AVBOB Financial Statements 2018

104 AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 (continued) 9. PROPERTY, PLANT AND EQUIPMENT, INVESTMENT PROPERTY AND INTANGIBLE ASSETS R 000 R 000 R 000 SOCIETY Year ended 30 June 2017 Carrying value at the beginning of the year 116 324 181 983 3 488 Additions 73 534 73 375 21 376 Disposals ( 1 975) ( 256) - Fair value gains 2 841 380 - Amortisation/depreciation charge ( 21 736) - ( 5 045) Carrying value at the end of the year 168 988 255 482 19 819 Year ended 30 June 2018 Carrying value at the beginning of the year 168 988 255 482 19 819 Additions 19 026 73 046 9 904 Disposals ( 563) - ( 484) Fair value gains/(losses) 3 184 ( 6 954) - Amortisation/depreciation charge ( 25 081) - ( 9 089) Carrying value at the end of the year 165 554 321 574 20 150 GROUP Year ended 30 June 2017 Carrying value at the beginning of the year 506 300 - 3 596 Additions 212 536 - 21 508 Disposals ( 4 757) - - Fair value gains 5 895 - - Amortisation/depreciation charge ( 48 269) - ( 5 163) Carrying value at the end of the year 671 705 - 19 941 Year ended 30 June 2018 Carrying value at the beginning of the year 671 705 - 19 941 Additions 173 179 - 9 904 Disposals ( 2 630) - ( 485) Fair value losses 374 - - Amortisation/depreciation charge ( 58 339) - ( 9 133) Carrying value at the end of the year 784 289 - 20 227 Property, plant and equipment Investment property Intangible assets Both the head office and the annex buildings were valued by Val-Co Property Valuers on 13 April 2016 and the properties in Namibia were valued by an independent external valuator on 30 June 2017. All other fixed properties for own use were formally valued by the directors at 30 June 2018, using external valuations for six high value properties. Valuations were based on market values. 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. 104