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60 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2022GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2022(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2. Significant accounting policies (continued)v. Property, plant and equipment (continued)Depreciation is provided on the straight-line basis at rates estimated to write-off the assets over their expected useful lives. The estimated useful lives of assets are reviewed periodically, taking account of commercial and technological obsolescence as well as normal wear and tear, and the depreciation rates are adjusted if appropriate. Land and capital work in progress are not depreciated.Depreciation is provided on the straight line basis at the following rates:-Freehold buildings 2%Plant, station equipment and machinery 3.33% %u2013 33%Office furniture and equipment 10% %u2013 25%An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of asset) is included in the Consolidated Statement of Comprehensive (Loss)/Income in the year the asset is derecognised.vi. Investment propertyInvestment properties principally comprise office buildings and land not occupied by the Group, which are held for long term rental yields and capital appreciation. Investment properties are classified as non-current assets and carried at cost less accumulated depreciation and accumulated impairment losses.Approximately 24% (2021: 24%) of the Group%u2019s property on 22-24 St Vincent Street, Port of Spain is available for long-term rental yields. The Group occupies the remainder of space. That apportionment available for rental is classified as Investment Property.Building is depreciated on a straight-line basis at a rate of 2% per annum. Land is not depreciated.