PPS Integrated Report 2021 Notes to the Consolidated Financial Statements | 156 Notes to the Consolidated Financial Statements (continued) for the year ended 31 December 2021 2. PROPERTY AND EQUIPMENT Owner- Vehicles, office Leasehold Right-ofuse occupied Computer furniture & improve- assets: property hardware equipment ments Buildings Total R’m R’m R’m R’m R'm R’m Year ended 31 December 2020 Opening net book amount 536 83 33 16 68 736 Additions 3 12 7 3 12 37 Disposals: Cost – (2) (4) – (5) (11) Disposals: Accumulated Depreciation – 2 4 – 5 11 Depreciation charge (9) (30) (11) (4) (23) (77) Revaluation deficit (15) – – – – (15) Closing net book amount 515 65 29 15 57 681 At 31 December 2020 Cost or valuation 515 149 84 37 95 880 Accumulated depreciation – (84) (55) (22) (38) (199) Net book amount 515 65 29 15 57 681 Non-current 515 65 29 15 57 681 Year ended 31 December 2021 Opening net book amount 515 65 29 15 57 681 Additions – 19 2 – 21 42 Disposals: Cost – (10) (7) (1) (21) (39) Disposals: Accumulated Depreciation – 10 6 1 18 35 Depreciation charge (8) (27) (10) (4) (22) (71) Revaluation deficit (26) – – – – (26) Closing net book amount 481 57 20 11 53 622 At 31 December 2021 Cost or valuation 481 158 79 36 95 849 Accumulated depreciation – (101) (59) (25) (42) (227) Net book amount 481 57 20 11 53 622 Non-current 481 57 20 11 53 622 OWNER-OCCUPIED PROPERTY The land and buildings revaluation deficit represents the capital appreciation/(depreciation) on the owner-occupied properties. As the properties are held to back insurance policy liabilities, with discretionary participation features, the movement in insurance policy liabilities as a result of the revaluation is recognised directly in equity. Deferred tax has been provided on the revaluation difference arising on owner-occupied property owned by PPS Insurance Company Limited, based on the amounts and at the rate applicable to recovery through use. Owner occupied property is carried at fair value and is classified as level 3 in terms of the IFRS 13 hierarchy.
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