HORSHAM RURAL CITY COUNCIL


NOTES TO THE FINANCIAL REPORT (Cont.) FOR THE YEAR ENDED 30th JUNE, 2012


20 PROPERTY, INFRASTRUCTURE, PLANT AND EQUIPMENT (cont.)


Furniture and fittings - at cost Less: accumulated depreciation Furniture and fittings - leased Less: accumulated depreciation


2012 2011 $$


------------------- -------------------- 1,675,630 (1,098,198) 57,286


(15,276)


------------------- -------------------- 619,442


638,036 Works of art - at cost Works of art - at fair value as at 30 June 2010


=========== ============ 92,105


63,586 2,728,414


------------------- -------------------- 2,820,519


2,728,414 2,792,000


=========== ============


Paintings and works on paper have been valued at current market cost ($1,412,450) by Ms Elizabeth Arthur, Approved Valuer. Photographs have been valued at current market cost ($990,305) by Ms Helen Frajman, Approved Valuer. The balance of the collection has been valued at estimated market value at the time of acquisition ($325,659) by Mr Adam Harding, Art Gallery Director, Horsham Regional Art Gallery.


Works in progress - at cost Land


Road Assets


Other land improvements Buildings


Other structures Plant


Furniture and equipment -


3,381,298 22,471


3,300,139 13,753,350 -


229,524 29,865


461,913 3,145


1,322,209 5,849,158 81,200 -


------------------- -------------------- 20,686,782


7,747,490


=========== ============ ------------------- --------------------


Total property, infrastructure, plant & equipment


Summary of property, infrastructure, plant & equipment Summary Assets at cost


Less accumulated depreciation


393,556,641 337,579,309 =========== ============


48,738,316 39,389,996


(7,186,679) (6,752,484) ------------------- -------------------- 41,551,637 32,637,512 =========== ============


Assets at fair value Less accumulated depreciation 509,748,276 474,802,903


(157,743,272) (169,861,106) ------------------- -------------------- 352,005,004 304,941,797 =========== ============


Total assets held Total accumulated depreciation Total property, infrastructure, plant & equipment 92 Horsham Annual Report 2011 - 2012 558,486,592 514,192,899


(164,929,951) (176,613,590) ------------------- --------------------


393,556,641 337,579,309 =========== ============


1,531,643 (947,074) 57,286 (3,819)


Page 30


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