Page 61 - Nanyang Technological University

NOTES TO FINANCIAL STATEMENTS
(cont’d)
31 March 2016

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 2014 - 1,309,371 - 99,628 637,881 205,848 4,877 2,781 2,260,386
- 20,892 72,546 17,968 867 219 147,780
Depreciation for the year - 35,288 - (7) (29,940) (19,157) (315) (14) (53,082)

Disposals - (3,649) - 120,513 680,487 204,659 5,429 2,986 2,355,084
- 22,250 81,617 18,502 754 261 163,344
At 31 March 2015 - 1,341,010 - (436) (29,190) (21,772) (296) (130) (53,050)

Depreciation for the year - 39,960 - 142,327 732,914 201,389 5,887 3,117 2,465,378

Disposals - (1,226)

At 31 March 2016 - 1,379,744

Carrying amount

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

At 31 March 2016 200,858 706,849 463,196 56,834 292,697 47,103 1,385 4,015 1,772,937

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.

NANYANG TECHNOLOGICAL UNIVERSITY AND ITS SUBSIDIARIES 59