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Notes to and forming part of the accounts

continued...

8. Non-current assets: property, plant and equipment

	2004 $	2003 $
Land and buildings
Leasehold land
At directors' valuation 2004	27648	-
At independent valuation 2003	409020	409020
	436668	409020
Buildings
At cost	2450	2450
At independent valuation 2003	3018891	3018891
Less: accumulated depreciation	(245939)	(143627)
	2775403	2877713
Leasehold improvements
At cost	38928	38928
Less: accumulated amortisation	(18730)	(15104)
	20198	23824
Plant and equipment
Office equipment
At cost	513535	484507
Less: accumulated depreciation	(406630)	(327762)
	106905	156745
Furniture, fixtures and fittings
At cost	296773	294058
Less: accumulated amortisation	(290982)	(281901)
	5791	12157
	3344965	3479459

Valuations of land and buildings
The 2003 revaluation was based on an independent assessment by McAnn Property and Planning. The basis of valuation of land and buildings is fair value being the amounts for which the assets could be exchanged between willing parties in an arm's-length transaction, based on current prices in an active market for similar properties in the same location and condition. A component of the land balance for the change of lease purpose clause was revalued by the directors during 2004. This component will be independently revalued during the next independent assessment.

Reconciliations
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:

	leasehold land $	building $	leasehold improvement $	computer equipment $	office furniture and equipment $	total $
Carrying amount at 1 January 2004	409020	2877713	23824	156745	12157	3479459
Additions	-	-	-	29027	2715	31742
Revaluation increments [note 13a]	27648	-	-	-	-	27648
Depreciation/amortisation expense [note 4a]	-	(102310)	(3626)	(78867)	(9081)	(193884)
Carrying amount at 31 December 2004	436668	2775403	20198	106905	5791	3344965

9. Current liabilities: payables

	2004 $	2003 $
Accrued salaries	27961	47364
Trade creditors	88875	18500
Prepaid subscriptions	535317	528995
	652153	594859
10. Current liabilities: provisions
	2004 $	2003 $
Employee benefits: annual leave	62741	47364
Employee benefits: long-service leave	53541	-
	116282	47364
11. Current liabilities: other
	2004 $	2003 $
Unsecured
Deferred income	22759	63808
Conference group funds	-	3000
AARL	36389	25518
Other	727711	28216
	786859	120542
12. Non-current liabilities: provisions
	2004 $	2003 $
Employee benefits: annual leave	7702	32404
13. Reserves and accumulated funds
	2004 $	2003 $
a. Reserves
Land revaluation reserve	204481	176833
ALIA House revaluation reserve	1291705	1291705
	1496186	1468538
Movements
Land revaluation reserve
Balance 1 January	176833	-
Increment on revaluation of land and buildings at the end of the financial year	27648	-
Balance 31 December	204481	176833
ALIA House revaluation reserve
Balance 1 January	1291705	1291705
Balance 31 December	1291705	1291705
b. Accumulated funds
Accumulated funds at the beginning of the financial year	3082034	2996134
Net (deficit)/surplus attributable to members of the Australian Library and Information Association Limited	(30448)	85900
Accumulated funds at the end of the financial year	3051586	3082034
c. Nature and purpose of the reserves i. Land revaluation reserve The asset revaluation reserves are used to record increments and decrements on the revaluation of non-current assets, as described in note 1f. ii. ALIA House revaluation reserve The ALIA House revaluation reserve is used to record increments and decrements on the revaluation of non-current assets, as described in note 1f.

A a

Notes to and forming part of the accounts

8. Non-current assets: property, plant and equipment

9. Current liabilities: payables

10. Current liabilities: provisions

11. Current liabilities: other

12. Non-current liabilities: provisions

13. Reserves and accumulated funds