Section 7

7.2 Economic lives of property, plant and equipment

Useful lives reflect the total life of an asset and not the remaining life of an asset.

The range of useful lives is shown in the table below;

7.3 Property plant and equipment valuation

A Modern Equivalent Asset (MEA) valuation in the form of an annual impairment review was applied to the
Trust’s property base at 31 March 2024. This resulted in an overall increase in property values of £2,536,142.
This comprised of net impairments of £179,845 of which net reversals of £348,824 were taken to income and expenditure and £528,468 were taken to the revaluation reserve as seen in note 5.4. Revaluation gains of £2,715,987 were taken to the revaluation reserve, resulting in a net upward revaluation reserve movement of £2,187,319.

The figures quoted above include revaluation of peppercorn leases recognised as right of use assets on 1st April 2022 as detailed in note 9.1. These assets were revalued as part of the revaluation exercise at 31st March 2024 and their effects on the revaluation reserve are detailed in note 9.2 and 9.3.

The physical inspection valuation was performed by Mr Robert Mapletoft, MRICS BSc (Hons) Urban Estate Surveying NDEA of the District Valuation Services (DVS) on the 31st March 2024.

7.4 Property plant and equipment assets subject to an operating lease at the balance sheet date

The Trust held no property, plant and equipment assets subject to operating lease contracts for 2023/24 (2022/23: £Nil).

7.5 Donations of property, plant and equipment

There have been no donations of property, plant and equipment in the year, (2022/23: £111,500 Public Sector Decarbonisation Scheme).