2022 AVBOB Integrated Annual Report - FINANCIALS

CHAPTER 8 | FINANCIAL STATEMENTS 114 INTEGRATED ANNUAL REPORT 2022 AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued) R 000 R 000 R 000 9. SOCIETY Year ended 30 June 2022 Carrying value at the beginning of the year 231 818 451 574 13 482 Additions 37 080 42 012 3 507 Disposals ( 559) - ( 93) Fair value gains/(losses) 14 983 ( 3 325) - Amortisation/depreciation charge ( 41 087) - ( 10 902) Carrying value at the end of the year 242 235 490 261 5 994 Year ended 30 June 2021 Carrying value at the beginning of the year 185 742 436 326 33 501 Additions 76 665 38 454 6 354 Disposals ( 548) ( 1 418) ( 4 788) Fair value gains/(losses) 3 858 ( 21 788) - Amortisation/depreciation charge ( 33 899) - ( 21 585) Carrying value at the end of the year 231 818 451 574 13 482 GROUP Year ended 30 June 2022 Carrying value at the beginning of the year 1 068 936 - 13 674 Additions 174 954 - 3 541 Disposals ( 6 908) - ( 405) Fair value losses 17 939 - - Amortisation/depreciation charge ( 97 618) - ( 10 646) Carrying value at the end of the year 1 157 303 - 6 164 Year ended 30 June 2021 Carrying value at the beginning of the year 972 250 - 33 879 Additions 191 514 - 6 526 Disposals ( 5 727) - ( 4 788) Fair value losses ( 11 413) - - Amortisation/depreciation charge ( 77 688) - ( 21 943) Carrying value at the end of the year 1 068 936 - 13 674 Property, plant and equipment Investment property Intangible assets All the Society's investment properties are owner-occupied within the Group. No investment property is pledged as security. The fair value measurement is classified as Level 3. Both the Head Office and the annex buildings were valued by The Valuation Agency on 1 May 2022. Three other high value properties of the Society were valued by an independent external valuator during the year ended 30 June 2022. All other fixed properties for own use were formally valued by the directors at 30 June 2022. The carrying values of the properties were adjusted to the revalued amounts and the fair value adjustment was charged to the revaluation reserve. The market value is reviewed and adjusted annually by the directors. PROPERTY, PLANT AND EQUIPMENT, INVESTMENT PROPERTY AND INTANGIBLE ASSETS