Page 130 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2014
10. Property and equipment
Cost:
April 1, 2012 Additions Disposals
March 31, 2013
April 1, 2013 Additions Disposals
March 31, 2014
US$
Land and Buildings
2,379,919 1,342,878 –
3,722,797
3,722,797 130,779 –
3,853,576
1,065,113 107,842 –
1,172,955
1,172,955 145,837 –
1,318,792
2,549,842 2,534,784
Furniture & Fixtures
710,524 31,760
(13,210) 729,074
729,074 99
(1,812) 727,361
440,329 79,693
(10,015) 510,007
510,007 72,567
(1,812) 580,762
Computer Equipment
1,412,651 93,731 –
1,506,382
1,506,382 27,436
(423,326) 1,110,492
1,331,251 48,367 –
1,379,618
1,379,618 44,186
(423,326) 1,000,478
Motor Vehicles
261,025 63,260
(84,704) 239,581
239,581 97,819
(64,919) 272,481
225,755 35,116
(84,704) 176,167
176,167 35,088
(64,919) 146,336
63,414 126,145
Total
4,764,119 1,531,629
(97,914) 6,197,834
6,197,834 256,133
(490,057) 5,963,910
3,062,448 271,018
(94,719) 3,238,747
3,238,747 297,678
(490,057) 3,046,368
2,959,087 2,917,542
Accumulated depreciation:
April 1, 2012 Depreciation Disposals
March 31, 2013
April 1, 2013 Charge for the year Disposals
March 31, 2014
Carrying amounts:
March 31, 2013 March 31, 2014
US$ US$
219,067 126,764 146,599 110,014
The cost of land included in land and buildings at April 1, 2012 was US$500 which was transferred by TCIG to NIB on April 11, 2003.
The US$1,342,878 addition to land and buildings during the year ended March 31, 2013 comprised the purchase from TCIG of the Hon. L. Headley Durham building (previously TCInvest building) located on Grand Turk and a 999 year lease on 0.56 acres of land where the building is located. The cost of the building was US$1,257,808 plus incidentals of US$15,070 while the total lease payment for the land for 999 years was US$70,000.
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