DEPARTMENT of EDUCATION
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Note 7: Assets

7.1 Cash and deposits

Cash and deposits includes the balance of the Special Deposits and Trust Fund held by the department, and other cash held, excluding those accounts which are administered or held in a trustee capacity of agency arrangement.

  2007
$’000		 2006
$’000
Cash held in the Special Deposits and Trust Fund
T511 - Department of Education Operating Account 15,158 9,390
T648 - Library Fines Account 151 32
T720 - Community Health and Well Being Account - 9
Total 15,309 9,431
Other cash held
Trace accounts 8 31
Newpay accounts 258 252
School bank accounts 45,130 38,528
Allport Library and Museum of Fine Arts 285 -
Other bank accounts 1 1
Petty cash 78 74
Total 45,760 38,886
Total cash and cash equivalents 61,069 48,317

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7.2 Receivables

Central office receivables 2,926 3,597
Less: Provision for doubtful debts (30) (30)
Total 2,896 3,567
School receivables 3,774 3,357
Less: Provision for doubtful debts (140) (120)
Total 3,634 3,237
Settled within 12 months 6,530 6,804
Total 6,530 6,804

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7.3 Assets held for sale

Land and buildings 1,122 8,139
Total 1,122 8,139
Settled within 12 months 1,122 8,139

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The assets held for sale consists of land and some buildings which have become surplus to the department’s requirements. It is intended that these be disposed - either by way of sale or through appropriate property swaps. Steps have been taken for this purpose and it is likely that the disposals could occur within the next twelve months.

7.4 Property, plant and equipment, library book stock and heritage assets

a) Carrying amount 

Land
At fair value 307,528 283,324
Total land 307,528 283,324
Buildings
At fair value 530,823 503,763
Less: Accumulated depreciation 25,585 23,646
  505,238 480,117
Building works in progress at cost
 2,417 19,065
Total buildings 507,655 499,182
Total land and buildings 815,183 782,506
Plant and equipment
At cost 25,345 24,574
Less:Accumulated depreciation 19,659 18,710
Total plant and equipment 5,686 5,864
Library book stock
At cost 28,115 28,340
Less:Accumulated depreciation 14,163 14,626
Total library book stock 13,952 13,714
Heritage
At valuation 42,458 12,664
Total heritage 42,458 12,664
Total property, plant and equipment, library book stock and heritage assets 877,279 814,748

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The department’s land, building and heritage asset classes were independently valued during 2004-05 with an effective date of 1 July 2004 by Liquid Pacific Holdings Pty Ltd. The revaluation of these assets was on a fair value basis in accordance with relevant accounting standards and Treasurer’s Instructions. In 2006-07, these assets were indexed using indices provided by Liquid Pacific.

During 2007, Mr Simon Storey (MA VAA) of Simon Storey Valuers, valued the collection of the Allport Library and Museum of Fine Arts to fair value, as at 30 June 2007. The collection had not previously been valued. The valuation as at 30 June 2007 of $29.503 million was recognised as income in the Income Statement for the 2007 financial year.

b) Reconciliation of movements

Reconciliations of the carrying amounts of each class of property, plant and equipment at the beginning and end of the current and previous financial year are set out below. Carrying value means the net amount after deducting accumulated depreciation.

 
  Land
$’000		 Buildings
$’000		 Work in
Progress
$’000		 Heritage
$’000		 Plant and
Equipment
$’000		 Library
Book Stock
$’000		 Total
$’000
2007
Carrying amount at start of year 283,324 480,117 19,065 12,664 5,864 13,714 814,748
Additions 400 11,824 1,803 25 1,180 1,843 17,075
Disposals (carrying value) (683) (291) - - (27) - (1,001)
Revaluations increments
 19,577 20,047 - 266 - - 39,890
Recognition of Allport Library and Museum of Fine Arts collection
 - - - 29,503 - - 29,503
Assets held for sale (340) (102) - - - - (442)
Transfers from held for sale 5,250 591 - - - - 5,841
Net transfers free of charge - - - - - 294 294
Depreciation and amortisation expense - (25,399) - - (1,331) (1,899) (28,629)
Capitalised works to building assets - 18,451 (18,451) - - - -
Carrying amount at end of year 307,528 505,238 2,417 42,458 5,686 13,952 877,279

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  Land
$’000		 Buildings
$’000		 Work in
Progress
$’000		 Heritage
$’000		 Plant and
Equipment
$’000		 Library
Book Stock
$’000		 Total
$’000
2006
Carrying amount at start of year 263,201 457,384 12,337 12,139 6,474 12,999 764,534
Additions - 13,305 17,940 39 840 2,207 34,331
Disposals (carrying value) - - - - (50) - (50)
Revaluations increments/(decrements) 21,056 22,044 - 486 - - 43,586
Assets held for sale (933) (182) - - - - (1,115)
Net transfers free of charge - - - - - 311 311
Depreciation and amortisation expense - (23,646) - - (1,400) (1,803) (26,849)
Capitalised works to building assets - 11,212 (11,212) - - - -
Carrying amount at end of year 283,324 480,117 19,065 12,664 5,864 13,714 814,748

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7.5 Other assets

Other current assets 2007
$’000		 2006
$’000
Prepayments 1,644 1,197
Goods and services tax input tax credits 1,863 3,206
Total 3,507 4,403
Settled within 12 months 3,507 4,403

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