84
Computer,
office
Trust &
equipment,
other
Plant & Motor
furniture
properties equipment
Vehicles & fittings
Total
Notes
$'000
$'000
$'000
$'000
$'000
PARENT
Year ended 31 March 2013
Opening net book value
8,366
447
139
210
9,162
Additions
-
34
-
74
108
Disposals
(35)
(6)
-
(36)
(77)
Depreciation charge
5
(334)
(79)
(89)
(77)
(579)
Closing net book value
7,997
396
50
171
8,614
At 31 March 2013
Cost
15,121
939
684
753 17,497
Accumulated depreciation
(7,124)
(543)
(634)
(582)
(8,883)
Closing net book value
7,997
396
50
171
8,614
Year ended 31 March 2014
Opening net book value
7,997
396
50
171
8,614
Additions
203
32
-
85
320
Disposals
-
-
-
(45)
(45)
Depreciation charge
5
(303)
(40)
(24)
(94)
(461)
Closing net book value
7,897
388
26
117
8,428
At 31 March 2014
Cost
15,280
971
683
779 17,713
Accumulated depreciation
(7,383)
(583)
(657)
(662)
(9,285)
Closing net book value
7,897
388
26
117
8,428
Development properties and land at cost
In 2013, Tainui Group Holdings Limited developed new offices which had been reclassified from development to farm and other
properties. The prior office property occupied by Tainui Group Holdings Limited is now occupied by the Waikato Raupatu Lands
Trust and has been transferred from investment properties to farm and other properties.
Valuation of farm and other properties
Telfer Young (Waikato) Limited and Curnow Tizard were contracted as independent valuers to value farm and other properties.
Fair value has been assessed as the amount for which an asset could be exchanged or a liability settled between knowledgeable
willing parties in an arms length transaction.
The significant methods and assumptions applied in estimating the fair value were:
• the direct comparison approach (based on analysis of sales of vacant property. This analysis includes determination of land
value, other improvements and residual value for principal improvements);
• the traditional capitalisation approach (focusing on the net maintainable income and the level of investment return);
• the discounted cash flow approach (based on establishing a cash flow budget for the property having particular regard to the
length of lease term and nature of the leasehold interest and the following factors; discount rate, land inflation and rental
rates); and
• comparing market evidence of transaction prices for similar properties.
The total value of farm properties valued by Telfer Young (Waikato) Limited at 31 March 2014 is $22.4m (2013: $19.3m).
The carrying amount that would have been reported for farm properties under the historical cost method is $9.3m (2013:
18. Property, plant and equipment (continued)
waikato raupatu lands trust
notes to the financial statements
f o r t h e y e a r e n d e d 3 1 m a r c h 2 0 1 4
