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Assets and Liabilities Administered on Behalf of the Government (cont.)

4.2 Administered - Non-Financial Assets

4.2A: Reconciliation of the Opening and Closing Balances of Property, Plant, Equipment and Intangibles

Reconciliation of the opening and closing balances of property, plant, equipment and intangibles for 2019

Land

Buildings

Property,

Plant

and Equipment

Heritage

Assets

1

Intangible

Assets

2

Total

$'000

$'000

$'000

$'000

$'000

$'000

Total as at 1 July 2018

Gross book value

440,538

16,805

362,237

48,679

1,179

869,438

Accumulated depreciation, amortisation and impairment

-

(119)

(3,469)

(141)

(235)

(3,964)

Adjustment to opening balance

3

(14,507)

-

-

-

-

(14,507)

Total as at 1 July 2018

426,031

16,686

358,768

48,538

944

850,967

Additions:

Purchase

404

639

9,247

772

1,920

12,982

Transfers from work in progress

-

(17)

(422)

(633)

-

(1,072)

Contributions from owners

2,900

336

-

-

-

3,236

Depreciation and amortisation

-

(772)

(22,181)

(914)

(50)

(23,917)

Revaluations recognised in revaluation reserve

-

290

5,335

725

-

6,350

Write down and impairments recognised in net cost of services

(4)

(469)

(3,396)

(543)

-

(4,412)

Reversal of accum depreciation relating to write down and impairments

-

8

262

-

-

270

Other movements:

Reclassifications

-

-

(51)

-

-

(51)

Adjustment to asset held for sale

61

(423)

-

-

-

(362)

Total as at 30 June 2019

429,392

16,278

347,562

47,945

2,814

843,991

Total as at 30 June 2019 represented by:

Gross book value

429,392

16,410

351,193

48,089

3,099

848,183

Accumulated depreciation, amortisation and impairment

-

(132)

(3,631)

(144)

(285)

(4,192)

Total as at 30 June 2019

429,392

16,278

347,562

47,945

2,814

843,991

4.2B: Reconciliation of the Opening and Closing Balances of Asset Held for Sale

2019

2018

$'000

$'000

Assets held for sale

Total as at 1 July 2018

1,199

-

Additions

362

1,199

Disposal

(1,561)

-

Total as at 30 June 2019

-

1,199

Notes:

1. Land, buildings and other property, plant and equipment that met the definition of a heritage item were disclosed in the heritage asset class.

2. The carrying amount of intangibles is all purchased software.

3. The opening balance for Land was adjusted by $14.5m to reflect the transfer of land assets from the NCA to the Department of Finance. These assets were divested by the Department of Finance and the proceeds of the sale of these assets were recorded in the Department of Finance's accounts in 2017-18.

Whereas the NCA takes control of the finished asset at completion of a third party sponsored project, administered work in progress (WIP) is recognised as the asset is constructed.

Property, plant and equipment, heritage and intangible assets were tested for impairment at 30 June 2019. Assets found to be impaired were written down in accordance with the policy stated at Note 3.2.

No property, plant and equipment, heritage or intangible assets are expected to be sold or disposed of within the next 12 months.

Revaluation of non-financial assets

All revaluations were conducted in accordance with the revaluation policy stated at Note 7.4. An independent valuer conducted the revaluation.

Contractual commitments for the acquisition of property, plant and equipment and intangible assets

2019

2018

$'000

$'000

Land and buildings

588

111

Infrastructure, plant and equipment

7,109

5,285

Heritage assets

51

781

Intangibles

270

267

Total Commitments

8,018

6,444

In 2018-19, significant commitments relate to the replacement of street furniture, works on the Captain Cook Memorial jet and Scrivener dam, upgrades to the Carillon and other event venues.

In 2017-18, significant commitments related to the upgrade of Blundell's cottage, Scrivener dam, NCE building and digital display.

Accounting Policy

The accounting policy for non-financial assets disclosed in Note 3.2 applies equally to administered non-financial assets.