Notes to the Financial Statements

for the year ended 30 September 2019

5. Cash and deposits

(continued)

Bank accounts and deposits are held with major New Zealand trading banks with Standard & Poor’s credit ratings of AA-.

6. Property, plant and equipment

At valuation

Cost or Valuation

2019

Accumulated Depreciation / Impairment Carrying value

$ $ $

5,490,000 - 5,490,000 Buildings 6,118,195 730,597 5,387,598 Library books 75,612 14,843 60,769

Land

At cost

Furniture 154,649 35,332 119,317 Equipment 2,150,298 1,653,365 496,933 13,988,754 2,434,137 11,554,617

2018

At valuation

Cost or Valuation

Accumulated Depreciation / Impairment Carrying value $ $ $

Land 5,490,000 - 5,490,000 Buildings 6,072,676 236,961 5,835,715 Library books 75,612 14,843 60,769

At cost

Furniture 139,503 22,286 117,217 Equipment 1,982,316 1,380,915 601,401 13,760,107 1,655,005 12,105,102

Chancery Chambers is a Schedule B Heritage Building which imposes certain obligations under the Auckland Council Plan. The Chancery Chambers building and land was valued for accounting purposes on 22 September 2015 by T L Esplin at Telfer Young (Auckland) Limited, an independent registered valuer, at $10,500,000. A registered first mortgage is held over the Chancery Chambers property to secure the unutilised bank overdraft facility. A valuation as at 30 September 2019 was unable to be obtained due to reasons set out in note 14.

At 1 May 2018, a settlement agreement provided for ADLS to take over the unencumbered ownership of the restaurant fit-out and assets valued at $612,142. At 30 September 2019 an impairment to the value of the fit-out assets of the restaurant has been assessed and recorded at $400,130. The remaining book value of the restaurant assets as at 30 September 2019 is $92,101.