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