5. Tangible fixed assets
5a. Tangible fixed assets at 31 March
Plant and machinery and furniture and fittings were revalued at 1 April 1996 based on the estimated current replacement cost of the assets, adjusted for service potential. Following the introduction of FRS 15: Tangible Fixed Assets, 大象传媒 World Service has retained these revalued assets at their valuation as adjusted for depreciation. 大象传媒 World Service does not plan to revalue these assets on an ongoing basis.
All fixed assets are held directly by 大象传媒 World Service as at 31 March 2009 except for 拢0.2m (2008: 拢0.2m) held by 大象传媒 do Brasil Limitada, its subsidiary.
5b. Historical cost basis
The net book value of tangible fixed assets included in the preceding table determined on an historical cost basis is as follows:
Land and buildings at net book value comprise:
The members of the 大象传媒 World Service Board are satisfied that there has been no impairment in the carrying values of freehold properties at the balance sheet date.
Land and buildings include freehold land at a cost of 拢0.1 million (2008: 拢0.1 million) which is not depreciated.
5c. Finance leases
Assets held under finance leases, capitalised and included in plant and machinery within tangible fixed assets are as follows:
The finance leases relate to IT equipment that was originally leased to 大象传媒 World Service under operating leases. As at 1 April 2005, the contract was varied to allow the assets to be used by 大象传媒 World Service for substantially their entire economic lives.As a result, these assets have been capitalised and included in tangible fixed assets.