Rangatira Annual Report 2023 - Flipbook - Page 54
54
R anga tira Annua l Rep or t 2 0 2 3
Rangatira Group
Notes to the Consolidated
Financial Statements (continued)
For the year ended 31 March 2023
Note 10 Investment Property
Investment property comprises a number of residential properties. It is recorded at cost less accumulated depreciation. Depreciation
is calculated on a straight line basis, reducing the carrying value of the properties over their expected useful lives (3% to 18%) to their
estimated residual values. The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual
reporting period.
Note
2023
$000
2022
$000
2,149
32,612
-
12
-
(30,475)
2,149
2,149
282
10,578
32
997
-
(11,293)
314
282
1,835
1,867
Gross carrying amount
Gross value at the beginning of the year
Additions
Transferred to Assets Held for Sale
24
Gross value at the end of the year
Accumulated depreciation and impairment
Accumulated depreciation at the beginning of the year
Depreciation expense
Transferred to non-current assets held for sale
Accumulated depreciation at the end of the year
Net book value
24