Page 66 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2013
13. Property and equipment – net, continued
Cost:, continued
April 1, 2012 Additions Disposals
March 31, 2013
Accumulated depreciation:
Land and Building
2,379,919 1,342,878 –
3,722,797
970,109 95,004 –
1,065,113
1,065,113 107,842 –
1,172,955
1,314,806 2,549,842
Furniture & Fixtures
710,524 31,760
(13,210) 729,074
358,038 82,291 –
440,329
440,329 79,693
(10,015) 510,007
Computer Equipment
1,412,651 93,731 –
1,506,382
1,177,168 159,293
(5,210) 1,331,251
1,331,251 48,367 –
1,379,618
Motor Vehicles
261,025 63,260
(84,704) 239,581
186,893 38,862 –
225,755
225,755 35,116
(84,704) 176,167
35,270 63,414
T otal
4,764,119 1,531,629
(97,914) 6,197,834
2,692,208 375,450
(5,210) 3,062,448
3,062,448 271,018
(94,719) 3,238,747
1,701,671 2,959,087
April 1, 2011 Depreciation Disposals
March 31, 2012
April 1, 2012 Depreciation Disposals
March 31, 2013
Carrying amounts: March 31, 2012
March 31, 2013
US$ US$
270,195 81,400 219,067 126,764
The cost of land included in land and building was US$500 which was transferred by TCIG to NIB on April 11, 2003.
The US$1,342,878 addition to land and building during the year comprised the purchase 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.
The building was purchased from TCIG on November 5, 2012. The fair value of the property including land at November 5, 2012 was valued at approximately US$1.33 million based on a valuation, using a cost approach, made in September 2012 by an external, independent valuation company, with recognised and relevant professional qualifications and recent experience in the location and category of property being valued.
62 | The National Insurance Board of The Turks and Caicos Islands
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