Notes to the annual financial statements

FOR THE YEAR ENDED 31 MARCH 2010

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4.	Investment properties
		Cost  R million	2010  Accumulated  depreciation  R million	Net  value  R million	Cost  R million	2009  Accumulated  depreciation  R million	Net  value  R million
	Land	3	–	3	3	–	3
	Buildings	31	–	31	31	–	31
		34	–	34	34	–	34
	Reconciliation of carrying value at the beginning and end of the year	Land  R million	Buildings  R million	2010  R million	Land  R million	Buildings  R million	2009  R million
	Balances at 1 April	3	31	34	3	30	33
	Additions	–	–	–	–	1	1
	Balances at 31 March	3	31	34	3	31	34

The investment properties were valued during the 2008 financial year by an independent, qualified valuer using market information. The fair value of the investment properties, VAT exclusive, is R345 million (2009: R345 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.