improvements equipment $ $ 6,825,938 108,852 17,999 13,837,856 159,995 1,370,089 452,941 - 7,405,730 8,559 4,847 (452,941) - - - 14,914,999 1,548,583 865,327 214,944 17,229 9,985 Reclassification and prior (976,518) year adjustment Disposals - Balance at 31 Dec. 2014 6,442,618 Accumulated Depreciation Balance at 1 Jan. 2013 (1,615,606) Disposals - Reclassification (155,708) Depreciation expense (89,227) Balance at 31 Dec. 2013 (1,860,541) Disposals - Reclassification and prior 15,404 year adjustment Depreciation expense (155,760) Balance at 31 Dec. 2014 (2,000,897) Net Book Value As at 31 Dec. 2013 5,545,189 As at 31 Dec. 2014 4,441,721 912,789 1,148,659 56,345 343,579 1,392 (373,256) (7,199) 16,337,088 1,767,705 (5,656,836) - 155,708 (2,257,075) (7,758,203) 366,125 12,967 (895,503) - - (102,263) (997,766) 8,171 (28,371) (829,289) (124,187) (8,208,400) (1,142,153) 7,156,796 8,128,688 550,817 625,552 Motor Vehicles $ 230,487 87,255 - Make Good $ Finance Lease Asset $ - 1,554,194 - - 1,017,654 - Total $ 22,042,940 2,984,295 1,731,667 - - - - (45,328) - - (45,328) 272,414 1,554,194 1,017,654 26,713,574 - - 150,525 1,239,355 - - - 32,061 32,576 - - (29,761) (48,359) - - (428,814) 256,631 1,554,194 1,168,179 27,526,415 (123,945) 32,880 - (34,673) (125,738) 18,837 - - - - (828,314) (828,314) - - - (8,291,890) - 32,880 - - (920,653) (4,232,205) (920,653) (12,491,215) - 393,133 - - (37,361) (199,174) (144,262) (1,027,488) (78,487) (1,424,258) (999,140) (13,522,340) 146,676 112,369 725,880 526,706 97,001 14,222,359 169,039 14,004,075 Depreciation: Land and buildings Leasehold Improvements Furniture and office equipment Motor vehicles Make Good Asset Finance Lease Asset Total 2014 $ 155,760 829,289 124,187 37,361 199,174 78,487 1,424,258 2013 $ 89,227 2,257,075 102,263 34,673 828,314 920,653 4,232,205 During 2013, the following one-off depreciation adjustments were made: a) Reassessment of useful lives of leasehold assets $1,557,966 (2014: $nil); b) A provision for make good was taken up for the first time in 2013 and along with it, a make good asset. A make good amortisation charge of $828,314 was processed during 2013 (2014: $199,174); and c) A number of operating leases were reclassified as finance leases in 2013, resulting in the creation of a financial lease asset. The impact of this was a depreciation charge of $920,653 (2014: $78,487). 9. Intangible Assets Gross Carrying Amount Balance at 1 January 2013 Additions Balance at 31 December 2013 Additions Balance at 31 December 2014 Accumulated Depreciation Balance at 1 January 2013 Amortisation expense Balance at 31 December 2013 Amortisation expense Balance at 31 December 2014 Net Book Value As at 31 December 2013 As at 31 December 2014 Software $ 1,083,594 - 1,083,594 277,392 1,360,986 Total $ 1,083,594 - 1,083,594 277,392 1,360,986 (473,414) (117,331) (590,745) (134,612) (725,357) (473,414) (117,331) (590,745) (134,612) (725,357) 492,849 635,629 492,849 635,629 2014 $ 902,981 3,535,661 726,496 2,041,343 2,080,672 4,420,303 13,707,456 2013 $ 1,293,119 3,431,732 573,315 1,689,069 2,209,378 2,872,720 12,069,333 10. Trade and Other Payables 2014 2013 Salary and superannuation accruals Prepaid centre fees and holding deposits GST Payable Other payables and accruals Trade payables WBS & Brokered program surpluses 119th Annual Report 2014 35