NOTES TO THE ANNUAL FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2007
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| 4. | INVESTMENT PROPERTIES | ||||||||
| 2007 | 2006 | ||||||||
| Accumulated | Net | Accumulated | Net | ||||||
| Cost | depreciation | value | Cost | depreciation | value | ||||
| R million | R million | R million | R million | R million | R million | ||||
| Land | 3 | – | 3 | 3 | – | 3 | |||
| Buildings | 29 | – | 29 | 28 | – | 28 | |||
| 32 | – | 32 | 31 | – | 31 | ||||
| Reconciliation of carrying | |||||||||
| value at the beginning and | Land | Buildings | 2007 | Land | Buildings | 2006 | |||
| end of the year | R million | R million | R million | R million | R million | R million | |||
| Balances at 1 April | 3 | 28 | 31 | 3 | 28 | 31 | |||
| Other | – | 1 | 1 | – | – | – | |||
| Balances at 31 March | 3 | 29 | 32 | 3 | 28 | 31 | |||
The South African investment properties were valued during the 2005 financial year by an independent, qualified valuer using market information. The fair value of these investment properties was determined by increasing the 2006 valuation by 10% (2006: 6%). Foreign investment properties were valued by an independent, qualified valuer during the 2006 year. The fair value of the investment properties, VAT exclusive, is R318 million (2006 valuation: R292 million). No depreciation was provided for on investment properties, as all the assets have significant residual values. The remaining useful life of the assets is estimated as 50 years. The registers containing details of investment properties are available for inspection by members or their proxies at the registered offices of the companies to which the relevant properties belong. |
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