Page 58 - Nanyang Technological University

NOTES TO
FINANCIAL STATEMENTS (CONT’D)

31 March 2015

3 PROPERTY, PLANT AND EQUIPMENT (cont’d)

Machinery, Furniture

Buildings Buildings laboratory and

Freehold and under and workshop office Transportation

land infrastructure construction Renovation equipment equipment equipment Others Total

$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

University Company (cont’d)

Accumulated depreciation

At 1 April 2013 - 1,246,590 - 77,186 594,878 200,393 4,137 2,748 2,125,932

Depreciation for - 23,147 66,538 19,650 831 194 181,196
- (705) (23,535) (14,195) (91) (161) (46,742)
the year - 70,836 - 99,628 637,881 205,848 4,877 2,781 2,260,386

Disposals - (8,055) - 20,892 72,546 17,968 867 219 147,780
- (7) (29,940) (19,157) (315) (14) (53,082)
At 31 March 2014 - 1,309,371 - 120,513 680,487 204,659 5,429 2,986 2,355,084
Depreciation for
the year - 35,288
Disposals - (3,649)

At 31 March 2015 - 1,341,010

Carrying amount

At 31 March 2014 200,858 548,559 157,236 44,137 226,066 39,876 2,360 2,507 1,221,599

At 31 March 2015 200,858 669,338 219,211 49,259 259,999 46,391 2,065 3,159 1,450,280

The freehold land of the Group and the University Company were stated at valuation carried out in December
1987 based on values in a valuation report from the Commissioner of Lands. The revaluation was done on a one-
off basis and accordingly, the transitional provision in FRS 16 – Property, Plant and Equipment was adopted to
continue with its existing policy of stating the freehold land at deemed cost.

56 NTU ANNUAL REPORT 2015