15. Property plant and equipment - Notes to the core accounting statements
Comparative Movements in 2019 / 20 | Movements in 2020 / 21 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Other Land and Buildings £000 | Vehicles, Plant, Furniture & Equipment £000 | Surplus Assets £000 | Asset Held for Sale | Assets Under Construction £000 | Total Property, Plant & Equipment £000 | Other Land and Buildings £000 | Vehicles, Plant, Furniture & Equipment £000 | Surplus Assets £000 | Asset Held for Sale | Assets Under Construction £000 | Total Property, Plant & Equipment £000 | |
Cost or Valuation | ||||||||||||
58,704 | 22,483 | 1,155 | 0 | 93 | 82,435 | At 01 April | 57,393 | 20,513 | 790 | 0 | 121 | 78,817 |
583 | 1,112 | 0 | 0 | 121 | 1,816 | Additions | 28 | 1,238 | 0 | 0 | 1,868 | 3,134 |
0 | 0 | 0 | 0 | 0 | 0 | Donations | 0 | 0 | 0 | 0 | 0 | 0 |
(1,228) | 0 | 52 | 0 | 0 | (1,176) | Revaluation Increases / (decreases) in the Revaluation Reserve | 259 | 0 | 0 | 259 | ||
(35) | 0 | 0 | 0 | 0 | (35) | Revaluation increase / (decreases) recognised in the Surplus / Deficit on the Provision of Services | 76 | 0 | 0 | 76 | ||
0 | (2,858) | (1,048) | 0 | (69) | (3975) | Derecognition - Disposals | 0 | (290) | 0 | 0 | 0 | (290) |
0 | (306) | 0 | 0 | 0 | (306) | Derecognition - Other | 0 | (104) | (250) | 0 | 0 | (354) |
0 | 0 | 0 | 0 | 0 | 0 | Assets reclassified (to) / from Held for Sale | 0 | 0 | (380) | 380 | 0 | 0 |
(380) | 82 | 380 | 0 | (24) | 58 | Assets reclassified (to) / from Assets Under Construction | 0 | 124 | 0 | 0 | 0 | 124 |
(250) | 0 | 250 | 0 | 0 | 0 | Correction of classification | 0 | 0 | 0 | 0 | 0 | 0 |
57,394 | 20,513 | 790 | 0 | 121 | 78,817 | At 31 March | 57,756 | 21,481 | 160 | 380 | 1,989 | 81,766 |
Accumulated Depreciation & Impairment 2019 / 20 | Accumulated Depreciation & Impairment / 21 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Other Land and Buildings £000 | Vehicles, Plant, Furniture & Equipment £000 | Surplus Assets £000 | Asset Held for Sale | Assets Under Construction £000 | Total Property, Plant & Equipment £000 | Other Land and Buildings £000 | Vehicles, Plant, Furniture & Equipment £000 | Surplus Assets £000 | Asset Held for Sale | Assets Under Construction £000 | Total Property, Plant & Equipment £000 | |
(1,713) | (15,023) | (1,125) | 0 | 0 | (17,861) | At April 2020 | (842) | (13,560) | 0 | 0 | 0 | (14,402) |
(1,899) | (1,701) | (6) | 0 | 0 | (3,606) | Depreciation & Impairment Charges | (1,611) | (1,637) | (28) | 0 | 0 | (3,276) |
2,769 | 0 | 83 | 0 | 0 | 2,852 | Depreciation written out to the Revaluation Reserve | 1,322 | 0 | 0 | 0 | 0 | 1,322 |
0 | 0 | 0 | 0 | 0 | 0 | Depreciation written out to the Surplus / Deficit on the Provision of Services | 0 | 0 | 0 | 0 | 0 | 0 |
0 | 0 | 0 | 0 | 0 | 0 | Impairment losses / (reversals) recognised in the Revaluation Reserve | 0 | 0 | 0 | 0 | 0 | 0 |
0 | 0 | 0 | 0 | 0 | 0 | Impairment losses / (reversals) recognised in the Surplus / Deficit on the Provision of Services | 0 | 0 | 0 | 0 | 0 | 0 |
0 | 2,858 | 1,048 | 0 | 0 | 3,906 | Derecognition - Disposals | 0 | 104 | 0 | 0 | 0 | 104 |
0 | 306 | 0 | 0 | 0 | 306 | Derecognition - Other | 0 | 290 | 0 | 0 | 290 | |
0 | 0 | 0 | 0 | 0 | 0 | Other movements in Depreciation & Impairment | 0 | 0 | 0 | 0 | 0 | 0 |
(843) | (13,560) | 0 | (14,402) | At 31 March | (1,131) | (14,803) | (28) | 0 | 0 | (15,962) | ||
56,551 | 6,953 | 790 | 121 | 64,415 | Net Book Value at 31 March | 56,625 | 6,678 | 132 | 380 | 1,989 | 65,804 |
Capital Commitments
At 31 March 2021 the Authority had entered into a number of contracts for the construction or enhancement of Property, Plant and Equipment in 2020/21 and future years, budgeted to cost £19k. Similar commitments at 31 March 2019 were £15k. The major commitment for 2020/21 is:
- Hucknall Fire Station £19k
Revaluations
The Authority carries out a rolling programme that ensures that all Property, Plant and Equipment required to be measured at fair value is revalued at least every five years. All valuations are carried out by the Valuation Office, the last valuation took place on the 31 March 2021, covering 16 properties via an inspection, 6 via desktop and 8 by applying a tender price index, and carried out by Richard Hemsworth MRICS. Valuations of and buildings were carried out in accordance with the methodologies and bases for estimation set out in the professional standards of the Royal Institute of Chartered Surveyors.
The basis of valuation for various types of property is given in Accounting Policies Note 1.
The following table shows the progress of the Authority's rolling programme for the revaluation of noncurrent assets.
The outbreak of the Novel Coronavirus (COVID-19), declared by the World Health Organisation as a “Global Pandemic” on 11 March 2020, has impacted global financial markets. Travel restrictions have been implemented by many countries.
Market activity is being impacted in many sectors. As at the valuation date, the valuation office consider that we can attach less weight to previous market evidence for comparison purposes, to inform opinions of value. Indeed, the current response to COVID-19 means that we are faced with an unprecedented set of circumstances on which to base a judgement.
The valuations are therefore reported on the basis of ‘material valuation uncertainty’ as per VPS 3 and VPGA 10 of the RICS Red Book Global. Consequently, less certainty – and a higher degree of caution – should be attached to our valuation than would normally be the case. Given the unknown future impact that COVID-19 might have on the real estate market, the valuation of these properties are kept under frequent review.
Other Land & Buildings £000 | Vehicles, Plant, Equipment £000 | Assets under Construction £000 | Surplus Assets £000 | Assets Held for Sale £000 | Total £000 | |
---|---|---|---|---|---|---|
Carried at Historical cost | 0 | 6,679 | 1,989 | 0 | 0 | 8,668 |
Valued at Fair Value as at: | ||||||
31 March 2021 | 29,327 | 0 | 0 | 84 | 0 | 29,411 |
31 March 202 | 24,716 | 0 | 0 | 48 | 380 | 25,144 |
31 March 2019 | 2,582 | 0 | 0 | 0 | 0 | 2,582 |
Total Cost or Valuation | 56,625 | 6,679 | 1,989 | 132 | 380 | 2,582 |