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, أغر؟´«أ½ World Service has retained these revalued assets at their valuation as adjusted for depreciation. أغر؟´«أ½ World Service does not plan to revalue these assets on an ongoing basis.
All fixed assets are held directly by أغر؟´«أ½ World Service as at 31 March 2009 except for آ£0.2m (2008: آ£0.2m) held by أغر؟´«أ½ 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 أغر؟´«أ½ 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 آ£0.1 million (2008: آ£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 أغر؟´«أ½ World Service under operating leases. As at 1 April 2005, the contract was varied to allow the assets to be used by أغر؟´«أ½ World Service for substantially their entire economic lives.As a result, these assets have been capitalised and included in tangible fixed assets.