SAMSA Annual Report 2015 - 2016
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CHAPTER 06 ANNUAL FINANCIAL STATEMENTS ANNUAL FINANCIAL STATEMENTS CHAPTER 06<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH <strong>2016</strong> FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH <strong>2016</strong><br />
RECONCILIATION OF PROPERTY, PLANT AND EQUIPMENT - <strong>2016</strong><br />
RECONCILIATION OF PROPERTY, PLANT AND EQUIPMENT - <strong>2015</strong><br />
Opening<br />
balance<br />
R ‘000<br />
Additions<br />
R‘000<br />
Disposals<br />
R ‘000<br />
Revaluations<br />
R ‘000<br />
Depreciation/<br />
Amortisation<br />
R ‘000<br />
Total<br />
R ‘000<br />
Opening<br />
balance<br />
R ‘000<br />
Additions<br />
R‘000<br />
Disposals<br />
R ‘000<br />
Depreciation/<br />
Amortisation<br />
R ‘000<br />
Total<br />
R ‘000<br />
Land 2 100 - - - - 2 100<br />
Buildings 1 845 - - 1 711 (216) 3 340<br />
Leasehold property 6 858 - - - (905) 5 953<br />
Furniture and fixtures 7 376 1 530 (1) - (1 203) 7 702<br />
Motor vehicles 908 - - - (531) 377<br />
Office equipment 1 194 450 - - (447) 1 198<br />
IT equipment 3 305 1 925 (34) - (2 413) 2 783<br />
Computer software 712 - - - (669) 43<br />
Ship - SA Agulhas 1 13 189 - - - (6 082) 7 107<br />
37 487 3 905 (35) 1 711 (12 466) 30 603<br />
Land 2 100 - - - 2 100<br />
Buildings 1 957 - - (112) 1 845<br />
Leasehold property 6 765 1 005 - (912) 6 858<br />
Furniture and fixtures 7 604 812 (71) (969) 7 376<br />
Motor vehicles 1 475 - - (567) 908<br />
Office equipment 1 279 343 (68) (360) 1 194<br />
IT equipment 4 092 2 120 (46) (2 861) 3 305<br />
Computer software 1 743 - - (1 031) 712<br />
Ship - SA Agulhas 1 19 254 - - (6 064) 13 189<br />
46 269 4 280 (185) (12 876) 37 487<br />
The Authority owns a building in East London which houses its port offices. During the year ending 31 March <strong>2016</strong>, the building was<br />
revaluated and the effective date of revaluation was 18 February <strong>2016</strong>. An independent valuer, AS Moyce of Poto, Leonard & Moyce<br />
was engaged to conduct the revaluation exercise. The property valuer used the capitalisation method to value the property. The<br />
valuation process used estimated rental income and expenses for properties of the same type in the area where the building is<br />
situated. The entity revalues its building(s) once every five years.<br />
The useful lives of tangible and intangible assets are reviewed annually to determine whether the useful life assessment continues<br />
to be supportable. The Authority currently has assets with R0 values which are still in use. The Authority therefore made an<br />
appropriate estimate of the useful lives, residual values and depreciation method of the assets based on the information available at<br />
the previous reporting dates. As a result a decision has been made to continue to measure the assets at their current values<br />
(including R0 values) pending their replacement. In line with GRAP 17, the Authority discloses the fact that such assets have been fully<br />
depreciated and are still in use. These assets have not been replaced due to the financial difficulties <strong>SAMSA</strong> has been going through.<br />
Funds for the replacement of the old assets have been budgeted for the <strong>2016</strong>/17 financial year.<br />
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