Indigenous Land Corporation gpo box 652 Adelaide sa 5001

Reconciliation of fair value
Opening balance 1 July, land held at fair value	56,736	56,736	–	–
Opening balance 1 July, provision for impairment	(11,269)	–	–	–
Impairments for the year	(1,451)	(11,269)	–	–
Closing balance 30 June	44,016	45,467	–	–

Consol 2014 $,000

Consol 2013 $,000

ILC 2014 $,000

ILC 2013 $,000

10G. Property, plant and equipment

Commercial Business Assets^1
Buildings and infrastructure improvements^2, at fair value	314,130	318,372	105,339	109,848
Less: Accumulated depreciation	(35,718)	(31,427)	(17,220)	(18,947)
Less: Allowance for impairment	(47,781)	(42,600)	(4,490)	(4,167)
	230,631	244,345	83,629	86,734
Plant and equipment, at fair value	23,326	22,691	4,023	5,012
Less: Accumulated depreciation	(3,565)	(2,377)	–	(228)
Less: Allowance for impairment	(3,381)	(3,031)	–	–
	16,380	17,283	4,023	4,784
Furniture and fittings, at fair value	29,668	28,662	182	723
Less: Accumulated depreciation	(7,839)	(4,849)	–	(535)
Less: Allowance for impairment	(5,204)	(4,647)	–	–
	16,625	19,166	182	188
Motor vehicles, at fair value	5,941	5,366	2,660	3,615
Less: Accumulated depreciation	(584)	(493)	–	(87)
Less: Allowance for impairment	(346)	(268)	–	–
	5,011	4,605	2,660	3,528
Administration Assets
Office equipment, at fair value	126	331	38	264
Less: Accumulated depreciation	(16)	(226)	–	(201)
Less: Allowance for impairment	(7)	(6)	–	–
	103	99	38	63
Furniture and fittings, at fair value	2,656	2,737	31	126
Less: Accumulated depreciation	(517)	(625)	–	(101)
Less: Allowance for impairment	(414)	(414)	–	–
	1,725	1,698	31	25
	Consol 2014 $,000	Consol 2013 $,000	ILC 2014 $,000	ILC 2013 $,000
10G. Property, plant and equipment (cont.)
Computer systems, at fair value	921	1,359	453	1,149
Less: Accumulated depreciation	(10)	(934)	–	(874)
Less: Allowance for impairment	(1)	–	–	–
	910	425	453	275
Leasehold Improvement, at fair value	1,139	1,234	935	1,023
Less: Accumulated depreciation	(13)	(28)	–	–
Less: Allowance for impairment	(31)	(31)	–	–
	1,095	1,175	935	1,023
Subtotal property, plant and equipment	272,480	288,796	91,951	96,620
Make good, at fair value	403	375	403	375
Less: Accumulated depreciation	(213)	(170)	(213)	(170)
	190	205	190	205
Total property, plant and equipment	272,670	289,001	92,141	96,825

¹ The Corporation accounts for land and infrastructure on ILC held land as property held for grant (refer Note 1.23). Plant and equipment and improvements made to the infrastructure on properties utilised for commercial operations are accounted for as property, plant and equipment (refer Note 1.20).

² Buildings and infrastructure on properties that the corporation conducts commercial businesses include the following:

Improvements to building and infrastructure	290,981	296,389	82,190	87,865
Improvement to civil works	1,539	1,523	1,539	1,523
Improvements to water points and water Supply	8,583	8,191	8,583	8,191
Improvements to fences and yards.	13,027	12,269	13,027	12,269
	314,130	318,372	105,339	109,848

Reconciliation of make good fair value
Opening balance 1 July, fair value	375	85	375	85
Opening balance 1 July, accumulated amortisation	(170)	(149)	(170)	(149)
Increase in make good provision to fair value	28	290	28	290
Amortisation for the year	(43)	(21)	(43)	(21)
Closing balance 30 June	190	205	190	205

Consol 2014 $,000

Consol 2013 $,000

ILC 2014 $,000

ILC 2013 $,000

10G. Property, plant and equipment (cont.)

The Corporation maintains asset registers for property, plant and equipment. A stock take to verify property, plant and equipment is undertaken at least annually.

The Corporation does not hold infrastructure plant and equipment under a finance lease.

All revaluations are conducted in accordance with the valuation policy stated at Note 1.20.

All assets were assessed for impairment at 30 June in accordance with AASB 136 Impairment of Assets.

Voyages Directors have determined that the assets which comprise Ayers Rock Resort have an aggregate fair value at 30 June of $225m. An impairment loss for property, plant and equipment of $5.85m has been recognised in the consolidated statement of comprehensive income to restate the carrying amount of these assets to fair value (refer notes 1.5 and 5H).

Amounts charged to the statement of comprehensive income for impairment of property, plant and equipment during the reporting period relate to:

Commercial business assets
Building and infrastructure improvements	5,180	38,433	323	–
Plant and equipment	357	3,031	–	–
Furniture and fittings	556	4,647	–	–
Motor vehicles	78	268	–
Administration assets
Office equipment	1	6	–	–
Furniture and fittings	1	414	–	–
Office Fitout	–	31	–	–
Total impairment of property, plant and equipment	6,173	46,830	323	–

Consol 2014 $,000

Consol 2013 $,000

ILC 2014 $,000

ILC 2013 $,000

10G. Property, plant and equipment (cont.)

Buildings and infrastructure on properties that are under construction or significant redevelopment have not been revalued as at 30 June as the cost of construction and development reflects the fair value of the assets. The total value of assets under construction are as follows:

Building and infrastructure improvements	392	4,190	341	1,376