Service: Valuations | Sector: Education | Contact: William Ray
Following the merger between Havering College, Havering Sixth Form and New City College, an updated valuation was required for the merged entities balance sheet, in in compliance with FRS 102. We were appointed to undertake the valuation.
Following detailed discussion, we identified that surplus land was being held at two of the campuses. We provided additional advice on value and disposal options for the surplus land, drawing on the expertise of education team and our experience of disposing of surplus assets. The financial reporting valuations were reported to fair value, and undertaken using the depreciated replacement cost and comparable method of valuation.
Havering College was able to include the updated book values into their accounts and now has the additional benefit of understanding the value, and factors to consider in realising value from the newly merged colleges.